FUTURE OF MONEY
THE IMPACT OF CRYPTO-ASSETS ON STATE CURRENCIES
Dubai Future Foundation’s research team aim to shed light on various aspects of the global economic sector’s trends, ones that are important to UAE decision-makers. This report explores how digital technology is disrupting money, how this disruption could alter the existing global monetary system, and how some governments are approaching the advancement of these financial technologies. The report argues that there are risks to moving away from a centralized system, specifically for building resilience to economic crises.
LIFE AFTER COVID-19
Under the leadership of HH Sheikh Hamdan Bin Mohammed Al Maktoum, the Dubai Future Foundation and in specific, its research arm, the “Dubai Future Research”, is producing a series of short reports about life after COVID-19.
Focusing on the most important areas of our lives, these reports enable members of society, along with government officials, to better anticipate, navigate and proactively react towards the future. These reports asses the current situation, identifies the opportunities ahead and sets out some short and longer-term implications.
Through the Dubai Future Research, the Foundation is here to act as a source of information and insights about the future, and more so during this time of global uncertainty.
THE RETAIL SECTOR
Titled “Life After COVID-19: Retail”, the report highlights how retailers and e-commerce platforms experience drastic growth as consumers avoid shopping malls in response to COVID-19.
The pandemic is accelerating retailers’ plans for digital transformation, but not all retail businesses are able to move online rapidly, offering scope or governments and e-commerce platforms to step in with support.
Titled “Life After COVID-19: Financial Technologies”, the report tackles the different challenges that the UAE and the Arab world will face in the aftermath of the global health crisis. The report reviews the most prominent characteristics of the FinTech sector, which is considered to be inherently well positioned to fight the crisis. This sector will successfully overcome the crisis thanks to its efficiency, reliability and clear ability to influence the global economic system.
‘Life After COVID-19: Community’ report highlights the impact of social distancing on societies. Although crucial for slowing the spread of the novel coronavirus, social distancing has increased anxiety and mental health issues among individuals, and led to disruption in family dynamics as family members try to balance social life and work.
The report, titled “Life After COVID-19: Innovation and Entrepreneurship” is part of a series of forward-looking reports to tackle the different challenges that the UAE and the Arab world will face once the pandemic subsides. Launched jointly with the Dubai Future Council on Entrepreneurship and Innovation Ecosystem, the 5th report tackles current and future challenges of the entrepreneurial and startup sector at a national and global level and explores possible invective packages and imitative to support such sector.
“Life after COVID-19: Telecommunications” examines the way forward in business continuity for organizations in the UAE and across the world, while considering the unknown variables set forth by COVID-19. The report recounts that with the infection accelerating in multiple countries concurrently, and in an effort to contain the spread of COVID-19, companies around the world have adopted remote working policies and have shifted events to digital platforms.
The report recounts that trade is a major sector in the global economy and a key driver of its growth. Due to the current COVID-19 pandemic, commerce has globally weakened with a possible indication of the global economy deteriorating.
Experts suggest that retail sector should opt to going digital, as a means to sustaining themselves and strengthening the economy. The UAE is already leading on this, having its digital economy contribute to 4.3 per cent of the nation’s GDP; adding that Dubai’s e-commerce industry is set to reach AED 12 billion of local GDP by 2023.
The coronavirus has disrupted several sectors in a short period of time, with education being one that has been asked to change rapidly, offering distant learning platforms as an alternative, immediate solution.
Luckily, the UAE government has been exploring the future of education for the past few years which eased its transition to the current demand of distant learning, amid COVID-19 pandemic.
As the global pandemic due to COVID-19 continues around the world, it has forced several sectors including the workforce to change the way they function.
The workforce is set to become more flexible as employees are asked to work from home.
Additionally, to meet this sudden change, key policies and regulations will be created to support the changing system and to allow for business continuity.
FUTURE FORESIGHT REPORT
From brain-computer interfaces to the latest in battery technology, the “Future Foresight” report covers tech trends that could affect people and the cities they inhabit worldwide over the next 20 to 30 years. It lends special focus to how these trends might impact the seven sectors laid out in the UAE’s National Innovation Strategy.
To draft this report, we picked the brains of world-renowned tech experts and collected valuable insight from people working in different Dubai government departments.
The findings point us towards the vital role that governments can play in supporting the technologies of the future and creating an economic and legislative environment that enables and stimulates the private sector. It’s more than a compendium of interesting tech trends though; it also serves as a guide for governments to understand these new technologies as they look towards the future.
STATE OF THE FUTURE REPORT
In 2017, the UAE and World Economic Forum (WEF) unveiled a groundbreaking report titled “Global State of the Future” in Davos.
Mohammed Al Gergawi, the Minister for Cabinet Affairs and the Future, and Klaus Schwab, WEF founder and executive chairman, announced the new study of trends in science, technology and communications.
Backed by research from independent experts, the report highlighted developments in seven sectors affected by technology change – energy, education, transport, space, health and water.
“These studies will serve as a reference for us as we strive to accurately forecast the trends of the future,” H.E. Al Gergawi said.
SCHOOLS OF THE FUTURE REPORT
Dubai Museum of the Future Foundation partnered with Gems Education to launch the School of the Future report during the Global Education & Skills Forum, held in Dubai from March 12-13, 2016.
The report states that the current schools and curriculum are based on the frameworks of the 20th century requirements to prepare an industrial workforce.
It points out that the 21st century, with its technological and communication innovations, is transforming the ‘factory style’ work requirements, and repetitive manual jobs are being rapidly replaced with automation.