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UAE’s Economic Progress: A Symbol to Follow



United Arab Emirates (UAE) has transformed into a regional trading hub of the Middle-East and is on a road to becoming a trading center of the world. It has grown into a business capital and is recognized as the wealthiest in the region with the GDP per capitaincome of $49500. UAE has managed to gain this position due to its enormous gas and oil reserves since UAE has the third largest gas and oil reserves of the OPEC. Previously, the UAE was highly dependent on oil and natural gas as it comprised 40% of total exports and 38% of GDP. However, efforts are being made to diversify the economy and reduce the dependency on oil revenues by investing in tourism, financial, and construction sectors. The diversification ofthe economy is rapidly becoming a success story and a role model for others to follow.

The UAE had a different medium for economic growth throughout the years. Until the 1930s, pearl fishing proved profitable but after the Great Depression and the invention of cultured pearls in Japan caused the Emirates’ pearl business to collapse. In the 1960s, oil replaced pearls as the medium of economic growth. The oil proved to be highly profitable and it altered the dynamics of the country and transformed it into one of the richest states in the world. Oil production attracted foreign investments and trade and allowed the UAE to fund the development of other sectors such as cement plants, food industry, and tourism.

Sheikh Mohammed bin Rashid al- Maktoum succeeded in 2006 with a vision in his mind which later changed the image of the UAE in the world. He is credited with the rapid economic expansion of Dubai in particular. In 2010 he launched the UAE vision of 2021 intending to make the UAE ‘one of the best countries in the world’ by 2021. He launched a number of major enterprises such as Emirates Airline, Jumeriah group, and DP world. His economic vision led to Dubai becoming a global city with free economic zones, technology parks, International Finance Centre, the Palm islands and the Burj Al Arab hotel. In 2016, the government announced a long-term planned to multi-diversify the economy of the UAE to attract businesses and investments in other sectors like knowledge-based industries than oil to reduce the dependency on the energy sector as a source of economic activity.


The UAE vision of 2021 is to be ‘one of the best countries in the world’ by 2021. Their aim is to be united in the notion of knowledge, prosperity, destiny and responsibility. The government of UAE has announced a plan through which they will introduce high quality global standard infrastructure, government services and recreational environments.This will help promote a business environment and lure foreign investments in the country.

Since the economy of the UAE is centered on international trade and financial services; it offers favorable tax conditions which have made UAE into a ‘tax haven’. The favorable tax condition is a result of the domination of the extractive sector, and a minimal bureaucratic burden which has made the running of businesses easier. This environment has fostered considerable foreign capital and investments from all over the world.

In order to implement this vision, the government put forward the strategy that would act as a benchmark for the federal entities to develop their strategic plans. The strategy was divided into 7 general principles. These are the following principles:-

  • To enhance the role of national entities in carrying out operative regulations and cohesive policies by successful planning and implementation.
  • To strengthen coordination and cooperation among national entities and the local government.
  • To focus primarily on delivering high class, customer based and integrated government services.
  • To invest in human resource sector and create new leaders.
  • To promote efficient resource management within the national entities and facilitate partnerships.
  • To create a strategic culture to promote uninterrupted performance improvement and produce excellent results
  • To ensure transparence in order to enhance the accountability mechanisms of the government throughout the federal entities.

These steps have encouraged the change in the economic environment of the UAE and have facilitated the growth of UAE into the second largest economy in the Arab gulf with the fastest expanding economies of the world. In the past 40 years, UAE’s GDP has increased exponentially from $6.5 billion in 1971 to a whopping amount of $1248 billion in 2011. It accounted for 192x increase in Dubai’s GDP per capita which has increased from 100,000 dirhams (1975) to 174,000 dirhams (2011). This excellent success prompted international organizations, to name Dubai along with China, Turkey, India, Singapore, Russia, Malaysia and Brazil, among the world’s top emerging markets.

According to local and international estimates, steady economic growth has not resulted solely from energy output and oil exports, it has resulted from diversifying income streams and reducing oil dependence. Moreover, according to recent oil contribution figures, GDP has fallen from 70% in 1971 to 29% in 2010. This approach portrays the country’s significant economic achievement as it highlights a big contribution to the national economy’s stability. The recent report published by IMF shows that GDP growth of UAE will raise from 3.3% in 2011 to 3.8% in 2012.

To further capitalize the environment of UAE, the government made the protection of environment a priority of its government developmental strategy. Agriculture was also extensively discussed by the UAE government, and given the question of scarcity and desertification the government was successful in achieving goals. The key target for agriculture sector development and growth was the provision of food to the local economy. It is because the government finds it an aspect of national security. Similarly, the industrial sector has boomed considerably in the recent years with investments in this sector in 2010 amounting to DH101.12 billion (IMF). Nearly 4960 industries have been developed which created employment opportunities for the youth. It clearly demonstrates the federal and local government’s vision of improving and expanding the Industrial market.

UAE has managed to create a modern infrastructure which meets the requirements of the business world and their people likewise. The infrastructure includes not only highways, power and bridges but also transcends open, specialized and economic zones. The free zones are more than 30 in size, and are widely spread across the emirates. .The Abu Dhabi and Dubai real estate industry significantly contributed to the country’s transformation. In these states, the real estate has been referred to as the world-renowned with its contemporary concepts and designs.

Over the years even, the tourism sector has grown tremendously. In 2010, the number of tourist visiting reached over a 10 million. The influx of private and foreign investments has contributed majorly to the development of the tourist sector. In the last 10 years, 47 billion dirhams investment went into the tourism sector. A report published by IMF in 201, ranked the Dubai airport as the fourth best Airport in the world.

Moving towards the foreign trade, it accounts for 70% of UAE’s GDP. The country has a broad network of trading partners all over the world and they all enjoy bilateral trade relations. International trade is expected to rise by more than 25 per cent after 2011, due to significant changes in the UAE’s (Trade) economic climate. The UAE is among the world’s biggest exporters and importers with $235 billion in exports and $170 billion in imports. The exports contribute to 2% of the total world exports while the imports accounts for 1.4% of the total world imports.

Furthermore, the financial services sector of UAE has seen rapid growth as well. This was facilitated by the commercial and specialized banks of the UAE which played an important role in sponsoring economic activity and commerce in the country. There are 51 banks in the country including 23 national banks. Another contributing factor is the establishment of the financialmarketswhich havemobilized domestic savings. The Dubai Internationalfinancial market has become a free economic zones for the markets in the Middle East.

Another important step taken by the government was the e-government project. It was an attempt to promote electronic payment method for accessing federal government services. This encourages the local level entities to start e-services as well which proved to be time efficient andcost efficient.The e-government strategy helped maximize the efficiency of the UAE by the provision of world class practices in all the areas of E-government. The strategic plan was further sub-divided into 3 parts: E-services, E-readiness and ICT environment. The E-government proved to be a successful gamble and is now operating on local levels as well.

Likewise, The E-Commerce is responsible for overseeing the implementation of the UAE e-commerce law and certification services. It promotes adherence to the laws and regulations that allow safe and secure e-commerce transactions. The ultimate goal and mission of the E-commerce department is to promote economic development and technological advancement and innovation within the defined limits of a regulatory e-commerce regime that is fully in line with global standards. It also aims to create a regulatory and licensing framework that will be responsible for providing optimum development and fostering innovation, growth, competitiveness and significant investment in UAE ICT and the ecommerce sector, by adopting best global practices and standards while reacting to market needs and local consumers.


After the completion of major objectives of the UAE’s economic vison plan of 2021, the government has launched another economic vision plan for 2030 in which they hope to achieve sustainable development goals (SDGs). The first initiative was started in 2016 which the introduction of the Dubai 3D Printing Strategy. The goal of this strategy is to establish the image of the UAE as the leading hub of 3D printing technology by the year 2030 by ensuring that 25% buildings in Dubai would be based on 3D printing technology by 2030.

Moreover, Dubai Industrial Strategy is launched to elevate Dubai into a global hub for knowledge-based, sustainable and innovation-focused businesses. The primary aim is to increase the total output and of the manufacturing sector by through innovation in order to make Dubai a manufacturing platform for global businesses and create an environmentally friendly and energy-efficient center for the global Islamic products market. This will help create additional revenue of AED 160 billion by 2030.

Dubai Autonomous Transportation Strategy aims to revolutionize the transportation sector to autonomous mode by 2030. This will generate AED 22 billion by reducing the transportation costs by 44%, carbon emissions, and enhancing the efficiency of individuals while saving time wasted in conventional transportation. The government has also started Abu Dhabi Transportation Mobility Management Strategy which will encourage the use of sustainable modes of transport and reduce traffic jams.

Abu Dhabi government has developed an environmental vision 2030 to ensure integration among the three pillars of sustainability: environmental, economic and social vision. This seeks to protect and improve the natural heritage of Abu Dhabi in the efficient use of resources and lead to a better quality of life for everyone. The top priority of its plan is to minimize the impact of climate change, reduce water and air pollution to ensure healthy living standards and preserve the bio-diversity and habitats of animals.

The Government of Abu Dhabi announced an economic plan for the transformation of the emirate’s economy. The plan aims to further reduce the reliance on the oil sector as a source of economic activity and a greater focus on knowledge-based industries in the future. It aims to achieve this goal by building an efficient and effective globally integrated business environment, manage levels of inflation, support the labor market and enhance their skills.

Moreover, UAE has begun the construction of the largest single-site solar park in the world, The Mohammed bin Rashid Al Maktoum Solar Park. It is estimated to generate 1,000 Mega Watt by 2020 and 5,000 MW by 2030. The project aims to build the world’s tallest solar tower, measuring 260m. This project was originally started under the Dubai Clean Energy Strategy 2050 to promote the use of clean energy in Dubai’s total power output to 7% by 2020, 25% by 2030 and 75% by 2050.


The recent developments and achievements of the UAE has transformed it into a leading country in the world with constant innovations and increased international trade.It has managed to reduce the dependency on the energy sector considerably by investing heavily in manufacturing, tourism, IT sector. The UAE Economic Vision Plan 2021 and Abu Dhabi Economic Vision plan 2030 will further elevate the international standing of the UAE in the global politics as the leading economic country in the world.

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United World of Job Seekers and Job Creators Will Boost Recovery



painting by Byron Anway

Why is there so much disconnect between entrepreneurial thinking and bureaucratic thinking? Has the world of education, certification, occupation divided us, have the organizational structures slotted us so wrongly, have the populace fragmented us and now our combined talents and productive mindsets are all going astray.  Why is technology confronting us on mindset issues, forcing us to stand up together to face post-pandemic recovery to deliver real productivity results? Can we review factors and try to come together towards rapid progress, fix and advance?

As an overview, across the world, people always struggle hard to acquire special skills and qualifications to pursue their desired goals, some end up as job seekers and some as job creators, but both types equally work hard, build economies, and create prosperity. However, it is extremely important to face this fact; “Job-Seekers” help build an organization while “Job-Creators” develop the real cause to create that organization in the first place. Study what the last 100 earth shattering entrepreneurs across the world did or observe some 100 small and medium businesses right in your own backyards, on exactly what they are doing.

As the post-pandemic recovery world morphs towards entrepreneurialism, this critical difference of mindsets now demands deeper understanding amongst the economic development leadership of nations and their multi-layered complexities of their management teams. After all bureaucracies and economic growth agencies are primarily highly-qualified job seekers themselves, but now facing establishing a “job-creator” economic thinking, therefore facing a new national agenda as if a chess game, where moving pieces randomly is not the game, strategic command on movement of each piece is victory. The brutality of the message is now exposed as wide-open global debate because post pandemic recovery will take no prisoners.

To create an army of job-creators, academia is not the solution; academic mindset on tackling entrepreneurialism is like scratching and sniffing from old case studies on famous job-creators, telling those stories as if their own, throwing in their own analysis to claim some belonging and highlighting the entrepreneurial errors and mistakes as their own special victories.  Always, never admitting the facts that it took special temperaments, zeal for venture, out of box thinking and guts to make those crazy moves while everyone else laughed, however, universities always tabling their own new improved strategies as the real correct and right way. Therefore, how many armies of Steve Jobs alike if they ever created, you decide. Business education is unnecessarily far too expensive and too disconnected. Know the fine differences in order to reshape economic progress.

Entrepreneurialism is neither academia born nor academic centric. However, observe how entrepreneurs always attract other mindsets and academia to join to carry out specials tasks, in comparisons where other mindsets will apply extreme reluctance to allow inviting entrepreneurial mindset in fear to exposure of their own business knowledge limits or facing any criticism by someone without any institutionalized certification center staging as a solo free thinker. Imagine how much laughter persisted what opposition created for entrepreneurs on their earth shattering ideas, from razor blade to treadmill or from bulb to mobile phone. 

This time around, on the line are the entire global business models of economic productivity, performance and profitability, juxtaposed with climate change and sustainability where ‘worklessness’ of the future and digitization will place the world upside down. Get ready for a war of mindsets. Critical thinking and lifelong learning will save occupationalism. The absence of the long awaited fourth industrial revolution is proof that unless mindsets are aligned we are going backwards.

Today, economies trapped, digitization stalled, small business crushed and middle class destroyed is the new post pandemic world. Unless such mindset differences are understood, the tug of war of creating powerful economies with entrepreneurial flavor will fail. Provided there is open mindedness, alliances with job-creator mindset will assist jobseeker centric bureaucracies currently surrounded by monstrous challenges allow immediate implementation of deployment ready solutions for national mobilization of entrepreneurialism to uplift midsize business economies.

Today, the majority of nations would like to save by shrinking their highly paid public service staff with hopes to transform them into an entrepreneurial mindset to become producers of goods and services and add to the local economic landscapes. However, despites funds available in some nations still no success as such narratives strangled by job seeker bureaucracies already closed the doors.

Just look around, nation-by-nation, why are their problems so similar, solutions so identical? Is this because the differences hidden between leadership styles committed as nation-builders or as nation-sellers?  Is it because jobseekers have already peaked on the pyramids of power, now at the top of the heap, their respective levels of incompetence make them unfunctional to grasp the new challenges and missing greatest market opportunities. The fact is with so many new and repeated elections, so many New Cabinet Changes and appointments, unless root cause issues brought into open, the local-global fiscal propositions keep sinking. 

Out there, somehow there is a global rise on mobilization of entrepreneurialism, the fact that world is starving at local grassroots prosperity levels, hungry at midsize economy level but gluttonized and partying in vomitoriums at the very untouchable top levels, nevertheless, the new awareness is cross-fertilizing at rapid speed. The whispers, murmurs, the trembling of the messages are still inaudible to the top leaders but a good positive change in the air. 

Recommendations: What will it take for the national economic development leadership along with all affiliated trade groups and agencies to open up to critical analysis of policies and development programs evaluated from new perspectives of entrepreneurial mindsets? What would it take such agencies to have some permanent authoritative and proven entrepreneurial representation of continuous dialogue to improve and adjust? What would it take to create high-level selective immersions of jobseekers’ mindsets to come closer to job-creator mindsets to combine talents and achieve extraordinary results in the marketplace? What will it take to have some closed, open, or national level debates to bring talents and ideas together as a national agenda? What will it take to apply the similar approach of Truth and Reconciliation, after all the damage to grassroots prosperity now visible from space. Time has come to bring our minds closer and not disperse them as conflicting enemies.

The day has arrived to face the change.  All mindsets are good but appreciating the difference and their respective strengths for special outcomes are critical. Working all like a team of various experts in a mutual goal is a huge victory. If during the last two years, such topics during pandemic recovery were never on your boardroom table, and mindset selection criteria never applied to determine the outcomes, you may be in a job-seekers centric enclave. Possibly, in deep silence already slotted in a wrong organization, should you now hastily leave the building? Should you help them? In any case, no further proof required. The future of pandemic economic recovery now demands a job-creator mindset. Select your mindset of your choice, acquire and add mastery as a prerequisite, and advance to newer heights.

The rest is easy  

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Sustainable Agriculture in Modern Society



Now everybody is seeing the world is changing fast in this 21st century and many industries and modern buildings are also developing all over the world. But the land areas for farming are becoming narrower and narrower. Moreover, the global population is increasing rapidly and the earth becomes a crowded planet. But the younger people who are interested in agriculture are becoming less and less. There might be some young people who even think that they get foods from grocery stores because the younger generation are used to buy many kinds of ready-made foods such as fruits and vegetables easily from supermarkets. Recently, in the developed countries, the average age of many farmers is over 50 years old and the numbers of young farmers are decreasing. The shortage of young farmers can become a crisis in the future of the developed world.

In modern days, most young adults cannot see the difficult lives of farmers beyond the curtain. The farmers have to pass their whole life through a tough living in farming and sell their products at very low profit to many profiteering companies because they don’t have much choices. It is a sad story for farmers but truly happening in these modern days.

Today I would like to point out that we should not forget the role of agriculture which is very fundamental and essential for building a nation. Farming is an age-old profession that supported the settlement of human beings for thousands of years to survive on this planet. Agriculture is very important for the development of a nation because it provides the trading and employment, supply the foods and textiles and that can lead to the rise in gross domestic product (GDP) of a nation. Agriculture plays a crucial role in economy of a developing nation where majority of population is in rural areas and agriculture is the main source of job in many underdeveloped areas. Many families in developing countries live depending on farming for their livelihood. So, it can be even said that developing agriculture is an important step to reduce poverty and hunger in many developing countries. Agriculture support nutrients rich foods that are essential requirements for our healthy life because nutrients rich foods provide energy for our body, essential nutrients for our vital organs such as brain and heart etc, and enhance our immune system. So, agriculture is necessary for a flourishing and joyful life of human being.

Especially let’s see my home country, as data from Food and agriculture organization (FAO) of the United Nations, “The agriculture supports 37.8 % of gross domestic product of Myanmar, contributed to 25-30% of total export earnings and employs 70 % of the labour force”. Humans cannot survive without agriculture. When there is no more agriculture, it will end with starvation and collapse in economy. It will cause a serious failure in modern civilization.

Nowadays, modern farming is largely evolved into industrial agriculture where many kinds of chemical fertilizers are being used to induce massive production. Industrial agriculture is beneficial to economic development because it can cause the crops growing faster than in the traditional agriculture. The industrial agriculture can provide more enough foods for growing population in modern civilization. However, it is not sustainable because it cannot protect the benefits of the society and our green planet in the long run. Chemicals used in agriculture are destroying the soil where is left with damaged soil fertility and this area can’t be reused in the future. This is a huge affect to sustainability of our green environment.

Modern agriculture has many issues related to water scarcity, soil erosion, climate changes and etc. To be sustainable in agriculture, we must focus on solutions of these issues. The sustainable agriculture will focus on three bottom lines that is environmental, economical and social.

The sustainable agriculture involves many practices such as using the organic fertilizers in farming, growing drought resistant crops, breeding biodiversity in farms, modified irrigation systems and others. Sustainable agriculture is more suitable to practice for the future of the green earth than industrial agriculture. It is very important to promote awareness of sustainable agriculture and issues related to environmentally toxic practices in agricultures among local farmers. And I believe that it can cause many advantages for economic development if farmers can work systematically with sustainable practices in their farming and the local authority can provide farmers with more technological skills and lending some funding to practice sustainable ways in agriculture. With the willingness to participate for environmental heath at the enough profit for incomes of daily living life, I hope famers will become socially responsible persons.

And another one more point, in this digitalization era, we should certainly apply digital technologies in sustainable agriculture. By developing digital farming, it will help farmers to get easier access to source of many information related to agricultural practices. Government in developing countries should support to develop digital farming as rapidly as possible for the poor farmers to get proper profits and to work in environmentally friendly practices. Since poor countries already have enough labour force, they just need many financial aid and technology supports to grow into sustainable agriculture.

I believe that it is a responsibility for our humans that we should not forget something that had supported our existence on this earth. We should work out for development of traditional agriculture into modern agriculture with the best sustainable ways. As being a part of this society, we must help each other, we must protect the sustainability of this green earth, Biodiversity and this is also beneficial for long-term existence of our human beings on this earth. Let me end this talk by suggesting everyone to promote sustainable agriculture in your surrounding local farming.

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The Blazing Revival of Bitcoin: BITO ETF Debuts as the Second-Highest Traded Fund



It seems like bitcoin is as resilient as a relentless pandemic: persistent and refusing to stay down. Not long ago, the crypto-giant lost more than half of its valuation in the aftermath of a brutal crackdown by China. Coupled with pessimism reflected by influencers like Elon Musk, the bitcoin plummeted from the all-time high valuation of $64,888.99 to flirt around the $30,000 mark in mere weeks. However, over the course of the last four months, the behemoth of the crypto-market gradually climbed to reclaim its supremacy. Today, weaving through national acceptance to market recognition, bitcoin could be the gateway to normalizing the elusive crypto-world in the traditional global markets: particularly the United States.

The recent bullish development is the launch of the ProShares Bitcoin Strategy ETF – the first Bitcoin-linked exchange-traded fund – on the New York Stock Exchange. Trading under the ticker BITO, the Bitcoin ETF welcomed a robust trading day: rising 4.9% to $41.94. According to the data compiled by Bloomberg, BITO’s debut marked it as the second-highest traded fund, behind BlackRock’s Carbon fund, for the first day of trading. With a turnover of almost $1 billion, the listing of BITO highlighted the demand for reliable investment in bitcoin in the US market. According to estimates on Tuesday, More than 24 million shares changed hands while BITO was one of the most-bought assets on Fidelity’s platform with more than 8,800 buy orders.

The bitcoin continued to rally, cruising over the lucrative launch of BITO. The digital currency rose to $64,309.33 on Tuesday: less than 1% below the all-time high valuation. In hindsight, the recovery seems commendable. The growing acceptance, albeit, has far more consequential attributes. The cardinal benefit is apparent: evidence of gradual acceptance by regulators. “The launch of ProShares’ bitcoin ETF on the NYSE provides the validation that some investors need to consider adding BTC to their portfolio,” stated Hong Fang, CEO of Okcoin. In simpler terms, not only would the listing allow relief to the crypto loyalists (solidifying their belief in the currency), but it would also embolden investors on the sidelines who have long been deterred by regulatory uncertainty. Thus, bringing larger, more rooted institutional investors into the crypto market: along with a surge of capital.

However, the surging acceptance may be diluting the rudimentary phenomenon of bitcoin. While retail investors would continue to participate in the notorious game of speculation via trading bitcoin, the opportunity to gain indirect exposure to bitcoin could divert the risk-averse investors. It means many loyalists could retract and direct towards BITO and other imminent bitcoin-linked ETFs instead of setting up a digital custodianship. Ultimately, it boils down to Bitcoin ETFs being managed by third parties instead of the investor: relenting control to a centralized figure. Moreover, with growing scrutiny under the eye of SECP, the steps vaguely intimate a transition to harness the market instead of liberalizing it: quiet oxymoronic to the entire decentralized model of cryptocurrencies.

Nonetheless, the listing of BITO is an optimistic development that would draw skeptics to at least observe the rampant popularity of the asset class. While the options on BITO are expected to begin trading on the NYSE Arca Options and NYSE American Options exchanges on Wednesday, other futures-based Bitcoin ETFs are on the cards. The surging popularity (and reluctant acceptance) amid tightening regulation could prove a turn of an era for the US capital markets. However, as some critics have cited, BITO is not a spot-based ETF and is instead linked to futures contracts. Thus, the restrain is still present as the regulators do not want a repeat of the financial crisis. Nevertheless, bitcoin has proved its deterrence in the face of skepticism. And if the BITO launch is to be marveled at, then the regulations are bound to adapt to the revolution that is unraveling in the modern financial reality.

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