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UAE to Launch 50-Year Development Strategy Based on Knowledge Economy

A view of Abu Dhabi, UAE. (Getty Images)
A view of Abu Dhabi, UAE. (Getty Images)
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UAE to Launch 50-Year Development Strategy Based on Knowledge Economy

A view of Abu Dhabi, UAE. (Getty Images)
A view of Abu Dhabi, UAE. (Getty Images)

The United Arab Emirates declared that 2020 will be the launchpad of preparations for the next 50 years, ahead of its milestone Golden Jubilee in 2021. The country is targeting the post-oil stage via a knowledge economy.

Sheikh Mohammed bin Rashid, the Vice President and Ruler of Dubai, and Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, announced that next year will be used to deliver a roadmap for the future and make preparations for grand celebrations to mark the 50th anniversary of the nation.

They ordered forming two UAE cabinet committees.

One committee, to be headed by Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, with Mohammed al-Gergawi, Minister of Cabinet Affairs and the Future, serving as his deputy, will lay out a comprehensive development plan for the next 50 years. Its responsibilities will include developing vital sectors including health, education, housing, transport and food security across the country.

The committee will be tasked with mapping out the Emirates’ Golden Jubilee celebrations.

“The UAE approaches its Golden Jubilee in 2021, a new milestone that celebrates 50 years of our young country and begins the journey to the next 50 years. Preparations for our new journey start next year 2020. Together, we welcome 2020: Towards the next 50,” said Sheikh Mohammed bin Rashid on Saturday.

He added: “Today, we announce 2020: Towards the next 50. We shall develop our plans and projects and reinvent new ideas. 50 years ago, the founding fathers shaped our life today, and next year, we will shape the coming five decades for the future generations.”

“In 2020, we will work on making giants leaps in our economy, education, infrastructure, health and media to share the UAE’s new story with the world. Together, we will build the Emirates of the future in 2020 with the winning spirit of the union. Our development journey has no end,” he continued.

“We will work together as citizens and residents across all sectors towards the next 50. United, we can make significant changes and raise our aspirations. We want 2020, the year before our Golden Jubilee, to be similar to 1970 when a new journey was being drafted for this nation.”

The Abu Dhabi Crown Prince stated: “With the willpower and unity of our people, we will work tirelessly to achieve our goal in making the UAE among the best countries in the world by the UAE centennial in 2071.”

“Given the significant role of 2020 in preparing for an unprecedented developmental leap, the UAE's readiness for the next 50 years does not start today or next year. Rather, it goes back to the long-term developmental plans, visions and strategies established and implemented throughout different phases of the country's history,” he stressed.

“Today, we continue preparing and foreseeing the future and building a strong foundation to meet our goals with full confidence and persistence in a rapidly-changing world.”

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Business

US Consumers to Bargain Hunt in Annual ‘Black Friday’ Spree

A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)
A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)
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US Consumers to Bargain Hunt in Annual ‘Black Friday’ Spree

A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)
A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)

US shoppers are coming out in force this holiday season, but the festiveness is being tempered by inflationary pressures that have abated but not completely faded.

After the sticker shock during the latter stages of the pandemic, a familiar frustration has settled in towards consumer prices that remain broadly elevated even if they have stopped rising rapidly.

Americans are "ready to open their wallets this holiday season," said the Conference Board ahead of Black Friday -- the day after Thanksgiving, which this year, falls on November 28 -- that traditionally sees US stores kick off the Christmas shopping season with steep discounts.

"US consumers plan to spend more than last year, but inflation reduces how far their dollars can go."

In this environment, nobody expects to pay the full price for items.

"Holiday shoppers are likely to increase their budgets this year versus last year but remain selective and are looking for discounts," said a note from Morgan Stanley.

The investment bank's survey found that 35 percent planned to spend more this holiday season. But nearly two-thirds would skip a purchase if an item is not adequately discounted, meaning a price cut of more than 20 percent.

"It's gonna be a good year, but I don't think that growth is going to be spectacular because consumers are still under pressure," predicted Neil Saunders of GlobalData.

Inflation remains above the Federal Reserve's two percent long-term target, rising in October to 2.6 percent on an annual basis from 2.4 percent in September. But that's significantly below the peak level of 9.1 percent in June 2022.

Other recent economic data has been solid. Unemployment remains low at 4.1 percent, while a preliminary GDP reading for the third quarter came in at 2.8 percent.

But Joe Biden's presidency coincided with about a 20 percent rise in consumer prices as Covid-19 pandemic lockdowns gave way to supply chain bottlenecks.

That inflation played a central role in the 2024 US presidential election, with Republican Donald Trump defeating Biden's appointed Democratic successor, Vice President Kamala Harris.

"There is still a perception among consumers that things are quite difficult," Saunders said. "So people are being quite cautious and careful in their spending."

- Tariff hit? -

How Trump's looming presidency will affect inflation remains to be seen. Industry groups have warned that tariffs favored by the Republican could reignite pricing pressures.

The National Retail Federation projected that a Trump tariff proposal floated during the campaign would dent US consumer budgets by as much as $78 billion annually.

But while tough potential trade actions are already preoccupying Washington trade groups, tariffs are not on consumer radars for the 2024 season, according to Saunders.

One challenge this year will be the shortness of the season.

Black Friday falls at the latest possible date on November 29, shortening the stretch between Turkey Day and Christmas on December 25.

But the impact of that dynamic on 2024 sales should not be overstated. Retailers in recent years have pulled the holiday shopping season ahead, with some vendors launching online "Black Friday" promotions as early as October.

Among the companies that have already begun discounts: the big-box chains Walmart and Target, electronics giant Best Buy and home-improvement retailer Home Depot.

Amazon officially launched "Black Friday Week" on Thursday.

NRF has projected holiday spending growth of between 2.5 and 3.5 percent in the 2024 season compared with the year-ago period, to as much as $989 billion over the two-month period.

Economists with the trade group have pointed to an easing of gasoline prices as a supportive factor.

Online sales are projected to grow as much as nine percent this season, extending a long-term trend. Black Friday itself has become a big occasion for online shopping, along with "Cyber Monday" three days later.

"Over time, we've moved from a period where it was just Black Friday, and maybe a little of the weekend, to it being a period of discounting that starts very early," said Saunders. "It's seasonal discounts."

There has been a diminishment of "doorbuster" sales that are known to draw hordes of waiting crowds, sometimes resulting in injury or worse.

Instead, increasing numbers of consumers are spreading out their purchases or opting to click through Black Friday promotions at home.