Globalization dominates WEF meeting in Dubai

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The UAE’s Minister of Cabinet Affairs Mohammed Al-Gergawi gave the opening remarks at the event. (World Economic Forum/CC-BY-SA)
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The UAE’s Minister of Cabinet Affairs Mohammed Al-Gergawi gave the opening remarks at the event. (World Economic Forum/CC-BY-SA)
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Updated 12 November 2018
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Globalization dominates WEF meeting in Dubai

  • The two-day WEF conference is attended by more than 600 members of government, academia, civil society and business, as well as other fields
  • The event is a warm up to the WEF Annual Meeting in Davos in 2019

DUBAI: The World Economic Forum’s (WEF) annual meeting of the Global Future Councils (GFC) began in Dubai on Sunday, with globalization being the main theme tackled at this year’s seminar.
“The rise of populism, protectionism and nationalism have short-term benefits,” but history has shown they have “a detrimental impact,” Australian MP and former Foreign Minister Julie Bishop said at the opening plenary.
“How many times does history have to show us what industry subsidization does, or what protectionism and closing markets does, or what unaffordable support for welfare state does to a nation?” she asked.
The UAE’s Minister of Cabinet Affairs Mohammed Al-Gergawi gave the opening remarks at the event, saying the world now has four priorities: Collaboration and participation, new regulations, government productivity and staying open to globalization.
“Without globalization, we wouldn’t have seen the emergence of multitrillion-dollar corporations like Apple and Amazon that succeeded due to no states shutting its doors,” he said.


The opening panel, titled “Globalization 4.0,” included Bishop, Slovak Foreign Minister Miroslav Lajcak, Argentina’s former Foreign Minister Susana Malcorra, the president of the Carnegie Endowment for International Peace, William Burns, and a visiting professor and fellow at Japan’s Musashino Institute for Global Affairs, Yoriko Kawaguchi. The panel was moderated by CNBC anchor and reporter Hadley Gamble.


Kawaguchi said several rapid changes are coming, such as technology that will need constant collaboration among countries.
“Technology is very important, and that will bring in many unknown challenges,” she added.

“To cope with some of these challenges, we’ll have to exchange our views, we’ll have to exchange our knowledge, we have to exchange our policies to deal with them, and we need to cooperate.”
Malcorra said while cooperation among states is important, the core of the problem lies with citizen representation and trust in their leadership.
“At the heart of what we’re facing here is the fact that the common citizen doesn’t feel… represented well enough by institutions, be they national or international,” she added.
“And there’s a break, in my view, in the social (contract) between citizens and their leadership.”

Lajcak said: “The link between leadership and citizens needs to be strengthened, and the communication has to run both ways.”
Burns said leaderships today need to understand the “very real anxieties that have driven the kind of anti-globalization atmosphere.”
Malcorra said countries need to adopt a “We First” model, taking a jab at US President Donald Trump’s slogan “America First.”
The two-day WEF conference is attended by more than 600 members of government, academia, civil society and business, as well as other fields.
It will address global, regional and geopolitical issues, and explore topics related to the “fourth industrial revolution.”
Most of the sessions will be off the record and not attended by the media. The event is a warm up to the WEF Annual Meeting in Davos in 2019.

Read Frank Kane's Big issues from the World Economic Forum’s intellectual heart here


Egypt inks deal with Cyprus for power link to Europe

Updated 23 May 2019
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Egypt inks deal with Cyprus for power link to Europe

  • It is estimated the project will take 36 months to implement from the start of construction, with the lowest point 3,000 meters below sea-level
  • Phase 1 will see the interconnector carry a capacity of 1,000 MW which can be upgraded to 2,000 MW at a later stage

NICOSIA: Egypt has signed a deal with a Cypriot firm to lay a 310-kilometer (195-mile) cable under the Mediterranean to export electricity to Europe, the company said on Thursday.
Nicosia-based EuroAfrica described the deal, worth an estimated two billion euros, as a “landmark.”
“Cyprus now becomes a major hub for the transmission of electricity from Africa to Europe,” said company chairman Ioannis Kasoulides.
It is estimated the project will take 36 months to implement from the start of construction, with the lowest point 3,000 meters below sea-level.
Phase 1 will see the interconnector carry a capacity of 1,000 MW which can be upgraded to 2,000 MW at a later stage.
“The national electricity grid of Egypt will be linked to the European electricity system through Cyprus and will contribute to energy security,” Kasoulides said.
Following the crises in Crimea and eastern Ukraine, the EU has been keen to develop alternative sources of energy to reduce its dependence on imports from Russia.
In the past year, gas has started flowing from four major new fields off Egypt’s Mediterranean coast, and output is already sufficient to meet domestic needs.
The Arab world’s most populous country is now seeking to develop the infrastructure to export its newfound energy wealth, both as liquefied natural gas and as electricity.
Egypt is also seeking to import gas from fields off Cyprus and Israel to boost the profitability of the new liquefaction and export facilities it is developing on its Mediterranean coast.
In September, Egypt signed a deal with Cyprus to build an undersea pipeline to pump Cypriot offshore gas to Egypt for processing for export to Europe.
The plans have led to closer eastern Mediterranean ties, with Cyprus, Egypt, Greece and Israel holding regular high-level meetings.