Mr. Ajjour commenced his career in law from his home country, Syria, and then moved to UAE in 1991 to practice his profession as a Lawyer and Legal Consultant. He has seen UAE develop vastly, in regard to infrastructure, government policies, trade, tourism and so much more. He speaks with Lawyer Monthly about the changes he is excited to witness for UAE and what the effects of such changes will be.
The UAE has significantly developed over the years, what do you think are the main factors contributing to this?
Dubai has changed dramatically over the last three decades, becoming a major business centre with a more dynamic and diversified economy. Dubai enjoys a strategic location and serves as the biggest re-exporting centre in the Middle East.
Its low logistical and operational costs and excellent infrastructure, international outlook and liberal government policies are attracting investors in a big way. Activities such as trade, transport, tourism, industry and finance have shown steady growth and helped the economy to achieve a high degree of expansion and diversification.
The Dubai economy enjoys a competitive combination of cost, market and environmental advantages that create an ideal and attractive investment climate for local and expatriate businesses alike. In fact, these advantages not only rank Dubai as the Arabian Gulf’s leading multi-purpose business centre and regional hub city, but they place it at the forefront of the globe’s, dynamic and emerging market economies.
Dubai’s Key Advantages:
- Strategic Location: Dubai is a time zone bridge between the Far East and Europe on the East-West axis and the CIS and Africa on the north-south axis. It is a gateway to a market that can be characterised as:
- Large - well established trading links exist for the growing population of 1.5 billion people in the neighbouring region covering the Gulf, Middle East/Eastern Mediterranean, CIS, Central Asia, Africa and the Asian sub-continent;
- Growing - Dubai’s total international trade has grown on average by over 11% per year since 1988 and regional economic growth and liberalisation should boost demand further;
- Prosperous - a buoyant, local economy strategically located in the midst of one of the world’s richest regions and well endowed with ample supplies of cheap energy and primary aluminum. It is also adjacent to major regional suppliers of vital agro-export commodities;
- Diversified - varied and significant import requirements generate opportunities for product suppliers and re-exporters;
- Accessible - served by over 120 shipping lines and linked via 85 airlines to over 130 global destinations;
- Open - no exchange controls, quotas or trade barriers.
How have equal rights changed the way in which the UAE’s economy has developed?
The empowerment of women has been one of the notable success stories of the UAE. The UAE firmly believes that progress on issues relating to women’s rights is essential for building a tolerant and modern society.
Since the very foundation of the United Arab Emirates on December 2, 1971, women have been recognised as equal partners in national development by the UAE’s leaders, and the Government continues to pursue a strategy of empowering women in all fields. The UAE’s society has comfortably accepted this approach, in a way that has made women real partners and drivers in the country’s ongoing development process.
The UAE Government has successfully delivered on this objective by offering women education, employment, and training opportunities, and by introducing forward-thinking and progressive laws and legislation that have paved the way for women’s empowerment.
The Constitution of the UAE guarantees equal rights for both men and women. Under the Constitution, women enjoy the same legal status, claim to titles, access to education, the right to practice professions, and the right to inherit property. Women are also guaranteed the same access to employment, health and family welfare facilities.
Furthermore, the UAE has enacted a range of legislation and laws that provide legal protection for women, and punish anyone who might compromise their dignity or personal safety. In this context, The UAE has signed all international treaties on protecting the rights of women. Among these are the Convention on the Elimination of All Forms of Discrimination against Women, CEDAW, (2004), the Hours of Work (Industry) Convention (1982), and the Equal Remuneration Convention (1996).
Furthermore, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai has also been at the forefront of encouraging women’s empowerment in the UAE. For instance, during the Government Summit in Dubai in 2015, His Highness Sheikh Mohammed announced the formation of the "Emirates Council for Gender Balance" which aims to bridge the gender gap and boost the UAE’s efforts to evolve and enhance women’s role as key partners in building the future of the nation.
While in March 2015, Her Highness Sheikha Fatima Bint Mubarak, Chairwoman of the General Women's Union, Supreme Chairwoman of the Family Development Foundation and President of the Supreme Council for Motherhood and Childhood, launched the National Strategy for Empowerment of Emirati Women in the UAE 2015-2021, which provided a guiding framework and reference for all federal and local governmental institutions and civil society organisations in developing plans and work programs to empower women in all areas.
UAE Women in progress The UAE is a recognised leader in terms of gender equality in the region. This achievement comes from the fundamental belief that women and men are equal partners in society. Through a series of public and private sector initiatives, women are playing an increasingly stronger role in all facets of Emirati society.
In conclusion, Emirati women, who account for 49.3 percent of the national population, are today at the cutting edge and forefront of UAE economic, political, and social life. Aided by the government’s unwavering commitment to empowering women and providing equal opportunities, the status of women within the UAE has flourished in parallel with the country’s growth since the federation was established in 1971. It is evident, that this process will only continue apace, and women will remain an ever-important cornerstone for not only the UAE’s present, but also its future.
What do you predict the next few years will look like for UAE and how will this affect investment and international growth?
Today, the UAE is a major international tourist and business centre as well as one of the most modern, stable and safest countries in the world.
It has one of the highest per capita incomes in the world at nearly $25,000 USD. The UAE has approximately 10% of the world's total known oil reserves, 90% in Abu Dhabi and about 10% in Dubai. While the Abu Dhabi reserves are expected to last another 100 years, at present rates of production Dubai's reserves will last only another ten years.
The government has issued new rules and regulations to further improve the business environment. The industrial sector, which contributes 14% to GDP, is forecast to expand and contribute 20% in 2021. Big growth will come from non-traditional industries and the knowledge-based economy.
The UAE seeks to attract more than $70 billion in industrial investments by 2025, which will help increase the share of the industrial sector in the GDP to 25%.
Open economic policies helped enhance the UAE's attractiveness to foreign direct investment (FDI). The Ministry of Economy announced in 2016 that it aims to increase the contribution of FDI to 5% of the country's gross domestic product over the next five years. This is in line with the goals of the National Agenda of the UAE Vision 2021.
The country has always believed that the long-term demand for oil outstripped supply, and that for companies with strong balance sheets and a long-term view, now was the time to invest, not to withdraw.
In 2016, the UAE government launched a six-pillar plan, which was set up in collaboration with the World Economic Forum (WEF) and seeks to transform the Fourth Industrial Revolution into a global movement spearheaded by the UAE.
First pillar: The UAE government will establish the Fourth Industrial Revolution Council, the first of its kind in the world. The council will report directly to the cabinet and will be supervised by the Ministry of Cabinet Affairs and the Future. Council members will include representatives from government, private sector and academic organisations.
Second pillar: Working closely with the WEF and through the Global Future Councils to formulate a global governance framework that regulates legislative and executive efforts to implement Fourth Industrial Revolution technologies.
Third pillar: In collaboration with the WEF, the UAE government will work to establish Fourth Industrial Revolution Councils, which aim to provide advisory support to decision makers.
Fourth pillar: Launching a programme that seeks to include governments from around the region in the network of experts that take part in the Global Future Councils and, consequently, enhancing the event's role in supporting economic development in those economies. The network includes more than 5,000 members and experts from governments, international organisations, private companies and academic research institutions.
Fifth pillar: The UAE will be the first country in the world to experiment with and implement the technologies of the Fourth Industrial Revolution. This builds on the steps the government has already implemented through initiatives promoting technologies such as blockchain, smart transportation, 3D printing and artificial intelligence.
Sixth pillar: The UAE government will be the first in the world to design and build a framework within its national agenda that aims to prepare governments for the future. The framework focuses on measuring the readiness of governments in the next 10 years against six main criteria: technology and innovation, economy, society, natural resources and the environment, security and governance.
Leaving no stone unturned in pursuit of comprehensive and sustainable economic development, the UAE is now looking at innovation to be the next economic breakthrough.
