“The sensitive state of the world we live in affects us all, however, the possible choices we make about intake can replace that. Integrate social and environmental values into your organization.
These were the words of Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, Director General of Global Sustainability Partnerships at the recent opening of the Mohammed bin Rashid Initiative for Global Prosperity event. In partnership with more than 30 other organizations (including MIT Solve and the University of Cambridge), the initiative aims to bring together the world’s leading manufacturers, start-ups and entrepreneurs, governments, UN agencies and philanthropists and researchers, to form a network committed to spreading global prosperity.
Start with black gold
The UAE originally built its wealth on black gold. However, early on, its leaders identified that to build a sustainable future, the country needed to diversify beyond oil and gas. Therefore, the UAE has invested heavily in building a strong production base, which has allowed it to be a key contributor to many global value chains, such as aerospace, mining, defense, etc.
Perhaps this is why the UAE will be the first donor to the World Summit on Manufacturing and Industrialization (in partnership with UNIDO): building the UAE as a production hub can ensure long-term economic growth, especially if global oil demand falls. even more. This decline may occur faster than expected, with the exponential progression of renewable energy options and sources. Establishing the region as a production specialist is helping to hedge your bets.
According to Badr Al-Olama, head of the organizing committee of the World Summit on Manufacturing and Industrialization (GMIS) and also a board member of the UAE Space Agency, those ambitions now combine to chart the way forward: “In 2006, Abu Dhabi, the allocation of Masdar City, which is based entirely on sun and renewable energy resources. Today, Masdar’s former CEO runs the UAE oil company, a sign that we are committed to making it a cleaner and more environmentally friendly company.
With a giant percentage of global Arabs under the age of 30, the UAE and other Gulf countries must focus on the future. The emphasis on giving back has been a component of the culture since the time of Sheikh Zayed, who is thought of as the father of the country and how the interest in exploring the area shows that they do not plan to replenish their future soon.
Embracing innovation
The quality of the moment the UAE has for them is that they are very supportive of open innovation. It actively invites innovators from around the world to help them improve frequently. According to Sandeep Pahuja, director of design and innovation company Ideo, this is the right path. to the challenges of technical innovation.
“Build a network of other people, create the right context where other people can share their ideas. “
Co-creation is a driving force behind successful innovation. And this is not a new concept in the UAE that has actively opened up its government and created entire departments to drive open, data-driven innovation. The government is also engaging with leading innovators from around the world to ensure they incorporate world-class thinking and responses that address real global problems.
Families can get things done.
While Governments might be in a position to take on these demanding situations head-on, they cannot do it alone and achieve certain long-term results. Businesses and families would do well to help ease the burden by getting involved.
The head of the GMIS organizing committee, Badr Al-Olama, paints a transparent picture of the opportunity: “Most families here were once traders, and this mentality of only buying and promoting goods can be prohibitive for the long-term progress of the economy. “execute. I think it’s an opportunity for those family offices to adopt that business mindset and start betting or hedging more on long-term innovation that has the potential to be disruptive. “
Although the UAE government is very progressive, it functions to all degrees and depends on a healthy business ecosystem.
The role of the government should not be so much directed at startups from an investment perspective, but at the offices of the family circleArrayIn this way, the offices of the family circle can diversify away from the classic trade,” continues Al Olama.
Families want to redouble their efforts to attract talent, partners and investment opportunities. Initiatives like the Global Prosperity Initiative make it less difficult for families to identify and care about investment responses that have already been tested by their prospects to make a genuine investment. impact.
After categorizing the challenges, sustainable energy, virtual divide and virtual literacy, rural transformation and hunger 0 and sustainable cities, the initiative had more than 1000 startups up to the challenge. In addition to those shortlisted as potential official grant winners, there are many global startups that are making a real impact that families can worry about.
Demanding global situations will have to look for a comprehensive solution that possibly requires collaboration between individuals, companies and governments.
Family Office Perspective