Issue 47: The Emerging Emirati Knowledge Economy
Welcome to Backstory, a weekly newsletter turning global technology shifts into a three-minute read. This week, we’re thinking about global economic shifts and technology decisions made closer to home – Joseph Dana, Senior Editor
THE BIG TAKE
The Emerging Emirati Knowledge Economy
Since the 1970s, analysts have warned that we’re close to peak oil. The International Monetary Fund (IMF), in a recent report, is doing it again. In the next 15 years, global oil consumption will reach its high point and begin tailing off. This could be bad for energy-producing countries in the Arabian Gulf that rely heavily on hydrocarbon sales to balance their budgets. But change is well underway, just look at the UAE.
Knowledge economy: The UAE’s leadership understood long ago that oil revenue wouldn’t last forever and took steps to diversify the local economy. This was done by embracing technology to transform how the government operates and encourage the creation of a viable tech ecosystem. With world-class infrastructure and smart legislation designed to help startups, the UAE has built the region’s most powerful knowledge economy. Want evidence? Look at the success of Dubai-based companies like Careem and Souq.com.
Building on disruption: The Dubai Council, which was formed by His Highness Sheikh Mohammed bin Rashid Al Maktoum at the start of this year, is the most recent demonstration of decisive leadership in action. Writing in Gulf News this week, Xische CEO and founder Danish Farhan noted that the Dubai Council is a catalyst for change in this regard. “The Dubai leadership is demonstrating how to make radical decisions to positively impact economic growth and improve quality of life.”
Practical shift: The IMF is right to warn about the coming era of peak oil. But some countries in the region have already leveraged their valuable position in the global economy to become powerful knowledge economies. The UAE is the model, and recent decisions such as the creation of the Dubai Council and the Ghadan 21 program demonstrate the type of action needed to stay competitive in today’s marketplace.
QUOTE OF THE WEEK
“Changing is possible, as long as you have the will to put vision into action.”
Danish Farhan writing in Gulf News about the Dubai Council
OUR VIEWS THIS WEEK
The doctor in your pocket: Given the heightened concern about global viruses, do you know where your health records are? The answer is probably ‘no’, unless you’re fortunate enough to live in the UAE or Estonia. A new program to digitize health records for residents in Abu Dhabi is making waves. This week, we explored the ramifications of using your phone to improve your health awareness.
A catalyst for change: As we mentioned above, Xische CEO and founder Danish Farhan published a crucial piece on the impact of the Dubai Council this week. Radical change starts with a bold vision, Farhan noted. The Dubai Council is already demonstrating the impact of leadership, collaboration, and technology to push Dubai forward. Read the entire piece in Gulf News.
A MESSAGE FROM DIGIT AI
Artificial Intelligence can work for you. The pace of AI innovation is undeniable. With so many options to choose from, how can you be sure that you are making AI work for your needs? Discover what we’re doing at Digit Ai, a Xische company, to accelerate organisational capacity building that leverages AI and machine learning. Find solutions that make business sense and embrace the power of AI.
SPOTTED ELSEWHERE
The Internet of Things: Xische’s director of strategy, Mary Ames, recently joined a panel discussion at the 5th IoT Middle East conference. The theme of this conference was “the business of IoT” and it couldn’t have taken place at a better time. By now, Ames noted, IoT should be business-as-usual, but challenges remain. “As the right technology mix clicks into place with converging data availability, artificial intelligence and 5G, security remains an ever-present concern,” Ames said. “Human error is still the overriding cause of most breaches. Until we can raise better awareness of good digital hygiene for the connected age, we will only ever be as secure as our least secure app or device.”
Not so stinky: We’ve been heavy on technology in this week’s edition. So why not end with a sustainable (and novel) way to charge all your devices? Researchers in Australia have successfully used parts of jackfruits and the notoriously stinky durian fruit to create efficient component parts for energy-storing devices called supercapacitors. With more tests, the fruits could be an integral part of the super-fast electric charges. Probably a better option than eating the smelly fruit itself.
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