The secret of Dubai (III): The new economy
Al Maktoum believes globalization is real and one must not balk at changes necessary to confront it and take benefits from it. “We cannot ignore its effects because no matter what we do, it is here to stay. In order to bridge the huge gap between industrialized nations and ourselves, we must embrace the positive […]
Al Maktoum believes globalization is real and one must not balk at changes necessary to confront it and take benefits from it. “We cannot ignore its effects because no matter what we do, it is here to stay. In order to bridge the huge gap between industrialized nations and ourselves, we must embrace the positive aspect of globalization, while evaluating and discarding the negative ones.”
“Globalization is the way forward; it is the environment in which international interaction will take place both now and in the future, and it is already taking root in the economy, productivity, communications and advanced technology. We have nothing to fear in the global race, because Islam’s approach and message is universal; and Arab civilization is global in its essence and applications; and our vision for Dubai is all-encompassing in its concept, excellence and competitiveness.”
But what is this new economy? To answer the question, Al Maktoum draws from history. “When we review the world’s economic history, we see the distinct features of the two main productive ages it has experienced – the ‘farming age’ and the ‘industrial age’. However, the last two decades have seen the emergence of a third economic age, dubbed by some as the ‘information economy’. This age consists of a closely-knit global economy that covers most fields and may therefore also be called the ‘age of globalization’. Since this age requires extremely fast responses and depends on highly sophisticated technologies, it has also been called the ‘age of technology’.
Like its definition, this new economy is a slippery one. Al Maktoum agrees: “It is, in fact, an invisible kind of economy that thrives on knowledge and creative ideas, and may therefore even be given a fourth name, the ‘age of creative minds’. Let us hope they do not invent any more names to confuse matters further!”
Al Maktoum contends that the way the industrial revolution didn’t replace farming, so will the new economy or the information age not seek to replace manufacturing. And as the industrial revolution expanded the farming capacity, so will the age of creative minds power up our technologies and drag in the future as our today.
He writes: “The importance of the information economy is therefore not restricted to its intrinsic value as an independent , but encompasses its ability to energize agriculture, industry and services; as well as to boost their performance, reduce their costs, open new development horizons and create opportunities these economies cannot generate on their own. If this is achieved, we will no longer be talking about a ‘new’ and an ‘old’ economy, but about a new ‘information’ economy and a ‘traditional’ economy.”
This redefinition allows for the two to complement each other into an overarching global economy. Al Maktoum is eager to embrace this global economy and invites his Arab brothers to do the same; arguing, it would make up for the ground they’ve already lost due to their complacency. “Embracing this will allow us to make up for the opportunities we lost during the commercial and industrial revolutions.”
To finish today’s summary, here’s the biggest statement of intent (in my estimation) that I’ve found in his book: “Arabs were pioneers once and we will become so once again. The twenty-first century brings with it a historical chance to transform our dreams into a concrete vision, provided we regain the core element we have lost – the pioneering spirit.”
If you appreciate the Arab past to which he refer – a thousand years of dominating the world in science, architecture and commerce – you will know that the man is saying a lot.
Who’s Al Maktoum
Some readers wanted to know more about Al Maktoum beyond the contents of his book. So I’ve shared below his biography published on www.Biography.com <http://www.Biography.com>.
Sheikh Mohammed bin Rashid Al Maktoum became prime minister and vice president of the United Arab Emirates in 2006, and is responsible for Dubai’s transformation into a lavish business destination.
Synopsis
Born on July 15, 1949, Sheikh Mohammed bin Rashid Al Maktoum became prime minister and vice president of the United Arab Emirates in 2006. He attended the Bell School of Languages and was appointed Crown Prince of Dubai in 1995. In his mission to help transform Dubai into a lush and desired business location, he helped develop the Palm Islands, the Burj Al-Arab hotel, the Burj Khalifa skyscraper, the Dubai World Cup and the Godolphin Stables. He has 16 children.
Profile
The eventual prime minister and vice president of the United Arab Emirates (UAE) and ruler of Dubai, Sheikh Mohammed was born in 1949, the third of four sons. He was privately tutored before beginning his formal education, eventually attending the Bell School of Languages at Cambridge University.
In 1995, Sheikh Mohammed became crown prince of Dubai, with a chief objective of overseeing the transformation of this small patch of desert into the world’s most luxurious resort and business destination. To that end, he helped develop the Palm Islands, the Burj al-Arab hotel, the Burj Khalifa skyscraper, the Dubai World Cup and the Godolphin Stables.
A well-known poet himself, Sheikh Mohammed has always been deeply interested in poetry, especially of the Nabati style, which is native to the region. He also has a love of hunting, shooting and camel and horse racing. And with a personal net worth of over $4 billion, Sheikh Mohammed is also known for his charitable contributions, giving to such causes as literacy and cultural outreach.
After the death of his elder brother in 2006, Sheikh Mohammed was named ruler of Dubai and prime minister and vice president of the UAE.
Sheikh Mohammed, known to many expats as Sheikh Mo, married his senior wife, Sheikha Hind bint Maktoum bin Juma Al Maktoum, in 1979. His junior wife is Princess Haya bint Al-Hussein, daughter of Hussein of Jordan <http://www.biography.com/search/article.do?id=9347905>. Sheikh Mohammed has 16 children.