This article is part of a series on academic freedom where leading academics from around the world write on the state of free speech and inquiry in their region.
Last year I was imprisoned for nearly seven months in the United Arab Emirates (UAE). I was held predominantly in solitary confinement, endured heavy interrogations, with my human rights violated on a daily basis.
During my imprisonment, I was force fed drugs, battled depression and thoughts of self-harm. Later, having endured nearly half a year of isolation and mistreatment, I wrestled with thoughts of suicide.
Eventually, in a trial lacking all due process and disregard for international legal standards, I was handed a life sentence. My crime? Undertaking academic research for my doctoral thesis.
My research examines the evolving national security strategy of the UAE, and my knowledge has evolved from years of professional work and research in the UAE and the wider Middle East and North Africa.
I had no reservations about conducting research in the UAE. And I underwent a rigorous ethical and fieldwork assessment and was sure to follow established protocols before and during my trip.
I complied with the university’s requirement to remove all Emirati research subjects as it was assessed that these nationals would not be safe nor trusted when engaging in security-related academic research. And I was happy to go along with the university and the third-party risk firm employed to assess any other risks for researchers travelling overseas. But unfortunately, as my experience proved, this was simply not enough to protect me or my integrity as an academic.
A vulnerable position
It became clear there was a lack of understanding by the Emirati authorities about what a legitimate academic is, and about how research is carried out. Standard actions needed to complete field research – such as interviewing sources, researching books, articles and maps along with taking notes – were very quickly taken out of context and distorted by the UAE security authorities. I routinely battled to explain how information cited in my thesis was referenced from publicly available academic books and not from “secret intelligence sources” as the interrogators would often claim.
Following my release, I have had the opportunity to reflect upon my experience. I have also been lucky to travel to academic institutions in the UK and US to discuss the ramifications of my experience upon academic research.
When discussing how academic fieldwork actually works, my main observation has been that beyond the academic community, there is a very limited understanding of what academic research actually consists of. As such, there is little understanding of the risks it entails.
This leaves academics engaging in fieldwork research in a particularly vulnerable position. It can even lead to a situation, like in my case, where their integrity and legitimacy as an academic is under question.
Indeed, I believe that this lack of information on academic practice exacerbated my situation. Trying to speak reason to the authorities holding me captive, and to those with the power to intervene diplomatically and politically on my behalf, went nowhere. And baseless accusations cast a shadow of doubt upon the legitimacy of my work.
Safety and security
For researchers and academics at all levels, the problem of misinformation has consequences extending to the very institutions to which they are affiliated. My experience demonstrates how bureaucracy-led universities are not equipping their students and staff with the appropriate skills and competencies needed to undertake their job in today’s world. Ultimately, effective instructions for fieldwork safety and security are lacking. Furthermore, as the technical capabilities of many states improve, there is an increased risk of deployed researchers falling victim to surveillance and unjust prosecution.
Another issue widely under-reported is that while researchers may be somewhat supported by their university, their human subjects are not. This leaves many academics, including myself, questioning whether it’s even possible or ethical to engage in fieldwork in the current age.
Having heard testimony from academics with diverse research backgrounds, it is abundantly clear that my experience was not isolated. Hundreds of scholars around the world are targeted and prosecuted for their research. Yet, while their cases are of great concern within the academic community, they continue to rest dormant in the public eye, the political arena and higher education boards.
If academics and universities are to continue to contribute to the generation of knowledge, then research practice and its risks must be acknowledged and respected. The freedom to research is paramount for knowledge creation. And if it is not protected, we risk being accomplices to those who wish to silence us.
Despite or in spite of the far from peaceful happenings in one of the four corners of the Arabian peninsula, life carries on unperturbed elsewhere and the following is about what is happening in the opposite corner, i.e.:
ABU DHABI, September 15, 2019 — In the vast air-conditioned halls of an Abu Dhabi conference centre, the world’s much-vaunted transition to clean energy is the buzzword in sessions of a top industry gathering.
But many executives and officials from oil-dependent Gulf states insist that while the change to renewables is essential, fossil fuels remain the future at least for the next few decades, despite the urgent need to fight climate change.
The debate has taken centre stage at this week’s World Energy Congress, with many officials calling for accelerating the process of moving to clean power sources and minimising carbon emissions.
Speakers addressed issues like the role of nuclear, hydrogen gas and other non-conventional sources of energy as a replacement for fossil fuels which currently account for over three-quarters of the world’s energy consumption.
However, delegates from oil-producing countries and particularly those in the Gulf argued that although the transition to clean energy sources must be supported, they will not be able to meet rising demand any time soon.
“For decades to come the world will still rely on oil and gas as the majority source of energy,” said the head of Abu Dhabi Oil Co. Jaber Sultan.
“About $11 trillion of investment in oil and gas is needed to keep up with current projected demand,” over the next two decades, he told the congress which was attended by representatives of 150 nations and over 400 CEOs.
Energy from increasingly competitive renewable sources has quadrupled globally in just a decade, but insatiable demand for energy particularly from developing economies saw power sector emissions rise 10 per cent, a UN report said last week.
“All energy transitions — including this one — take decades, with many challenges along the road,” the CEO of Saudi energy giant Aramco, Amin Nasser, said at the conference.
Nasser said his country supports the growing contribution of alternatives, but criticised policies adopted by many governments that do not consider “the long-term nature of our business and the need for orderly transition”.
Addicted to oil
Oil is still the lifeline for the Gulf states, contributing at least 70 per cent of national revenues across the region which has been cushioned by decades of immense profits from the flow of “black gold”.
Gulf nations have invested tens of billions of dollars in clean energy projects, mainly in solar and nuclear.
Dubai has launched the world’s largest solar energy project, with a price tag of $13.6 billion and the capacity to satisfy a quarter of the energy-hungry emirate’s current needs when it comes online in 2030.
But critics say the addiction to oil is a tough one to kick, particularly when supplies remain abundant and the massive investment in infrastructure necessary to switch to renewables is daunting.
“A global shift from dirty fossil fuel to renewable energy is economically, technically and technologically feasible… All that is missing is political will!” said Julien Jreissati from Greenpeace in the Middle East.
He said while the United Arab Emirates has put plans into action, “Saudi Arabia which has always made big announcements regarding their renewable energy ambitions is lagging behind as their projects and targets remain ink on paper.’
“There is no doubt that the world will leave oil behind. The only question remaining is when will this happen?”
Despite important technological advances made in the past decade, renewable energy sources still make up just around 18 per cent and nuclear adds another 6 per cent of the world’s energy mix.
In the past decade, the adoption of wind and solar energy picked up rapidly as the production cost plummeted to levels close to that of oil and gas.
But the Abu Dhabi conference saw calls for accelerated innovation and “disruptive” technology to speed the transition as the world prepares for global energy demand to peak between 2020 and 2025, according to the World Energy Council.
Estonian President Kersti Kaljulaid said that sustainable and environmentally friendly energy practices must be aligned with national and global economic policies in order to have the required impact.
“It makes more economic sense to apply all green technologies globally, and if this happens we might go to being CO2-free energy users 5 or 10 or 20 years quicker,” she told the conference.
“I prefer that market forces, pushed by smart policymaking and legal space-setting, act quickly and save us all from the alternative.”
ABU DHABI — The United Arab Emirates has successfully delivered its central objectives for the first UN-Habitat assembly in the Kenyan capital Nairobi on May 27-30 and convened all UN Member States, as the world’s highest-level decision-making body on sustainable urbanization.
A delegation headed by Mohamed Al Khadar, Executive Director Strategic Affairs of the Department of Urban Planning and Municipalities (DPM), outlined 12 priorities identified for sustainable urbanization in the MENA region to United Nations Member States. These priorities were crowdsourced from the recent Pan-Arab Urban Development Symposium (PAUDS) held in Abu Dhabi. Classified in three categories corresponding to each of the four pillars – Economy, Environment, Society and Culture, these will form the basis for the UAE program at the 10th World Urban Forum (WUF10), which will be conducted in Abu Dhabi in February 2020.
Al Khadar said “the UN-Habitat Assembly provided a unique opportunity for Abu Dhabi to advance the UAE’s agenda for the upcoming World Urban Forum. Through our work at this event, we aimed to underpin WUF10’s goal to be an open platform for partnerships and new initiatives in representation of our best minds. To advance to more sustainable urban models we are convinced that we need to identify new ways of working together, breaking down silo mindsets, and promoting transformative working methods. What better way to do that than to open up the conversation to fresh and creative thinking as we did at PAUDS, and we are happy to have continued this momentum with the brilliant collection of minds at UN-Habitat.”
Also carried out was a reception event which promoted WUF2020 within UN Family and Ambassadors. This included a gala dinner and outlined WUF10 in greater detail to interested delegates.
The UAE Ambassador to Kenya Khalid Khalifa Abdullah Rashid Al Mu’alla said “the UAE global leadership in international diplomacy finds its manifestation in the implementation of the 2030 agenda and our success in leading global implementation of SDGs and assisting others in doing so. WUF10 is an opportunity for the UAE to develop methodologies that can be shared and replicated in other countries in the region”.
The UN-Habitat Assembly carried the theme ‘Innovation for a Better Quality of Life in Cities and Communities – Accelerated Implementation of the New Urban Agenda towards achievement of the Sustainable Development Goals’. The event will bring together urban practitioners and experts, national, regional and local governments, academia, civil society and the private sector. All are brought together with a shared focus on innovative urbanization and to provide solutions for a better quality of life in cities and communities.
The UN-Habitat Assembly is the United Nations’ focal point for sustainable urbanization and human settlements development. This event will adopt global norms and policies that will guide how cities and communities are planned, managed and governed. It will also determine the strategic priorities for accelerating implementation of the New Urban Agenda to achieve the Sustainable Development Goals for the next six years, through UN-Habitat’s Strategic Plan (2020-2025).
WUF10 will take place in Abu Dhabi in February 2020, convened by UN-Habitat and jointly organized with the Abu Dhabi Department of Urban Planning and Municipalities. The Forum will provide a platform to discuss 21st century city planning within a context of rapid development with specific cultural and demographic considerations. WUF10 will showcase the Abu Dhabi Plan, through which the city aims to realize its long-term sustainable development vision. This blueprint will advance concrete achievements that position the Emirate as a benchmark, in a region with one of the fastest urbanization rates on the globe.
Established in 2001, WUF is the world’s premier gathering on urban issues. The Forum examines the impact of rapid urbanization and its implications for social, economic and environmental policies in communities, cities and towns. — SG
Entrepreneur Middle East‘s Education Tech published this fantastic story on May 14, 2019, on a certain Hadi Partovi who “Having built (and funded) great startups, this entrepreneur and investor opens up on his mission to teach kids how to code.“
Sitting in a corner of The Third Line Gallery in Dubai’s arts district of Al Serkal Avenue, Hadi Partovi, a tech entrepreneur and angel investor known for his early bets on Facebook, Dropbox, Airbnb, and Uber, is quietly tapping away on his laptop prior to an invite-only fireside chat organized by VentureSouq, a Dubai-based early-stage equity funding platform.
He is here, wearing his signature baseball cap, to present Code.org, a Seattle-based education non-profit dedicated to expanding access to computer science in schools around the world, of which he is the founder and CEO. The main reason for founding this global social-impact initiative is his belief that mastering computer science is no less than a life-giving skill.
Sonia Weymuller, Founding Partner of VentureSouq, introducing Hadi Partovi at a VSQ Talks event at The Third Line Gallery in Dubai.
Yet, before we expand on that, I decide to focus on his approach to investing in early-stage tech startups, knowing that I will hear something different from a phrase that gets thrown around by every startup investor out there: “I invest in people, not ideas.” Partovi also has a people-first investment philosophy; however, not only can he specifically point out to what “investing in people” actually means for him, but he can even measure it.
The Partovi twins, Hadi and his brother Ali, currently the founder and CEO of Neo, a community of young engineers and the world’s top programmers, were jointly investing in startup founders for 17 years (since 2018, they have decided to focus on individual investments), but only in those who passed their coding test. It started with the founders of Dropbox, Partovi explains. “The best tech companies don’t hire a single technical person without putting them through a lot of tests, so why would an investor consider giving hundreds of thousands of dollars without even one test to show that they can do something?” he says. “Most VCs don’t do this because they themselves don’t know the technology, so they just think whether they like the idea or not, and they just take it for granted that a person can do it. If you look at the companies that have succeeded, the idea often isn’t unique, it’s the execution.” He points out that Google was not the first search engine company, Facebook was not the first social networking platform, and Microsoft was not the first company building an operating system- but what set all three of them apart was having the strongest engineers on board.
The Partovi brothers know this from their own entrepreneurial experience. Partovi may come across as being humble, quiet, and almost reticent, but he is a man who was part of the team that founded and sold Tellme Networks, a voice recognition software developer, to Microsoft for US$800 million in 2007. A decade earlier, in 1998, Ali Partovi was a co-founder of LinkExchange, an internet advertising company, that also got acquired by Microsoft for $265 million. The brothers’ website has a page listing their 34 ongoing investments, which include Airbnb, Classpass, and Uber, and 23 successful exits: Dropbox (IPO), Facebook (IPO), and Zappos (acquired by Amazon), to name just a few. If you scroll down this page, you will also find a list of 10 of their unsuccessful investments, and Partovi is open to say that there had been a few bruises before the brothers developed their investment muscle. “I did invest in a bad idea when I liked the person, but if I look at all my investments, the worst ones were the cases where I liked the idea but I didn’t like the entrepreneur, and also there are investment decisions that I chose not to invest even though I liked the entrepreneur,” he says. “And, I’ve made other mistakes too, such as when one of my college classmates wrote to me in 1998, saying that he had just joined a group of friends from his graduate program to start a company, and he was like, ‘They are the smartest people I know.’ I remember thinking that nobody needs another search engine, and that I wouldn’t invest in this company, that he was just the first employee, and that it was going to be a complete failure. Turned out that the company was Google, and he was their first employee and the Chief Technology Officer. He was also in the top of my class in computer science at Harvard. So, if I could go back and invest in all the best computer scientists I had graduated with, I would have made a lot more money, although I have done well, but I wouldn’t have missed the opportunities like this one.”
A key element of his stressing the importance of the engineering talent is that it was a key factor in how the Partovi brothers came to be where they are today. Born in Tehran, Iran, the twins taught themselves to code on a Commodore 64, which has fueled their passion for programming ever since. The family fled to the US in 1984, following the Iranian Revolution in 1979. Upon earning a master’s degree in computer science from Harvard University, Hadi Partovi rose up the executive ranks at Microsoft, before he went about launching his own startups. And now, he believes that every young person around the world deserves to be propelled forward in life by learning this specific skill. “This is a story about opportunity, and how we can expand who has access to that opportunity, what the jobs of the future will look like, and how we can ensure that everyone gets an opportunity,” Partovi says, on why he advocates computer science training, and why Code.org provides coding curriculum for schools around the country. “In the world of accelerating technological change, the most important thing everybody can learn is how to adapt to new technology. Many schools teach technology, but they teach kids how to use it, whereas we want to teach them how to create technology. And learning to create technology is important, not only because it leads to an opportunity, and not only because of the future of the job market, but because for kids, it’s fun and it teaches them creativity. Creativity is such a natural human desire, something that drives adults, and especially youth, but it doesn’t really exist in the school system.”
Since launching in 2013, Code.org has created the most broadly used curriculum platform for K-12 computer science in the United States. Its computer science classes have reached 30% of American students, while its Hour of Code initiative, a global campaign offering a one-hour introduction to computer science, has reached 10% of students around the world. Furthermore, the Code.org team informs that the nonprofit has more than 100 international partners and supports 63 languages in 180+ countries, with students having created 35 million projects on the platform. Importantly, they also state that 48% of Code.org students are underrepresented minorities. In addition to all of this, Partovi is a firm believer that among the future codingskilled founders tackling the world’s biggest problems, we will see many more women than today. According to a teacher survey by Code.org, 46% of users on the company’s Code.org Studio are female. “There is a misconception that this is for boys not for girls, which is totally not true,” Partovi says. “When girls reach 13 or 14, and if they haven’t tried computer science yet, there are too many other things to do and a pressure to be cool, and that this is not cool for them, because of that social stereotype that this is for boys. So, as a girl, if at 13, you haven’t tried it yet, you have to go against that social stereotype. However, for a boy, the social stereotype is that this is for you, that’s fine. It’s hard to go against the social stereotype for anybody, but it is especially hard for a 13-year-old, when you’ve just started learning how to be secure yourself.” To illustrate, Partovi mentions that Google search results for “software engineers” will mainly show the images of men, whereas the results for “students coding” will show men and women in almost equal numbers.
When it comes to other misconceptions about learning computer science, Partovi mentions the notions people falsely have about its scope and complexity. “I’ve probably made this worse, because of the name of our non-profit, but computer science is more than coding,” he says. “Code.org is about a whole bunch of fields that all are technical, and they are all part of computer science, and I believe that all of them belong in primary and secondary education. Just like you think of science, science has biology and chemistry and physics; you don’t teach just one of them.” Partovi adds, “The other misconception is that this is just for rocket scientists. People imagine that computer science is as hard as calculus, but they don’t realize that six-year-olds can start learning it. If you think about math, first grade math is easy, but 12th grade math could be more difficult, and university math is extra hard. Computer science is the same, the first-grade level of stuff is very easy.”
For all these reasons, Partovi, despite coming across as a quiet man, is ready to make some noise with the recent announcement of the single largest expansion of Code.org’s computer science curriculum. Code.org’s Computer Science (CS) Fundamentals course, geared toward primary school, will be translated into the 10 most widely spoken languages in the non-profit’s database – Chinese (traditional and simplified), French, Italian, Japanese, Korean, Polish, Portuguese, Spanish and Turkish- while it will also offer a new offline version of CS Fundamentals to empower schools in low- and no-bandwidth environments to teach computer science to all students.
Expanding into the MENA region is on Partovi’s agenda too. He says, “There are already 500,000 students and about 20,000 teachers in the Arab world using Codeiorg, despite it, for now, being only in English language and only on internet connected computers, meaning that we haven’t done almost any work to overcome the obstacles in the region, we haven’t properly transitioned into Arabic, we don’t yet support use on disconnected computers, we don’t yet work well on smartphones and tablets. Most of the students are in private schools or international schools, because they are using it in English, but it shows that the interest in what we do is already high.”
Region by region, Partovi hopes to achieve Code.org’s mission of changing the educational system, making computer science a permanent part of school curricula. “The education establishment especially doesn’t recognize that this is a field that is as fundamental as mathematics or science,” Partovi says. “Everybody understands that technology is the future, nobody needs to be explained that, and nobody needs to be explained that there is money in technology, and that it is changing everything. What people don’t realize is that when you start learning the alphabet, you can also simultaneously start learning computer science. Nobody questions why we are teaching math or science, but what they do question is whether they should teach computer science. They are not even asking whether they should also teach computer science.”
However, some of Silicon Valley’s most prominent leaders did not need much persuasion- so far, Code.org has been backed by Amazon, Microsoft, Facebook, the Bill and Melinda Gates Foundation, PricewaterhouseCoopers, Infosys Foundation USA, and many others. Furthermore, Partovi recently helped Pope Francis to write a line of code for an app, during an event organized by the Scholas Occurrentes foundation in Vatican City. “Computer science belongs in primary and secondary schools as a fundamental thing, not just for the students who want to become coders, but for those who want to become lawyers, nurses, farmers, because understanding technology is going to be important,” Partovi concludes. “It’s because building the creativity that computer science teaches will be important, and learning the digital skills that will be required in every career will be important. The biggest obstacle for us is this education administrative mindset. Individual teachers and parents recognize this, but nobody thinks that this should be a part of schools. They want their own child to learn to code, and they don’t think about why schools are not teaching it.”
The UAE will invest Dh600 billion ($163 billion) until 2050 to meet the growing energy demand and ensure the sustainable growth of the economy, said the Dubai Electricity and Water Authority (Dewa) in a new report.
The UAE has taken early steps to bid farewell to the last barrel of oil, and achieve a balance between development and maintaining a clean, healthy, and safe environment. The UAE Energy Strategy 2050 aims to achieve an energy mix that combines renewable and clean energy sources to balance economic requirements and environmental goals.
The Dubai Clean Energy Strategy 2050
Dubai has become an international pioneer in developing the clean and renewable energy sector. It has developed a number of techniques and practices to enhance the efficiency of the energy sector while rationalising consumption and finding alternative solutions to conventional energy. This supports the sustainable development of the Emirate.
The Dubai Clean Energy Strategy 2050, which was launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, aims to provide seven per cent of Dubai’s total power output from clean energy by 2020. This target will increase to 25 per cent by 2030 and 75 per cent by 2050. Dubai is the only city in the region to have launched such a promising strategy, with set goals and timelines that map the future of energy until 2050. The strategy consists of five main pillars: infrastructure, legislation, funding, building capacities and skills, and having an environment-friendly energy mix. The infrastructure pillar includes initiatives such as the Mohammad bin Rashid Al Maktoum Solar Park, which is the largest single-site solar energy project in the world, with a planned total production capacity of 5,000 megawatts (MW) by 2030, and a total investment of Dh50 billion.
Dubai to be the city with the lowest carbon footprint in the world by 2050
“We are working to achieve the ambitious vision of our wise leadership within the framework of federal and local strategies, including the UAE Vision 2021, the UAE Centennial 2071, and Dubai Plan 2021. Our strategies and business plans are inspired by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Rule of Dubai, for the Emirate to be the city with the lowest carbon footprint in the world by 2050,”said Saeed Mohammed Al Tayer MD & CEO of Dewa.
The Mohammed bin Rashid Al Maktoum Solar Park is one of the key projects to achieve this vision. Since its launch, the solar park’s projects see considerable interest from international developers, reflecting the confidence of international investors in the projects that are supported by Dubai Government,” he added. “We are proud that the solar park, which bears the name of an exceptional personality who is leading the sustainable development of Dubai, was recognised as one of the UAE Pioneers, an achievement that the late Sheikh Zayed bin Zayed Al Nahyan would have been proud of. “Naming the solar park as one of the UAE pioneers drives us to continue our efforts to achieve the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, which guides us in all our projects and initiatives and achieve the objectives of the Dubai Clean Energy Strategy 2050, which aims to produce 75 per cent of Dubai’s total power output from clean energy by 2050,” Al Tayer concluded.
The number of millionaires in the UAE increased
last year and this trend will continue over the next five years as growing
investment opportunities will generate more millionaires locally as well as
political and economic stability will also woo rich individuals and families
from foreign countries, say researchers and analysts.
According to the latest report released by global
consultancy Knight Frank, the number of millionaires, or high net worth
individuals, in the UAE expanded 3 per cent to 53,798 last year from 52,344 in
the previous year. The numbers are projected to grow 14 per cent to 61,292 by
2023. Similarly, the number of ultra-high net worth individuals (UHNWIs) – who
own more than $30-million wealth – in the UAE grew from 672 in 2017 to 693 last
year and will reach 799 by 2023.
The study predicted that the number of UHNWIs in
Dubai and Abu Dhabi will increase from 440 last year to 511 in 2023 and from
192 to 223, respectively.
Issam Kassabieh, senior financial analyst at
Menacorp, believes that the ultra-rich will continue to flock to the UAE in
“At the moment, Dubai is attractive for
foreigners. Now, it is a place not just for good investments returns but also
to stay for long term. Government is focusing on key sector so that the cash
comes in and stays in the country through different measures such as longer
visas and ease of doing business initiatives,” Kassabieh said.
“The UAE is an attractive place for foreign
investors – financial markets are at an early stage and have a long way to go.
Real estate was the first to anchor the economy and that brought foreign
investors here. Going forward, the focus will be on more diverse sectors. Also,
the ease of doing business chart shows the UAE is first in the region and also
competitive globally,” he added.
“Dubai offers a full package – good quality of
life, healthcare, education and investment opportunities. All these complement
each other and attracts high net worth individuals to this country. In addition
to that, diversity of population plays a big role in this,” said
Knight Frank data revealed that Dubai and Abu Dhabi
will witness higher growth in UNHWIs as compared to Manama and Riyadh.
Raju Menon, chairman and managing partner, Kreston
Menon, said the number of millionaires will undoubtedly continue growing in the
UAE in coming years.
“Whatever the business challenges or revenue
decline the companies are facing today, it is temporary. We need to look at
long-term of 5 to 10 years. Millionaires should grow here in the UAE because
money is available here so the investment avenues will be opened. The UAE’s
economy offer big opportunities,” he said.
Menon believes that most of the new millionaires
will be homegrown mainly in retail, trading, healthcare, real estate, services
and shipping sectors.
Iyad Abu Hweij, Managing Director of Allied
Investment Partners, said the UAE, home to over 9.4 million residents, remains
an attractive destination for HNWIs in the region.
With investor and business friendly policies, world
class infrastructure and a stable outlook, HNWIs are expected to continue to
grow in numbers in the country over the next coming years. Such policies and
initiatives have played an important role in bolstering the confidence of
investors and attracting Foreign Direct Investments in the UAE, which in turn
creates jobs for a highly talented workforce,” Abu Hweij said
Additionally, the UAE, viewed as a regional startup
hub and a digital leader, continues to boast more startups than any other
country in the region. Naturally, such startups attract more venture capital
and private equity investments locally than anywhere else regionally, he added.
“The UAE continues to provide solid investment
opportunities for investors locally and globally, which, along with a rapidly
developing financial services sector, has played a catalyst like role for the
growth of HNWIs in the country.”
The number of millionaires in the Middle East with
wealth below $30 million grew three per cent from 446,384 in 2017 to 459,937
last year. The number is projected to grow 18 per cent to 541,311 by 2023.
Similarly, the ultra-high net worth individuals with more than $30m assets grew
four per cent year-on-year to 8,301 last year. It’s estimated that the number
will grow 20 per cent over the next five years to 9,997.
According to Knight Frank forecast, the number of
billionaires in the region will grow from 89 last year to 99 by 2023.
Globally, the number of millionaires with less than
$30 million assets are projected to expand from 19.6 million in 2018 to 23.4
million by 2023, an increase of 19 per cent. While ultra rich will increase 22
per cent during 2018 to 2023 from 198,342 to 241,053.