RAK Business Magazine, Issue (22), 2024

Sheikh Saqr Al Qasimi: Commandos Adventures A Thrilling platform for Adventure Seekers

Sami Adam leads EVCS Charging to win the Innovation Award

Chairperson of the Global Women’s Forum

Rana Al-Nasir Boulos:

Are Growth Expectations Being Met in Today’s Global Economy?

Circular Economy: Enabling UN Goal Achievement UAE ranks first in worl in Global Entrepreneurship

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SUPERVISION

SH. Mohamed bin Kayed AlQasimi

EDITOR IN CHIEF

Dr. Abdulrahman Alshayeb Alnaqbi

MANGAGING EDITOR

Aisha Obaid Alayyan

EDITORS

Nebras Shafik AboZidan

Mayyasa Sultan AlKendi

Musa Abdel Moneim Metwally

NEW GENERATION TEAM

Khawla Ibrahim

Abdulaziz Alelewi

Zina Abboud

Zainab Shieha

Dareen Abu AlKheer

Maher Safyeldin

The topics mentioned express the opinion of its author, and do not necessarily represent the opinion of the Department of Economic Development in Ras Al Khaimah. Despite efforts to investigate accuracy, the magazine does not accept responsibility for any errors in the information provided.

VISION:

Ras Al Khaimah, the preferred destination for business.

MISSION:

Organizing economic activities and augmenting efforts for business growth and sustainability in a competitive environment that achieves sustainable economic development in the Emirate.

STRATEGIC OBJECTIVES:

• Promote diversified and sustainable economic growth

• Contribute to the organization of the business sector according to the global standards.

• Developing the services provided to clients, strategic partners and the business community.

• Expanding and enhancing the institutional efficiency of institutional support services and excellence and boosting the culture of creativity and knowledge.

INSTITUTIONAL VALUES:

• Positive Citizenship: Taking responsibility and meeting all customers’ needs and beyond- If possible.

• Institutional happiness: Continuously strive to win the happiness of our employees, customers, partners, and community.

• Creativity and Innovation: We want our employees to take initiative with every new, creative and innovative idea.

• Integrity and Transparency: We deal transparently with all stakeholders within an integrated institutional governance framework.

• Sharing Knowledge: One team with unified knowledge we all share.

Ras Al Khaimah, through its investment arms has launched major projects to enhance economic diversification, notably partnering with Wynn Resorts to develop the first integrated resort on Al Marjan Island.

Dr. AbdulRahman Al-Naqbi

Ras Al Khaimah Robust Economy A Progress

Followed by Another

We congratulate His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of the Emirate of Ras Al Khaimah, for upgrading Ras Al Khaimah’s credit rating from ‘A’ to ‘A+’ by the credit rating agency Fitch Ratings.

This confirms the Emirate’s ability to meet long-term obligations in foreign currency. Ras Al Khaimah’s stable future outlook reflects the emirate’s capability to achieve stronger growth in the medium term and highlights its resilience in the face of external shocks. New stronger horizons, therefore, will be opened for financial revenues and reserves, which in turn will lead to greater sustainability in financial management.

The Fitch report indicates that macroeconomic management has witnessed an improvement in government corporate governance, data collection frameworks, macro-financial planning, and control. This supports the use of financial resources more efficiently and helps strengthen the policy preparation process.

Through its investment vehicles, the Emirate has intended to launch a series of large investment projects toward more diverse economy. These projects include, but not limited to, the partnership with Wynn Resorts, resulting in establishing the first integrated resort on Al Marjan Island, expected to open in early 2027. Fitch estimates that the construction phase will boost real GDP growth over several stages. Two other major plans will also be announced, namely Ras Al Khaimah Central Area and Ras Al Khaimah Beach Area. Strong growth will accordingly be achieved in the medium term of 6.2% in 2024 and 5% in 2025.

His Excellency Raki Phillips, CEO of Ras Al Khaimah Tourism Development Authority, indicated that the Emirate will witness the development of 16 new hotels by 2024. More hotel rooms will be provided in light of the growing popularity of the destination among local and international tourists. Given that Ras Al Khaimah’s vision is to become the regional leader in sustainable tourism by 2025 and to welcome three million visitors by 2030

06 PANORAMA

Rana Al-Nasir Boulos: Women’s economic empowerment enhances gender balance

12 The Global Women’s Forum enhances ties between Europe and the Arab world, emphasizing economic empowerment and cultural exchange

Circular Economy Role in Achieving the UN Sustainable Development Goals

18 Estimates suggest that oil reserves are expected to deplete by 2052, along with natural gas reserves by 2060 if we continue on the current trajectory

24 BUSINESS

UAE ranks first in worl in Global Entrepreneurship

22 The policies of the UAE have created a supportive environment for entrepreneurship, enhancing the growth and innovation of SMEs.

Are Growth Expectations Being Met in Today’s Global Economy?

24 The global economy is expected to slow down by 3.1% in 2024, but there is optimism for economic growth to improve to 3.2% in 2025.

HH SHEIKH SAUD BIN SAQR: THE UAE IS CAPABLE OF SHAPING A NEW INVESTMENT LANDSCAPE THAT

IS ‘INCLUSIVE, SUSTAINABLE AND GLOBAL’

His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, delivered the keynote address at the opening of the 13th edition of the AIM Congress which hold recently in the capital of the UAE, Abu Dhabi. HH Sheikh Saud emphasized address how the UAE’s investment journey has evolved and expanded over time, highlighting that the country has become a key source of FDI on a global scale. HH Sheikh Saud stated: “The UAE has always understood that development can, and should, be reciprocal. I am convinced that by joining forces, we can establish a new investment landscape, with growth that is inclusive, sustainable, and as far as possible, universal.”

HH Sheikh Saud also spoke of the UAE’s progress and how strong and inspiring leadership is pivotal to the nation’s success, saying: “The UAE has demonstrated that when wisdom and a sense of duty meet vision and hard work, anything is possible. The commitment shown by our President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, to our people and our future inspires us all, and HH has shown that, with the right vision, and the right plan, dreams can come true.”

On the UAE’s economic development since

its foundation, HH Sheikh Saud said that it would have remained a dream had it not been for continual and strenuous effort. “A dream is just a dream without hard work,” he said. “Without a vision and a plan, and without a good strategy, work without purpose may lead to chaos and a waste of a country’s resources. When it comes to delivering outcomes, wisdom and a sense of duty are the differentiators.”

HH Sheikh Saud went on to detail how the UAE has achieved such levels of investment

and economic and social development, stating: “Firstly, we channeled our strategic wealth into the construction of infrastructure, and the formation of robust institutions. Secondly, we concentrated on the soft infrastructure – the establishment of a regulatory, legal and commercial environment that gives investors’ confidence. Thirdly, and perhaps most importantly, we nurtured our greatest asset, our people, understanding that to thrive we needed to educate the generations, and the leaders, to come.”

25.4% Growth in New Business Licenses in RAKDED in the First Quarter

The Commercial Affairs Department at Ras Al Khaimah Department of Economic Development reported that new licenses increased during the first quarter of 2024 by 25.4%, compared to the same quarter of the previous year, as 558 licenses were registered. The annual growth rate of business licenses reached about 29% and professional licenses 22.4%, with no change to the growth of industrial licenses.

Amina Qahtan - Director of the Commercial Affairs Department - indicated that the capital of issued licenses has multiplied 3.5 times to reach 224.1 million dirhams, compared to 64.5 million dirhams in the first quarter of 2023. The capital of new business licenses recorded a growth of 326.5%, professional licenses 43.1%, and industrial licenses 5.2%. The total volume of valid license capital has grown to reach 8.4 billion dirhams. Business licenses constituted 62.2% of the total capital volume and 47.8% of the total number. Industrial licenses constituted about 20% of the total capital volume and 2.8% of the total number, while professional licenses constitute 49.3% of the total number of valid licenses and 18.3% of the total capital.

179 Consultations for Entrepreneurs and Investors in Q1

Ras Al Khaimah Department of Economic Development (RAKDED) promotes sustainable growth and supports SMEs through consultations and linking entrepreneurs with relevant entities. RAKDED’s Business Development Department hosted 22 delegations and provided extensive support to business licensees and investors. Key initiatives include organizing exhibitions like “Lamasat Watanya” to create selling opportunities, supporting 43 licenses. Aisha Obaid Al-Ayyan emphasized their commitment to national projects’ continuity and excellence, offering free courses and workshops. In the first quarter, promising licenses increased by 67% to 92, and 24 commercial licenses were highlighted through media initiatives such as “Rak Shabab” and “Success Story.”RAKDED organized many exhibitions in Ras Al Khaimah to open new selling outlets. The most prominent of these exhibitions was “Lamasat Watanya”, the last edition of which came in February of the current year, providing support for 43 commercial and home licenses.

39.9 Thousand Beneficiaries of RAKDED Initiatives and Activities

Ras Al Khaimah Department of Economic Development (RAKDED) executed 43 initiatives this year, impacting various sectors including sustainability, innovation, and health, benefiting 39,958 individuals. Initiatives encompassed events targeting customers, partners, entrepreneurs, and society. RAKDED’s first-quarter activities included a Ramadan council promoting responsible consumption. Acting Manager Sami Al-Rabah emphasized aligning operational plans with stakeholder needs and organizational objectives, reflecting RAKDED’s commitment to societal welfare and partnership synergy.

RAKEZ and RAKBANK extend their partnership for seamless SME banking

Ras Al Khaimah Economic Zone (RAKEZ) and RAKBANK have extended their partnership to enhance banking services for SMEs. This collaboration aims to expedite bank account openings and offer secure banking solutions, aligning with RAKEZ’s objective of facilitating connections between clients and financial institutions. Through a Memorandum of Understanding (MoU), RAKEZ and

7,800 COMPANIES JOIN RAKEZ’S THRIVING BUSINESS COMMUNITY IN 2023

EDGE, a leading global technology and defense group, has acquired 51% of Brazil-based CONDOR Non-Lethal Technologies (CONDOR), a top industry leader in Non-Lethal Technologies (NLT). This strategic move bolsters EDGE’s capabilities, positioning it as a global leader in defense and security. CONDOR’s extensive portfolio of over 160 NLT products expands EDGE’s offerings, enabling both companies to enter new markets such as the USA. The acquisition addresses growing concerns about force levels in combat and civil unrest scenarios, enhancing EDGE’s ability to provide advanced NLT solutions. The partnership signifies a commitment to innovation and growth, contributing to local economies in Brazil and the UAE. The global NLT market, valued at US$ 6 billion last year, is expected to witness substantial growth.

RAKBANK will streamline account openings by sharing e-KYC data via a blockchain platform, enhancing efficiency and security. This strategic alliance reflects a commitment to enhancing customer experience and supporting business growth in Ras Al Khaimah. Ramy Jallad, Group CEO of RAKEZ, emphasized the partnership’s significance in providing continuous support to clients post-setup, ensuring accelerated success. Raheel Ahmed, Group CEO of RAKBANK, highlighted the collaboration’s aim to deliver seamless and efficient banking solutions, leveraging innovative technologies for enhanced customer experience. This collaboration marks a significant advancement in supporting business growth in Ras Al Khaimah, promising a streamlined and efficient environment for entrepreneurs and companies.

15 Million Dirhams the Value of Counterfeit Trademark Seizures in Ras Al Khaimah

Ras Al Khaimah Department of Economic Development addressed fourteen (14) complaints against international trademarks during the first quarter of this year. The number of counterfeit products confiscated reached 5,212 pieces, equivalent to their original value of AED 14,947,380. Accessories, shoes, and bags came at the top of the list of confiscations, followed by watches, wallets, women’s head scarves (Sheila), and mobile phone accessories.

Fitch upgrades Ras Al Khaimah’s credit rating to A+ from the previous A

Ras Al Khaimah’s credit rating has been upgraded to ‘A+’ from the previous ‘A’, by the international credit rating agency Fitch Ratings. The upgrade reflects the Emirate’s improved credit metrics driven by stronger medium-term growth forecasts.

Projections indicate promising growth rates of 6.2% in 2024 and 5% in 2025, underpinned by these lucrative investment ventures. The anticipated rise in government revenue, forecasted to reach 22.9% of GDP by 2024, is a testament to the efficacy of these strategic initiatives. Notably, this positive revenue outlook is bolstered by the implementation of country-wide corporate tax reforms and the commencement of revenue-generating projects.

Fitch also lauds Ras Al Khaimah’s strides in improving the governance of State-Owned Enterprises (SOEs) and enhancing macro-fiscal planning frameworks, which have facilitated more efficient fiscal resource allocation and policymaking. Additionally, the Emirate benefits from a comfortable reserve of liquid assets, further buttressing its financial stability.

Ras Al Khaimah’s economic landscape is characterized by a diverse array of sectors, with a thriving manufacturing and industrial segment contributing approximately 30% to the GDP. This diversified economic base underscores the Emirate’s attractiveness to a wide spectrum of businesses, ranging from small and medium enterprises (SMEs) to large multinational corporations.

Overall, Fitch’s decision to upgrade Ras Al Khaimah’s credit rating reflects confidence in its economic trajectory, underpinned by strategic investments, prudent fiscal policies, and a resilient business environment poised for sustained growth.

39.9 Thousand Beneficiaries of RAKDED Initiatives and Activities

Ras Al Khaimah Department of Economic Development (RAKDED) implemented 43 initiatives and events since the beginning of this year, targeting customers, partners, entrepreneurs, employees, and different groups of society. The total number of beneficiaries from all activities and initiatives reached 39,958 beneficiaries.

These activities covered several areas, including sustainability, innovation, reading, health, sports, and humanitarian topics. All these come in implementation of RAKDED annual plans in coordination and cooperation with the partners. RAKDED concluded the first quarter of this year by organizing a Ramadan council, aiming at educating consumers on the principles of correct consumption and purchasing during the holy month of Ramadan

Rana Al-Nasir Boulos

Rana Al-Nasir Boulos: WOMEN’S ECONOMIC EMPOWERMENT ENHANCES GENDER BALANCE

By:Khawla Ibrahim

Rana Al-Nasir Boulos, chairperson of the Global Women’s Forum (GWF), a platform affiliated with the Euro Institute for Information and Technology Transfer in Environmental Protection, EITEP from Germany, confirmed that the United Arab Emirates has made remarkable strides in the process of empowering women and consolidating their presence in all aspects of life in a way that enhances gender equality. She said in her interview with RAK BUSINESS magazine : “ The UAE has recorded inspiring steps towards equality in sexual orientation. It is clear that businesswomen are not just part of the story; Rather, they lead it and move its events. Their closeness and triumph in the entrepreneurial environment underscores the potential that flourishes when opportunities are equal. It is an affirmation of the ingenuity, progress and leadership of women in the United Arab Emirates.” The full text of the dialogue follows:

Arab culture, as well as to widen business networks. With resources and mentorship, we uplift the next generation and support seasoned leaders. The GWF is a lighthouse for creating a more inclusive, egalitarian, and connected future where all women may succeed in a world currently plagued by gender biases.

The Global Women’s Forum strengthens cultural and business ties between Europe and the Arab world, focusing on economic empowerment and cultural exchange

It is important to showcase the potential of Arab women as it not only highlights the diverse talent and capabilities within the Arab community but also fosters cross-cultural understanding and collaboration. By sharing the achievements and contributions of Arab women, the world can benefit from their unique perspectives, skills, and expertise, leading to a more inclusive and innovative exchange of ideas. Moreover, highlighting the abilities of Arab women helps combat stereotypes internationally and provides an authentic portrayal of the Arab world.

To begin with, today we are in a world that carries the banner of gender equality. So why the Global Women’s Forum (GWF)?

The Global Women’s Forum (GWF) is essential since obstacles still exist in the way of gender equality. Our platform encourages global women to connect, collaborate, and be empowered. By connecting Arab women leaders & youth with their worldwide counterparts, we break down barriers and promote change. It is important to connect them interculturally and learn about

How do you to enhance your position as a global platform that works to enhance the role and presence of women in all economic fields, influence policies and build partnerships?

We take a diverse strategy to strengthen our position as a global platform committed to expanding the presence and role of women in all economic disciplines, influencing policies, and forming collaborations.

First and foremost, we actively work with legislators to promote gender-inclusive laws and programs through lobbying and policy influence. We increase our influence

Female entrepreneurs encounter discrimination, limited resources, and cultural barriers. Intensifying efforts to foster an inclusive and equitable entrepreneurial environment is essentia

and reach by using the resources and experience of governments, non-governmental organizations, corporations, and other stakeholders through strategic partnerships.

Furthermore, in order to create focused interventions and gain a deeper understanding of the issues impacting women, we place a high priority on research and data-driven insights.

In addition, we prioritize education and capacity building, giving women the tools and resources they need to succeed in their chosen industries. Lastly, we foster connections and information sharing among women worldwide, stimulating cooperation and innovation, through global engagement and networking opportunities, such as conferences and forums, online seminars, and mentoring programs.

By these initiatives, we advance a more inclusive and fair future for all women and solidify our role as a catalyst for positive change.

Based on your communication with female entrepreneurs from different countries and cultures, what are the most prominent challenges facing women in this field? Is it based on gender or ethnicity?

During my conversations with female entrepreneurs from all backgrounds, a number of significant issues have come up. Gender-based discrimination is still a widespread problem, and women are frequently subjected to obstacles including having less access to resources, networks, and money than males. Cultural and societal conventions can also make these issues worse, especially in areas where women’s chances for leadership and entrepreneurship may be restricted by traditional gender roles. However, it is critical to understand that the interplay of gender and ethnicity might exacerbate these difficulties for women from underprivileged areas. Women of color, for example, may face additional challenges due to institutional biases and discrimination based on gender and race. As a result, while gender plays an important role in the problems that female entrepreneurs confront, it is also critical to recognize the overlapping identities and experiences that create their entrepreneurial path. Efforts to assist women in entrepreneurship must address these complex and interwoven challenges to promote a more inclusive and equitable ecosystem for all women, regardless of gender or ethnicity.

How do you work to enhance cultural dialogue and develop trade relations between Europe and the Arab world?

The Global Women’s Forum (GWF) takes a multidimensional strategy to promoting cultural interaction and trade links between Europe and the Arab world. To begin, we promote cross-cultural communication and collaboration through our events, forums, and networking platforms. By bringing together women from all backgrounds and industries, we promote debate, knowledge exchange, and mutual understanding. These contacts promote cultural understanding and bridge gaps, providing the groundwork for greater trade connections.

Second, we encourage economic empowerment and entrepreneurship among women in both regions. By providing mentorship, training, and tools to female entrepreneurs, we help women to participate more actively in international commerce and business transactions. We connect European and Arab women entrepreneurs through activities including business matchmaking and trade missions, creating collaborations and economic growth.

Third, we push for policies and activities that promote economic and cultural exchange between Europe and the Arab world. We work with policymakers, business leaders, and other stakeholders to reduce trade obstacles, boost investment, and foster cross-border collaboration. We also encourage cultural activities and exchanges that showcase the shared heritage and values of both regions, developing a better understanding and appreciation of each other’s cultures.

Overall, the Global Women’s Forum contributes significantly to improving cultural communication and trade links between Europe and the Arab world by building connections, encouraging economic empowerment, and lobbying for policies that promote collaboration and mutual benefit.

Our plan includes hosting the forum annually, alternating between Europe and Arab countries, to ensure continuous engagement and exchange. Additionally, we organize side activities in both regions, such as public speeches and workshops on intercultural communication, to deepen understanding and foster connections beyond the main forum events.

To expand our reach and impact, we are actively engaging ambassadors from various countries to support our initiatives and promote cross-cultural collaboration like Ms. Hanan Mohsen for Dubai & Abu Dhabi.

These ambassadors serve as advocates for our mission, helping to facilitate partnerships and promote participation in GWF activities. Through these efforts, we aim to create a vibrant ecosystem of cultural exchange,

economic cooperation, and mutual enrichment between Europe and the Arab world, paving the way for greater prosperity and understanding.

Through these activities, we help to create a more connected and inclusive global community in which women of all backgrounds can flourish and achieve.

You participated in several events in the United Arab Emirates. How did you find the presence of Emirati women as entrepreneurs? What are your most prominent initiatives in opening horizons for cooperation with Emirati women? Taking part in occasions within the joined together Middle easterner Emirates (UAE) has given important bits of knowledge into the nearness of Emirati women as business people conjointly their support in GWF gathering final year in Berlin. As per the 2023 Worldwide Sex Hole report from the World Economic Gathering, the UAE stands out within the Center East and North Africa for advancing sex equality. The critical affect of ladies business visionaries on the UAE’s private division, speaking to a striking 10%, underscores their capacity and determination.

Reflecting on the strides taken towards sexual orientation equality within the UAE, it’s clear that female business people are not fair portion of the story; they are driving it. Their nearness and victory within the entrepreneurial environment approve the potential that prospers when openings are impartial. It’s a confirmation to the versatility, advancement, and administration of ladies over the UAE.

To open horizons for cooperation with Emirati women, the Global Women’s Forum (GWF) has initiated several prominent initiatives:

Hanan Mohsen, Women’s Forum Ambassador in Dubai and Abu Dhabi

1. Partnerships and Collaborations: GWF actively seeks partnerships with organizations, institutions, and government agencies in the UAE that support women entrepreneurs. By collaborating on joint initiatives, such as workshops, mentorship programs, and networking events, we create opportunities for cooperation and knowledge sharing.

2. Capacity Building and Training: GWF offers capacity building programs and training workshops tailored to the needs of Emirati women entrepreneurs. These programs focus on developing essential skills, fostering innovation, and enhancing competitiveness in the global market.

3. Business Matchmaking: GWF facilitates business matchmaking sessions that connect Emirati women entrepreneurs with potential partners, investors, and customers from around the world. These sessions help to expand their networks and explore new opportunities for collaboration and growth.

4. Mentorship and Support Networks: GWF provides mentorship opportunities and support networks for Emirati women entrepreneurs, connecting them with experienced mentors and peers who can offer guidance, advice, and encouragement along their entrepreneurial journey. Through these initiatives, GWF is committed to fostering cooperation and collaboration with Emirati women entrepreneurs, empowering them to achieve their full potential and contribute to the sustainable economic development of the UAE.

How do you work to create a positive dialogue to adopt international best practices related to policies that support achieving gender balance?

The Global Women’s Forum (GWF) mission is to foster positive dialogue in order to adopt international best practices for policies that promote gender balance. We facilitate knowledge exchange through forums and workshops that bring together policymakers and experts from around the world to share successful initiatives.

We understand the importance of collaborating with official decision-making bodies to advocate for policies and decisions that advance women’s presence and participation. By working together, we can drive meaningful change and create a more inclusive and equitable society for all.

We understand the importance of collaborating with official decision-making bodies to advocate for policies and decisions that advance women’s presence and participation. By working together, we can drive meaningful change and create a more inclusive and equitable society for all. Furthermore, we conduct research to make evidencebased recommendations to policymakers. We use advocacy

campaigns to raise awareness and support for gender-responsive policies. GWF also provides capacity-building programs for policymakers and promotes collaboration with international organizations and stakeholders. We work to make the world more inclusive and equitable by tracking progress and encouraging accountability.

How do you work to break boundaries and open horizons for women leaders from different countries to empower women? ? Are there efforts being made to support women entrepreneurs in emerging economies?

As the Global Women’s Forum (GWF), we’re committed to breaking boundaries and opening horizons for women leaders from different countries to empower women worldwide. We believe in the power of diverse representation and authentic leadership. That’s why we actively seek to engage women leaders from varied backgrounds, providing platforms for them to share their experiences, insights, and expertise.

Through mentorship programs, networking events, and collaborative initiatives, we create opportunities for women leaders to connect, learn from each other, and support one another’s growth and success. By fostering a supportive and inclusive environment, we empower women to break through barriers, realize their full potential, and drive positive change in their communities and beyond.

Absolutely. We are dedicated to assisting female entrepreneurs in emerging economies. We empower them to thrive and contribute to economic growth by providing tailored capacity building programs, improved access to finance, networking, mentorship, and advocacy for supportive policies

What are the most prominent areas in which women have achieved a significant presence? should women be content with enhancing their competitiveness in these fields, or should they break into sectors dominated by men? Women have made significant advances in a wide range of fields, particularly education, healthcare, and services. While it is critical to maintain competitiveness in these areas, women should also strive to break into traditionally male-dominated industries. By challenging gender norms and pursuing opportunities in fields such as technology, finance, and STEM, women can contribute diverse perspectives, drive innovation, and pave the way for greater gender equality across all industries. It is about enlargement horizons, seizing opportunities, and ensuring that all industries are inclusive and represent talent, regardless of gender.

Based on your busy career, how do you offer your personal experience in a field that benefits women?

In my busy career, I make a conscious effort to offer my personal experience in a way that benefits women, particularly by sharing insights, lessons learned, and practical advice gleaned from my journey as a mother of two boys, who understands and is aware the challenges and responsibilities that come with balancing family life and leadership roles. By speaking in public and sharing my journey, I aim to inspire and empower other women to pursue their goals, regardless of their personal circumstances.

Drawing from my experiences, I highlight both successes and challenges, providing a realistic and relatable perspective. I share strategies for overcoming obstacles, navigating career transitions, and finding work-life balance, especially as a mother and leader.

Additionally, I actively advocate for policies and initiatives that promote gender equality and support women’s advancement in various sectors. By leveraging my platform and networks, I strive to amplify the voices of women, advocate for their rights, and create opportunities for their professional and personal growth.

Moreover, I emphasize that mental health for women is essential, and we must be aware of its significance. I encourage open conversations about mental well-being, destigmatize seeking support, and promote self-care practices to ensure women thrive holistically.

Where do you see the status and presence of women in the future?

In the future, I envision the status and presence of women continuing to evolve and progress in significant ways. I see women playing increasingly influential roles across all sectors of society, including politics, business, science, technology, and the arts. As barriers to gender equality are dismantled and opportunities for women expand, we’ll witness greater representation of women in leadership positions, boardrooms, and decision-making bodies.

Furthermore, I believe that the collective efforts of individuals, organizations, and governments to promote gender equality will lead to more inclusive policies, practices, and cultural norms. This will create environments where women are empowered to fully participate, contribute, and lead in all aspects of life.

Additionally, advancements in technology and access to education will further empower women, enabling them to pursue their passions, achieve their goals, and make meaningful contributions to society. We’ll see a rise in female entrepreneurs, innovators, and change-

I anticipate the continued advancement of women’s status and their influential role in all areas of society, including politics, business, science, technology, and the arts

makers who are driving positive change and shaping the future.

Moreover, as awareness grows around issues such as gender-based violence, reproductive rights, and intersectionality, there will be increased advocacy and action to address these challenges and ensure that all women have equal rights and opportunities.

I encourage many initiatives and platforms to collaborate, fostering synergy and amplifying impact. By working together, we can accelerate progress toward gender equality and create a more inclusive and equitable world where all women have the opportunity to thrive and succeed.

We are committed to providing support and training to foster a brighter future within our communities. In addition, we are eager to collaborate with and train local organizations to empower women and collectively create a better future. We welcome support and funding to drive impactful initiatives forward for the advancement of women

LINEAR ECONOMY

Musa Abdel Moneim Metwally Economic advisor

CIRCULAR ECONOMY ROLE IN ACHIEVING THE UN SUSTAINABLE DEVELOPMENT GOALS

Since the beginning of the Industrial Revolution, the global economy has been dominated by the so-called linear economy. This economic model has proven its limitations and has placed great pressure on relatively scarce natural resources. It has fundamentally contributed to the deterioration of the natural environment. It has, therefore, become essential to shift to new economic models that preserve environment, achieve sustainability, and protect the rights of future generations on this planet. Hence, the circular economy term or model appeared by taking progressive steps forward on dealing with the scarcity of resources and the efficiency of multiple use. It was a model that considered recycling at all stages, reduced waste, and benefited from waste at the lowest economic and environmental costs.

In this article, given the importance of this topic, we will first review the definition of the linear economy and its negatives, and the definition of the circular economy and its role in confronting the negatives produced by the linear economy. We will also learn about the projected outcomes from following the circular economy in achieving the sustainable development goals set by the United Nations General Assembly.

For a long time, the global economy has followed a linear model in production and consumption processes. This model is based on extracting, producing, using, and disposing natural resources, i.e. “Take-Make-Dispose Model”. This approach has resulted in increased risks regarding the depletion of natural resources, increasing waste amount, and difficulty of deposing waste. It has also caused intense use of water and energy, incurring more harmful or deadly emissions to the natural environment. The international community has realized that this linear approach is not sustainable and causes serious environmental problems. There is a growing understanding that we need to change our approach to a new, more sustainable approach to protecting the environment, managing resources better, and preserving the rights of future generations. The following figure shows the currently prevailing linear economy model.

Reliance on this model has continued under the pretext of achieving economic efficiency in light of economies of scale, but actual practice has shown several drawbacks in this model, as follows:

1) Depletion of resource: The linear model relies heavily on limited natural resources, leading to their rapid depletion. As the demand for products increases, the pressure on these resources increases more, which consequently puts ecosystems and biodiversity at risk. The volume of raw materials extracted annually worldwide amounts to more than 100 billion tons annually, according to the World Bank’s first report on the circular economy in the European Union, December 2022. This number tends to increase due to the increase in consumption of raw materials, whether in high-income countries or emerging economies as a result of population growth and increased prosperity. In addition, there is a trend that has emerged in recent years of significantly shortening the lifespan of products (producing new versions annually for some products), thus depleting limited raw resources in shorter periods of time. For instance, estimates indicate that oil stocks are expected to be exhausted by 2052, as well as natural gas stocks in 2060, if we continue to follow the same current approach.

2) Environmental degradation: Production operations according to this model result in high energy and water consumption and an increase in the volume of greenhouse gas emissions, accompanied by toxic emissions that deteriorate air quality and cause chemical pollution. Research indicates that exposure to lead caused the premature death of more than 5.5 million people in 2019, 90% of whom died in low- and middle-income countries. The World Bank estimates that the

economic cost of health damage from this pollution amounted to $6 trillion in 2019, about 6.9% of the global domestic product.

3) The environment is deteriorating, and solid waste and toxic materials are spreading as a result of unsafe disposal of solid waste, which is dumped on land, in the sea, or in the sewage system. Moreover, landfills are overflowing with non-biodegradable waste, and incineration releases harmful emissions, exacerbating climate change and air quality issues. The Circulatory Gap Report 2021 showed that the raw materials that are recycled globally do not exceed about 8.6% of the raw materials annually produced. The planet, for example, is polluted with plastic products, as more than 300 million tons of new plastic are produced annually around the world, of which 5 million tons end up in the oceans. If no action is taken, there will be more plastic waste in the oceans than fish by 2050, as estimated. That will threaten marine life, industries, people, and the environment. Therefore, we have reached a point where merely recycling waste and sorting cans, bottles, and newspapers will no longer be sufficient to confront the negative repercussions produced by the linear model. Climate change threatens our planet and our societies around the world, and the severe climate fluctuations we have witnessed recently, such as waves of floods, droughts, and hurricanes, are enough to know that.

In line with the 17 goals set by the United Nations to achieve sustainable development, to achieve prosperity and well-being without harming the environment and to address the negatives shown by the linear economic model, it is time to think with a

different mentality. A mentality based not only on the process of recycling waste but considering the idea of circularity in all stages of design, production, reuse, repair, and increasing the life of products. That allows to circulate raw materials, reduce amounts of raw materials wasted, and use sustainable energy sources. Thus, the concept of the circular economy emerged.

IRCULAR ECONOMY

There is no single comprehensive definition of the circular economy, but there is general consensus on the central concepts and objectives thereof. It can be viewed as a system that aims to preserve the usefulness of products, components and materials and retain their value through a sustainable development strategy that is proposed to address the pressing problems of environmental degradation and resource scarcity. The three principles of the circular economy are to reduce and reuse materials and consider recycling at all stages of the system.

The concept of the circular economy is based on the repeated use of raw materials that are divided into two types. The first type is biological materials (soil - plants - animals), where they are returned to the environment again, not only with the aim of reducing environmental degradation, but to improve environment and restore its efficiency. The second type is technical materials, such as plastics, metals, and raw materials. These materials are reused with high efficiency by considering designing or using products, or reusing to prolong the life of products, and finally recycling to enter the cycle again, as shown in the diagram.

The circular economy is based on seven main pillars according to the European Commission’s model of the product circular life:

1) Priority is given to resources that are sustainable and renewable in nature.

2) Environment must be considered in the design by using the least number of resources and energy. The design must also allow easy recovery of raw materials at a low cost.

3) The circular industrial environment that relies on achieving economic efficiency through the use of renewable energy, in addition to the emergence of the term circular economic clusters, where the waste/residues of a particular economic activity are inputs to another economic activity.

4) The functionality economy and the shift to selling services instead of selling products in order to reduce excessive consumption. For example, choosing car rental or delivery service instead of purchasing personal cars.

5) The responsible consumption and the important role of buyers and consumers in considering the product environmental impacts at every stage of its life cycle.

6) Prolonging the product life by repairing used products, changing their spare parts, selling them, or donating them in a way that leads to reusing instead of disposing.

7) Recycling (end of product life).

The ability of the circular economy to achieve the sustainable development goals set by the United Nations General Assembly can be summarized through its positive contribution to achieving the following goals:

GOAL 7: Affordable and clean energy: This goal focuses on transitioning to renewable energy and using it efficiently in a way that reduces polluting thermal emissions. The circular

economy can contribute to completing the reduction of emissions, by changing the way products are made and used.

GOAL 8: Decent work and economic growth: New circular business models are economic opportunities for investment and employment, supporting the creation of new jobs and increasing economic growth. Studies indicate that implementing circular economy initiatives and projects represents opportunities worth billions of dollars globally, with a net benefit estimated at approximately 1.8 trillion euros in the European Union alone by 2030.

GOAL 11: Sustainable cities and communities: It is projected that about three-quarters of the world’s population will live in cities by 2050. The transition to a circular economy, therefore, is necessary to reduce the impacts of cities on resources and environmental effects. Circular economy principles such as building design and circular use can help enable low-income groups to access housing units that achieve this goal.

GOAL 12: Responsible consumption and production: As we previously explained, the circular economy is based on responsible consumption and the important role of societies in achieving sustainable development goals and changing individuals’ consumption patterns towards sustainability. It is enough to know that 29% of global energy consumption comes from households, which contribute 21% of carbon dioxide emissions. In addition to what circular economy practices can achieve in the processes of redesign, reduction of used resources, reuse, repair, refurbishment, remanufacturing, and recycling in meeting this goal.

GOAL 13: Climate action: The circular economy is fundamentally involved in combating climate change. It plays a decisive role through the expansion of new and renewable energy uses, measures to raise energy efficiency, and reduce gaseous and thermal emissions and pollutants. Therefore, applying circular economy strategies to four main industries: cement, steel, plastics, and aluminum, can help reduce emissions.

GOAL 14: Life below water: Preventing or minimizing waste generation through circular economy practices will directly reduce waste disposed in oceans. Moreover, the contribution of the circular economy to addressing climate change will indirectly reduce ocean acidity.

GOAL 15: Life on land: Restoring biological materials to the environment is one of the pillars of the circular economy in improving the environment and not just stopping or reducing its degradation. Key practices for restoring terrestrial ecosystems are agriculture, a sustainable and regenerative agroforestry, that embraces and protects biodiversity, and returning biological materials to the soil as nutrients.

In the next issue, we will discuss the UAE’s efforts and policies on the circular economy

ECONOMIC ADVANTAGES of Legalizing Tobacco Cultivation and Manufacturing

In October 2023, the Cabinet issued Resolution No. 98 of 2023 regulating the licensing of cultivation and manufacture of tobacco and tobacco products and derivatives. Article (2) thereof stipulates that, “the provisions of this Resolution apply to all those who obtain or wish to obtain agricultural or industrial licenses for tobacco and tobacco products and derivatives in the country, including free zones.” Articles (3) and (5) also provide the terms and conditions for granting an agricultural or industrial license for tobacco. The Resolution stipulated the requirements for conducting agricultural or industrial activities, which apply to all emirates in the country in general.

Article (7), however, regarding the responsibilities mentioned in the second paragraph, stipulates the following, “the competent authorities, each according to their competence, shall be responsible for implementing the provisions of this Resolution, and they may take the measures they deem appropriate for this purpose in accordance with their legislation in force.” Therefore, each emirate, whether its distinctive characteristics are agricultural or industrial, has the right to use all of the local legislative powers in local authorities that are competent to enforce the Resolution according to the circumstances and economic needs thereof. This Resolution shall be afterward activated, aiming at supporting sustainable economic development and maximizing profitability and societal development in each emirate. This must be achieved without prejudice to the environmental and natural balance and with supporting health and preventive services in each emirate.

The Cabinet Resolution stated that the Law No. 15 of 2009 on Tobacco Control shall be repealed. Hence, it has become allowed for citizens or residents of any emirate in the country and the free zones therein to apply for a license to conduct the activity of growing or manufacturing tobacco and its derivatives. The license shall be issued from the competent authorities in each emirate after approvals of federal authorities are obtained. Article (13), regarding reconciliation of situations, stipulates the following, “the tobacco grower, supplier, and manufacturer shall be granted a period of (180) one hundred and eighty days from the Resolution implementation date to reconcile their situations in a manner consistent with the provisions herein.” Accordingly, the Resolution shall become effective six months after its implementation, starting from April 14, 2024. The competent authori-

ties may activate their supervisory role in imposing violations on those practicing agricultural or industrial activity of tobacco and its derivatives without a license.

Legalization of activities of tobacco cultivation and manufacturing brought several economic advantages, that can be summarized in developing the agricultural and industrial sectors in the country, and thus, increasing the state budget revenues in the long term. In the agricultural sector, for instance, the legalization of tobacco agricultural license will contribute to inventorying the cultivated lands at the present and future. It will also contribute to the development of agricultural technology due to the special nature and requirements of tobacco cultivation. New lands will also be reclaimed and allocated to tobacco cultivation, different from traditional crop lands, which will entail providing sufficient sources of water. The agricultural self-sufficiency strategy may, therefore, result in an increase in costs over the value of traditional agricultural crops, which requires state support for both the farmer and the consumer. Tobacco cultivation, in light of its current global prices, remains sufficient in itself to achieve overall profitability after the costs of reclaiming land and providing new sources of water. Regarding the industrial sector, the legalization of tobacco factories and its derivatives within the country’s territories and free zones entails oversight of the manufacturers. All requirements for the manufacture of tobacco and its derivatives, the quantities manufactured, and the local and international price of the product must be met. This prevents the phenomenon of unregulated local manufacturing and export without real state control over the quality of the product or without payment of the state’s customs or tax rights. Sustainable economic development will therefore be achieved, and the state revenues will be maximized. Finally, capabilities will be provided to preserve the ecosystem and improve health and preventive services and quality of life.

Walid ElRefai RAK DED Legal Consultant

Judge/

UAE RANKS FIRST IN WORL IN GLOBAL ENTREPRENEURSHIP

The United Arab Emirates (UAE) continues its impressive reign, topping the Global Entrepreneurship Monitor (GEM) 2023-2024 report for the third consecutive year. This achievement is cemented by a record-breaking score of 7.7, solidifying the UAE’s position as the premier global

destination for launching and running new businesses. The GEM report showcases the UAE’s dominance across various entrepreneurial aspects. It excelled in 12 out of 13 indicators, including crucial areas like funding access, market entry ease, infrastructure development, research and development, and government support programs. Notably, the UAE ranked third globally for physical infrastructure.

UAE Minister of Economy, Abdullah bin Touq Al Marri, attributed this success to the country’s unwavering focus on nurturing entrepreneurship and empowering small and medium-sized enterprises (SMEs). He highlighted the government’s commitment to building a knowl-

edge economy driven by innovation and cutting-edge technologies. These efforts resonate with the UAE’s Vision 2031, which aims to transform the nation into a global hub for the new economy by 2031. Entrepreneurship is seen as a critical driver for developing projects in sectors like technology, artificial intelligence, and renewable energy. Initiatives like the “Entrepreneurship Hub” and the Nafis program exemplify the UAE’s dedication to fostering innovation and supporting SMEs in accessing global markets.

The report acknowledges the UAE’s substantial investments in strengthening its entrepreneurial ecosystem, resulting in a doubling of early-stage entrepreneurial activity. Additionally, the UAE prioritizes empowering female entrepreneurs, ranking among the top 5 economies globally in this regard. The report further commends the UAE’s progress in promoting entrepreneurial education within schools, focusing on crucial skills like creativity, problem-solving, and risk assessment. This focus placed them among the top 5 out of 49 countries surveyed.

Solidifying its leadership position even further, the UAE secured the top spot in the “National Entrepreneurship Context Index” (NECI) within the GEM report. This index gauges the national environment for entrepreneurship based on expert opinions. This achievement aligns with the UAE’s ambitious target of reaching one million SMEs by 2031.

The GEM report is a highly respected global reference point for entrepreneurship, utilized by organizations like the World Bank and the International Monetary Fund. Its methodology focuses on measuring entrepreneurial activity across countries, understanding the factors influencing the entrepreneurial ecosystem, and proposing policies to enhance its development

Information security leaders in the UAE affirm their readiness to face cyber threats.

The 2024 Voice of the CISO report by Proofpoint sheds light on a significant trend among Chief Information Security Officers (CISOs) in the UAE. Despite persistent concerns about cyberattacks, there’s a growing confidence in their ability to defend against such threats. While 70% of surveyed UAE CISOs feel vulnerable to a material cyberattack within the next year, this marks a decrease from previous years, indicating a notable improvement in readiness. Specifically, only 34% now feel unprepared to handle targeted cyberattacks, down from 57% in 2023 and 47% in 2022.

The report underscores human error as a major cybersecurity vulnerability, with 76% of UAE CISOs identifying it as the most significant risk. Nevertheless, there’s a rising reliance on AI-powered solutions to mitigate these risks, with 89% of UAE CISOs considering AI crucial in protecting against human error and advanced cyber threats.

Drawing from responses from 1,600 CISOs globally, including 100 from the UAE, the survey highlights the increasing adoption of AI solutions among UAE CISOs to combat cyber threats. Key concerns among UAE CISOs include persistent fears of cyberattacks, with generative AI identified as a top security concern. Cloud account compromise and ransomware are also perceived as significant cybersecurity threats.

Moreover, the report points to improvements in the relationship between CISOs and their boards, with 80% of UAE CISOs noting that their board members prioritize cybersecurity. Despite challenges such as burnout, resource pressure, and economic constraints, UAE CISOs are moving towards strategic defenses, including enhanced investment in cybersecurity education and technology adoption. Emile Abou Saleh, Senior Regional Director at Proofpoint, acknowledges the encouraging trend of UAE CISOs gaining confidence in their strategies and tools. However, he emphasizes the ongoing challenges of employee turnover, resource pressure, and the necessity for continuous board engagement, highlighting the importance of vigilance and adaptation in maintaining collective cyber resilience

Emile Abou Saleh

Are Growth Expectations Being Met in Today’s Global Economy?

PRESENTED BY DR. TALIB HASSAN HAYALI

ECONOMIC EXPERT, RAK CENTER FOR STATISTICS & STUDIES

The latest International Monetary Fund report, Updates on World Economic Outlook report –January 2024, indicates a slowdown in growth rate in 2023 estimates to 3.1% compared to 3.5% in 2022, with no change in 2024 forecasts. However, it will increase to 3.2% in 2025. This will negatively affect the overall performance of global economies, especially emerging economies and developing countries that face many circumstances and variables. These circumstances include high inflation rates, high interest rates, and declining investments, in addition to the effects of the Russian-Ukrainian war and the Middle East, and the escalation of US-Chinese tensions. Therefore, the year 2024, as in 2023, remains among the most challenging years.

The IMF also estimated that the growth rate in advanced economies would slow to 1.6% in 2023 from 2.6% in 2022. In the United States, the growth rate increased to 2.5% in 2023 estimates from 1.9% in 2022, a difference of 0.6% from October forecasts last year. It will decrease to 2.1% and 1.7% in 2024 and 2025. As for China, the growth rate is expected to reach 5.2% in 2023, which is 2.2% greater than the previous year, falling to 4.6% and 4.1% for this year and the coming one.

A) WORLD ECONOMIC GROWTH FORECASTS FOR JANUARY 2024:

The data in Table (1-1) regarding forecasts of world economic growth outlook for the year 2023 and its growth forecasts according to the Updates on World

Economic Outlook report - January 2024, show that there is a discrepancy in growth rates between the advanced economies on one hand, and between them and the developing economies on the other hand. The most important observations about this discrepancy can be summarized as follows:

1. The International Monetary Fund expected that the total global real product would grow at a rate of 3.1% in 2024 and 3.2% in 2025, an increase of 0.2% and 0.0% from its forecasts in the World Economic Outlook report in October 2023. This came as a result of the solidity shown by the economies of the United States of America and some emerging and developing countries, in addition to financial support from public finances in China. According to the October forecast of last year for the solidity we mentioned, estimates of advanced economies for the year 2023 were the opposite of the United States

of America for the same year and the forecasts for 2024 - an increase of 0.6%, although it decreased by 0.1% from 2025 due to the delayed effects of the gradual tightening of monetary and financial policies. There was also a difference in percentages from October 2023 forecasts for the Eurozone, with a negative trend of 03% and 0.1%, due to the unexpected results for 2023. For more details, see Table (1-1).

2. It was also estimated that the economies of emerging market countries and developing countries would grow at a rate of 1.4% in 2023, 1.4% in 2024, and 4.2% in 2025, a positive difference of 0.1% for the last two years. The same applies to the growth rate of China, the East Asia, and Pacific region, which are expected to grow at 4.6% and 4.1% in that year, and 5.2% and 4.8%. There is a positive difference for China from October 2023 forecasts according to the growth outlook report for the same year. The same difference

3.1%

The International Monetary Fund’s forecast for the global real (GDP) growth for the year 2024

4.2%

The growth projections for economies of emerging markets and developing countries for the year 2025

4.2%

The growth forecasts for economies in the Middle East and Central Asia region for the year 2025

is also true for the East Asia region in 2024, but it is negative in 2025. However, the growth rate of the two Asian groups and China clearly exceeds the expectations of the groups of advanced economies and the euro along with the United States in the forecasts for 2024 and 2025, at a rate that has more than doubled. Regarding the differences in their percentages from the October 2023 estimates, the same table can be reviewed for comparison.

3. As for the Middle East and Central Asia region, their economies achieved a high growth rate of 5.5% in 2022 as a result of the rise in oil prices. As for 2023 estimates, they were lower by 3.5 points than the previous year. Forecasts for 2024 and 2025 were low in the first year by 1.2%, and identical to the growth rates of emerging market countries and developing countries in the second year, at a rate of 4.2%. As for their percentage differences in October

2023 estimates, they were 0.5% lower than 2024 forecasts, while they were 0.3% higher than 2025. See the same table.

4. In general, most of the world’s economies at the level of continental aggregates witnessed a decline in their growth rate estimates in 2023 compared to 2022. This excludes the economies of America, emerging market countries and developing economies, as well as China and the East Asia and the Pacific region (EAP) as a result of the Russian-Ukrainian war impacts. This year’s forecasts also witness the same decline, with the exception of the Eurozone, the Middle East, Central Asia, and Sub-Saharan Africa. However, the growth of the group of emerging markets and developing economies was stable, with a positive growth projection, as indicated for each group. See the same table. To also see the growth rates of October estimates from the World Economic Outlook 2023 report and the forecasts of the World Economic Outlook Updates report for the years 2024 and 2025, and the difference between them at the level of selected countries from the continental groups, see Table (1-2)

The circumstances that the global economy is going through, including high inflation, high interest rates, low investments, and continued faltering supply chains, negatively affect the ability of the world’s economies in general, and emerging economies and developing countries in particular, making it difficult to confront such circumstances. In addition, the effects of the Russian-Ukrainian war, the Middle East war, and the continuing US-Chinese tensions are all factors that may push the global economy towards a slowdown. The year 2024, therefore, remains the same as 2023, a year of challenge not only in its growth, but also in its international trade and energy in general. Thus, the following question arises: Is the global economy able to achieve the growth rates expected by the Fund in 2024 and 2025, despite most of them declining? Or will it end when quarterly

Table 1-2: Global Economic Growth Estimates for 2023 and Forecasts for 2024-2025 by regional aggregates, according to its growth update report on January 30, 2024 (%)

for 2021-2022 and growth

for 2023

Africa (SSA)

REF: World Bank Fund. World Economic Outlook Report: January 30, 2023. Washington, January 30, 2024.

Note: E = estimates, F = forecasts. The World Bank’s forecasts are continually updated on the basis of new information.

1) Total aggregate growth rates are calculated using weights of GDP at the average price for the period 20102019- and the exchange rates prevailing in the markets and may differ from previously published numbers that were calculated by weights of GDP at the average prices of 2010 and the exchange rates prevailing in the markets. The overall growth rate was calculated using constant 2010 GDP weights in US dollars.

2) The differences come from rounding of numbers in the forecasts for the current report and the October 2023 World Economic Outlook. The countries whose forecasts were updated compared to the forecasts of the October 2023 issue of the World Economic Outlook report contribute about 90% of the global gross domestic product, weighted by purchasing power parity weights.

3.6%

The projected growth rate of international trade volume for the year 2025

75.31

The expected price per barrel of oil for the year 2025

adjustments are made to the Fund’s forecasts while the reasons we mentioned continue, in addition to the circumstances that will arise in the near future?

B) FORECASTS FOR GROWTH OF TRADE IN GOODS AND SERVICES - JANUARY 2024:

Updates on World Economic Outlook for January 2024 reported a clear improvement in the international trade growth and volume in terms of goods and services, excluding factors of production, in 2024 and 2025, at a rate of 3.3% and 3.6%, respec-

Table 1-2: Global Economic Growth Estimates for 2023 and Forecasts for 2024-2025

According to countries, according to its growth update report on January 30, 2024 (%)

Details Data for 2021-2022 and growth estimates for 2023

Global economic outlook updates 2024*

*REF: World Bank Fund. World Economic Outlook Report: January 30, 2023. Washington, January 30, 2024.

Note: E = estimates, F = forecasts. The World Bank’s forecasts are continually updated on the basis of new information.

1) Total aggregate growth rates are calculated using weights of GDP at the average price for the period 20102019- and the exchange rates prevailing in the markets and may differ from previously published numbers that were calculated by weights of GDP at the average prices of 2010 and the exchange rates prevailing in the markets. The overall growth rate was calculated using constant 2010 GDP weights in US dollars.

2) The differences come from rounding of numbers in the forecasts for the current report and the October 2023 World Economic Outlook. The countries whose forecasts were updated compared to the forecasts of the October 2023 issue of the World Economic Outlook report contribute about 90% of the global gross domestic product, weighted by purchasing power parity weights.

tively. This comes despite a significant decline in the Fund’s estimates for 2023 from 2022 by about 4.8%.

Trade growth forecasts for this year and next year and their difference from forecasts of October 2023 can be summarized as follows:

1. There is a clear decline in estimates for 2023 compared to 2022, with a difference of 4.8%. This decline is due to increased economic uncertainty and the possibility of the global economy entering a state of recession due to rising inflation and high interest rates, which reached about 5.5% at the end of 2023. In addition to the supply chain gaps highlighted by the shocks of 2020 and the years followed. Reducing these gaps will only exacerbate the effects of inflationary pressures, especially on developing countries, and will lead to a slowdown in economic growth and global trade and a decline in living standards as a result of pressures on monetary and fiscal policies. Moreover, the global situation holds a lot in store in terms of emergencies and crises related to the reasons mentioned above. All of these are factors or indicators that do not inspire stability and global economic and

trade growth. Despite all of these risks, the IMF expects global trade to grow at a rate of 3.3% and 3.6% in 2024 and 2025, in light of a decrease in forecasts by 0.2% and 0.1 %, respectively, compared to the forecasts of October 2023, see Table (2-1).

2. As for oil prices, the average price per barrel is estimated to be $83 in 2023, decreasing from 2022 by 17% per barrel. The average price is expected to be $79.10 per barrel in 2024 and $75.31 in 2025. It is projected to decrease by 1.6% in 2024, and to increase by 0.1% in 2025, compared to the global economic outlook forecasts for October 2023. See the same table.

3. As for the index of prices of primary commodities other than fuel or energy, it was estimated to be low and negative (6.1%) in 2023 estimates. They will continue to decline to include the forecasts of 2024 and 2025, at a rate of (0.9%) and (0.4%), respectively. There is also an increase in forecasts of 1.8% compared to this year’s forecasts, and a reduction of 0.3% in 2025, also in comparison with the forecasts of October 2023. See the same table.

4. As for the global inflation rate, it fell to 6.8% in 2023 estimates from 8.7% in 2022, a decrease of 22%. It is expected to decrease to 5.8% and 4.4% in 2024 and 2025, respectively. Noting that inflation in developed countries declined significantly, whether in 2023 estimates or forecasts for 2024 and 2025. Inflation in emerging and developing market countries, otherwise, remained high compared to estimates and forecasts of inflation in the global economy for the three years of the study. The reason for this is due to the difference in the application of tightening measures in monetary and financial policies undertaken by developed countries, in which the inflation rate exceeded 10% at the time, in order to restore price stability and alleviate the pressures resulting from the high costs of living. The high inflation and uncertainty that the global economy has been witnessing for more than three years have contrib-

uted to a severe slowdown in growth rates and tension in financial conditions due to the effects of wars, geopolitical tensions, fluctuations in oil and energy prices, and delays in supply chains. For more details, see the same table.

C) GROWTH FORECASTS FOR GCC COUNTRIES 2023-2024:

The latest IMF forecasts on the Updates on World Economic Outlook Report, published on January 30, 2024, show that the growth rates of the GCC countries stated in Table (3-1) reflect the following facts:

1. The real GDP growth rate for the GCC countries was estimated at 0.5% in 2023 from 7.8% in 2022, with a decrease of 7.3%. As compared to the forecasts of World Economic Outlook Report - October 2023, it is expected to rise to 2.7% in 2024 and 4.6% in 2025, in light of a reduction in forecasts by 0.5 % in 2024 and an increase by 1.9% in 2025. Growth for this group was revised to 0.5% from 1.5% in 2023, as a reflection of oil production cuts by OPEC+, and was raised this year and next year as we mentioned. It is expected that the impact of oil cuts will fade gradually. This strong growth came thanks to the strong growth of the non-oil sectors, which are expected to record a growth rate of 3.9% by the end of 2024 and 4% in 2025. Another important reason is the high growth rates that are projected to be achieved in the economies of the Kingdom of Saudi Arabia by 2.7% this year and 5.5% in 2025, in light of a reduction in forecats by 1.3% for this year and an increase of 1.3% for next year compared to the expectations of October 2023. Likewise, the UAE recorded growth rates of 3.7% and 3.8% for the same two years in a row, with an increase in forecasts by 0.3% and 0.4% in 2024 and 2025, compared to the October 2023 report as well. See the same table for more details.

2. The International Monetary Fund also set the inflation rate in the GCC countries at 3.3% in 2022, before estimating it at 2.5% in 2023, with a difference of 0.8%. The IMF expected it to decline to

Table 3-1: Estimates of International Trade Growth in Goods and Services, excluding factors of production in 2023 and its growth forecasts according to Updates on World Economic Outlook Report - January 2024 (%)

Details

Data of 2022 and growth estimates 2023

Forecasts** of the Updates on World Economic Outlook Report - January 2024

Commodity prices (in US dollars)

Prices of primary commodities other than

*REF: World Bank Fund. Updates on World Economic Outlook Report- January 30, 2024- International Trade Growth in Goods and Services, Excluding Factors of Production - Washington, January 10, 2023.

(1) Same reference as above. Margin (2).

(2) A simple average of the growth rates of export and import volumes (of goods and services).

* Oil price refers to the benchmark for UK Brent and WTI crude oil, and the average price of a barrel of oil assumed by futures contracts on November 29, 2023, which formed the basis of the price forecast of $79.10 in 2024 and $75.31 in 2025.

**The non-energy commodity index is in nominal US dollars (2010=100) and represents the weighted average of the prices of 39 primary commodities (7 metals, 5 fertilizers, and 27 agricultural primary commodities).

%4.6

The growth rate of (GDP) for GCC countries for the year 2025

%2.0

The inflation rate in the (GCC) countries for the year 2025, after it was 3.3% in 2022

2.3% and 2.0% in 2024 and 2025 after implementing important economic reforms. These reforms aim to raise the efficiency of economic performance, improve productivity in the GCC countries, increase and diversify import outlets to reduce supply shortages, and reduce interest rates this year and the next year to below 5.5%.

3. As for crude oil prices in the GCC countries, which are represented by Brent prices in international markets and subject to the effects of supply and demand, their annual average price per barrel has been estimated at approximately $83 in 2023. It is also expected to decrease to a rate of $79.10 in 2024 and $75.31 in 2025. This comes with a reduction in forecasts by 1.6% in 2024 and an increase by 0.1% in 2025, compared to the forecasts of the World Economic Outlook report for October 2023.

4. Regarding the economy of the United Arab Emirates, it is known that it is a diverse and robust economy that enjoys economic components supported by political and security stability. This makes the UAE economy distinguished in terms of performance, not only at the level of the Middle East and North Africa, but also at the level of the Arab countries. Thus, an attractive investment environment was offered for investments. OPEC expected, in a report published on February 14, 2024, that “total foreign direct investment flows into the UAE will reach about AED 90 billion ($24.5 billion) in 2023.” The FDI flows are also projected to continue, according to government expectations, to reach about AED550 billion ($150 billion) by 2031. Thanks to qualitative efforts, the UAE was able to achieve a growth rate of 5.9% in 2022. The World Economic Outlook report issued on January 30 this year estimated that the UAE will achieve a growth rate of 3.4% in 2023 and expected it to rise to 3.7% in 2024 and 3.8% in 2025. This comes with an increase in forecasts by 0.3% this year and 0.4% next year, compared to the forecasts of World Economic Outlook Report - October 2023. See Table 3-1.

CONCLUSION

Most of the 2023 estimates and 2024 forecasts presented in the Updates on World Economic Outlook Report - January 30, 2024 - show a decline. Sometimes they show a slight increase depending on the country’s level of progress and the extent of its influence on international events and variables that contributed to its determination. It is estimated that the global economy, at the level of continental groups or countries, will witness a slowdown in growth rates this year, with expectations of improvement next year. The global economy will be supported by a decline in inflation and interest rates, in light of the easing of circumstances, political tensions, and wars currently taking place. Economic reforms will also be carried out, accompanied by a strict monetary and financial policy that will restore prices and costs of living to reasonable levels.

REF: World Bank Fund. Updates on World Economic Outlook Report- January 30, 2024

1. The differences come from rounding of numbers in the forecasts for the current report and the October 2023 World Economic Outlook. The countries whose forecasts were updated compared to the forecasts of the October 2023 issue of the World Economic Outlook report contribute about 90% of the global gross domestic product, weighted by purchasing power parity weights.

2. Oil price refers to the benchmark for UK Brent and WTI crude oil, and the average price of a barrel of oil assumed by futures contracts on November 29, 2023, which formed the basis of the price forecast of $79.10 in 2024 and $75.31 in 2025.

Emerging market and developing economies hope to overcome the lack of foreign investment due to rising inflation and high interest and energy rates. But they still enjoys an advantage supported by its high rates of economic and commercial growth, at least in 2023 estimates and 2025 projections, compared to advanced economies, the Eurozone countries, the Middle East and Central Asia, Latin America, the Caribbean, and Sub-Saharan Africa. Not to mention the economically weak and small countries, which need improving their economic and financial conditions. Therefore, strengthening cooperation between countries, overcoming geopolitical tensions, stopping wars, ending international and trade conflicts, lifting sanctions, and eliminating uncertainty uncertainty, especially between international partners, remain the only means to reach a safer and more stable world

Table 3-1: Growth Estimates for the UAE and the GCC Countries 2023 and Forecasts of the Updates on World Economic Outlook January 2024 %

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Sheikh Saqr Al Qasimi Commandos Adventures is an

Ideal Platform for Thrill and Challenge Seekers

Combining hobby with work, his passion reached its peak. The love of adventure was a common denominator between him and his friends. The energy of the youth burst forth positively, taking advantage of the geographical and touristic assets of the United Arab Emirates. Soon, this hobby turned into a commercial project spreading the passion for adventure, based on the touristic assets and advanced infrastructure of the UAE. Mohammed Al Ghafri thus founded Commandos Adventures, whose activities aim to promote various land, sea, and sky sports, with the goal of raising awareness among all segments of society about the importance of sports as a lifestyle, especially in our present time where physical activities have become limited due to the spread of technological luxuries, as well as the lack of communication between family members.

Mohammed Al Ghafri, the founder of Commandos Adventures, says in his interview with Rak Business magazine: “This dream has always haunted me, and when you believe that a dream can become a reality, that’s when the challenge begins. The beginnings were in 2014 when my brother and I participated in various sports competitions. Then I started forming a team of highly skilled and accomplished individuals. In this team, we took it upon ourselves to spread sustainable sports awareness through hiking and various adventures on land, sea, and sky. Over time, the number of team members increased, and achievements piled up. The dream grew bigger until our project was licensed in 2019 by the Department of Economic Development in Ras Al Khaimah, with the support of Sheikh Mohammed bin Kayed Al Qasimi - the head of the department. Thus, Commandos Adventures was established as the first of its kind in the Arab world, to be a driving force for a new economic activity in the country that allows us to practice all sports, recreational, and tourism activities worldwide. We started contracting with several government agencies and sports companies, and our efforts were crowned with the Best Project Idea Award at the level of the Emirate of Ras Al Khaimah in 2020.”

For his part, Sheikh Saqr Al Qasimi, the owner of the company, says, “We launched a website and a mobile app to reach the largest targeted audience and promote our services to tourists and visitors inside and outside the country. Commandos Adventures offers its tourism services in various countries around the world through local and international exploratory trips, hiking at different levels, organizing races and challenges, outdoor climbing, practicing individual and group sports activities, camping, recreational activities, and martial arts. In all these activities, we cater to different segments of society and respect their particularities. We organize special events for women with a female staff out of respect for customs and traditions, weekly events that bring together both genders, young and old, according to

their level, and special events for families tailored to their needs (activity, place, time). We also have a selected group of activities that suit the participants’ needs, with follow-up through a weekly schedule. In addition to organizing adventures that cover various countries around the world, including flight and hotel bookings. We have an outlet for selling sports supplies specific to the company and its partners, all accompanied by providing a massive media platform that includes mountain trails, tourist areas in the country, and displays videos, pictures, locations, and cultural and civilizational information.

In the near future, we will offer a range of adventure programs suitable for all levels by contracting with some of the largest global operators of tourism and sports activities.”

Mohammed affirms that they are keen on instilling a spirit of responsible and safe adventure among the youth, away from randomness and irresponsibility. A team of more than 100 young men and women with the appropriate skills and expertise, in addition to Commandos employees, organize and manage a group of activities and events. They ensure that these events are organized with the highest services and facilities provided to visitors, select suitable programs for each group, provide guidance, practice sports correctly to avoid injuries and maintain safety, as well as promote tourist areas and events, and present customs and traditions to visitors in a bright image.

He continues, “Before any event, we visit the site and make sure of all its details, taking into account different weather conditions. We determine the target group according to the level of the event. While we work on providing the best services and events for those seeking adventure with more excitement and challenge, we are always keen to adhere to safety standards in all locations and occasions. We also comply with the instructions of the competent authorities in all sites, as well as preserve the environment and natural and wildlife, as our team possesses extensive experience in various trails inside and outside the country, physical and mental readiness, and a high level of fitness to ensure proper conduct and work according to Commandos Adventures’ regulations, which ensure the client’s safety.

Since dreams know no bounds, Mohammed still dreams and strives to achieve his dream of establishing the Ras Al Khaimah Adventure Center with government support, to make the Emirate of Ras Al Khaimah an ideal capital for global adventures.”

For more information, please contact us through the barcode or visit www.commandosadventures.com

FROM A UNIVERSITY IDEA TO GLOBAL SUCCESS,

Sami Adam leads EVCS Charging to win the Innovation Award

On the sidelines of the Innovative DED Entity Award 2023 (IDEA) ceremony organized by Ras Al Khaimah Department of Economic Development (RAKDED), we met Sami Adam, founder and CEO of EVCS Charging, the first-place winner in the micro-enterprise category. With enthusiasm, he talked to us about his passion, of which he reaped the results today on this ceremony.

From Passion to Success:

“I am a student in the College of Mechanical Engineering at the American University of Ras Al Khaimah, and God willing, I

will graduate in 2025. I find myself a person who is passionate about research and innovation and is always looking for that is new in energy, mechanics, and business development management. My parents say that I have been fond of disassembly and assembly since my early childhood. I used to disassemble and reassemble my toys, driven by my desire to understand the logic of energy and movement in everything around me. These tendencies grew in me as I progressed through my studies. I was hesitant between studying mechanical engineering and electrical engineering. I chose to study mechanical engineering in the end because I felt that it was the most suitable for me. In my first years of university studies, I presented an idea for a project to provide mobile

charging services for electric vehicles using advanced, portable batteries. My idea was incubated by the Entrepreneurship Center at the American University of Ras Al Khaimah, headed by Dr. Tahseen Anwar. He helped me develop and present my project until I founded my company (EVCS) in 2022. I had the opportunity to participate in IDEA 2023 held by RAKDED, and I won first place. I extend my thanks to the organizers of this competition, led by His Excellency Dr. Abdul Rahman Al Shayeb Al Naqbi, Director General of Ras Al Khaimah Department of Economic Development,” said Sami Adam.

“I also participated in the Electrical Innovation Summit 2023 in Abu Dhabi and was honored with the “Innovative Student” award. It participated in the “Startupboot camp AmsterdamMobility and Transportation” events in 2023. I appreciated the opportunity to join this program, which was held in Amsterdam, the Netherlands. I found it an opportunity to develop my ideas and present them to interested parties and investors in the industrial sector. I benefited greatly from this experience in developing EVCS Charging,” he added.

A revolution Solutions:

Regarding EVCS, Sami says: “EVCS Charging is a startup company that I founded in 2022 in partnership with my colleague Omar Karneef, who has extensive experience in electrical engineering. The company works in mobile charging for electric cars and provides innovative solutions in clean energy and sustainability. We seek to develop advanced solutions for mobile charging of electric cars and provide a smooth and efficient charging experience for users.”

“EVCS provides mobile charging services for electric vehicles, including providing highly efficient mobile charging stations that allow users to recharge their cars using Soild State batteries quickly and easily, which ensure a strong electrical supply unlike traditional batteries. The service can be requested via an easy-to-use smart application or through the company’s website. We guarantee the customer quick access anywhere and provide a fast electric charging service in less than half an hour, after which he receives a notification that his car has been fully charged. Users can also subscribe to packages that ensure continuous and rapid provision of services. The company also provides various services such as commercial charging services for electric vehicles,” he added.

“We worked hard and with great passion until we reached the stage of winning the Innovative DED Entity Award 2023 by focusing on innovation in designing and developing mobile charging solutions that are not available in the market, and trying to provide high-quality services that meet customer needs. We competed in the IDEA competition and presented our ideas, which were well received, accepted, and encouraged. I extend my thanks to the Department of Economic Develop-

Today, we prioritize R&D and investments in advanced tech. Our goal is to expand services and offer innovative electrical solutions in clean energ

ment in Ras Al Khaimah for launching these competitions. They play an important role in enhancing the establishment’s presence in the market by presenting the brand to the public, attracting attention to the services it provides, and increasing awareness of its potential role. It also provides the opportunity to interact with the supportive public and investors who can provide sufficient funding to support and develop small and micro enterprises, and thus, they have the opportunity to establish their presence in the market,” Sami continued.

Future Plans:

Regarding their current and future plans, Sami says: “Today we focus on research, development, and investment in advanced technology. We will expand the scope of our services and provide innovative electrical solutions in clean energy according to market demands in line with rapid technical progress. We will also work in other areas, such as providing alternative energy in various fields, such as agriculture, maritime transportation, and others, using our new and advanced batteries

Imad Eddine Oubiri International Relations Strategist

Walk the Talk.. Implementing Strategies In the realm of Business

The adage “actions speak louder than words” rings particularly true. It’s not enough to merely articulate grand visions and strategies; true success lies in the execution, in the ability to walk the talk. Implementing what we preach is not only a matter of integrity but a strategic imperative for sustainable growth and credibility.

ALIGNMENT BETWEEN VISION AND ACTION

At the core of walking the talk is alignment—ensuring that every action taken is in harmony with the stated vision and values of the organization. This alignment starts from the top. Leaders must embody the principles they espouse, serving as role models for the rest of the organization. When

leaders lead by example, it fosters a culture where integrity and accountability are not just buzzwords but lived realities. In a study conducted by Harvard Business Review, it was found that 86% of employees believe that a lack of collaboration or ineffective communication are responsible for workplace failures. This underscores the importance of aligning actions with organizational vision and values, as it directly impacts employee morale and performance.

TRANSLATING WORDS INTO ACTIONS

Translating strategies and business plans into tangible actions requires clear communication and robust execution plans. Each element of the strategy must be broken down into actionable steps, with clearly defined responsibilities and timelines. This ensures that everyone understands their role in bringing the vision to life and can track progress effectively. According to a survey by McKinsey & Company, only 45% of respondents believed that their organizations were effective at translating strategies into actionable plans. This highlights the need for clear communication and robust execution plans to ensure successful implementation of business strategies.

FOSTERING A CULTURE OF OWNERSHIP

Implementing what we preach goes beyond following a checklist of tasks; it requires instilling a culture of ownership at every level of the organization. When employees feel a sense of ownership over their work and its impact on the larger goals, they are more motivated to ensure its success. This sense of ownership empowers individuals to take initiative, innovate, and adapt in pursuit of the shared vision. Research published in the Journal of Applied Psychology suggests that organizations with high levels of employee ownership experience lower turnover rates and higher levels of job satisfaction. This emphasizes the importance of instilling a culture of ownership to drive employee motivation and commitment to achieving organizational goals.

EMBRACING FEEDBACK AND ITERATION

No strategy or plan is perfect from the outset. Walking the talk means being open to feedback and willing to iterate based on new information and changing circumstances. This requires humility and a willingness to admit when something isn’t working, as well as the agility to pivot

and try new approaches. By continuously learning and evolving, organizations can stay aligned with their vision while remaining responsive to the demands of the market. A report by Deloitte indicates that companies that actively seek and respond to feedback are 3.5 times more likely to outperform their competitors. This underscores the value of humility and agility in embracing feedback and iterating on strategies to stay aligned with organizational objectives.

MEASURING WHAT MATTERS

To ensure that efforts are aligned with the intended outcomes, it’s essential to establish key performance indicators and metrics for success. These metrics should reflect not only financial performance but also factors such as customer satisfaction, employee engagement, and social impact. By regularly tracking and analysing these metrics, organizations can course-correct as needed and ensure that their actions are driving meaningful progress toward their goals. According to a study by the Corporate Executive Board (CEB), organizations that effectively measure non-financial metrics such as customer satisfaction and employee engagement achieve 70% higher financial performance compared to those that focus solely on financial indicators. This highlights the importance of establishing comprehensive metrics for success to drive meaningful progress toward organizational goals.

CELEBRATING SUCCESS AND LEARNING FROM FAILURE

Finally, walking the talk requires celebrating successes and learning from failures along the way. Recognizing and rewarding achievements not only boosts morale but also reinforces the behaviours and actions that contribute to success. Similarly, viewing failures as opportunities for growth rather than setbacks fosters a culture of resilience and continuous improvement. Research by the University of Pennsylvania’s Wharton School of Business suggests that celebrating successes and learning from failures can significantly improve organizational performance and innovation. This reinforces the idea that recognizing achievements and embracing failures as opportunities for growth are essential components of a successful business strategy. Implementing what we preach is not a one-time task but an ongoing commitment to integrity, accountability, and alignment. By aligning actions with vision, fostering a culture of ownership, embracing feedback, and measuring what matters, organizations can ensure that their strategies and business plans translate into tangible results. Ultimately, walking the talk isn’t just good business—it’s the foundation for building trust, credibility, and long-term success

Halima Al Raisi: Unique Tech and Stellar Team: Ras Al Khaimah National Printing Press’s Recipe for Success!

as Al Khaimah National Printing Press has a prominent presence in the world of printing and has a decades-long legacy. Recently, the printing press came in first place for medium-sized enterprises in the Innovative DED Entity Award 2023 (IDEA) launched by Ras Al Khaimah Department of Economic Development.

RAKBusiness Magazine met with Ms. Halima Al Raisi, Director of Media and Social Communications Department to learn more about Ras Al Khaimah Printing Press and the services it provides.

“In 1976, His Excellency Jassim Mohammed Darwish, Director-General of Ras Al Khaimah Municipality Department at the time, established the Ras Al Khaimah National Printing Press in Al Qusaidat area near Al Fanar Roundabout. The beginnings were in printing textbooks, and then publications, magazines, and notebooks. All of this was done with primitive capabilities and tools until 2008.

The Printing Press is headed by Sheikh Sultan bin Humaid Al Qasimi and has been managed since 2012 by Mr. Samir Salama. Mr. Samir contributed to the development of the Printing Press and strengthening its competition in the market, increasing its productivity today to millions of diverse publications,” Ms. Halima said.

The Printing Press owns the latest international digital printers, including the Xerox Baltoro printer, being the only one in the world to own. It also has 3D printers, which no printing press in the world has due to their high cost.

“At Ras Al Khaimah Printing Press, we are keen to attract qualified people because work in this field requires precision, artistic sense, and high taste. Today we have more

We are proud to win the Ras Al Khaimah Award for Innovative Enterprises, crowning a long journey of hard work and dedication to keeping pace with technological and artistic developments in the printing world

than 60 employees with the best administrative, professional, and technical experience. We are proud of our highly qualified local cadres in various administrative and technical departments,” Ms. Halima added.

Regarding the printing press’s commitment to official directives in sustainability and environmental preservation, Al-Raisi said: “We are considered one of the first printing presses to have special printing equipment that uses materials other than paper in some other products such as boxes, cards, etc., using leather, acrylic, or glass instead of paper Today, we made a quantum leap in printing environmentally friendly manufactured materials that are reused, and these products are in great demand at the present time, especially bags.”

Ras Al Khaimah Printing Press got the first place for medium enterprises in the Innovative DED Entity Award 2023 (IDEA) launched by Ras Al Khaimah Department of Economic Development.

“We are proud to have won this award, which is the culmination of the efforts of a long process of work and keenness to keep pace with technical and artistic developments in the world of printing. In a world governed by technology and digital communications, for our brand to receive the IDEA Award and for us to obtain first place is considered a distinction and a push towards more fair competition. This competition is an inevitable necessity for any company seeking to grow and strengthen its position in the market. Technological development and digital transformation are witnessing rapid growth, which provides unique opportunities for brands to build a distinct digital identity and achieve deep interaction with the target audience,” Al-Raisi commented.

“We live in a time that has defied all the expectations that those interested in printing had in the past. The technological and digital changes in the world, the changing interests of customers, and the weakening of their inter-

est in reading printed materials considering the spread of social media and electronic publishing, all of this has affected the activity of printing presses in general. If they want to remain active, they must keep pace with development, search for alternatives to paper and some other materials, and identify with customer interests,” Al-Raisi says about the future of printing.

About the plans for Ras Al Khaimah Printing Press, she added: “We always work to study the market and customer needs and are aware of the latest global technical developments in the field of printing, and we always strive to bring the best equipment in this field. We are always interested in standing out in the market and offering innovative products. We allocated a special exhibition for our innovative and developed products and added a section for designing electronic cards. We seek to have our products reach global markets after we reached the Gulf ones”

NIHAD EL JARROUDI

Vice President for industrial automation for Gulf at Schneider Electric

ANihad El Jarroudi is appointed Vice President of Industrial Automation for the Gulf at Schneider Electric. With 18 years at the company, El Jarroudi has led sectors from France to Morocco. Her new role focuses on spearheading industrial automation and digital transformation, aligning with the UAE’s vision to boost the industrial GDP contribution significantly by 2031. El Jarroudi’s expertise will be pivotal in driving Schneider Electric’s innovation and sustainable growth, reinforcing its commitment to a sustainable, digitally integrated future in the Gulf region.

QASEM NOUREDDIN

Appointed new Managing Director of Eaton, Middle East

TIM WEBB

Appointed as CEO for Europe and the Americas at Carma

Carma, a leader in communication technology, has appointed Tim Webb as CEO for Europe and the Americas, taking over from Richard Bagnall. Webb, with a robust background from Time Out Group and experience in publishing and technology at Dennis Publishing and Incisive Media, joins Carma’s executive committee to drive global strategy. Bagnall, who joined Carma in 2018 and previously chaired AMEC, has been instrumental in transforming Carma’s operations across the UK, Europe, and the Americas. His leadership has significantly shaped the company’s trajectory in these regions.

Intelligent power management company Eaton announced the appointment of Qasem Noureddin as Managing Director for the Middle East, with responsibility for the company’s operational and commercial business across the region. In his new role, he will help our customers deliver power management solutions in sectors including oil and gas, utilities, construction, and data centres.

After starting his career with Cooper Industries, Qasem joined Eaton in 2012 and his most recent position before his new appointment was as commercial director of the Power Management & Control Components (PMCC) division. He holds an Electronics Engineering degree from Princess Sumaya University for Technology, Royal Scientific Society, Amman, Jordan.

INVESTING IN TIMELESS CRAFTSMANSHIP:

A Sustainable Choice for the Future

In today’s world, where sustainability has become a pressing concern, investing in furniture that stands the test of time has emerged as a crucial choice. “When you like something, you keep it.” Stacy Stewart, MEA Regional Director at MillerKnoll emphasizes. Long lasting furniture not only adds aesthetic value, but also paves the way for a more environmentally friendly future. This article explores the benefits of choosing timeless craftsmanship in office furniture, highlighting its contribution to sustainability and the longterm wellbeing of the planet.

LONGEVITY AS A SUSTAINABLE SOLUTION:

“In the old days, people would invest in quality wood furniture that would last a lifetime,” says Stacy. “When they needed a change, they’d reupholster pieces to give them a new look.” Unfortunately, the prevailing mindset now leans towards budget furniture, falsely perceived as disposable. This mindset has resulted in higher costs and overflowing landfills. By shifting their focus back to investing in durable, high-quality furniture, businesses can not only save money in the long run but also significantly reduce waste.

CHOOSING THE RIGHT FURNITURE:

When designing a workspace, it is important to consider furniture that offers lasting comfort and functionality. Ergonomically designed pieces that support long hours of sitting provide numerous benefits. Opting for such furniture ensures a hassle-free experience and eliminates the need for frequent replacements, reducing the environmental footprint associated with workplace renovations. “Investing in the right furniture helps create a solid base to accommodate adaptations/ changes the modern workplace may require, reaping long-term economic benefits.” Explains Stacy. “By reducing the need for constant changes, businesses minimize shipping waste and contribute to a more efficient and environmentally friendly office environment.”

THE IMPORTANCE OF SUSTAINABLE CONSUMPTION:

In an era of heightened environmental awareness, sustainable consumption practices have gained significant importance. Quality furniture, often crafted using responsibly sourced materials and ethical manufacturing practices, boasts a smaller environmental footprint. By prioritizing quality over quantity, businesses can actively contribute to a more sustainable future while enjoying the peace of mind that comes with knowing their furniture was produced with care for the planet.

Leading the Way: MillerKnoll’s Sustainable Practices: MillerKnoll’s commitment to sustainability extends to the brands they represent. For example, Knoll ensures responsible sourcing of materials, including marble from European quarries close to the manufacturing plants, which reduces transportation needs and ensures fair wages for producers. The iconic Saarinen Table which is manufactured in Graffignana, Italy, is sourced from quarries in Slovenia and Italy, exemplifying this approach.

CONCLUSION:

Designs that will look as good in tens of years as they do today is the simplest way to ensure that what businesses are buying is sustainable. By opting for furniture that stands the test of time, contributes to an eco-friendlier future in the long run. For decades, the brands in the MillerKnoll collective have been pioneers in sustainability, and continue the tradition of designing for a world we all want to live in

TOURISM

SKY’S THE LIMIT

Ras Al Khaimah to Elevate Tourism with Electric Air Mobility Across the Emirate

Ras Al Khaimah Transport Authority, Ras Al Khaimah Tourism Development Authority and Skyports to introduce sustainable air transport by 2027

The Nature Emirate to be one of the first vertiport networks to launch globally thanks to the UAE’s worldclass electric air mobility infrastructure Network to connect key tourist attractions including Al Marjan Island, Al Hamra and Jebel Jais, the UAE’s highest peak Ras Al Khaimah Transport Authority (RAKTA) and Ras Al Khaimah Tourism Development Authority (RAKTDA) have taken a significant move towards transforming tourism and transportation in the Emirate by signing a future-forward Memorandum of Understanding (MoU) with Skyports Infrastructure (Skyports), the company leading the development of vertiport infrastructure

for electric air taxi services. Marking the beginning of an exciting partnership that will pioneer sustainable tourism through electric air mobility, this pivotal MoU will see Skyports develop a network of vertiports to connect key attractions across Ras Al Khaimah, propelling the Emirate as a destination of the future and aligning with RAKTA’s Strategic Plan 2030.

PRODUCTIVE PARTNERSHIPS

Under the agreement RAKTA, RAKTDA and Skyports will collaboratively design, develop, and operate Ras Al Khaimah’s first electric vertical take-off and landing (eVTOL) air taxi ecosystem, with commercial operations set to commence by 2027. This innovative project will seamlessly integrate Skyports’ vertiport infrastructure with RAKTA’s existing transport network, providing fast and convenient zero-emission transport to Ras Al Khaimah’s most popular areas and attractions, including Al Marjan Island, Al Hamra and Jebel Jais, the UAE’s highest peak. Tourists and residents visiting these iconic sites will experience substantial time savings from the service. For example, travelling from Al Marjan Island to Jebel Jais takes approximately 70 minutes by car. The launch of air taxi services will cut the journey time to less than 20 minutes.

Sustainable Vertiports

The partnership between the government and Skyports to launch electric air mobility service in Ras Al Khaimah represents a significant step towards enhancing tourism and sustainable development in the region

The vertiport network will transform transportation in Ras Al Khaimah and support its objective of responsibly driving 3.5 million visitors annually by 2030. By providing zero-emission transportation options, the Emirate is reinforcing its commitment to environmental stewardship and sustainable development. These ambitions align with Skyports’ design approach, which prioritises integration with existing public transit networks to promote more sustainable transportation. In addition, this initiative directly addresses the pressing need for innovative solutions to cut carbon emissions in ground transportation, a sector that accounts for XMR Travel and Tourism Council (WTTC). Furthermore, it will unlock future opportunities to integrate with air taxi networks across the United Arab Emirates (UAE).

H.E Eng. Esmaeel Hasan Al Blooshi, Director General of RAKTA added: “This partnership marks a pivotal moment in our efforts to revolutionise transportation in Ras Al Khaimah. By introducing electric air mobility, we’re not just connecting tourists to our attractions, we’re forging a

sustainable path forward for our Emirate. This innovative project aligns perfectly with our commitment to enhancing accessibility while minimising our environmental impact. Together, we’re shaping a brighter, greener future for Ras Al Khaimah.”

H.E Raki Phillips, CEO of Ras Al Khaimah Tourism Development Authority, expressed his enthusiasm about the partnership, sharing, “The support we’ve received from the UAE government and Ras Al Khaimah authorities has been phenomenal, enabling us to innovate at an unprecedented scale and pace. In the next two years, we aim to build the infrastructure and facilities for an electric-powered transit system that will redefine the way tourists experience Ras Al Khaimah. This collaboration also perfectly aligns with our commitment to sustainable tourism.”

Duncan Walker, CEO and founder of Skyports, commented: “We are eager to join forces with the leading transport and tourism organisations in Ras Al Khaimah to launch electric air taxi services in the Emirate. This collaboration further underscores our commitment to providing the essential enabling infrastructure for zero-emission aviation across the UAE. We look forward to contributing our expertise to realise Ras Al Khaimah’s ambitious transport and tourism goals.”

How to Enjoy a Wonderful Summer in Spain?!

As the temperatures rise and longer daylight hours offer more opportunities for sightseeing, there really is nowhere better to spend the summer. A melting pot of fiestas, food, and hidden gems around every turn, the country offers a range of experiences beyond the classic tourist hotspots of Madrid, Barcelona, and Andalusia. For families, couples and solo travellers, the country offers a tantalising mix of diverse adventures.

For GCC tourists especially, rugged mountains, covetable Costas, desert-like regions, and two sets of beautiful islands – the Balearics and The Canaries, provide a playground for highly-cultural and indulgent holidays, and there is so much more to the country than many people realise.

To further develop its relationships in the GCC region, Turespaña – the Spanish tourism agency recently attended Arabian Travel Market (ATM) 2024. Here, Turespaña is delighted to share its top recommendations for a spectacular summer:

The best of the Balearics

The archipelago of The Balearic Islands sits off the eastern coast of Spain and is made up of Mallorca, Ibiza, Formentera, and Menorca. With mountain ranges perfect for cycling and hiking, boutique hotels set amongst lush gardens in the countryside, and rooftop cocktail bars in the city, you’ll want to explore every corner of Mallorca. Valldemossa, Soller, Pollença and Puerto Portals have all become much-loved holiday destinations by those looking for a luxurious break.

Alternatively, Ibiza or the ‘White Isle’ may be known for its nightclubs, sunsets and laid-back boho vibes, but it’s not all just parties and beaches. With sleepy villages, a UNESCO World Heritage town, plus biodiversity reserves, there’s a reason why it’s a favourite with holidaymakers of all ages. Formentera, with its magnificent coves and beaches, is a place where you’ll feel calm

and serene throughout your stay. Home to the biggest shipwreck in the whole of the Mediterranean, the Don Pedro, a cargo ship over 140 metres long, there are some spectacular diving and snorkelling sites. The seabed in Menorca is also a favourite for diving enthusiasts and above water you can enjoy sailing, windsurfing and water skiing. Beautiful countryside and crystal-clear waters make Menorca an attractive option for travellers who are looking to live the quiet life.

Spanish city breaks

Many people have enjoyed a city break in stylish Madrid or beautiful Barcelona, but not everyone knows about the hidden gems the country has to offer. Valencia is one of the best cities in the world for culture and is home to the City of Arts and Sciences – a unique space for exploring science, nature and the largest oceanarium in Europe. The Andalusian city of Seville is known for its palaces, tapas, flamenco dancing and wealth of museums and art galleries as well as its Arab heritage, while the historic city of Palma de Mallorca offers a slightly different experience. Ancient hidden courtyards, an impressive Cathedral and local festivals make it a must-visit city to add to your list. Several other spectacular cities can be addedincluding: Malaga, Zaragoza, Granada, Bilbao and Valladolid.

Luxury in Madrid

For an indulgent summer escape with your significant other, the capital of Spain is home to Michelin-starred restaurants, artisan shops and prestigious designer labels as well as five-star hotels including Four Seasons, The Madrid EDITION and the Mandarin Oriental Ritz. In 2022, the city also welcomed a premium icon with the introduction of the Galería Canalejas – a treasure trove of high-quality fashion, accessories, and jewellery brands, as well as a food hall offering tempting international cuisine. Find out more here.

Over 600 exceptional beach experiences

With almost 8,000 kilometres of coastline, Spain offers some of the best beaches in the world and the summer is a great time to travel to one. Experiences for your bucket list include: visiting the lighthouses in Galicia, diving on the Costa Brava, sailing the turquoise waters of the Balearic Islands and enjoying coves like Turqueta and Caló des Moro, watching the sunset over bays like the one in San Sebastián, taking in the atmosphere on the Costa del Sol or lying on volcanic beaches in the Canary Islands.

Halal experiences

Spain is a country that accommodates all religions, and many hotels can adapt to the needs of Muslim clients. Famous for its healthy Mediterranean diet, many of its recipes are based around vegetables and fish and are very close to Arab cuisine.

Certain products and services have the Halal Certification awarded by the Halal Institute, which guarantees that they meet the requirements demanded under Islamic law. This certification is particularly associated with food products but is increasingly being awarded to hotels, restaurants, cosmetic companies, Arab baths, etc

Peikko Gulf expands Ras Al Khaimah facility to boost construction manufacturing

Peikko Gulf, an international supplier of building materials, has expanded its Ras Al Khaimah facility by 40%, now covering nearly 23,000 m² and adding new machinery. This expansion aims to meet increasing market demands and handle larger projects in the region. Peikko Gulf, a subsidiary of Finland’s Peikko Group established in 1965, has been operating in Ras Al Khaimah since 2010, producing precast connections and DELTABEAM® for markets in the GCC, Middle East, Africa, and India.

Global Data’s analysis shows that the UAE’s construction market, valued at USD 94 billion in 2023, is expected to grow over 3% annually from 2025 to 2028, reaching over USD 133 billion by 2027. This growth suggests increased demand for building materials, providing opportunities for suppliers like Peikko.

Topi Paananen, CEO of Peikko Group, stated that the expansion marks a significant milestone, reflecting the company’s commitment to innovation and serving larger projects. Ras Al Khaimah’s strategic location has been key to their success, enabling effective market reach. With support from RAKEZ, Peikko is set to continue its growth, adapting to the evolving needs of the construction industry.

Dar Global partners with Aston Martin to deliver stunning beachfront residences in Ras Al Khaimah

Dar Global, a luxury real estate developer, has partnered with Aston Martin to create a high-end beachfront residential development on Al Marjan Island, Ras Al Khaimah. This is Aston Martin’s first real estate project in the GCC, following successes in the US and Japan. The $250 million project, featuring Aston Martin’s signature design, will be unveiled in May 2024 and completed by 2027, offering luxury living amidst natural coastal beauty and world-class amenities.

Sweid & Sweid announces completion of 6 Falak, meeting rising demand for sustainable, Grade-A commercial properties

Dubai-based real estate developer Sweid & Sweid has completed 6 Falak, a sustainable Grade-A commercial property in Dubai Internet City. The project, built to LEED-Gold standards, addresses the rising demand for eco-conscious office spaces, with prelease commitments exceeding 90%. Tenants include multinational corporations such as Roland Berger, Merck Sharp & Dohme, and IFS. The repurposing of an abandoned structure significantly reduced carbon emissions, reflecting a growing trend in Dubai’s real estate market. The Dubai Land Department reported a 34% increase in office space demand in 2023, driven by economic growth and business-friendly initiatives.

Jeep Adventure Takes Center Stage, Three Earn Wrangler Sahara at Gov Games 2024

Al-Futtaim Trading Enterprises Jeep participated in Gov Games 2024, held at Dubai Festival City, offering three Jeep Wrangler Sahara vehicles as prizes. The event, which drew over 17,000 spectators, featured the iconic Wrangler Sahara, renowned for its off-roading capabilities and customizable features. Three lucky winners, Ahmed Tarik Abdulrahman Mohamed Alameeri, Mohsin Alawi Alsati, and Allan Fortes, were selected through exclusive raffle draws. Gov Games, under

Inter Emirates Motors unveils the all-new MG 7 Luxury Sedan

Inter Emirates Motors, the exclusive distributor of MG cars in the UAE, launches the all-new MG 7 sedan, boasting sophistication, advanced technology, and performance features. Available with 1.5L or 2.0L Turbo petrol engines, the MG 7 promises an exhilarating driving experience. Prices start at 77,777 AED for the 1.5L engine and 107,000 AED for the 2.0L Turbo variant, offering remarkable value. Customers enjoy a generous 6-year/200,000 km manufacturer’s warranty for peace of mind. The interior features

Storm Eye integrated motorsport seats for ergonomic support, while top trim models offer luxury silk Napa leather seats with European textured piping and 6-way electric adjustments for personalized comfort.

the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, saw 194 teams from around the world competing across four categories, including a youth category, with a prize pool exceeding AED2.8 million.

The official handover ceremony for the brand-new Jeep Wrangler Sahara vehicles took place on March 19 at the Trading Enterprises Jeep showroom in Dubai Festival City. The ceremony was attended by distinguished guests, including Marco Melani, Managing Director of Trading Enterprises; Yousuf AlRaeesi, Director of Government Relations and HSSE at Al-Futtaim Automotive; and Marwan Bin Essa, Director of Gov Games. This event highlighted Al-Futtaim Trading Enterprises Jeep’s commitment to adventure and off-road enthusiasts, showcasing the Wrangler Sahara’s capabilities while rewarding participants with coveted prizes.

Hysek’s IO: Choice for Timepiece Connoisseurs!

Hysek’s IO 41mm Chronograph is the choice for lovers of exceptional timepieces. With an in-house movement and remarkable dials, it offers perfect readability and caters to a discerning clientele. Boasting 53 jewels, 42 hours power reserve, and other features, it epitomizes Hysek’s blend of contemporary style and technical prowess. The brand, known for its independence and creativity, has gained acclaim for avant-garde horology since establishing its Swiss manufacture in 2007.