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The United Arab Emirates: A quickly changing country

Brief Overview

In ancient times and during the Islamic period, the economy was mainly based on the pearls and spices trade. Especially Dubai, a town initially of fishermen, has always been a place where trade and the meeting of people were normal. In addition, the ruling house Al Maktoum had managed to pacify and stabilize the area, making trade safer.

The real revolution, however, took place in 1958, when oil was discovered near Abu Dhabi. After that, new work began on widening the Creek and expanding the city, which brought new wealth and prosperity. On 2 December 1971, the seven emirs of the seven cities present in the Persian Gulf, together with the British, signed the treaty of independence.

The United Arab Emirates (UAE) has a population of 9 million people, 9/10 of whom are foreigners. Overall, 200 nationalities make up the population of the UAE, with an overwhelming presence of Indian and Pakistani expatriates, followed by Asian, African, European, and American populations. Hence, the UAE is basically a multi-ethnic and multi-cultural society, governed by the typical laws and customs of the Muslim religion.

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The UAE is the sixth country in the world for oil production, but the trend is changing because, as elaborated below, the far-sighted choices of the Emirates government aim at reconverting all oil production into an economy based on green energy and technological innovation.

Most of the wealth is concentrated in the hands of a few Emiratis and Anglo-American monopolies.

Finally, historically the economy has always been based on import, export, and re-export.

GDP growth has seen rates of 3 to 4 % since 2012. Moreover, one AED (Dirham) would be equivalent to 0.22 euro, so the exchange rate of 4.30 is very favorable, not to mention that there are no taxes on the movement of capital with an interest rate on deposit of 2%.

Government planning

UAE Vision
UAE Vision

As already stated, most future investments are aimed at converting the oil economy to a sustainable economy, based on green and renewable energy and technological innovation. Astonishing, by 2117 the UAE wants to found a colony on the Red Planet, Mars, and they are currently among the first, together with United States, Russia, China, and ESA to have sent a probe.

To name a few interim milestones, by 2030 they want to finish the “Mohammed bin Rashid Al Maktoum Solar Park which will be the largest single-site solar park in the world, based on the independent power producer (IPP) model. […] Within 2050 with the Dubai Clean Energy Strategy, Dubai aims to produce 75% of its energy requirements from clean sources by 2050” (https://u. ae/#/).

Post-Covid future

According to recent estimates, the UAE will be the country with the highest Post-Covid growth rate, and among the first countries in the world able to attract investments in the following sectors: Technology Projects, Startups, Medical, Research and Development, Education.

The UAE is a dynamic hub for innovation, a recognized model of excellence throughout the Middle East and Africa that attracts capital and talent. In every Emirate, there are several Incubators and Accelerators, some dedicated to technology sectors and applications in the field of Artificial Intelligence (AI).

The long-term goal, however, is to become a hub of ideas and people.

Finally, EXPO 2020, postponed to October 2021, will be the turning point for the whole world, because it represents the opportunity for a global economic recovery and will generate value for billions of dollars, even if the real added value will never be objects and things, but the people, and above all, ideas. As a matter of fact, the official motto of EXPO is “Connecting Minds, Creating the Future”.

Sources

Live Streams Will Kill the Cable News Pundit

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Censoring Sexual Identity – Hungary bans LGBT+ Content for Minors

While Homophobia in Hungary is rising, the Fidesz government actively furthers the stigmatisation and marginalisation of the LGBT+ community. Ahead of the 2022 election, the government introduced another law that increases penalties for pedophiles while at the same time outlawing the "promotion of homosexuality" for those under 18 - thereby censoring sexual identity and conflating pedophilia with homosexuality.

The Decision to Use Atomic Bombs on Hiroshima and Nagasaki

While it took less than a second for the atomic bombs on the 6th and 9th of August 1945 to detonate and usher in an age of nuclear fear and paranoia, the decision to drop the bombs took much longer. The ability to destroy an entire city within seconds, wiping out millions of people with the single press of a button, immediately became realized and decades of weapons stockpiling and threats would follow, multiple times stopping just short of bringing the world to destruction. Simply stated, a more diplomatic approach should have been performed to secure America’s moral and ethical standing in the aftermath of the Second World War and in contemporary times.

Convening a Summit for Democracy while militarily aiding Israel’s regime

As one examines the human rights violations in Palestine, aiming to promote democratic principles in other corners of the globe seems duplicitous. The problems that we encounter when trying to promote human rights principles question the point of vying for respect for these principles: it seems that, if they are not on the agenda of the most powerful states, it may turn out to be a lost cause. Rights and principles are often addressed when concrete national interests are affected. But also because of national interests, or due to a particular conception of national interests, states are willing to remain silent or even whitewash international crimes.

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