THE ABLF 2019 | YEAR OF TOLERANCE | ISSUE TWO
GANDHI & ZAYED
ICONS OF TOLERANCE INSPIRING THE PROGRESS OF TWO GREAT NATIONS
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ABLF 2019 THEME
Inclusive Leadership in an Interconnected World Driving Progress and Sustainability through Tolerance
EXCLUSIVE FEATURE
H.H. SHEIKH NAHAYAN MABARAK AL NAHAYAN Pg 12
FEATURING
H.E. SULTAN BIN SAEED AL MANSOURI Pg 18
H.E. DR S JAISHANKAR Pg 14
H.E. KAMAL NATH Pg 27
H.E. ENG SUHAIL AL MAZROUEI
H.E. HARDEEP SINGH PURI Pg 15
RAJIV LUTHRA Pg 63
BADR JAFAR Pg 36
H.E. DR MOHAMMED AL RUMHY Pg 26
H.E. DR AISHA BIN BISHR Pg 29
PAUL GRIFFITHS Pg 60
SHOBHANA BHARTIA Pg 28
KIRAN MAZUMDAR-SHAW Pg 55
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IN ASSOCIATION WITH
UNDER THE PATRONAGE OF
H.H. SHEIKH NAHAYAN MABARAK AL NAHAYAN CABINET MEMBER AND MINISTER OF TOLERANCE, UAE
THE ASIAN BUSINESS LEADERSHIP FORUM Asia’s most influential leadership platform celebrates its 12th anniversary edition in 2019 - the UAE’s Year of Tolerance
UNDER THE THEME
‘Inclusive Leadership in an Interconnected World: Driving Progress and Sustainability through Tolerance’ The leadership platform’s popular knowledge congress reinvents itself in 2019 as a TV and digital series – the ABLF Talks on CNBC Arabia prime-time. Poised to reach CNBC Arabia’s 200 million-strong audience in the MENA region, Season 1 features Asia’s innovators, trailblazers and policy architects sharing insights and weighing in on matters that are relevant to Asia in 30 powerful 3-minute leadership stories. The ABLF Awards Grand Ceremony celebrates towering examples of principlecentred sustainable leadership. It recognises excellence, innovation, good governance and best business practices, bringing together the region’s finest leaders whose achievements have ensured that this century truly belongs to Asia.
A true leader does not derive power from his position, but from his ethics, from people’s love for him, and from his knowledge, education and excellence in his field of work.
H.H. Sheikh Mohammed bin Rashid Al Maktoum Vice President and Prime Minister of the UAE and Ruler of Dubai
We are guided in our international relations by the principles of cooperation and openness towards others, on the basis of a policy of non-alignment, mutual respect and non-interference in the internal affairs of other nations.
H.H. Sheikh Khalifa bin Zayed Al Nahyan President of the UAE and Ruler of Abu Dhabi
SINGAPORE
UAE KSA
MYANMAR CHINA
THAILAND
OMAN
BHUTAN
INDIA BAHR AIN
SRI LANK A INDONESIA
PAKISTAN JAPAN
IN ASSOCIATION WITH
Contents
ABLFseries
@ABLF
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Note from the ABLF President
A Blueprint for Peace and Progress
India in Conversation
Leadership in the Era of Industry 4.0
The first edition of the ABLF Magazine Property, launched in March 2019 through a publishing partnership with UAE's Gulf News, is poised to be the key communication channel of the prestigious UAE-based leadership platform. This is our second edition, published through a partnership with India's Hindustan Times and Mint. This issue focuses on some of the biggest challenges and opportunities ahead for Asia across the evolving narratives of gender parity, climate change, the dawn of technology and AI, Industry 4.0 and most of all, the significant need for tolerance and inclusiveness in social, economic and business contexts. India is on showcase this year at the ABLF as we celebrate the UAE's Year of Tolerance with a tribute to Gandhi and Zayed − global leaders who dedicated their lives to the idea of a kinder world. Welcome to Issue 2 of the ABLF Magazine.
The ABLF Patron H.H. Sheikh Nahayan Mabarak Al Nahayan
H.E. Dr S Jaishankar H.E. Hardeep Singh Puri
H.E. Dr Mohammed bin Hamad Al Rumhy H.E. Kamal Nath
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People for the Planet
Future of Banking and Financial Services
Shobhana Bhartia H.E. Dr Aisha bint Butti bin Bishr
G.P. Hinduja
H.E. Abdul Aziz Al Ghurair
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Badr Jafar
Walter Jopp
Paying It Forward
H.E. Eng Suhail Mohamed Faraj Al Mazrouei
Malini N. Menon
Sanjiv Singh
52 Gender Parity
Kiran Mazumdar-Shaw Patrick Chalhoub Benjamin Ampen
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The Human Agency in an AI World
Paul Griffiths B.K. Goenka Rajiv Luthra
64 The Well-Nation Agenda
Shashi Tharoor H.E. Dr Tariq Al Gurg Rakesh Kapoor Madhusudan Agrawal
Project Management Team from IEDEA Head of Global Partnerships & Legal Maclein Cornelio Head of Outreach & Communications Shelley Saha Head of Operations & Finance Meghna Menon Design & Creative Manager Manpreet Matharu Communications & Research Abbas Villalon Email: opportunities@ablf.com
Icons of Tolerance
Mahatma Gandhi
M.K. GANDHI Father of the Nation of India
“The golden rule of conduct is mutual toleration, seeing that we will never all think alike and we shall always see truth in fragments and from different points of vision.”
Mohandas Karamchand Gandhi led India in the nation's mission for independence from 200 years of colonisation, using a stand of non-violence and non-cooperation through peace rallies, boycotts and most importantly, dialogue. His inspiring leadership gave him a global identity as well as raised the spirit of the people of India, giving a voice to the masses and bringing a diverse India together to demand freedom and claim their rightful destiny.
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Icons of Tolerance
H.H. Sheikh Zayed
“No matter how many buildings, foundations, schools and hospitals we build or how many bridges we raise, all these are material entities. The real spirit behind progress is the human spirit, the able man with his intellect and capabilities.”
H.H. SHEIKH ZAYED BIN SULTAN AL NAHYAN Leader with a Vision for the UAE As the son of the former Ruler of Abu Dhabi, H.H. Sheikh Zayed was born with the spirit of leadership. As the Ruler of the emirate for almost four decades and later on as the Founding President of the United Arab Emirates, he powered the country with his vision, dreams and action, bringing infrastructure – electricity, water and roads over the desert sands, transforming the status quo and setting the blueprint for the 'nation of the future' that the UAE is today.
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Icons of Tolerance
ZAYED& GANDHI In modern history, the noble values and human principles of Mahatma Gandhi and H.H. Sheikh Zayed bin Sultan Al Nahyan will remain a source of inspiration for successive generations to spread love, peace and harmony, inspire the spirit of ambition and aspirations for a brighter future.
H.H. Sheikh Mohammed bin Zayed Al Nahyan Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces
After honouring the birth centenary of the Father of the UAE with the Year of Zayed in 2018, the UAE has declared 2019 as the Year of Tolerance. By a significant coincidence that could not have come at a better time or reason, India, a nation that has always lived by the tenets of non-violence and inclusiveness, celebrates 150 years of the Mahatma – a legendary icon of tolerance. The deep similarity between the values propagated by the founding fathers – H.H. Sheikh Zayed bin Sultan Al Nahyan and Mohandas Karamchand Gandhi, is one of the many bridges that connect these two great nations. H.H. Sheikh Zayed and Mahatma Gandhi were born and raised in different eras, and socio-cultural and political circumstances. Common between them was their great love for their country, their people and their noble convictions. Eloquent speakers, they inspired powerful, peaceful revolutions that brought about social and economic transformations, with stories of courage that continue to echo across the globe. The ABLF is dedicated to the UAE’s Year of Tolerance, a theme that invokes the memory of these legendary leaders, architects of peace, who remind us to stay committed to ensuring an equitable and compassionate future. On this prestigious occasion, we explore their commonalities and uncover why they remain two of the greatest leaders of modern Asia. 10
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Icons of Tolerance
Transformational Leaders Mahatma Gandhi and H.H. Sheikh Zayed were transformational leaders who had the ability to envision a better future for their people and the courage to make a difference in their lives, guiding their nations towards a path of freedom, progress and prosperity.
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Icons of Peace
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As two of the world’s most revered non-violent leaders, H.H. Sheikh Zayed and Mahatma Gandhi’s words and actions were marked by compassion, tolerance and generosity. These leaders proved that one could impact the lives of millions and win their love and respect through acts of kindness and compassion.
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Visionaries Ahead of their Time The routines, lifestyles and teachings of these visionary leaders are perhaps more relevant than ever in this day and age. They visualised modern institutions and became the change that they wanted to see in the world. They led by example and that made all the difference.
Inspirational Communicators Both leaders knew how to articulate their vision effectively and realised the importance of crafting the right message for their people to follow.
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On his return to India from South Africa in 1915, Mahatma Gandhi took control of the Indian Nationalist Movement and led several historical events that eventually helped India gain its independence from the British rule. What is more commendable is the fact that he was able to mobilise grassroots support for his ideology rooted in Indian ethos of peace. H.H. Sheikh Zayed travelled abroad for the first time in 1953 to visit countries such as France, the UK and USA. He was amazed by the progress he saw in those countries and wanted the same for his own nation. Hence, the widely respected and well-loved leader created a blueprint for a nation that would become an economic powerhouse, modern in its outlook and tolerant towards all communities, inspiring his people to work towards achieving this vision.
A pioneer in peaceful activism, Mahatma Gandhi led the march for Indian independence by means of non-violent protests. One of the most significant movements in this regard was the Civil Disobedience Movement, which was led against the monopoly held by the British on a product as basic as salt. The impact was huge and united a diverse nation against imperialism. ‘Tolerance is duty’ was one of the principles of H.H. Sheikh Zayed and he instilled this amongst his people. He prioritised humanitarian issues, both local and international. The total amount of aid provided by the UAE as per his directives till the end of 2000, was AED 98 billion. To this day, the nation continues to be one of the world's greatest donors of international humanitarian aid.
Minimalism and sustainability, common buzzwords today, were an integral part of Mahatma Gandhi’s everyday life. A strong advocate of regular physical activity, he foresaw the need for sustainable and environment-friendly urban mobility in the future, such as cycling and walking. He also encouraged the use of handwoven cloth and popularised the use of khadi to promote the idea of 'Swadeshi'. H.H. Sheikh Zayed's foresight has guided the UAE away from dependence on oil as the main source of national income. A fountainhead of progress, he created future-focused policies that not just empowered women, but ensured rapid development across infrastructure, education, healthcare, agriculture and military systems in the nation. H.H. Sheikh Zayed will always be remembered as ‘the visionary who turned the desert green’.
An avid reader and writer, Mahatma Gandhi is said to have written almost 50,000 pages across his lifetime by means of hundreds of books, numerous letters and more. He was also a brilliant orator whose words on peace, non-violence, truth and love are widely used even today. A great lover of poetry, H.H. Sheikh Zayed wrote poems that mostly reflected his humanitarian side and love for nature. The rich Emirati culture and heritage are also evident from his words, and the Ruler’s messages of unity and vision for the country and tolerance for all communities form the guiding pillars of the UAE.
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Building a Global Society
A Blueprint for Peace and Progress The importance of tolerance, the need to engage and empower women and the significance of the human aspect in technology to create a prosperous and inclusive world
By H.H.
Sheikh Nahayan Mabarak Al Nahayan Cabinet Member and Minister of Tolerance, UAE ‘Human fraternity can overcome any challenge’ In 2019, His Holiness Pope Francis and His Eminence Sheikh Dr Ahmed el-Tayeb issued the historic Abu Dhabi document on Human Fraternity. This document is built on the narrative of tolerance which encourages empathy, compassion, dialogue, understanding and respect. It is aimed at creating a global alliance dedicated to identifying actions that will reaffirm our shared values. The historic document also proclaims our recognition that we are all human, irrespective of nationality, language, culture, religion, ethnicity, gender, net worth or political philosophy. In other words, it provides us with the opportunity to unleash the power of our combined wisdom. In the United Arab Emirates, wisdom is personified in our nation’s founder, the late H.H. Sheikh Zayed bin Sultan Al Nahyan, known widely as the ‘Wise Man of the Arabs’. Wisdom continues to define the present leadership as well – the President, H.H. Sheikh Khalifa bin Zayed Al Nahyan; the Vice President, Prime Minister and Ruler of Dubai, H.H. Sheikh Mohammed bin Rashid Al Maktoum; and the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, H.H. Sheikh Mohammed bin Zayed Al Nahyan, continue to cultivate the attributes that lead to wise actions. This has made us proud of our Arab-Islamic heritage and has enabled us to engage our diverse population that comes from all corners of the world. We have engaged them in dialogue, sought to understand the differences and rejoiced in our shared values and humanity. We are all members of one global society. Our leaders have created a Ministry of Tolerance and designated this year as the Year of Tolerance. The UAE is now keen to join other nations and organisations in support of pluralism and peaceful and mutually beneficial coexistence. We are also ready to share our experience and gain from that of others to ensure a better understanding of the universal power of tolerance. These are difficult times with new, unforeseen challenges pertaining to climate change, waste management, recycling, adequate food, potable water and renewable energy sources becoming increasingly important. Most adults, especially women, lack basic literacy skills and many children are not currently in school. Lack of skill and education prevents them from actively joining the workforce, rendering them unable to contribute to economic growth. Furthermore, conflicts over land, resources, religious and political ideologies are rising in many parts of the world. The answer to deal with these challenges lies in tolerance and human fraternity. These are what will enable cooperation, understanding and mutual respect among different groups and cultures, and help solve conflicts and political disagreements.
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Building a Global Society
technology in helping our global society embrace universal moral values and virtues shared by us. Modern technologies allow us to talk with one another and understand, appreciate and respect differences. But to avail the benefits of technology while avoiding its pitfalls will require support in three areas: To date, the development of AI has been largely a technological endeavour while its potential negative impact is highly sociological. We need to ensure that the teams developing AI include non-technologists who can assess the human desirability of the design choices being made. Much of the information technology has already outpaced our lawmakers’ ability to establish legal frameworks for its responsible application. We need lawmakers with requisite legal, technical and sociological knowledge to fill this gap. Our ability to cooperate globally has fallen far behind our capacity to be technologically interdependent on a global scale. Global cooperation is needed to address both the opportunities and the challenges this situation presents. They will also inspire us to share our resources and work together to take up the banner of peace, progress and preservation of human dignity and development of local and global communities.
The UAE is keen to join other nations and organisations in support of pluralism and peaceful and mutually beneficial coexistence. We are also ready to share our experience and gain from that of others. ‘Technology helps society embrace universal moral values’ Technology, specifically Artificial Intelligence (AI), will continue to shape our world. This phenomenon will require leadership at all levels to ensure the wise, effective and humane application of technological progress. The growing position of the UAE in the world of technology is a matter of pride (we even have a cabinet ministry devoted to Artificial Intelligence) as it is an essential element of productivity. Ensuring we are at the cutting edge of technology, therefore, is clearly a priority in all institutions and government agencies. As the UAE’s Minister of Tolerance, I also appreciate the role of www.ablf.com
Today, we need to consider the role of modern technologies in making our global connections stronger. They offer great promise for improving the quality of life around the world. I am positive about the possibilities of technological progress, and we believe strongly in a global society that is characterised by peace and prosperity for all. ◊ 13
Building a Global Society
Transformative India Tolerance and sweeping social changes are making a difference at the grassroots level
By H.E.
Dr S. Jaishankar
Minister of External Affairs, India
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he fact that India is the Guest Nation at the ABLF this year reflects well on our growing relationship with the UAE. This year has been declared the Year of Tolerance. For me, tolerance is a word that captures a far greater sentiment than as is commonly understood. It is a sentiment of equal respect for all faiths, and I would like to see the word ‘tolerance’ interpreted and practised in as positive a manner as possible. Ideally, this term should encourage confidence and ownership in one’s identity and beliefs and most of all, it should give people the freedom to express themselves. In many ways, that is what you are seeing in India, more so now than ever before. It is also important to look at the challenges faced by the narrative of tolerance as an idea. Some of these challenges could stem from the lack of capacity and confidence that results from the denial of basic rights such as the right to education, right to work, right to livelihood and so on. Here again, the big difference in India today is that basic human rights are being addressed effectively at the grassroots level. In more ways than one, this shift is indicative of the changing nature of politics and political outcomes of our society. The other big pressure in the path to creating a tolerant society is the looming threat of terrorism. Terrorism is intolerance at its worst and darkest. It is critical for everyone to come together and join hands to stand against terrorism. Nobody, no force, no people and no state should be allowed to practice terrorism or seek to normalise it in the eyes of others. All these are key issues where it is important for all people of influence and integrity to come together and stand strong, and I am glad that the ABLF is contributing to that effort in the world. Sweeping social change initiatives are underway in India. Programmes such as the measures to educate the girl child, to improve the skillsets of the workforce, to clean up the environment, to take steps to build awareness through connectivity with the help of digital enablement and several other such initiatives have been undertaken. Across health, nutrition, housing and the entire chain of circumstance that affect human society and activity, these transformational initiatives are building a new India. Therefore, when we look at growth, it is important to not just look at GDP figures, it may serve us well to consider what those numbers actually mean, to decode the message it holds and understand the difference it is making on the ground. By these accounts alone, the last five years have been truly transformative for India. ◊
Having India as the Guest Nation at the ABLF this year, reflects well on our growing relationship with the UAE 14
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Building a Global Society
India Rising Inspired by the past but with a firm foot in the future, India’s growth in the urban space makes it a global leader
By H.E.
Hardeep Singh Puri
Minister of State, Ministry of Housing and Urban Affairs; Minister of State, Ministry of Civil Aviation; Minister of State, Ministry of Commerce and Industry, India His Excellency has had a long and distinguished career as a diplomat spanning both the bilateral and multilateral arena. The former Indian Foreign Service Officer who served as the Permanent Representative of India to the United Nations from 2009 to 2013, H.E. Hardeep Singh Puri had stints at the United Nations Security Council CounterTerrorism Committee, the International Peace Institute, Independent Commission on Multilateralism, New York, among several other international organisations. His experience at important diplomatic positions in countries like Brazil, Japan, Sri Lanka and the United Kingdom stood him in good stead as he returned to join mainstream politics where he brings his vast experience to make a difference at the grassroots. A strong proponent of creating sustainable cities, where women lead the way to development, H.E. Puri believes that the solutions to the future can come from inspiration from the past.
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or a civilisation that some experts suggest dates back eight millennia, four years represent only 0.05% of its history. Yet, in the four years since 2015, the Indian Prime Minister, H.E. Narendra Modi’s Government has started a process inspired by our civilisation, that will pave the way for a prosperous future. It is our civilisation that had first given the world well-planned urban settlements, equipped with clean water supply and scientific drainage and waste systems. The flagship missions anchored in the Ministry of Housing and Urban Affairs – focused on cleanliness, housing for all and smart cities – lay the foundation of a New India in 2022. In India, infrastructure investment is mostly focused on urban centres. Estimates suggest that this demand
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A key principle of the entire gamut of these missions is ensuring that development is women-led
for urban living requires 700 to 900 million square metres of residential and commercial space to be built every year from now till 2030. This is the equivalent of building one Chicago per year. India’s flagship urban missions view this transition from a largely rural nation to one of vibrant cities as a win-win proposition. Further, given the scale, scope and pace of urbanisation, these missions place a premium on sustainable and climate-change resilient infrastructure. India’s commitment to sustainable development is reaffirmed by the fact that many of these programmatic interventions were launched before the Sustainable Development Goals were adopted by the UN. A key principle of the entire gamut of these missions is ensuring that
development is women-led. Building toilets reiterates that women deserve to lead a life of dignity, safety and hygiene. Under the 'Housing for All' mission, the title of each home built is in the name of the lady of the house. Under the 'Smart Cities' mission, smart solutions are already yielding results by providing security to women using the latest surveillance systems. H.E. Narendra Modi’s embrace of urbanisation seeks to strike the perfect balance between growth and development, social progress and environmental conservation. The achievements in the urban space make India a global leader on sustainable development, climate action and women’s empowerment – setting a template for the rest of the world to follow. ◊
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THE ASIAN TRIAD OF INSPIRATIONS In 2019, the ABLF amplifies the voices of Asian leaders globally through 3 unique formats
A celebration of sustainable, responsible and authentic leadership
An exclusive TV series with CNBC Arabia showcasing powerful 3-minute leadership stories
A collection of insightful articles from thought leaders on the evolving Asian zeitgeist
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Building a Global Society
UAE: The Global Capital of Tolerance Since the nation’s establishment in the 70s, the UAE has been a keen supporter of international sustainable development efforts and has always contributed generously in aid of global crises and disasters. Led by the ideals of the compassionate and wise Founding President, the late H.H. Sheikh Zayed bin Sultan Al Nahyan, the country continues to be one of the world’s leading humanitarian donors, focused on international peace, security and creating a brighter future for all. Tolerance, acceptance and coexistence are values that are deeply embedded in the structure of the United Arab Emirates, a melting
pot of over 200 nationalities and cultures. The Ministry of Tolerance, established in 2016, under the leadership of H.H. Sheikh Nahayan Mabarak Al Nahayan, Cabinet Member and Minister of Tolerance, UAE, aims to formalise tolerance in society and empower communities to work together towards economic and social development. The President of the UAE, H.H. Sheikh Khalifa bin Zayed Al Nahyan, proclaimed 2019 as the Year of Tolerance, emphasising on the UAE’s endeavour to ingrain this value through various programmes, policies and initiatives.
KEY TOLERANCE INITIATIVES AND EVENTS THE HUMAN FRATERNITY DOCUMENT
‘WHAT WORKS’ EVENT BY KHDA
The Year of Tolerance witnessed a historical event in February when Pope Francis visited Abu Dhabi to meet with the UAE leadership. The Pope and the Grand Imam of Al Azhar, revered figures in Catholic and Muslim faiths, together launched the Human Fraternity document, which is said to be the blueprint for future generations. This document aims to spread the message of tolerance and unite people all over the globe in inter-faith harmony. The official signing took place at the Founder’s Memorial in the capital and in the presence of H.H. Sheikh Mohammed bin Rashid Al Maktoum and H.H. Sheikh Mohammed bin Zayed Al Nahyan.
The Knowledge and Human Development Authority (KHDA), the educational regulatory authority of the government of Dubai, held an event called ‘What Works’ for school teachers to learn and teach ‘tolerance’. The purpose was to spread the message of tolerance, especially in schools and to nurture a sustainable approach to building societies where all citizens respect one another and renounce all forms of violence. Over 200 teachers attended the event to share their experiences and learn from each other.
T-CORP CERTIFICATION
Now on its second year, the National Festival for Tolerance and Human Fraternity will be held on November 8-16, 2019 under the slogan ‘Following the Way of Zayed’. The main aim of the festival is to spread the message of tolerance, harmony and peace as well as to celebrate diverse communities within the UAE, highlighting the recently signed Human Fraternity document for World Peace and Living Together. Through various initiatives which include enrichment activities, artistic and cultural shows, the festival will give opportunities to local and global communities within the nation to showcase and enhance their unique talents.
The UAE’s Ministry of Tolerance has expressed its plan to introduce a special certification for local companies to ensure their commitment towards the principles of tolerance. Any company with a T-Corp certification in the UAE will be recognised as a Tolerant Corporation. This move is to encourage business communities to drive profits harmoniously and be mindful of their responsibilities towards the community and the environment.
TOLERANCE CHARTER BY RTA Dubai’s Roads and Transport Authority (RTA) has signed a Tolerance Charter in line with the UAE’s Year of Tolerance. The initiatives aim to enhance the tolerance values and spread the message of mutual respect and harmony amongst communities. www.ablf.com
NATIONAL FESTIVAL FOR TOLERANCE AND HUMAN FRATERNITY
Such initiatives and programmes only go to show that in the UAE, tolerance is no catchphrase but a value that the nation instils in all its residents to cherish and practice. Tolerance is woven into the fabric of our societies to safeguard the future and to drive progress and sustainability. 17
Building a Global Society
The UAE Growth Story – The Road Ahead Thrust on innovation, opening up FDI and focusing on Intra-Asia relations are the catalysts for UAE’s new direction
By H.E.
Sultan bin Saeed Al Mansouri
Cabinet Member and Minister of Economy, UAE The Innovation Path Over the past 48 years, the UAE has diversified its economy. From an almost 90% oil-based economy, we are now at a stage where oil contributes roughly around 25.6% (as of 2018). Innovation was one key area the government focused on with the launch of the ‘Innovation Strategy’ in 2015, the idea being to include it in the GDP. The target was clear – 5% of the GDP should come from innovation. The strategy – to ensure that government entities applied innovation in their initiatives. The Ministry of Economy, one of the several departments focusing on achieving this goal, looked at areas such as intellectual properties, providing for VC funds and fostering a better understanding about the UAE’s ranking in the Global Innovation Index. As per the World Economic Forum in 2018, the UAE has reached no. 36 but the target is to be among the top 10.
The Government’s Efforts In the goal towards creating a knowledge-led innovative economy, the partnership between private and public sectors is imperative but equally important is the role of individuals. To this end, the Innovation Strategy aims to promote the concept of innovation through educational institutions considering some of the greatest ideas come from the younger generation. The entire strategy was also made very inclusive so that everyone could be involved in it, and the inherent strengths and weaknesses, identified and addressed. Through the Ministry of Higher Education, we worked on providing for specialised courses on the subject. Other sectors such as health, renewable energy, IT, transportation, water and airspace were also identified as partners.
The Economy and FDI: The Need to Open Up Sectors The UAE economy has been one of the most liberal and open economies in the Arab world. Apart from companies that have 49% foreign ownership, foreign investors were also given more opportunities through free zones. However, in a rapidly changing world, decisions about applying new laws such as the Foreign Investment Law, need to be made. The overall objective is to create a more competitive economy, provide more job opportunities and attract more investment. Currently, the figures are roughly around $10.5 billion and there is a cumulative $126 billion foreign investment but for higher numbers, more sectors need to be liberalised. Industries need to increase their current contribution to the GDP from 9.5% to 20% eventually. This cannot be achieved at the level of 49/51 partnerships. To attract more specific industries, more sectors need to be liberalised – such as agriculture and services, with more to be added soon. 18
In the goal towards creating a knowledge-led innovative economy, the partnership between private and public sectors is imperative but equally important is the role of individuals
With the new Foreign Investment Law, one can expect an increase in investment annually by about 3% compared to previous years. The corollary is the need to attract talent. While the UAE attracts the best of talent already, there are some areas where we need to stand out more. Take for instance, logistics. If you look at DP World and its ability to expand its network around the world, efficiency and cost effectiveness play a major role and this can be done by creating innovation in these sectors. The same holds true for logistics in aviation, tourism, etc. Fortunately, in IT, we have partners from around the world who find the UAE a very attractive environment to launch innovation endeavours. www.ablf.com
Building a Global Society
Intra-Asian Relations The most important global trading partners of the UAE are in Asia - China, with around $50 billion and India, with almost $38 billion. This is followed by Indonesia and Vietnam, alongside Japan and South Korea. Over the years, the UAE has witnessed a shift in trade from Europe into Asia and it is likely to continue with the economic growth we see in these countries. This will also lead to global connectivity with products made in the UAE such as polymer and aluminium reaching new markets. On the other side, we also play an important part in the flow of goods coming in from China, India and the rest of Asia to this region and beyond, primarily thanks to very efficient and impressive logistical hubs here.
The overall objective is to create a more competitive economy, provide more job opportunities and attract more investment
Overall, the UAE economy can reach newer heights, focusing on the right direction with innovation at its core and international relations providing the strong framework. ◊
Ready for Challenges The future is bright if we optimise resources
By H.E.
Eng Mohammed Ahmed bin Abdul Aziz Al Shihhi Undersecretary, Ministry of Economy, UAE The March into the Future The UAE Strategy for the Fourth Industrial Revolution introduced in 2017 aims to strengthen the UAE's position as a global hub for Industry 4.0 and increase its contribution to the national economy through innovation and future technologies. With disruptive technologies reshaping the way we work, the real question is How does a leader become successful in such an environment? There can be two approaches for a leader: You understand that investment in new innovations is required for growth. The UAE Government has instituted the Fourth Industrial Revolution Council to support the nation’s efforts to benefit from Industry 4.0 by developing strategies, models and mechanisms. Ensure you extensively train and guide the workforce so that they are well-equipped to adapt to changes. The UAE’s Vision 2021 focuses on the nation’s transition to a knowledge-based economy through capacity building for futuristic industries and positions. Given the uncertainties that Industry 4.0 poses, it is important to prepare for the challenges ahead. The challenges are there but the benefits are immense, so it is time to optimise our resources to lead the march into the future.
Women in Leadership In a modern progressive world, the development of an economy is directly related to the development of its women. In this regard, there has been a significant change in the role played by women across sectors in the UAE. www.ablf.com
The following statistics prove this point: Emirati women make graduates in the UAE.
up 70%
of
all
university
46% of the university graduates in science, technology, engineering and mathematics (STEM) are women. The literacy rate of Emirati women is 95.8%. 50% of the employees at Program are women.
the
UAE’s
Space
Women now make up 66% of public-sector workers, with 30% in leadership roles. The President of the UAE, H.H. Sheikh Khalifa bin Zayed Al Nahyan has called for Emirati women to occupy 50% of the country’s Federal National Council after the next elections. The UAE is the first country in the region that requires every government organisation and company to have female board members. The sole aim of entities such as the Gender Balance Council and Dubai Women Establishment is to facilitate women’s empowerment, within the UAE and the GCC. In a nutshell, we have had a good start and the future is bright when it comes to gender balance. ◊ 19
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People for the Planet
Future of Banking and Financial Services
Embracing new paradigms for the future of work
Safeguarding our common inheritance
Keeping pace with the age of disruption
Will a new face of leadership emerge from the paradigm shift shaping industries in an automated future?
How can the public and private sectors adopt an agenda of driving responsible consumerism?
In this technology-driven landscape, what future lies ahead for the banking and financial services industry?
Leadership in the Era of Industry 4.0
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3-MINUTE LEADERSHIP STORIES 3 minutes to access a powerful gateway to contemporary Asia 3 minutes to connect with the narratives of this region of opportunity 3 minutes to understand the vision of its best architects Live the leadership stories on ABLF Talks www.ablf.com/talks
Gender Parity
The Human Agency in an AI World
The Well-Nation Agenda
Transforming 'he' and 'she' to 'we'
Prioritising people in an automated future
Fostering a culture of contentment
With women comprising less than 5% of CEOs at Fortune 500 companies and 34% of global managers, how can corporates and governments change the dynamics for a more equitable future?
With the advent of technological breakthroughs and disruptions, how can Artificial Intelligence improve the quality of life?
Is the wellbeing of communities the best indicator of a country’s progress and growth?
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Leadership in the Era of Industry 4.0 Embracing new paradigms for the future of work The Fourth Industrial Revolution is upon us. Traditional manufacturing and industrial practices are undergoing a paradigm shift, thanks to the incredible technological advances that have fundamentally changed the way we live, work and communicate. Digital technology has flooded every aspect of our lives with global connectivity soaring higher than ever before. This represents several challenges before a leader, be it from industry or government as one has to gear up to provide for the needs of a ‘smart generation’. Are governments and businesses well-equipped? What is the future of industry at a time when it seems to be at its most disruptive shift? Thinkers and analysts from different sectors offer insights.
(L − R) : H.E. REEM EBRAHIM AL HASHIMY, MINISTER OF STATE FOR INTERNATIONAL COOPERATION, UAE AND DIRECTOR GENERAL, EXPO 2020 DUBAI BUREAU; H.E. KHALDOON KHALIFA AL MUBARAK, GROUP CEO & MANAGING DIRECTOR, MUBADALA AND CHAIRMAN, ABU DHABI EXECUTIVE AFFAIRS AUTHORITY, UAE; H.H. SHEIKH NAHAYAN MABARAK AL NAHAYAN, CABINET MEMBER AND MINISTER OF TOLERANCE, UAE; H.E. KAMAL NATH, CHIEF MINISTER, MADHYA PRADESH, INDIA; TUN ABDULLAH AHMAD BADAWI, FORMER PRIME MINISTER, MALAYSIA
Business Perspective "India has a tremendous opportunity with its young manpower skills that it has developed since the 90s. This has enabled the country to take a leading role in creating the next digital manufacturing platform. Now, the focus should be on training for Industry 4.0 which should be culturally oriented. For instance, if you are training someone in Germany, the German culture would be very different compared to say, India. So the training process too would be different. Similarly, training Indians requires an Indian ethos. So it is best to create your own processes as there is no one solution or manuscript to follow for training." B.N. Kalyani CHAIRMAN AND MANAGING DIRECTOR, BHARAT FORGE
Technology is transforming industry like never before. Industry 4.0 includes large-scale use of M2M (Machine to Machine) and IoT (Internet of Things) along with better communication, monitoring and analysis. But ultimately it remains business. By driving innovation within existing models, profits can be increased and costs can be reduced thereby ensuring customer loyalty. The real success of all these measures will be judged by a leader's response in merging the traditional with the modern to deliver set goals.
Business Perspective "People remain central to the success of the Industry 4.0 strategy. We need to develop the talent and skills of our workforce to make them the champions within the organisation who understand the potential of the Industrial IoT market. Billions of machines will be connected to the internet, transforming the way we use data and analytics. These people are the designers, instigators, activators and the representatives of the digital era who can visualise the limitless possibilities." Dr Dalya Al Muthanna PRESIDENT AND CEO, GE GULF
Business Perspective "The new era will see further integration of technology into other industries - enabled by Cloud, connected technologies and the incredible power of AI and Machine Learning. To harness the opportunities in the new era, companies, industries and countries should essentially do three things – enable access, invest in people and have smart policies. This will make the next decade of digital process even more exciting than the last." Lino Cattaruzzi MANAGING DIRECTOR, GOOGLE MENA
Leadership in the Era of Industry 4.0
Tech for People Use Artificial Intelligence and technological advances to solve human issues
By H.E.
Dr Mohammed bin Hamad Al Rumhy Minister of Oil and Gas, Sultanate of Oman We are going through a period of transformation. The Fourth Industrial Revolution or Industry 4.0 as we know it, has taught us the importance of Artificial Intelligence (AI) and its role in our daily lives, especially in the field of communication. These are tools available to us and one must see them as opportunities to enhance our lives and make our space a better place to live in. However, it is important to co-operate with one another in addressing our problems. Often, these tools are seen as a way of increasing the GDP of countries, but I think the fear is that we may lose track of the fundamentals. And what is the fundamental need? To take people out of poverty and resultant issues such as the lack of opportunities, unemployment, etc. The Fourth Industrial Revolution implies the use of AI and fast-paced technological revolutions to solve our problems. But we have to go back to basics and identify individual livelihood needs and think about how these tools can make us better and not necessarily just richer. There is a difference between the two. The modern way of thinking where one wants to get rich fast and then talk about problems, may lead us to lose track of the real issues. It is high time we start talking about addressing those who are in genuine need. The most number of people who have been left behind are in Asia and Africa, than in any other part of the world. There are over 2 billion Asians who do not have access to clean water and power and we need to consider how the modern technological revolution can be harnessed to change their livelihoods. There is a need to bring these people closer to where we have progressed. We are part of the many technological advances happening around us and my message is to use them to enhance human lives. From Silicon Valley to scientists from China, India and other Asian countries, the progress in AI in many nations from the Middle East to Japan, have expanded the Asian footprint considerably. Yet unfortunately, it is the same continent that has the largest concentration of people without access to modern lifestyle, clean water and electricity. In other words, we need to use developments to solve problems in our neighbourhood – Asia first, and then move elsewhere. I think it is a golden opportunity if all of us work together to address these issues. On my part, I hope Oman, which has always taken the approach of dialogue and discussion for any problem – political, social or environmental – will play an active part on this path.
Caring for the Environment The current discourse is around fossil fuel which is a controversial subject, but the fair approach is to address the issue by working together instead of blaming one another. I feel fossil fuel - of which there is a variety, with coal being on one end of the spectrum and natural gas, which is much cleaner, being on the other – requires 26
engagement and discussion instead of the blame game. As with everyone else, we are serious in developing renewable options, particularly safer ones such as wind and solar energy. The energy business in Oman is completely privatised and we invite private companies to take part. The country, as a whole takes friendship and dialogue between nations to be extremely important in all fields. Isolating countries, even if we have differences with them, does not help. And with togetherness between countries and societies, as well as inclusiveness, there is a way to find solutions. ◊
There are over 2 billion Asians who do not have access to clean water and power and we need to consider how the modern technological revolution can be harnessed to change their livelihoods
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Leadership in the Era of Industry 4.0
India on the Rise: Industry and Happiness India is ready to adapt to the changes effected by Industry 4.0
By H.E.
Kamal Nath
Chief Minister, Madhya Pradesh, India
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e live in an ever-changing world, where digital technology is a part of daily life and global connectivity is greater than ever before. While there are several speculations about the adverse effects of Industry 4.0, I believe that technology is the greatest enabler of innovation and development in any economy. According to several surveys, Indian companies adopting Industry 4.0 across functions such as manufacturing, supply chain, logistics and procurement, can enhance their operating profits by 40% at less than 10% of the planned capital expenditure. However, while the country is geared up to dive deep into this new industrial revolution, we must ensure to capitalise on opportunities effectively. The first step is to educate people about the new business models that exist in today’s digital economy and equip them with the necessary skills. The ‘Yuva Swabhiman Yojana’ that was recently unveiled in Madhya Pradesh is a scheme that assures 100 days of employment to the economically weaker sections of society in urban areas. The main aim is to see that the beneficiaries are trained in a field of their choice during the 100-day period, which helps them develop their skills to ensure that they are employable across sectors. The National Skills Development Corporation (NSDC), which was set up by the Ministry of Finance today, has over 8,500 training centres focusing on imparting skills required by a growing economy.
Transforming India In the state of Madhya Pradesh, the www.ablf.com
investment policy focuses on areas where employment generation potential is high and economic activities can be promoted in multiple ways. It is also necessary to have a non-traditional approach to resource allocation. Textiles, pharmaceuticals, manufacturing and Artificial Intelligence are sectors that offer huge potential for investment and employment. With a forwardlooking philosophy, investment in R&D and a skilled workforce, today, Madhya Pradesh is one of the most investment-friendly destinations in India. Whether it is FMCG, food processing, logistics or healthcare, Industry 4.0 is clearly transforming the way we work, and as leaders, we must orchestrate an ecosystem that results in innovation and growth.
Paying Attention to Mental Wellbeing The unparalleled economic growth in Asia has come at a price – stress, burnout, obesity epidemic, etc. are the pressures of progress. Perhaps that’s the reason why more and more nations are paying attention to the wellbeing of their citizens, demonstrating that happiness of
its people matters. Be it Bhutan that popularised the Gross National Happiness Index or the capital of India, New Delhi, that introduced the Happiness Curriculum in over 1000 government schools, wellness is clearly on the agenda. In fact, governments all over Asia are prioritising the mental wellbeing of their citizens. Japan encourages companies to give overworked employees Monday mornings off work, while in South Korea computers are shut down early to fight overwork. Madhya Pradesh is the first state in India to have a Happiness Department and we have now progressed to a Spirituality Department that focuses on strengthening inter-communal harmony and peaceful coexistence amongst all sects and faiths. The primary objective is to ensure happy and responsible citizens while respecting their differences. This new framework is based on humancentric education that includes meditation, value education and mental exercises. India is steadily progressing in cultivating a culture of happiness and wellbeing. With ‘happiness’ emerging as the new GDP, it is high time policymakers all over the globe take it seriously. ◊ 27
Leadership in the Era of Industry 4.0
The Leadership Challenge In the era of Industry 4.0, a true leader is the one who adapts to the new world order while retaining the values and integrity of the old
By Shobhana
Bhartia
Chairperson and Editorial Director, Hindustan Times Group
T
here is often a debate in history and a question gets asked – do larger social forces shape events or do individuals shape events? The answer is still out there but if there is one factor which stands out in radically outlining events, processes, society, economy, politics and human lives, it is technology. Once again, we live in times of tremendous technological disruption. Just three decades ago, the world of personal computers, laptops, the internet or the mobile phone seemed distant, if at all, imaginable. Even 20 years ago, smartphones in every hand and social media apps providing personalised services from food and shopping to cabs and fitness, would have seemed like science fiction. But these are all part and parcel of our everyday reality today. In this era of the Fourth Industrial Revolution, the lines between the physical, digital and biological spheres have been blurred. It is marked by extreme connectivity, extreme computing and extreme automation. It has given rise to Artificial Intelligence, Internet of Things, robotics and nanotechnology among other innovations that are shaping the way we live and the way we work. What does this mean for organisations and for individuals? More importantly, what does it mean for leaders, who have to navigate this process of change in their companies? A personal example is that of our newspaper, Hindustan Times. Counted among the oldest and largest dailies in India, it has a rich legacy. Almost a century-old, the newspaper is committed to the values of good journalism, rigour, impartial, non-partisan reportage, speaking the truth, informing readers and adding depth to the public discourse. But we are also acutely conscious of the digital world we live in and are witnessing a digital transition in the company. While retaining the core journalistic values, the organisation also seeks to use technology to provide both breaking news and in-depth journalism to readers in quick time, on every platform they use, across geographies and time zones, through every possible innovative method. This is the essence of leadership in times of disruption, which can be summed up as: It is about instituting and sustaining a disciplined work environment so that the whole organisation is committed to a certain code of ethics, but at the same time, empowering individuals to take responsibility and trusting them to innovate in this new era.
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It is about retaining core values while recognising new trends, learning every day and being adaptable to change. It is about being truly global in our understanding and orientation, based on the recognition that the world today has shrunk. However, it is essential to be rooted to our own local and national realities and values. It is about leveraging technology but not becoming slaves to it, for technology is an enabler of our work. At the end, what matters is the quality of any organisation’s work, its integrity and the trust it evokes. Leadership is about ensuring this remains sound.
To meet the leadership challenge, therefore, means to manage this rapidly evolving economic and technological landscape by combining these old-world qualities with the energy and vibrancy of the new world. ◊
We live in times of tremendous technological disruption. Just three decades ago, the world of personal computers, laptops, the internet or the mobile phone seemed distant.
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Leadership in the Era of Industry 4.0
Dubai 4.0: On the ‘Smart’ Path The city is the true leader when it comes to adopting new technologies to provide its citizens with a better life
By H.E.
Dr Aisha bint Butti bin Bishr Director General, Smart Dubai
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e are standing at the threshold of an exciting new era of technology – one that is being defined by rapid developments in Artificial Intelligence (AI), robotics and digitisation. Such is the pace of change and dynamics surrounding it that it has been termed the ‘Fourth Industrial Revolution’. But no major paradigm shift comes without challenges. A recent global survey found that some governments are struggling to navigate the Fourth Industrial Revolution and finding it difficult to understand exactly where its opportunities lie. Many also expressed concerns over the ethical implications that come with these far-reaching technological shifts. Dubai, on the contrary, has been known to always have an entrepreneurial spirit towards any challenge. Globally recognised as a leader across several dimensions, foreseeing the opportunity with the Fourth Industrial Revolution, Dubai has once again taken a leadership role in identifying the best possible uses of emerging technologies to help provide a more seamless, efficient, safe and sustainable life for all its citizens and residents. The launch of entities such as the UAE Centre for the Fourth Industrial Revolution in partnership with the World Economic Forum (WEF), the Dubai Future Foundation and Smart Dubai is a testament to the leadership’s commitment to not only identify best practices and necessary legislations, but also act as a benchmark for the ‘smart city transformation’ for cities across the globe. Taking forward the focused vision of H.H. Sheikh Hamdan bin Mohammed
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Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, Smart Dubai is leading the way to make Dubai the first 100% digital government in the world, with no paper to be used for any government transactions after December 2021. It is an ambitious and progressive objective. The estimate is that this will save the city over 125 million man hours and over $10 million annually. We have also launched the official principles and guidelines for ethical AI implementation in the city, to ensure all relative applications are being built in a fair, trustworthy, accountable and explainable manner, keeping the safety and privacy of the city’s citizens and residents as the first priority. Dubai is committed to continuously creating strategies and delivering solutions that will overcome the challenges raised by the Fourth Industrial Revolution. It is also dedicated to enhancing the ability of individuals and organisations to utilise the advantages that emerging technologies present. Ultimately, our mission is to leverage the power of technology to build an ecosystem which will make Dubai the happiest city on earth. ◊
No major paradigm shift comes without challenges. A recent global survey found that some governments are struggling to navigate the Fourth Industrial Revolution and finding it difficult to understand exactly where its opportunities lie.
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Leadership in the Era of Industry 4.0
Dubai – India's Gateway to the World With the launch of the India-UAE Bridge, DP World has once again proven to be a true partner in the growth and economic prosperity of a country
They are the torch-bearers of the future of world trade. The DP World story is one of vision, determination and ambition. It may be known as the leading enabler of global trade and an integral part of the supply chain, but DP World – with a vast portfolio of over 150 operations in over 46 countries across 6 continents – is an entity that brings the world’s trading community together with its top services and impeccable business practices.
The Beginning The story began in 1972 when DP World started operations as a local port operator with their first project, the development of Dubai’s Port Rashid. A few years later, the Jebel Ali Port was launched and it turned out to be the busiest port outside of Asia. Soon, DP World entered into strategic partnerships, investments and capability building spree which resulted in positioning DP World as a leading enabler of global trade. Today, DP World’s business has metamorphosed to becoming an integral partner in global supply chain, providing cost-effective, safe and efficient trade solutions globally. Its portfolio of over 150 operations in 46 countries across 6 continents is defined by its presence in both high-growth and mature markets, including 78 marine and inland terminals and 17 Logistics parks and Economic Zones– operational and under development.
The India-UAE Bridge: A Partnership for Growth The India-UAE trade partnership is one of the most significant relationships that the region has seen in recent years. In fact, during his recent visit to the UAE, the Prime Minister of India, H.E. Narendra Modi described the country as an important partner in realising the dream to take India to a $5 trillion economy. Traditionally, India has been one of the UAE’s largest
trade partners, boasting over $60 billion with an annual growth rate of 11% and the Jebel Ali Port and Jafza have played an important part in the journey so far. DP World, thus far, has already made huge investments in India while Indian companies account for a large share of the total investments into Jafza. The technical and technological prowess of the UAE, the excellent infrastructure and logistics capabilities of DP World and Jafza makes Jebel Ali an ideal ecosystem for the India growth story. Taking this partnership further, DP World, UAE Region launched ‘The India-UAE Bridge’, an initiative to support bilateral trade and investments. The objective is to offer end-to-end supply chain solutions to Indian businesses by integrating DP World’s assets and capabilities in both countries, enhancing access to high-growth consumer markets with Jebel Ali’s unparalleled connectivity and DP World’s global portfolio. The aim is to open new markets for Indian businesses looking to expand across new frontiers.
“India and the UAE share immense synergies across various areas, with trade being at the forefront. DP World UAE Region’s 'The India-UAE Bridge' initiative aims to further enhance the trade ties with its unique end-to-end supply chain solutions to Indian businesses and an ecosystem for seamless trade and profitable investments..”
Mohammed Al Muallem CEO & MANAGING DIRECTOR, DP WORLD, UAE REGION, AND CEO OF JAFZA
Leadership in the Era of Industry 4.0
The Impact on Industries Needless to say, the launch of the India-UAE Bridge was welcomed by the various micro, small and medium enterprises (MSMEs) that showed keen interest in investing in Jafza and availing logistics solutions offered by DP World UAE Region. At a recent meet in New Delhi, the Indian MSMEs were presented with plug-and-play platform of supply chain solutions, value-added services and similar investment platforms to facilitate expansion plans of those businesses that were looking to grow outside India. The Indian Business Incubation Centre served as a perfect start-up platform for the MSMEs wherein DP World offers an attractive cost and value proposition during the incubation period and beyond.
DP World in the F&B Industry What makes Dubai attractive is its 'made-for-trade’ ecosystem that has positioned the city as the Trade Hub of the region. Dubai offers the best mix of infrastructure, regulatory system, financial access, pro-business governance, facilities, diverse population and an efficient social and business environment, making it is a hub of choice for global businesses. With regards to India, the unparalleled connectivity between the two nations and Dubai’s strategic location adds to its appeal as a key trade partner. This is what DP World has been capitalising on and it was most evident at the FoodPro exhibition and conference organised by the Confederation of Indian Industry (CII) in Chennai. At the conference, the DP World team met and interacted with F&B companies that aimed to explore the shores beyond India and introduced DP World’s plug-and-play trade and investment platforms, and value-added services. With the Jebel Ali hub being the preferred commercial gateway to a region of more than 3.5 billion, Dubai’s position gets further cemented as the largest re-export centre for food products, targeted at a region that expands from the GCC to MENA, East Africa and subcontinent markets. Other facilities include Jafza’s dedicated food and beverage cluster, services such as packaging, storage, bagging and sorting, stuffing, palletising, common user facilities for tea and coffee processing and trading and transportation across the bonded and non-bonded areas of the industrial zones, supporting the supply chain from farm-to-shelf.
In other words, the India-UAE Bridge is an initiative that benefits both countries. With India being the UAE’s second-largest trade partner and DP World being the region’s leading trade enabler, the partnership is organic, natural and seamless that gives both nations a chance to prosper. ◊
DP WORLD IN NUMBERS
6
Continents
46
Countries
150
Operations
70,000 Vessels served each year
190,000 Containers moved each day
People for the Planet Safeguarding our common inheritance The most discussed topic currently is: how can we save our planet? The ill-effects of mindless, excessive consumption have taken their toll on the earth. Climate change is a reality we have to live with even as some of the most powerful countries grapple to seek a solution for the challenges posed by environmental destruction and the subsequent impact on our livelihoods. What is needed now more than ever is responsible consumerism and a joint participation by all stakeholders to come together to promote sustainable lifestyles. What role can governments and corporates adopt to push the agenda of sustainability? How can this message get across every section of society? Experts and industry stalwarts offer their recommendations.
(L − R) : H.H. SHEIKH AHMED BIN SAEED AL MAKTOUM, CHAIRMAN & CHIEF EXECUTIVE, EMIRATES AIRLINE & GROUP, UAE; H.E. DR AMAL ABDULLAH AL QUBAISI, PRESIDENT & SPEAKER, FEDERAL NATIONAL COUNCIL, UAE; H.H. SHEIKH NAHAYAN MABARAK AL NAHAYAN, CABINET MEMBER AND MINISTER OF TOLERANCE, UAE; H.E. DR SULTAN AHMED AL JABER, CABINET MEMBER AND MINISTER OF STATE, AND CEO, ABU DHABI NATIONAL OIL COMPANY, UAE; DR CHUNYUAN GU, PRESIDENT FOR ASIA, MIDDLE EAST AND AFRICA, ABB GROUP; TSUYOSHI NAKAI, CEO, JAPAN COOPERATION CENTER PETROLEUM
Government Perspective "We are serious about developing renewable sources of energy that are cleaner and not dangerous or destructive. We have decided not to pursue some sources, specifically nuclear, as there are safer renewables particularly wind and solar. Though there are some challenges to this approach, we are trying to address them. In Oman, we have started using solar-based steam, where we inject steam to enhance production. When we heat the reservoir, we pump steam and the conventional way is to use fossil fuel to produce steam. We have the largest solar-based steam generator which is clean, environmentally-friendly and has been very successful." H.E. Dr Mohammed bin Hamad Al Rumhy MINISTER OF OIL & GAS, SULTANATE OF OMAN
Corporate Perspective "Linking sustainable goals to business strategy is no longer a matter of choice, it is a matter of urgency. Given the importance of the aviation sector, it is committed to reaching its target for carbon neutral growth by 2020 and 50% reduction in emissions by 2050. But these will require initiatives such as the use of lighter materials in aircraft or the advancement propulsion technology. It is equally important that similar efforts are made on the ground which means eliminating inefficient legacy processes, providing capacity by increasing throughput versus the building of more infrastructure and looking at every means to reduce energy, water consumption and waste. The key to continued success is creating a corporate culture that embraces sustainability. We are investing in long-term learning and development programmes and communication strategies that will ensure that our employees become advocates for sustainability which is becoming the core to our business." Paul Griffiths CEO, DUBAI AIRPORTS
Reduce. Reuse. Recycle. Being more mindful of what we buy, how we travel and what we consume. Making a conscious effort to efficiently manage our shared resources, taking care of how we dispose off toxic waste and pollutants and several other measures are required to maintain the ecological balance and fight the climate change challenge. The effort has to be multi-pronged – with business houses, industries and consumers pitching in to reduce waste as well as by encouraging developing economies to shift to sustainable consumption. As the UN Sustainable Development Goals document articulates, halving the per capita of global food waste at the retailer and consumer levels is also important for creating more efficient production and supply chains. Whatever be the sector – the food industry, aviation or energy – small, conscious steps and a determined approach to promote sustainability at every level can be the only way out to ensure we leave behind a planet worth living in for the generations to come.
People for the Planet
The Energy for Happiness Moving towards cleaner forms of energy is a step in the mammoth task of creating an inclusive and just society
By H.E.
Eng Suhail Mohamed Faraj Al Mazrouei Cabinet Member and Minister of Energy and Industry, UAE
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s humans evolve, there will naturally be more demand on energy resources and subsequently, some environmental impact to our planet will be seen. The need, therefore, is to adjust our consumption in such a way that there is less stress on resources. Digitisation, adapting to new technologies and Artificial Intelligence (AI) is the way to go. Cleaner forms of energy are in demand as people increasingly realise that they cannot be living in cities that are not clean. The world is now seeing a shift towards renewable energy that has, in the past 10 years or so, reduced the cost of energy by more than 80%. What does that mean? It means that it is not just economically viable but a commercially viable option for nations to go green! This transformation was much needed. Fortunately, more nations are moving towards a path where their resources are not just based on fossil fuels but are balanced with cleaner forms of energy. For instance, if the sun is not available everywhere, there is always hydropower and wind to turn to. I think the combination of these different forms, and the efficiency and competition towards reducing the cost to consumers, are what drive this transformation. The UAE is adopting a strategy where we will transform to 50% cleaner forms of energy with zero emissions, that will not only reduce CO2 emissions by 70%, but will also save billions of dirhams for the government over the next three decades. This is going to make our population much happier than those who live in cities where smog and air pollution is very high. As nations strive to improve their economies and standard of living for their residents, more and more youth can be seen trying to achieve this balance. As mentioned above, we cannot reach this goal or design our future cities without changing the way we consume and look at things, be it with digitisation, AI, internet or similar tools.
who are moving from poverty to having access to energy should be taught not to make the same mistakes that nations who had energy aplenty, did for all these years. We need to use technology to make people wiser in their choices. And all these require a committed, inclusive leadership that believes in engaging with young people to achieve this goal. â—Š
Happiness and Energy These days, a lot of conversations revolve around happiness but happiness does not only mean affordability or prosperity, it also means access to clean air, clean water and overall, clean environment. The UAE believes that these challenges cannot be surmounted without collaboration among countries and the young generation in particular. Therefore, when we designed our energy strategy, we gave a 25% weightage to happiness. We cannot just assume that people will accept living in cities which are not clean or accept an increase in pollution without seeing concrete steps being taken to tackle it. Of course, we need to consume less and we need to consume things wisely to be happy in the future. Hence, the movement or transformation towards cleaner forms of energy should target happiness in every aspect of life. Only then will humanity evolve, and share these forms of energy with those who do not have access to it. Energy poverty is one of the challenges facing many countries; not every individual has energy available for him or her. But those 34
More nations are moving towards a path where their resources are not just based on fossil fuels but are balanced with cleaner forms of energy
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People for the Planet
The Power of the Collective Individual It is the duty of every individual and not just governments to be dedicated to the cause of the environment
By Gopichand
P. Hinduja
Co-Chairman, Hinduja Group and Chairman, Hinduja Automotive Limited, UK Don’t just talk the talk, but walk the walk – when it comes to matters of the environment and sustainability, this is the principle that drives Gopichand P. Hinduja, one of the most prominent Indian businessmen in the world. Setting an example for others to follow, the Hinduja family's lifestyle and business practices reflect their deep devotion and respect for the environment.
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ustainability and climate change are dominating the conversations around the world and it is the job of every human being to see how they can leave something good for our future generations. The Paris Agreement of 2016 (which brought nearly 190 countries together in the fight against climate change) must not ever be forgotten. But what’s more important is the role that every individual should adopt towards protecting the planet. Take for example, my own family. We are vegetarians, and vegetarianism helps sustainability. It ensures no animals are killed, forests remain the way they are and there is greenery around. In our cities, there is a severe lack of greenery; authorities themselves are somewhat responsible for it. I remember as an 8 or 10 -year - old, Mumbai was a beautiful city. But now it is full of tall, concrete structures that have destroyed the beauty, nature and green cover. Our scriptures themselves narrate the importance of nature and the five elements – air, water, earth, fire and space, so we need to pay heed and observe them closely. Beyond the family, in our business we have 11 verticals, one of them being automotives. We were among the earliest in Europe to create electric vehicles. Why? Simply to help sustainability and take care of the environment! Now, this is being carried forward by our third generation.
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My nephew, Shom, showed us the way to forget the old economy and look at the future. He is deeply involved in renewable energies in some of the Indian states. The Hinduja Foundation is another arm through which we contribute to the cause. We have adopted villages for the improvement in the lives of farmers through increasing cultivation and greenery as well as providing education. A fine example of this is the Johar village which has become a model village for the Maharashtra government to adopt. We also created a new corporate office of one of our flagship companies in Chennai which was awarded for its green buildings. Thus, we are trying our best to help the environment through our businesses by ensuring that nothing we do creates pollution or harms nature in any way. As far as India is concerned, there is already a culture of sustainability because everything is renewable. Take the age-old concept of kabaadi (junk) – you have people who collect things that are ruined, and renew and refresh them. Such examples abound in every country and culture, we just need to give them time and focus. If we do not follow this path or neglect the environment, nature knows how to balance it. That is the reason you find floods, weather changes and so many inexplicable occurrences. We have to be cautious. And it is imperative that every one of us helps towards sustainability whether it is in climate, in business or in every moment of every activity that we are involved in. ◊
In India, there is already a culture of sustainability because everything is renewable
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People for the Planet
Focusing on Profit with Purpose Profit and social purpose can coexist. How we use technology may just be the key to it
By Badr
Jafar
CEO, Crescent Enterprises and President, Crescent Petroleum
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n the world of business, there is often a common misconception that we are somehow playing a zero-sum game where there is a trade-off between profit and purpose. A businessman must give up or compromise on one to generate the other. Nothing could be further from the truth. On the contrary, a business with an immovable purpose is a poor business - regardless of the bottom lines. The best opportunities and most sustainable ventures are those that align profit and purpose. But how do you create a corporate culture that facilitates both? A good starting point is to analyse the broader impact of a company’s operations and sales beyond finances. A detailed analysis of what the communities they impact actually need and where the societal gaps are, can help design or redesign business objectives. The questions that need to be asked are: how resilient and relevant will the business be, if the output is meeting a fundamental need of the society?
Corporate Example You will find examples in the unlikeliest of places. A business consortium, Pearl Petroleum, of which Crescent Petroleum is a large shareholder and operator, is today Iraq’s largest independent producer of natural gas. While large energy projects are not generally associated with positive social or environmental impact, the $1.6 billion investment and operations over the past 10 years has been saving the local government $19 billion in subsidies and over 29 million tonnes of carbon dioxide equivalent in emissions 36
whilst facilitating electricity for over five million people. By designing the project around local needs (in this case, gas-to-power generation), the company took major risks but by serving the existential requirements of the region, it ensured it was better placed to thrive and survive any crisis. It is very simple. Ultimately, prosperity will last only if it is shared, and not just through charitable actions, but by ensuring that a rising tide does indeed lift all boats.
What about Technology? Along with the rest of the world, the Arab region too is witnessing an industry disruption where innovations in technology are not just transforming industries but blurring the lines between the physical and digital worlds. Such disruptions result in risks but the biggest risk is to not do anything at all. Just like all historic shifts, the early adopters (or risk takers) will ultimately emerge winners in this case too. However, we need to reflect on what this means at a human level. For instance, if we successfully replicate Silicon Valleys across the world as epicentres of innovation and multi-billion dollar tech companies,
will we have addressed the world’s problems? Our obsession with banking on the next billion dollar 'unicorn' than banking on the next big solution that could impact lives, risks us getting lost in the twilight zone. Fact is, technological change has always been a doubleedged sword, affecting some positively while impacting others, especially millions of economicallydisenfranchised people, negatively. And this dichotomy will continue to play out during this Fourth Industrial Revolution too. What one needs to remember is that technology does not drive change, it merely enables change. It is a tool in the hands of people – the change agents. Only time will tell whether we use these tools for the betterment of humanity or for exacerbation of human flaws. The MENA region serves as a great example of the urgency to embrace this untapped opportunity. A vibrant, mostly educated youth population yearns to drive progress but lacks enough opportunities. The result: perpetual instability. And unless we look at solutions for local needs and nuances, the unintended consequences of cookie-cutter tech could see this intensify as more jobs become obsolete. ◊ www.ablf.com
People for the Planet
Sustainability: Front and Centre How Unilever benefitted from creating purpose-driven products to improve sustainability
By Sanjiv Kakkar Executive Vice President, Unilever MENA, Turkey, Russia, Ukraine and Belarus
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nilever has been a purpose-driven company from its origins. Today, its purpose is simple but clear – to make sustainable living commonplace. We are living in an increasingly uncertain and volatile world dominated by challenges posed by plastic waste, climate change and water scarcity. These issues get compounded as the global population expands. While people are already affected, the challenges before businesses lie in the form of fluctuating commodity prices, unstable markets and a shortage of sustainable raw
materials. Simply put, business as usual is no longer an option. Companies that thrive in the future will be those that serve society today where consumers are becoming much more conscious of the difference they can make through their everyday shopping choices. One research found that one in three people already purchased products with sustainability in mind. That’s the reason why, in 2010, Unilever launched the Sustainable Living Plan for establishing purpose-led brands which supported positive changes – improving oral health, promoting hand-washing, nurturing self-esteem, tackling plastic waste, encouraging healthy choices in food, reducing deforestation, among others. The Research and Development teams worked on ways to translate consumers’ needs and the company’s sustainability targets into new technologies that could be incorporated in products. The results were products such as ‘Day2’, a dry wash spray and products such as ‘Love, Beauty and Planet’ that featured ethically sourced ingredients, recycled bottles and PETA certified vegan and cruelty free formulations. Apart from ensuring all our brands
were now designed and manufactured in factories 100% powered by renewable electricity, we are working on developing a circular economy model to tackle the issue of packaging waste. The results: in 2018, Unilever’s 28 purpose-led brands grew 69% faster than the rest of the business. Needless to say, the challenges facing the world cannot be addressed by one company alone. The system in which business is operated needs to change. But by being part of the solution, businesses can win the trust of consumers while helping create societies and economies to grow and succeed. ◊
Responsible Governance Dubai has taken impressive steps to make the city more environment-friendly, sustainable and happy
By Colm McLoughlin Executive Vice Chairman and CEO, Dubai Duty Free
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ubai is undoubtedly the leader in sustainability. Recently, the Dubai Metro completed 10 years of operations, saving around 340 tonnes of emissions through its operations. It is an example of responsible governance, committed to promoting sustainability. Dubai Duty Free had its own CSR company set up in 1999 and one of its many achievements in the last 20 years, is the use of only biodegradable bags. Last year alone, we recycled 1700 tonnes of plastic bags. Other initiatives include having staff volunteers clean up the roads around our building, participating in beach clean-up drives in Fujairah, celebrating non-car days, promoting reusable glasses and bottles at Jumeirah Creekside Hotel and Irish Village (both are our properties) and more. I think companies in the UAE should respect the different nationalities living here and ensure that staff is treated well and retained. The longer the staff is with a company, the better its growth prospects. For instance, in our case, from our original 100 staff that joined over 35 years ago, around 25 are still with us, we have not recruited any senior person from outside for 20 years.
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The same example can be extrapolated to Dubai. If Dubai has grown so much, it is because people are looked after properly despite hailing from different countries. It is important to treat everyone equally and give them the opportunity to grow. Then there is the example of international events which Dubai has been hosting successfully. The Dubai Duty Free Tennis Tournament that started 27 years ago, is today, one of the biggest championships in the WTA and ATP Tour circuit. Other countries are learning from the progress of Dubai. From public transport to leisure activities, there are many initiatives for its residents. Dubai Duty Free is a microcosm of the larger approach and policy of the government – which has a Minister for Environment and a Minister for Happiness – to treat people well, which is important for the progress of a country. ◊ 37
People for the Planet
India Meets the Energy Challenge How the oil-and-gas sector is contributing to sustainability
By Sanjiv Singh Chairman, Indian Oil Corporation
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he Indian Oil Corporation (IOC) provides all sorts of energies to citizens and also meets standard energy requirements of the country. In an interconnected world, the business of energy is even more important than before as the activities of one country impacts the other. While oil and gas will continue to provide energy requirements for different nations, the way we provide it will probably change – it will become more efficient, responsible and sustainable than before. A few examples of what we in India have done towards responding to environmental sustainability. The domestic LPG gas has reached over 80 million households in India in a short span of nearly 3.5 years. In rural India, we have been able to convert conventional biofuel to clean fuel LPG. In transportation, in a short span of three years, the country has switched to more efficient fuel. This sector also meets the requirement of petrochemical products including plastics in a big way. While a lot is said today about saying no to plastics, especially single-use plastics, I recommend that we should look into the intelligent use of plastic. We should not only try to avoid using plastic but if we do, ensure that 100% of the plastic is recycled.
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The Plastic Issue At IOC, we have formed solutions for these issues including usage of such plastics in the construction of roads, polybags for packaging bitumen and we are also looking into a technical solution for converting these plastics to transportation fuels. All traditional oil and gas companies today are shifting towards becoming energy companies. We are sincerely exploring other options such as renewables and biofuels. This is a time for collaborations and we should come together, learn from each other’s experiences and look for solutions to the pressing environmental concerns, as one community.
The Biofuel Example Take a look at biofuel that supports farmers and helps in generating or disposing off agricultural waste. It creates tremendous job opportunities for aggregators by getting them involved in aggregating field stock, segregating them and distributing them. While experts do provide technological solutions, the real answers lie in involving different segments of society and working towards a cleaner and sustainable environment. Today is the time of a collaborative approach and forums like the ABLF provide a wonderful opportunity to come together and learn from each other’s experience. So it is best not to waste time with things that have been tried and proven somewhere else but instead look for solutions which are tailor-made for our own society and move forward collectively. ◊
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This is youth power at its best. In the island of Bali in Indonesia, children and young adults gathered on beaches to clear trash. Similar activities were also seen in other parts of the world earlier this year, indicating that awareness is growing on the need to keep our oceans and rivers pollution and trash free.
It took a teenager and her unique method of creating awareness about climate change to make the world sit up and take notice, as Swedish activist Greta Thunberg and her ‘Fridays for Future’ (School Strike for Climate) protest generated discussions and debates around the world.
In a year when the Amazon rainforest fires shocked the world as one of the biggest environmental disasters seen in recent times, there were heartfelt protests across countries, as young people raised their voices in the larger fight against climate change.
Future of Banking and Financial Services Keeping pace with the age of disruption Business is no longer conducted as usual. FinTech is changing the way financial services are being delivered to savvy customers. In a smartphone-driven world, cashless environments have now become the norm. This emerging industry uses every aspect of technological innovations, from mobile banking to cryptocurrency, to improve the activities of finance and make them more accessible to the public. But where does that leave traditional systems? Has the ever-changing tech-dictated landscape disrupted traditional banking and finance businesses forever? More importantly, are people equipped to handle the mind-boggling changes that actually make financial services more accessible to them? Financial gurus and industry pundits share their opinions.
(L − R) : ARUNDHATI BHATTACHARYA, FORMER CHAIRPERSON, STATE BANK OF INDIA; H.H. SHEIKH AHMED BIN SAEED AL MAKTOUM, CHAIRMAN & CHIEF EXECUTIVE, EMIRATES AIRLINE & GROUP, UAE; YUSUFFALI M.A., MANAGING DIRECTOR, LULU GROUP INTERNATIONAL, UAE
Government Perspective Financial services and institutions have undergone drastic changes. From being a cash-driven country, we have moved towards cashless societies. With the current ecosystem comprising FinTech startups, digital payment companies, banks, multinational technology pioneers and insurance companies, banking will look a lot different in 2020. By introducing an innovation-led startup landscape and relaxed policies, the Government of India is powering the growth of FinTech. 2018 saw more than 125 startups and there is an increase in investment and funding by international and national banks for these startups. The RBI in 2018 also granted 11 FinTech entities licenses to introduce payment banks that offer deposit, savings and remittance services. According to experts, the FinTech software and services market of India is expected to grow into an $8 billion market by 2020. The FinTech Hub in Mumbai recently launched a FInD (Fintech Investments and Deals) platform to bridge the gap between investors and start-ups for funding. It is reassuring that microfinance and FinTech collaborations are transforming the lives of those living in rural areas. With a high rate of technology adoption, massive internet penetration and rising working population, the FinTech industry will grow exponentially. As policymakers, we must enable successful collaboration – not competition between FinTech innovators and corporates. India, I am certain, will emerge as the innovative trendsetter across multiple sectors, especially in the banking and financial services industry. H.E. Kamal Nath CHIEF MINISTER, MADHYA PRADESH, INDIA
The changes brought on by FinTech firms and other organisations will ensure that the traditional banking system will undergo a huge overhaul. Banks have to shape up and match up. And the solution, as experts suggest, does not lie in closing physical branches and improving mobile and online banking, but it needs for banks to go further into the daily lives of customers, solving their problems in realtime, providing assistance throughout a financial transaction. The future, going by current trends will be both invisible and seamless, providing insight-based support for commerce and communication. Combining mobile data, analytics, digital marketing and other techniques, banks will need to reach out to build a digital customer experience.
Future of Banking and Financial Services
Banking on Innovation In a rapidly transforming digital world, embracing change and promoting financial literacy will be essential for banks to remain relevant
By H.E. Abdul Aziz Al
Ghurair
Chairman, Mashreq Bank
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he world around us is changing at a remarkable pace. Every aspect of our lives has transformed exponentially, sometimes even in ways we would have deemed impossible just a few years ago. Naturally, this technological disruption has also had a profound effect on the banking industry and the financial sector in general.
So the big question is: What does the future of banking and the financial sector look like?
It is clear to me that going forward, classical banking models will become less and less relevant to the industry. Customer expectations are fundamentally changing and technology is opening new ways to bank. Banks can no longer continue to operate as they have been in the past, and must explore new ways to remain relevant in the future.
strategic change can only be steered and led from the top, or else it can be disruptive, expensive and not impactful at all. When we talk about people, there is another looming challenge. In my view, up to 30% to 40% of new employee hires will have more of a tech background in the future and expectedly, this will change the very DNA of the bank in question. Existing senior leaders, on the other hand, are not that tech-savvy and this will lead to a lack of a common language or understanding, potentially resulting in conflicts. It is apparent that in such a scenario, the company culture will play a decisive role in the success of the organisation. I believe cultural change starts with the right balance of senior members with subject matter experience and new members with new skills. Banks also need to radically change their compensation,
The Tech Disruption In my view, it starts with a holistic approach to banking, which essentially means transact, acquire and engage. While technology has indeed disrupted the traditional banking model, on the flip side, it has reduced acquisition costs. Servicing costs, on the other hand, are being reduced dramatically and new revenue sources are opening up. If we take the example of Mashreq Bank, 60% of ‘new to banks’ sales for our personal banking customers is through digital channels. Not only does this reduce costs, it improves efficiency, increases growth and ultimately results in higher revenues. In the future, it will also be about building ecosystems which broadens horizons, widens reach and enhances customer loyalty. Banks will have to look beyond their conventional roles of retail banking, wealth management, etc. They will have to transform into one-stop shops that facilitate other finance-related offerings such as insurance, landscaping and even interiors to provide a complete ecosystem. Banks must embrace new technology and engineer digital experiences in order to make similar emotional connections with their customers. This is what will lead to more personalised interactions and convenience to customers in a unique way. In essence, banks in the next 10 years will adopt the model of a ‘BigTech with a banking license’. Banks will have to develop their strategies like a tech company. Another challenge is the pace of change which will continue to increase, resulting in growing performance gaps in the financial services industry. Therefore, banks need to become more responsive to digital opportunities without alienating current employees or negatively impacting what has made them successful in the past. I am convinced that the key to this successful digital transformation is actually the culture and not technology as much. Dramatic and 42
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Future of Banking and Financial Services
rewards, performance management systems, especially as new age recruits, many of whom who might be non-banking professionals with a technology background, join the ranks. Retraining current employees is also critical to affect meaningful cultural change. Once the culture piece is in place, banks will have to adapt to new ways of working. Most banks are used to operating in silos – not just across different business units but also even within a single business unit. This must change and a structure around end-to-end customer journeys which is agile needs to be adopted. If we take our example, agility at Mashreq means being more customer-centric with quicker responses to their changing needs, and much shorter time to market. In the not-too-distant future, the bulk of the banking will be organised around customer journeys and not around specific functions. Working in an agile manner will be the key to shorter time to market and the ability to being responsive to ever-changing demands of the customer. While banks get through these changes, they must also keep a keen eye on data security, cybersecurity and cyber fraud. These will represent substantial challenges and whatever platforms banks adopt, they must be both resilient and able to overcome them. Given that digital transformation is happening at extreme speeds and the velocity of change is increasing, it makes it significantly more complex and more far-reaching than changes in the past. With that in mind, banks need to be extra careful and consider every possible outcome these changes might result in. I have no doubt the banking industry will be transformed beyond recognition in the future and the ones who recognise this now and embrace this change will remain relevant. Change is always uncomfortable but at least in this case, necessary. ◊
Banks need to become more responsive to digital opportunities without alienating current employees or negatively impacting what has made them successful in the past
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Future of Banking and Financial Services
Financial Literacy for Financial Security Educating people about saving and making wise investment choices is one of the big responsibilities of the financial services industry
By Walter
Jopp
CEO, Zurich Insurance Middle East
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he financial services industry is undergoing a huge change. Customers live in a 24/7 world where they no longer compare insurance companies and banks to other companies and banks. Instead, the point of comparison is to Uber, Facebook and Google where you have the accessibility, information and ability to interact with an entity of a company at a time and by the method of your choice. These challenges are making us evolve. There are also a large number of disruptors and small companies coming into the market, all of which have resulted in the industry going through a churn. There is a huge change in expectations – from us as an industry, from customers, regulators and the requirements to provide solutions fit for the purpose. We are sitting on a huge amount of data and the internet has made us deeply interconnected. All of these are fantastic for the financial services industry as it allows various touchpoints and allows data to be gathered to create better insights into the customers’ lifestyle and needs. It is up to us to use that information to provide appropriate solutions. From the customer’s viewpoint, the information about products, services and solutions can be a bit overwhelming so we have a responsibility to educate them in a clear and transparent manner. Another big trend is that of transfer of responsibility from governments to individuals, where the latter have to take responsibility for their and
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their families’ financial wellbeing. For instance, part of the problem during the global financial crisis of 2008 was that customers did not really understand the products they were buying nor were they sure how their money was being invested. They simply saw some returns which looked great and in the end, everything collapsed. Hence it is all the more important to use information, distil it and provide them to customers in a way that they can understand.
Investing in People At Zurich, we invest heavily in providing blogs and transparent literature since we recognise the need for expats that constitute most of the population here, to protect themselves. One of our exciting and very successful educational initiatives is the Investor’s Programme. Teaming up with GEMS Wellington School, we run a multi-week programme with a group of 16 to 18-year-old students studying economics, where they invest in real funds and manage a portfolio with some virtual money. They are taught about different asset classes, types of investments and the periods and things that affect them. There is also a multi-week competition where they learn about the value of
saving for the future so that they can be healthy, live long and can really enjoy their future. The exercise teaches them how global events affect returns on their investments, and how they need to diversify. Thus the future of financial services is a lot about financial literacy, which the UAE needs today more than ever. For instance, we have a penetration of insurance that is 0.8% which is low compared to global standards where, in mature markets, it can be up to 6% to 8%. The primary reason is lack of understanding of the products and services. They need to realise that the responsibility of their financial wellbeing and solutions lies with themselves. People are going to live longer and they will travel more and desire a better work-life balance which needs to be funded, hence savings and wise investments are essential. Understanding the elements of that investment is an important part of what we do. The other thing is to ensure patrons are protected and if anything goes wrong, they have got the financial security of taking care of their families’ needs. The bottom line is simple: financial literacy is a key driver for us as a company and for the industry as a whole. ◊ www.ablf.com
Future of Banking and Financial Services
News & Views
WHAT’S CREATING HEADLINES IN THE WORLD OF BANKING AND FINANCIAL SERVICES
CYBER PROTECTION
COMMUNITY BANKING COUNTERS ONLINE BANKING
With more people preferring to move online for financial services, a lot of bank branches in the US are shutting down. However, one area has bucked the trend - community banks in places with relatively small populations. While a lot of people would rather open an account or check their details at the click of a button than trudge up to their nearest bank, there are those who do not want to bank on a smartphone. Predictably, these include the elderly and vulnerable groups who are not comfortable using apps. Even the low-income consumers and the poor prefer offline banking and a face-to-face meeting with a teller. According to data provided by Federal Deposit Insurance Corp. (FDIC), only 3% of the banks in counties that had just one branch in 2010 had shut shop as compared to counties with 20 or more full-service branches that lost over 10% of their banks. While lending firms are reportedly eyeing the customers of these banks, for now, they are holding on against the digital onslaught.
With cyber-attacks and data breaches in the financial services sector increasing by 70% in 2017, companies are increasingly adopting measures to counter the risks of such attacks. Reports say, global cybersecurity in the financial services market is expected to expand by nearly 10%, leading to a global revenue of $42.66 billion by 2023. It is said that in a market segmented into banking, insurance, stock brokerages, credit unions, investment funds, card and mobile payments and governments, the card and mobile industry is the most vulnerable to attacks. Therefore, this segment is expected to register a high growth rate until 2023. And in terms of markets, the Asia-Pacific region is projected to grow the highest in this period. Source: www.internationalinvestment.net
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The recent UN Climate Summit in New York saw participation from the financial sector in a huge way with over 50 institutions boasting of $2.9 trillion in assets making a commitment to assess and disclose GHG emissions of their loans and investments. The buzzword is ‘Responsible Banking’, aligning to the ethos of the Paris Agreement and Sustainable Development Goals (SDGs) set by the UN. The United Nations Environment Programme Finance Initiative (UNEP FI) also launched the ‘Principles for Responsible Banking’, a global framework and guidelines to align banks with the environmental objectives. 130 banks, including YES Bank from India, have become signatories. Their participation will hopefully accelerate the industry-wide transition to sustainable banking.
One of the latest trends in the Fintech world is the use of sophisticated mobile money apps that help you set savings goals, check spending habits, help you allocate money to different accounts and monitor your account. Popular with millennials who crave jargon-free savings options, these apps have made investing convenient, engaging and seamless. The most popular apps in personal finance is Monzo that has gone on to becoming a mobile bank account from a pre-paid debit card. Then there are apps like Moneyhub and MoneyDashboard that enable to see all your accounts and credit cards in one place. Using Artificial Intelligence (AI), there are apps like Chip and Plum that analyse spending and can help reduce bills while OpenMoney gives financial advice. Savings apps, for many, seem to be the perfect solution for the problems caused by modern saving patterns especially for those with fluctuating incomes. Welcome to the virtual savings world!
Source: www.moneycontrol.com
Source: www.raconteur.net
Source: www.qz.com
BANKS JOIN THE CLIMATE DEBATE
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Architects of the Asian Century on the ABLF
H.E. DR THAKSIN SHINAWATRA Former Prime Minister, Thailand
H.E. DR SUSILO BAMBANG YUDHOYONO
TUN ABDULLAH AHMAD BADAWI Former Prime Minister, Malaysia
Former President, Indonesia
Forums like the ABLF enhance dialogue between a country’s strategic partners while strengthening cooperation.
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The ABLF is a very relevant platform in an important region of the world. It brings together Asia’s leaders to exchange knowledge and collaborate with the intent of developing intra-Asia partnerships that support overall economic and social development.
The ABLF Awards is a spectacular get-together of high-profile leaders and government officials, and an engaging platform to exchange ideas and strengthen friendships.
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Architects of the Asian Century on the ABLF
H.E. PRANAB MUKHERJEE Former President, India
H.R.H. PRINCE KHALIFA BIN SALMAN AL KHALIFA
H.E. SHAUKAT AZIZ Former Prime Minister, Pakistan
Prime Minister, Bahrain
The President of India compliments the Asian Business Leadership Forum Series for highlighting the sectors of energy, infrastructure and industry which are critical for the future growth of Asia. The celebration of business success in Asia will encourage and motivate new generation businesses as well as consolidate the successes of older, more established ones.
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In 2013, H.R.H. Prince Khalifa bin Salman Al Khalifa, Prime Minister of the Kingdom of Bahrain, was felicitated with the ABLF Statesman Award for his efforts towards Bahrain's remarkable achievements in all fields. His Royal Highness described the Award as crowning his lifetime achievements and efforts, leading Bahrain on the road to development, progress and prosperity.
The ABLF is an outstanding event that celebrates leadership and has the potential to inspire Asia to come together and work towards regional cooperation. True leadership means hard work, innovation and respect for one another.
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Paying It Forward
Paying It Forward An interview with
Malini N. Menon Managing Director, IEDEA; President, ABLF What were the goals when ABLF was set up in 2006 and how have they evolved in the last decade? The ABLF came into existence at the turn of the year 2006, right on the cusp of the global financial crisis. Given the temper of the times, we envisioned a platform that would not only recognise outstanding Asian leadership but would also serve as the venue for Asia’s most influential voices to unite and come up with solutions to the challenges being experienced around the world. Through the past 12 years, we have welcomed on board distinguished leaders comprising incumbent Ministers, former Heads of State, Presidents and Prime Ministers who have accepted ABLF Governorship positions, catapulting quality of content and interactions at the ABLF, allowing us to push boundaries and explore new mediums of communication. As an example, the formal forum arm of the leadership platform, the ABLF Knowledge Congress, re-minted in 2019 as the ABLF Talks, was ideated with a singular purpose – to bring the collective wisdom, courage, experience and voices of Asia’s greatest leaders to address the issues, challenges and changing needs of the evolving world.
What are the challenges facing the ‘Asian Century’ and how can they be addressed? What we noticed straight away when we first began the ABLF outreach, back in 2007, was that there was very little understanding of Asia as a cohesive region. I have been asked countless times what Asia has to do with the Middle East! As we have held since the ABLF’s first edition, Asia is definitely the focus and true hope for a global economy given its size, talent and rich youth energy. With the rise of AI and the Fourth Industrial Revolution, Asian arenas are brimming with untapped opportunity. A leadership platform such as the ABLF helps realise these opportunities by facilitating meaningful multisectoral collaborations between innovative, socially responsible leaders and organisations in ethical and conducive environments. The conversations at the ABLF pave the path for more vibrant partnerships and expands, intra-Asia corridors through an integration of strengths and shared values that can turn the tide for Asia’s economic growth and development.
The India-UAE collaboration has been at the fulcrum of the ABLF series for a long time. Considering the fillip given to UAE-India ties after H.E. Narendra Modi’s visit, how has this impact manifested? India has been elemental to the narrative of the ABLF as it is a long-time key partner of the UAE, home to the largest Indian diaspora in the world. Against the backdrop of a rich historic friendship, bilateral trade continues to rise, touching $60 billion in 2019. Prime Minister Modi has turbocharged a legendary and ancient friendship with fresh new energy - from the agreement with ADNOC to store crude oil at the emergency reserve in Padur to the ADNOC/Aramco collaboration for the massive greenfield refinery project in Maharashtra, to raising the stakes in the world’s consumption of yoga, arguably India’s greatest soft power to the 48
UAE after Bollywood and cricket, to the awaited opening of the first traditional Hindu temple in Abu Dhabi in 2020. If India’s Guest Nation status at the 2019 edition of the ABLF and the support of the industry leaders in welcoming this theme is any yardstick to measure against, I can only see the India-UAE relationship growing stronger in the future.
Platforms such as the ABLF have a stellar role in getting business and political leaders on one stage to promote an inclusive, sustainable world. What can be done to ensure these ideals make a concrete difference? The work ecosystem in an Asia that is transforming rapidly with the new generation taking the lead can become a force for the future when guided by true leadership values such as tolerance, courtesy, integrity and compassion. There is a definitive shift with the way contemporary businesses are contracted and leaders and organisations are increasingly conscious of the welfare of the workforce, their mental health, self-worth and quality of life. The ABLF’s living go-to model for a Government that promotes inclusiveness and sustainability is the UAE. So it is only natural that our leadership platform is infused with H.H. Sheikh Mohammed bin Rashid Al Maktoum’s vision for industries, organisations, institutions and public service hubs to foster a culture of wellbeing, happiness and tolerance. Through our global activations, the ABLF aims to share this culture with entities and so, you could say that the ABLF is a catalyst of authentic, positive change.
How does IEDEA take forward the conversations that it generates through its activations? At IEDEA, we manage a vast network of the world’s biggest investors and innovators. Our skill sets in fundraising and investing in initiatives with noteworthy causes are engaged and appreciated by some of the world’s most important companies and government organisations. We are incredibly fortunate to advise on outreach strategies and architect communications for state-driven projects in a space where excellence, integrity and accountability are prized above all else.
What are the future plans for IEDEA? Where do you envision it in the next decade? The future for IEDEA is clear. We will continue to work with the world’s most inspiring leaders especially as we have great access due to the nature of what we do. And while we will continue to support ongoing commercial projects, I believe the mantra that will headline in the upcoming decade for us at IEDEA is ‘paying forward’. We will bring our considerable influence and talent to the arena of impact philanthropy as we work with organisations such as Dubai Cares, committing ourselves to raise funds in support of the UN SDG 4 – ‘Quality Education’, thereby putting our action and heart behind H.H. Sheikh Mohammed bin Rashid Al Maktoum’s vision of education for all by 2030. ◊
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Paying It Forward
WITH H.H. SHEIKH NAHAYAN MABARAK AL NAHAYAN, CABINET MEMBER AND MINISTER OF TOLERANCE, UAE AND BADR JAFAR, CEO, CRESCENT ENTERPRISES, UAE
WITH H.H. SHEIKH AHMED BIN SAEED AL MAKTOUM, CHAIRMAN & CHIEF EXECUTIVE, EMIRATES AIRLINE & GROUP, UAE
WITH H.E. DR MAITHA BINT SALEM AL SHAMSI, MINISTER OF STATE, UAE
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AT THE LAUNCH OF IEDEA’S FIRST PUBLICATION
WITH H.E. REEM EBRAHIM AL HASHIMY, MINISTER OF STATE FOR INTERNATIONAL COOPERATION, UAE AND DIRECTOR GENERAL, EXPO 2020 DUBAI BUREAU
WITH H.E. SULTAN BIN SAEED AL MANSOURI, CABINET MEMBER AND MINISTER OF ECONOMY, UAE
WITH H.E. ENG MOHAMMED AHMED BIN ABDUL AZIZ AL SHIHHI, UNDERSECRETARY FOR ECONOMIC AFFAIRS, MINISTRY OF ECONOMY, UAE
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Gender Parity Transforming ‘he’ and ‘she’ to ‘we’ Women make just under 80 cents for every dollar that men make. Less than 5% CEOs at Fortune 500 companies are women. Only about 34% of global managers are women. These statistics, while underlining the inequality between men and women in the 21st century, also peel off the covers of some uncomfortable truths – of lack of equal access to opportunities and historical and cultural discrimination against practically one half of the world. Can corporates and governments change current realities to create a more equitable, gender-sensitive world? Leaders and trendsetters from the industry weigh in.
(L − R) : DIANA HAMADE, FOUNDER, INTERNATIONAL ADVOCATE LEGAL SERVICES, UAE; DR HAYAT BINT SULAIMAN BIN HASSAN SINDI, MEMBER, SHURA COUNCIL, KSA
Government Perspective "Our visionary leaders have created a society in the UAE that has enjoyed a peaceable and remarkably successful change. The President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, knows that the United Arab Emirates can more surely and rapidly achieve all the goals we set for ourselves if both our women and our men contribute equally to the effort." H.H. Sheikh Nahayan Mabarak Al Nahayan CABINET MEMBER AND MINISTER OF TOLERANCE,UAE
Business Perspective "At Dubai Duty Free, 48% of the 6100 staff are female, and they enjoy equal status as our male employees. In the senior management operation of Dubai Duty Free, five out of ten senior people are women. Five of the senior vice presidents are women. In everything they do, we find women leading the way, be it in the supervisory or management capacities." Colm McLoughlin EXECUTIVE VICE CHAIRMAN AND CEO, DUBAI DUTY FREE
Social Perspective "Gender equality is not just a fundamental right, but a necessary foundation for a peaceful, prosperous and sustainable world. Providing women and girls with equal access to education, healthcare, decent work and representation in political and economic decision-making processes, will fuel sustainable economies and benefit societies and humanity at large. But there is still a long way to go. While more girls go to school than ever before, they continue to face barriers. This is why gender equality is a cross-cutting theme in all Dubai Cares’ education programmes with an approach that aims to secure equal access for boys and girls to safe learning environments with adequate facilities, materials and academic support from gender sensitised teachers and communities." H.E. Dr Tariq Al Gurg CEO, DUBAI CARES
For any country, achieving gender equality is a cherished goal. Access to education for women, safety, equal pay and opportunities and similar factors define how progressive a nation is. The United Nations Secretary-General, H.E. Antonio Guterres even termed Gender Parity at the UN as an ‘urgent need and a personal priority’, a ‘moral duty’ and an ‘operational necessity’ while appealing for a meaningful inclusion of women in decisionmaking. However, theories and lofty aspirations aside, the reality is different. For instance, the World Economic Forum’s Global Gender Gap Report that examines national gender gap as they stand today, says that few countries are on track for parity within this lifetime and only 15 countries will close their gender gap within the next half century. The strategy on gender parity crafted by the UN sets targets for areas such as leadership, accountability, recruitment and retention and creating an enabling environment, keeping in mind the cultural context and other challenges. The aim of these goals and measures is to ensure women do not suffer discrimination because of their gender and that every organisation can create a gender-neutral, inclusive workplace. Fortunately, corporate and political leaders recognise this need and many even practise it diligently.
Gender Parity
Gender Equality = Human Rights For All Gender parity means much more than just creating the right balance
By Patrick
Chalhoub
Co-CEO, Chalhoub Group
T
he much-talked-about 2030 Sustainable Development Agenda (SDA) – a set of 17 global goals elaborated by the United Nations General Assembly – places a lot of emphasis on gender equality. However, progress on gender equality is far slower than expected. Recent studies indicate that we are centuries away from closing the wide gap. The numbers tell their own story. Female participation in the workforce lags – women made up just 39% of the global labour force in 2018.
The onset of the Fourth Industrial Revolution (Industry 4.0), fuelled by technology and driven by the shift to net-zero emissions, has brought about radical changes in the work sphere. Subsequently, women face the risk of greater exclusion than ever before. The beauty of gender equality lies in acknowledging that women and men are different but by cherishing and harnessing these differences, we can achieve greatness. Reaching gender parity, therefore, should be at the forefront of realising human rights for all. The Chalhoub Group, one of the leading partners for luxury in the Middle East, is a family business that started over 64 years ago together by my father and mother. It has 12,000 team members and the company continuously attempts to nurture an inclusive work environment. The diverse workforce, comprising people from over 100 nationalities with an average age of 32 years is made up of over 60% women. As such, we will continue to drive gender parity by achieving an equal representation of women and men in senior management as well as
Hacking into the Tech Industry The technology sector is where women are leading the way in the truest sense
By Benjamin Ampen Managing Director, MENA, Twitter
T
he issues of gender imbalance and parity rightly lead to the question – ‘How can corporates and governments change these dynamics for a more equitable future?' The heartening news is that in this region, women are trailblazers in technology: according to Wamda Capital, 35% of internet entrepreneurs are women and one in three startups, are led or founded by a woman. A number of factors are needed to attract and retain women in the workforce. At Twitter for example, the global parental leave policy allows both men and women to enjoy 20 weeks of fully-paid time off. Since Twitter is a platform that brings people from around the world together to share ideas and conversations, as a company, it strives to reflect the people it serves. Ensuring the workplace and the decisions made here are equally inclusive, the global Business Resource Group @TwitterWomen, plays a significant role in fostering this community. The resource groups also embrace all communities representing different ethnicities and physical abilities, for organisations should
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ensuring that there is a fair representation of women at the board level. However, gender parity is not just measured by achieving gender balance. It is also necessary to make sure that both men and women enjoy equal pay, opportunities, rights and obligations. Systemic barriers within our business and societies that prevent equal participation of both genders need to be broken. The Chalhoub Group is committed to working towards this objective. But that alone is not enough. All business leaders should join hands to bring equality in their companies and around the world. ◊
not just limit their diversity and inclusion efforts to gender alone. Rather, it is important to invest in recruitment and retention programmes across various groups. Based on the recent ‘Inclusion & Diversity Report’, we have been increasing representation of women in the US over the past two years. At Twitter MENA too, women are strongly represented, especially in leadership roles. Building a strong sense of community amongst women is the key to an equal future. Recently, we hosted WomenHack’s debut event here – a global recruiting initiative for women in technology. Female professionals connected with tech employers through quick speed interviews, making for a truly engaging environment. The evidence is clear: when we invest in women, the benefits extend to our communities, societies and economies. To drive real change, the question that needs to be asked therefore is, ‘How can we build a foundation of respect and understanding?’ The answer to this will bring about a real difference. ◊ www.ablf.com
Gender Parity
‘The Gender Issue is Not Just about Diversity’ An interview with
Kiran Mazumdar-Shaw Chairperson & Managing Director, Biocon, India One of India’s most influential female entrepreneurs, Kiran Mazumdar-Shaw is an icon of women's empowerment. Frank, outspoken and an inspiring role model, the Chairperson and Managing Director of Biocon Ltd, speaks passionately about the many causes she believes in, one of which is a subject that has been under intense scrutiny over the past few years – gender parity and the role of women in the corporate sector. How can the very obvious gap be bridged? What should be done to increase the participation of women in the industry? Most importantly, are companies doing enough to include women in their journey towards growth?
As a woman business leader, what do you observe about gender parity in the corporate sector? I do realise the huge challenge we have in terms of closing the gender gap in the corporate world. Today, in Fortune 500 Companies, there are less than 5% of women CEOs. There are less than 34% women managers in the corporate world. Looking beyond this data, a spotlight on the recruitment criteria used to induct new hires for companies, shows that be it pay or promotion parity, women have it far worse than what most people think. It is very heavily skewed against female employees. This is unacceptable; we need to do a lot more to see greater gender parity.
Do you think companies are rising up to the challenge adequately? www.ablf.com
These days, companies are certainly trying to focus on this issue and a lot of them do have a strong diversity initiative especially for women, but I don’t think it is working effectively. A lot more action is required. I understand that it is going to take a hundred years to bridge this gap but beyond that, it is worse to think that the representation of women in the corporate world is so abysmally low.
How have you tackled this issue in your organisation? As a business leader myself, I have tried everything to ensure that we attempt to make it more inclusive for women. Despite tough challenges, I have actually focused on very strong gender-related initiatives in my own organisation. Most senior management tend to go about it as business as usual and there is not enough emphasis on getting women aboard but recently, I have pushed my senior colleagues to make sure that they hire women in leadership positions.
Have such measures and your recommendations made a difference? I am delighted that we have just hired a CEO, Dr Christiane Hamacher for one of our big companies and that has made a huge difference. It has led to the induction of a large number of women managers and it
is making a difference to the way we go about executing our strategies, the kind of work we do, the ethos in terms of gender and mutual gender respect and so on.
I have actually focused on very strong genderrelated initiatives in my own organisation What should be the lesson for corporates in this realm? I think companies and corporates should realise that the gender issue is not just about diversity. It is about creating a much richer and more holistic ecosystem within their organisations. There is a huge value in productivity and performance, which I believe is because you get both men and women contributing in a strong, partnered way. So I really would appeal to the corporate world to make this a very important mission rather than just an initiative. ◊ 55
Closing the gender gap is still a daunting task for most Asian countries. The only Asian nation to make it to the World Economic Forum’s list of 10 gender-equal countries is the Philippines, an archipelagic country in South-East Asia consisting of 7,641 islands. Filipino men and women are granted equal access to education and work opportunities. She is about 130cm tall and weighs around 250 pounds but her message is powerful enough to resonate across the world. The plaque below the ‘Fearless Girl’ statue facing the ‘Charging Bull’ in New York City reads: ‘Know the power of women in leadership’. The striking statue represents the concept of gender equality and aims to encourage companies to recruit more women at the workplace and increase gender diversity. Technology is the best tool to empower women. Rural women in the state of Jharkhand, India, are being trained in mapping their own village to enable them to apply for infrastructure support from the Indian government. A great initiative indeed.
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The Human Agency in an AI World Prioritising people in an automated future Machines were invented to empower human life, not replace it. The power of decision-making cannot be handed over to code-driven technologies. AI may contribute around $15 trillion to the global economy, directing a 360-degree change in the way human societies and communities function and thrive. But where does that leave the all-important ‘human touch’? Can technology remain peopleoriented and take care of skills and diversity of the workforce? How can governments and businesses incorporate AI in their policies, programmes and processes to improve the lives of the people? Leaders from the industry share their thoughts.
(L − R) : H.E. OMAR BIN SULTAN AL OLAMA, MINISTER OF STATE FOR ARTIFICIAL INTELLIGENCE, OFFICE OF THE PRIME MINISTER, UAE; H.H. SHEIKH NAHAYAN MABARAK AL NAHAYAN, CABINET MEMBER AND MINISTER OF TOLERANCE, UAE; RAFIAH IBRAHIM, PRESIDENT & HEAD OF MARKET AREA MIDDLE EAST AND AFRICA, ERICSSON, UAE
Government Perspective “When we talk about Artificial Intelligence (AI) and how we are moving, we have to first understand which areas will adopt AI here in the UAE. We also need to know which areas will benefit the maximum from AI that may be based on big data. The challenges faced by some of the leaders of some nations pertain to whether or not these will replace humans. The second question is what would happen to people in terms of jobs, providing which is the responsibility of the government and leadership. We also need to plan how we are going to build the capacity, ability and skills of those who will operate and enhance the systems of AI. These are all important challenges and experts might say it is an ongoing project but their advice is that we need to focus on certain sectors in the UAE such as logistics. It is one area where there is competition globally. Adopting AI in logistics is critical for success, but there is a need to look at industries too. I believe industries will look at AI and its ability to produce efficiently and cost effectively. But the importance of the human factor should not be lost amidst this.”
H.E. Sultan bin Saeed Al Mansouri CABINET MEMBER AND MINISTER OF ECONOMY, UAE
Business Perspective “I would love to see a new breed of human-centric innovation hubs or purpose hubs that prioritise the creation and use of technology to inclusively serve humanity and our habitat. We all have an important role to play as curators of these collective ecosystems, to transition from dialogue to action. And we must accept that technology is not an exogenous force over which we have no control. The more we examine ourselves and the underlying social models that these technologies embody and enable, the more we will have an opportunity to shape them in a manner that improves the state of our world – not just for some, but for all.” Badr Jafar CEO, CRESCENT ENTERPRISES AND PRESIDENT, CRESCENT PETROLEUM
The effects of Artificial Intelligence (AI) are both positive and negative. Experts predict that they will undoubtedly amplify human effectiveness as computers match or even get better than human intelligence and carry out complex tasks that require decision-making, reasoning, logical analysis and so on. The use of AI in vehicles, buildings, utilities and business processes will save time, money and lives. In the healthcare and education sector, especially, these have proved to be a boon. The flip side? The diminishing human agency in these tasks. Data abuse, increasing dependence on machines, job loss, erosion of traditional socio-political structures and sacrificing of privacy are just some of the concerns which need to be addressed urgently as the world moves towards a tech-driven future.
The Human Agency in an AI World
Travel Made Smarter The future for airports lies in using technology with a human touch that transforms the flying experience
By Paul
Griffiths
CEO, Dubai Airports
I
n today’s rapidly evolving world, dominated by technology, the only way to start is with the customer, and his or her convenience. Take the examples of Uber, Amazon, Facebook and eBay. Each of these tech giants have selected those dimensions that customers hate about taxis, shopping, communication and selling things and have eliminated all the hassle from that chosen aspect. Aviation needs the same kind of breakthrough thinking and this is at the top of the agenda for Dubai Airports. We recognise the need to ensure that airport interfaces respond to the requirements of personal mobility in a quick and efficient manner. For instance, biometrics and Artificial Intelligence can help facilitate this while eradicating chronic industry issues. The most intrusive processes in travel revolve around documentation, validation and security which occur multiple times during a single journey. The definition and adoption of global industry standards for initiatives such as a single biometric footprint will transform the customer experience by eliminating the need for multiple checks. This will be enabled by a single identity database, securely held in the cloud and available to those who currently need physical evidence of identity as they travel. Dubai Airports is working actively with airlines, other airports and industry associations to push this forward. We are also using technology to find more sustainable ways to run our business. From actively pursuing a carbon offsetting strategy that involves carbon inventory and abatement management to increasing capacity at the DXB hub airport to 118 million from the current 90 million using the same footprint; from having a project
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to replace the existing ground service fleet with electric and hybrid vehicles to substituting existing light fixtures at DXB with 150,000 LED light bulbs, Dubai Airports has identified strategic projects for each of the applicable UN Sustainable Development Goals.
Tech Solutions and the Human Touch Among other measures, given our already small physical footprint at DXB, we are using process optimisation and technology in the following ways to make a real difference: Adding new technology, which allows us to monitor and manage queues Harnessing data from over 10 billion separate points to make better decisions Taking more collaborative decisions by making this data available to more people in real-time Using technology to deliver a more customer-centric experience rather than consider it a means to solely to reduce manpower However, people want customised solutions to their problems and someone to talk to or listen to them. Therefore, we need to ensure that there is an individual to best support every customer, by giving the former, more and better tools to deliver the human touch, more information about the passenger and powerful, AI-driven techniques to help him or her find creative solutions to customer issues. All of these requirements are already in motion and they will certainly support exceptional service for the millions who visit Dubai’s Expo 2020.
Over time, airports will evolve into intermodal hubs, connecting aviation with high-speed ground-based transport systems
Into the Future We are also looking longer-term. Over time, airports will evolve into intermodal hubs, connecting aviation with high-speed groundbased transport systems autonomous cars, trains, hyperloop systems, SkyTran and others which one cannot even imagine at this point. The front-end technology may be transformational but inevitably, every human factor of cooperation and coordination will be needed to meet global standards to make this a reality. In a nutshell, when building the airports of tomorrow, we need to ensure that it is done around four core principles: sustainability, affordability, efficiency and intermodality. If these tenets are diligently followed, we will be able to shape the growth of a sustainable, customer-centric industry for decades to come. â—Š
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The Human Agency in an AI World
Understand, Adapt and Analyse The new Industrial Revolution holds immense potential for the manufacturing sector. Is the sector up for the challenge?
By Balkrishan
Goenka
Chairman, Welspun Group
T
he Industrial Revolution has seen multiple phases in the last century, right from the steam engine’s power-based mechanisation to mass-produced assembly line products, eventually leading to automation and robotics. They have been phrased as Industry 1.0 to Industry 3.0. Today, we are in the stage of Industry 4.0 – a phase that raises the bar significantly compared to the earlier versions.
Impact on Manufacturing This phase will seek the best out of manufacturing and engineering processes by augmenting them with next generation digital technology. The power of the internet and compute environment has been so intense that it is not surprising that manufacturing has jumped onto the bandwagon. So how does this work? The physical product will still be at the heart of this framework but information handling within shop floor teams and online collaborative interactions with other stakeholders will build a new-age ecosystem for manufacturers. Leaders will then have to judiciously create this ecosystem of the future which will largely be run by and also service new generation markets. This phenomenon can be best understood with the following examples: Computer Vision Assistance: Defect identification by this method has the capability to see what normal human view cannot. Actions based upon this can take quality assurance to a higher level and help early identification of rejection, thus reducing the cost of reworking. Manufacturing Execution Systems (MES): Integrated with optical readers, handheld devices, sensors and controllers, this can push a stream of data into a central pool on a real-time basis. This data pool hosted on a cloud environment and applied with data analytics tools can generate intelligence on productivity of plants. The wireless networks help in machine to machine connection, resulting in smoother workflows. Blockchain Technology: This has the potential to integrate MES to external entities, therefore, bringing a more assured level of product traceability. One of the key concern areas is the consumption of resources like water and electricity, carbon emission and sewage disposal. However, deploying the right sensors and controllers can help optimise consumption and reduce the carbon footprint.
The Immense Possibilities With emerging technologies opening up a plethora of possibilities, experts are studying and exploring the problems, options and
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solutions that define Industry 4.0. But these are early days. There are many areas where solutions may be possible, but the economics have to be worked out. Another area that needs to be addressed is the skill of workers. Employees need to have digital technological skills as their secondary skills, irrespective of whatever their primary functional skills may be. Perhaps academic institutions and government bodies should help in building curricula such that every coursework has some exposure to ‘MechaTronics’ and other such technology areas that would help allay fears of Industry 4.0 being unfriendly to workmen. Instead, it can help them raise their competency levels. The unfolding of the various technologies step by step is taking us to a stage where we can create and operate ‘Digital Twins’ of the manufacturing facilities and processes. This shall help analyse shortcomings ahead of any event and provide solutions. In fact, in some industries, the whole factory is first digitally created, analysed, perfected and then brought to build and operate.
With emerging technologies opening up possibilities, experts are studying the problems, options and solutions that define Industry 4.0 Take Precautions In this path towards the technology journey, it is also important to understand that the risk of CyberHack of manufacturing systems increases as everything gets connected. This is a multi-hued problem that is being addressed by all organisations irrespective of where they are in the stage of digital transformation. In other words, Industry 4.0 shall disrupt norms across many sectors. How well we are prepared to adopt these changes will end up defining the winners. ◊ 61
The Human Agency in an AI World
Ushering in the 5G Revolution How Etisalat, UAE’s telecom giant, is harnessing 5G to drive into an empowered future
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ustomers today have seen technology evolve with every generation, right from IG to 2G, then from 3G to 4G. Now, it is time for 5G to bring in the next big wave of digital transformation. All these are in line with Etisalat’s strategy ‘Driving the Digital Future to Empower Societies’. 5G today has opened up a world of opportunities for operators with forecasted global revenues to touch $2.2 trillion in the next 10 years.
Milestones in Etisalat’s Journey to 5G Etisalat’s success in 5G, built over long-term planning and investments in infrastructure, trials and strategic partnerships, dates back as far as 2014. Here are a few highlights: It is the first telecom operator in MENA to launch the commercial 5G network providing fixed wireless service in the UAE. It connected and partnered with Expo 2020 as the first major commercial customer in the Middle East, Africa and South Asia (MEASA) region to access 5G services. Etisalat connected Expo 2020 Dubai to its network, leading it to be the first World Expo to witness the 5G revolution. It was the first in MENA to enable its customers to experience the power of the 5G network and release the 5G handset. It is the first telecom operator in MENA to provide indoor 5G coverage in selected buildings such as the Abu Dhabi airport.
5G’s Impact on Businesses Businesses will lead the 5G revolution for their varied requirements which might increase revenue, reduce operational costs and create unique experiences. Here again, Etisalat leads the way: 62
The power of digital transformation can be seen in Etisalat’s major projects like Dubai Parks and Resorts, its partnership with the UAE Ministry of Interior on creating a centralised smart fire alarm system ‘Hassantuk’ and mega projects like Expo 2020. The ‘Hello Business Hub’ was launched, serving as a onestop place, offering unique propositions to businesses: company setup, registration, insurance, banking, office equipment, combined with Etisalat’s latest telecom and ICT products and services. Small businesses were empowered by doubling of broadband speeds. The opening of the ‘Open Innovation Center’ in Dubai took the lead in creating a hub to showcase the most innovative solutions and help drive digital transformation.
5G at GITEX At the recent GITEX, one of the biggest technology events in the region, Etisalat showcased the future of the network. There was a wide array of innovative use cases across mobility, retail, healthcare, manufacturing, aviation and oil and gas reflecting this year’s theme ‘5G – A World without Limits’. Some of these included: A 5G-connected ambulance, a unique consumer experience with 5G cloud gaming and an immersive futuristic remote driving experience as an F1 racer with VR over 5G that showed capabilities of the network’s low latency and high-speed throughput. AI and robotics demos in mobility, retail, healthcare, smart living and entertainment. Advanced robotic technologies with humanoid and social robots Furhat, Selma and Owen. ◊ www.ablf.com
The Human Agency in an AI World
A Case for AI in Law An interview with
Rajiv Luthra Founder & Managing Partner, L&L Partners (formerly Luthra & Luthra Law Offices) At a time when every sector is embracing technology, offices are going paperless and becoming more digitally-savvy, the field of law has not remained immune. However, to what extent should Artificial Intelligence (AI) make inroads into an area where human agency plays a crucial role? Rajiv Luthra provides some insights.
As AI algorithms impact the legal sector by improving efficiency and accuracy of processes, how have lawyers adapted to it without losing the value of human judgment in the pursuit of justice? In legal work, the integration of AI will prove beneficial in areas such as due diligence and contract review. Instead of lawyers spending time sifting through documents, AI can be utilised to pick out anomalies in boilerplate clauses and to flag potential market risks, based on publicly available trends. AI can also help free up time for lawyers by assisting in research. With the capacity to scour through legal databases for judicial precedents, AI can provide lawyers with a wealth of information in a short time. By delegating standard research to AI, lawyers can focus on high-value tasks involving creativity and critical thinking to advice clients or construct innovative arguments.
In an AI-dominated legal landscape, is there a chance of a lawyer losing his agency to a machine? Despite its advantages, AI can never replace legal professionals. Human lawyers will continue to be critical components of processes such as transactions, negotiations or dispute www.ablf.com
resolution. Successfully navigating nuances that are inherent in such processes - right from conveying the interests of clients to the opposite parties to finding a middle ground beneficial to them – depends on the ability of the lawyer to read the parties present in the room and implement the right strategy at the right moment. Furthermore, while AI can be trained to answer legal questions with precisely defined contours and characteristics, most of these questions explore grey areas in law. To navigate such loopholes, the lawyer has to bring to the table his understanding of the larger policy framework. While AI can provide statistics and predictions regarding the outcome of a case, only human judgement can weigh the mitigating and aggravating factors on a caseby-case basis to provide complete justice to a litigant.
What examples of innovations are law firms embracing to adapt to the advent of AI? Law firms are gradually recognising the ways in which AI could be helpful while performing due diligence activities and reviewing documents. Global and domestic law firms have begun partnering with companies specialising in AI to increase automation in drafting contracts and case law research. Not only will this allow lawyers to focus on more analytical tasks, but it will also improve accuracy and reduce the scope for human error. Aside
from legal work, law firms have also begun experimenting with AI in billing activities. Advanced billing software can help automate the review of invoices and provide senior management with data to enable the optimisation of resources and improve financial margins.
How important is modern technology in solving backlogs in courts and speeding up legal research? Law firms are not the only stakeholders that would benefit from the implementation of modern technology. Particularly for litigation involving the government, AI could be utilised to predict the likelihood of success. Such information would prove beneficial for government departments in deciding whether to pursue a particular case, especially in matters involving tax litigation. AI can also minimise the administrative burden on judges and allow them to focus solely on adjudication. Employing technology for tasks such as allocation of cases to various benches or generating standard written orders in accordance with a specific format could allow for more efficient utilisation of a judge’s time. Technology such as AI would also have the ability to track patterns and establish connections to provide a more comprehensive picture of the causes of delay in courts, which would go a long way in presenting an accurate picture of the pendency problem. ◊ 63
The Well-Nation Agenda Fostering a culture of contentment Promoted by the Kingdom of Bhutan, now, the rest of the world is following suit. Several nations are establishing ‘wellbeing’ as a goal. GDP (Gross Domestic Product) is important but what is more essential is GDH (Gross Domestic Happiness). ‘Progress’ and ‘growth’, therefore, do not just mean physical infrastructure of a country or its wealth, but it represents the wellness of its communities – a measure that perhaps cannot be quantified by statistics. But why are countries following this new agenda? How did good governance start encompassing the happiness quotient of a society? More importantly, what are the steps needed to ensure people are truly content and seek higher goals of achievement? Leaders of Asia share their views.
(L − R) : ENG AQEEL A. MADHI, VICE CHAIRMAN AND MANAGING DIRECTOR, NPCC; RAJIV LUTHRA, FOUNDER & MANAGING PARTNER, LUTHRA & LUTHRA LAW OFFICES, INDIA; H.E. DR MOHAMMED OMAR ABDULLA, ADVISER TO THE CHAIRMAN, DEPARTMENT OF ECONOMIC DEVELOPMENT, UAE (2015); H.E. MARIAM MOHAMED AL RUMAITHI, DIRECTOR GENERAL, FAMILY DEVELOPMENT FOUNDATION AND CHAIRPERSON, ADBWC, UAE
Government Perspective "Nations are striving to evolve and improve their economies as well as the life standards of their people. More young people these days are attracted to consider that balance and look at the future created for their cities. However, we cannot achieve this without transforming the way we consume things and the manner in which we perceive digitisation, Artificial Intelligence, Internet of Things and similar dimensions. These are going to be the tools of the future that would transform the way we look at things, the way we consume and the way we design our cities for the future." H.E. Eng Suhail Mohamed Faraj Al Mazrouei CABINET MEMBER AND MINISTER OF ENERGY AND INDUSTRY, UAE
Business Perspective "Over the years, the rhetoric of healthcare has now changed from how to treat diseases to one of wellness and preventive care. Immunisation has done a lot for preventive healthcare and it is interesting that today, GAVI or the Global Initiative for Vaccines actually sources 70% of its vaccines from India, making it the biggest 'Make in India' story for the world. Wellness is an important way of reducing the financial burden of illness and it does call for preventive health through better nutrition, exercise and yoga. I believe that Prime Minister H.E. Narendra Modi’s new approach to wellness and healthcare will be transformational for the world because of its focus on keeping nations fit. It is about good nutrition, getting rid of bad habits such as tobacco or excess alcohol consumption, getting away from fast food and so on. There is also an urgent need to focus on mental health since our lives today are full of stress, anxiety and depression. So I think a combination of mental wellbeing and physical wellbeing needs to be the strong agenda for wellness and global healthcare." Kiran Mazumdar-Shaw CHAIRPERSON AND MANAGING DIRECTOR, BIOCON LTD
The numbers can be rather disturbing. According to the UN, around 400 million people have no basic healthcare, 1.6 billion live in fragile environments that present a big challenge to global health, 15 million people are still seeking treatment for HIV, around 7 million die of pollution related ailments and nearly 1 out of 3 women have experienced some sort of violence in their lives that affect their mental, physical or reproductive health. Good health is essential for the overall, sustainable development of a nation and this includes mental health as well. And that is the reason why countries have included goals of happiness and peace as part of their governance agenda. However, given the challenges that surround this goal, governments will have to adopt a multi-sectoral, rights-based and gender-sensitive approach to addressing inequalities and ensuring good health for all. Encouraging positive lifestyle changes, providing and promoting healthy eating habits and addressing mental health issues adequately are the key for a country of healthy, happy and productive citizens.
The Well-Nation Agenda
A Budget to Ensure Happiness It is high time that governments aimed at making the happiness of their people a priority and a goal
By Shashi
Tharoor
Lok Sabha Member of Parliament, Thiruvananthapuram Constituency; Chairman, Parliamentary Standing Committee on Information Technology, India
T
he reason why governments exist and what they are actually meant to do, ultimately boils down to ensuring their people’s wellbeing, which is understood in terms of happiness. More than 220 years ago, the US constitution talked about life, liberty and the pursuit of happiness but how do governments ensure people are happy? It was the Bhutanese who first moved away from the notions of development to that of happiness. What is development, they asked, if we chop down trees to increase the GDP but destroyed the ecology in the process? So they came up with the concept of ‘Gross National Happiness’ which measures, among other things, ecology, trees, culture, good governance policies, mental health and welfare of children. In the UAE, the government did something that no one had ever thought of before – naming a Minister for Happiness and Wellbeing who is empowered to talk to all other ministers to ensure that their policies are aimed at helping people be happy. This year, New Zealand came up with a ‘wellbeing budget’ where the entire budget was oriented towards the wellbeing of people. In India, sadly we have more and more stories of students committing suicide due to the enormous amount of exam stress. This is certainly not happiness. If the purpose of education is to lead a more fulfilling life, then something that drives you
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to kill yourself is the opposite of that. So New Zealand is right in giving mental health, enough attention. They focused on child poverty because if a child is unable to afford basic pleasures such as toys, books, clothing or opportunities to grow, he or she can never be happy. The emphasis on these issues is to essentially say that the budget of a country needs to ensure that people are happy. For instance, India needs to rethink its priorities. Our budget exercise is all about taxes, revenue, expenditure and resource allocation for projects. Human needs or mental health rarely get the spotlight they deserve. Patients themselves are often in denial while others shy away from them. It is therefore all the more necessary to establish a wellbeing budget that spreads happiness. If there is not a Minister of Happiness, as in the UAE, let somebody in the Prime Minister’s Office be appointed with the responsibility to ensure that the ministries’ programmes, policies and budgets actually promote happiness. Another wonderful initiative by the UAE Government to maintain the wellbeing of people is to have appointed H.H. Sheikh Nahayan Mabarak Al Nahayan, as the Minister of Tolerance. This is an important step in an increasingly polarised world. The reason for the rise of intolerance is
that in the confused politics of our globalised world, identity has become very crucial. When people decide to govern their politics based on their personal identity – be it religious, cultural, linguistic or ethnic or when they say people who are not like them are lesser in stature or importance or that their wellbeing is not their responsibility – intolerance naturally follows. The UAE is a country which understands the importance of tolerance for they are a diverse nation where citizens live amongst foreigners from over a hundred countries. If various identities are at loggerheads, there is a danger that the famed diversity, instead of being a strength, becomes a threat. India has had its challenges to keep the diversity up as an ideal in a way that ensures that whatever the differences be, so long as you live in this country under the same rules, you dream the same dreams and prosper together. In other words, the UAE is doing the right thing in promoting tolerance as an ideal, in giving a senior respected Minister the responsibility for articulating and advancing it, and putting it into practice. Getting along well together, accepting each other for who we are is the best way to live together in this globalised world. ◊
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The Well-Nation Agenda
The Learning Curve: Equality through Education Increasing access to education and gender equality is the key to achieving Goal 4 in the UN Sustainable Development Goals blueprint
By H.E.
While the primary responsibility lies with the government, they won’t be able to make dramatic changes without the help of other sectors, most notably the private sector. This is why it is important to foster public-private partnerships to deliver more sustainable development models, particularly in underdeveloped countries.
In Asia alone, Dubai Cares has invested over $108 million, reaching more than 9.3 million beneficiaries. These include support to educational programmes in early childhood development in Afghanistan and India, investment in access to quality education in Laos and Sri Lanka, integrated school health and nutrition interventions made for
Dr Tariq Al Gurg
CEO, Dubai Cares
I
n the last two decades, steady economic progress, slowing population growth and technological advances have enabled several Asian countries to increase access to primary and secondary education and improve levels of gender parity. While countries that had been lagging in educational participation made the most progress, in recent years, this has slowed down. Better education may have led to greater prosperity, improvements in health and social stability but without investing enough in the implementation of the United Nations Sustainable Development Goal (SDG) 4 – inclusive, quality education for all and promotion of lifelong learning by 2030, in a larger blueprint to achieve a better future – the hard-won gains of recent decades will erode. As is well-known, the 2030 Agenda for Sustainable Development represents an ambitious target set by the UN, to make our world more equitable and livable. It has a list of 17 goals, each of which addresses global challenges related to poverty, inequality, climate, prosperity and peace and justice. To achieve these goals, we need to broaden the circle of action to include governments, private sector, bilateral and international organisations and international financial institutions. When it comes to Goal no. 4, 'Quality Education', the community in Asia must acknowledge that reaching it depends on many stakeholders fulfilling their responsibilities.
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Sustainable Development Goals and Dubai Cares Since its inception in 2007, Dubai Cares has been working towards providing children and young people in developing countries with access to quality education through designing and funding programmes that aim to
It is important to foster public-private partnerships to deliver more sustainable development models
be integrated, impactful, sustainable and scalable. We have successfully launched education programmes reaching over 18 million beneficiaries in 57 developing countries globally.
school-based deworming activities, school feeding, and water, sanitation and hygiene in Bangladesh, India and Vietnam; girls' education in the Philippines and Yemen; education in crisis-ridden countries like Iraq and Palestine, supporting refugee children, and so on. It also places particular focus on gender equality which is the cross-cutting theme in all of Dubai Cares’ education programmes. The approach seeks to secure equal access for boys and girls to safe learning environments with adequate facilities, materials and support from gender-sensitised teachers and communities. With a focus on equality, inclusion and diversity, the organisation works with teachers and schools to make the programmes gender-sensitive so that girls can fully realise their potential. To deliver on the promise of SDG 4, therefore, Asian countries must boost investment in education by building effective coordination at the global, regional and national levels, and have innovative multistakeholder partnerships to ensure resources are efficiently utilised and truly have a positive impact on beneficiaries in the long-term. ◊
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The Well-Nation Agenda
Healthier Nation, Happier Nation The best steps towards empowering people to improve their wellbeing can come from the healthcare industry
By Rakesh
Kapoor
CEO, Reckitt Benckiser
T
he spotlight on health and wellness has increased tremendously of late. Healthy people and families are the bedrock of a nation’s economic future. With ageing populations and rising incidences of chronic ailments, there is a huge pressure for health services and a great demand for increased healthcare spending. But healthcare systems cannot really cope with this massive challenge. That is the reason why we need a fresh approach to healthcare, which starts by empowering people to manage their own health, particularly for everyday ailments. This will free up resources for patients who need serious medical care.
The first step is to deregulate over-thecounter medicines to make them more accessible. We also need to educate people about ailments and help them make more informed choices. Fortunately, consumers are becoming more proactive, they are more health literate and inclined to self-medicate, with a focus on prevention rather than cure. Technology and increased connectivity play a role too. People can now communicate with healthcare professionals instantly through search platforms. As CEO of Reckitt Benckiser (RB), I have long recognised that given our resources and reach, we can play a far wider role. This is why we chose a simple mission for the company: to provide innovative solutions for healthier lives, doing more than producing innovative products like Dettol, Strepsils and Nurofen. Some of RBS contributions are:
Saudi Arabia hosts millions for Umrah and Hajj. We are partners this year for Hajj on Dettol to spread awareness on the importance of hand-washing, sanitisation and general education to support a healthier Hajj experience.
We have reached a staggering 765 million people around the world through our health and hygiene initiatives.
We also partnered with the ‘National Program for Happiness and Wellbeing’ in the UAE toward promoting the idea of ‘Healthier is Happier’.
In Pakistan we have partnered with the government under the initiative of ‘Clean Green Pakistan’, initiating programmes to reduce preventable diseases like diarrhea.
Proactive healthcare, therefore, means not just prevention and cure of diseases but also making informed choices. Companies should aim to be partners for the consumer and not merely providers. ◊
The Age-Old Way of Wellbeing The goal towards creating a healthy world begins at the individual level
By Madhusudan Agrawal Vice Chairman, Ajanta Pharma Ltd
I
ndia is the land of Ayurveda and Yoga. The phrase, ‘sound mind in a sound body’ may have been attributed to a Greek philosopher but we have practised it in India for millennia. As a practitioner of Vipassana, the meditation technique rediscovered by Gautam Buddha, I firmly believe that a well-balanced mind and body is the path to true happiness. Much of the disharmony and conflict we see in the world comes from the absence of balance within an individual. Excessive growth of consumerism has led to unhealthy eating and drinking habits, most of which have long-term effects that are as bad as tobacco and alcohol. Thus striving for wellbeing at a personal level will lead to wellbeing of the nation and eventually, the world. This is also the essence of the #FitIndia movement launched by the Prime Minister of India, H.E. Narendra Modi. As humans live longer and get wealthier, the focus has shifted to quality of life, but unfortunately, in most parts of the world, the quality of air, water and food is deteriorating and millions lack basic nutrition and healthcare.
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This is why effective steps towards wellbeing is so important. My family foundation, Samta Foundation is focused on eliminating malnutrition among children in Maharashtra. It works closely with Primary Health Centers in backward districts of the state and runs programmes that benefit pregnant women and young children. Wellness in body and mind needs to be addressed at three levels: At the national level, governments should strive to deliver better quality of air, water and food to citizens. At the organisational level (private, public, social and community), healthy eating, fitness, yoga and meditation should be supported and celebrated. And at the individual level, each one of us should lead by setting an example – “If I am fit, the world will be fit”should be our motto. These simple steps can lead to a more positive and healthier world. ◊
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Image Credit: Anishka Bagla
Image Credit: Anishka Bagla
Yoga has become a global phenomenon with millions of people practising the discipline and UNESCO adding it to the List of Intangible Cultural Heritage. In the UAE, it is arguably India’s greatest soft power after Bollywood and cricket.
New Zealand is one of the few countries to have seriously adopted the agenda of happiness as its primary goal. Earlier this year, the country presented its first ‘Wellbeing Budget’ that requires new spending to go towards goals like improving mental health, reducing poverty, supporting indigenous people, moving to a low-carbon emission economy and flourishing in a digital age.
The stunning country of Bhutan, a tiny kingdom tucked in the Himalayas, is the birthplace of the Gross National Happiness Index. Now, the world is following in its footsteps as it makes mental health and wellbeing of its citizens a priority.
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The IEDEA Journey
IEDEA is a business ideation and network facilitation agency with over 32 years of experience across major Asian markets, as well as specific regions of Africa and Europe, extending to the UK and now the US. Our competencies are in developing concepts and ideating strategic initiatives for the government, private and social sectors as well as raising funds for global projects. Between 2016 and 2019, IEDEA has independently raised over AED 350 million for various initiatives offering support with advisory services across strategy and outreach. By the end of 2020, IEDEA aims to achieve a milestone goal of fundraising AED 500 million.
2006 - 2009
THE BEGINNING The early concept of developing an Asian forum that included the GCC nations was formed. Under the guidance of leaders such as H.H. Sheikh Nahayan Mabarak Al Nahayan and H.E. Kamal Nath, the Asian Business Leadership Forum was instituted. With the advent of the economic downturn, IEDEA focused on enhancing the soft power narrative across health, education, knowledge and philanthropy and took on several roles and initiatives.
2009 - 2010
PUBLISHING PARTNERSHIPS Having developed a strong base in both the UAE and India, IEDEA partnered with Motivate Publishing to produce a Coffee Table Book Series - In Celebration of a Legendary Friendship (ICLF) India and the UAE, in 3 languages, with the Arabic version produced by the National Center for Documentation & Research and was promoted and sold extensively across India and the UAE.
2010 - 2011
LEADING WITH KNOWLEDGE IEDEA put together ABLF’s first Knowledge Congress, representing a passing era of socialist, capitalist and welfare economies as the new world order transitioned to the ‘knowledge economy’ where trade secrets and technological expertise are seen as key to growth as much as other economic resources.
2011 - 2012
FOCUS ON MEANINGFUL DIALOGUE We began engaging with several Asian Governments, inviting them to participate by taking Road Shows deep into Oman, Bahrain, Saudi Arabia and exploring the great South-East Asian nations of Singapore, Indonesia, Thailand, as well as China. The expansion of the intra-Asia corridors became the mission at IEDEA through the ABLF platform.
2012 - 2013
EXPANDING TO NEW GEOGR APHIES As IEDEA started to reach new markets through its rapidly expanding network, the ABLF interactions became more structured and purposeled as more and more global leaders, including incumbent Prime Ministers and Government leaders joined in on the engagements, each lending their powerful voices to the agenda of development and empowerment.
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The IEDEA Journey
2013 - 2014
LEADERS AHEAD OF THEIR TIMES The ABLF brought us close to one of the most inspirational and foundational leaders of the UAE today, H.H. Sheikha Fatima bint Mubarak, the Mother of the Nation, UAE (Umm Al Emarat) and the Chairwoman of the Family Development Foundation.
2014 - 2015
UAE − THE GLOBAL HUB With forums such as the World Economic Forum that dominate the global space, Asian representation seemed to be limited to a few, and with IEDEA’s network growing across the Asian sub-continent, it became the ideal Outreach Partner for the Office of the UAE Prime Minister's World Government Summit initiative, playing a key role in bringing together leaders and partners from the region in global dialogue, a relationship that IEDEA nurtured and delivered on successfully for four years.
2015 - 2016
BUILDING PUBLIC − PRIVATE PARTNERSHIPS IEDEA was appointed by multiple UAE Government Ministries and departments, such as the Dubai Women Establishment, Government of Dubai Media Office, the Department of Economic Development, Mohammed Bin Rashid Centre for Government Initiatives, among many others. 2016 was also the year that the ABLF earned its Official Association from the UAE Ministry of Economy.
2016 - 2017
ASIA − ALWAYS IN FOCUS With business interactions and investment-led conversations at an all-time high, IEDEA began to be known to bring in high-level audiences – Asia's most influential leaders, including Heads of State, high-level Government leaders, policymakers and influencers, as well as Chairperson and top C-Suite level individuals, who amongst them control multinational conglomerates with cumulative revenues of over $900 billion.
2017 - 2018
OUTREACH AND FUNDR AISING 2017 saw a shift in worldview, from conversations being directed from industry and business to health, wellbeing, sustainability and impact philanthropy. IEDEA also took on the role of Outreach Partner for the National Program for Happiness and Wellbeing. With business still in focus, ‘Profit with Purpose’ became the new mantra for the region and for IEDEA’s business mandate.
2018 - 2019
IMPACT PHILANTHROPY After over a decade of focusing on PPPs and investments, IEDEA was invited by the world’s leading philanthropic organisation, Dubai Cares to associate formally as a Strategic Partner. This partnership has proven to be the most exhilarating and rewarding collaboration that IEDEA is engaged in as we support Dubai Cares in its bid to ensure that UN SDG 4, ‘Quality Education’ is delivered.
2019 - 2020
SCALING NEW HEIGHTS With strengths in anticipating social shifts and disrupting the status quo constantly, we have challenged the construct of the event, publishing and communication formats to redefine and reinvent our business model, opening up to greater networks and ideating newer templates for stronger impact and more sustainable outcomes. With IEDEA’s entry into the world of TV broadcast and digital communications through the ABLF Talks, our circle of influence has expanded exponentially. With Expo 2020 coming up sharp, IEDEA’s future agenda seeks to use every learning offered by this global event’s opportunity-rich ecosystem to engage the world with the UAE. We are IEDEA, a proud UAE-born company with an Asian allegiance and a global vision.
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