Originally published February 2018.
The UAE’s appetite for attracting the great and the good (and sometimes the bad and the ugly) remains impressive. This week, Abu Dhabi, the capital of the United Arab Emirates, hosted the first Milken Institute MENA Summit, and what a gathering it was. Milken, known in a former life as the junk bond king, can call on pretty much anyone to appear at these gatherings, which discuss political, business and societal issues, ranging from Brexit, women in the workplace, prosperity, Africa, blockchain, health technology, philanthropy… the list is long. I was intrigued to hear Brexit views from 3 prominent UK businessmen, which, essentially, focused on the lack of cohesive leadership from the government which could lead to a much greater economic threat to the economy, a far left Corbyn election victory. Equally interesting was the conversation with Thomas Barrack, founder of Colony Northstar and close friend of US President Trump. He described a man who thought a lot more strategically than most would imagine, who ruled by chaos and whose balls to run for President in order to change what he saw as “Bad Business America” surprised no one who really knows him. We came away having warmed slightly to the leader of the free world, knowing a little more about him than many.
Equally impressive was the panel, again moderated by Milken, on the subject of Global Overview: Priorities in a Changing World. Mohammed Al Shayer who employs a mere 60,000 people in his retail empire, Patrice Motsepe, the South African billionaire, His Excellency Waleed Al Mokarrab, deputy CEO of the giant fund, Mubadala and Her Excellency Reem Al Hashimy, the indefatigable Minister of State for International Cooperation and the force behind Expo 2020, reinforced the need for tolerance and integration, encouraging more women to step up to senior roles (which is happening much more quickly than you can imagine in Saudi Arabia). They talked about the “double bottom line”; investment for financial gain, but also social good.
If blockchain is your thing, and you may not know it yet, but it will be everybody’s thing at some point, then who better to hear from than the Wincklevoss brothers? Having famously been the people behind the idea of Facebook, rowed as a pair in the 2008 Beijing Olympics and founders of Gemini, the brothers are currently seeking SEC approval for the Wincklevoss Bitcoin Trust, a Bitcoin ETF that will trade with the ticker, COIN. But of course, the star attraction was lunch (a very decent sea bass) with the 43rd President of the US, George W Bush. Despite being heavy with cold, he was amusing, genuine and engaging. His relaxed style, self-admonishing anecdotes (“I thought I oughta get a book out there, so I got together with Karen Hughes and out it came. I should read the damn thing sometime”) were appreciated by an audience that included HH Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces. Milken’s final question to Bush was to ask what advice he would give any leader in today’s world. “Know what you don’t know and surround yourself with people who do know what you don’t know… then listen. Set clear goals and communicate them directly and clearly. Give credit when things go well, and when they don’t, take the hit.” I think we knew who this was aimed at.
It was clear that everyone who attended from outside the region saw a country that is going places, has strong and determined leadership and a very impressive second tier of highly educated businessmen at the helm. It would take a brave man to bet against the UAE.
Whilst Abu Dhabi buzzed with Bitcoin, Bush and banter, Dubai till buzzes louder than most. Ever growing, this Emirate oozes ambition. “Build it and they will come” is the mantra of HH Sheikh Mohammed bin Rashid Al Maktoum. Is he right? Well, if you want to book a table at Cipriani, where the local equivalent of ladies who lunch, the Jumeirah Janes, flock for their daily discussions on whatever Jumeirah Janes discuss, you’d better think about it well in advance. Or at the excellent La Petite Maison, or Zuma, Gaucho, The Maine, La Serre or Coya. Never mind the price, these places are full. You may hear rumours of low hotel occupancy rates, over supply of luxury villas and low Lamborghini sales, but this place marches on its stomach.
In my attempts to shed the excess kilos gained from the above, I have taken to long beach walks. Running is a no-no after years of attempting, and failing, to bowl fast and my knees are shot. Those flat Sussex pitches have a lot to answer for. But a 20kms walk along the coast is the perfect antidote to the lights and glitz of tourists’ Dubai. In his attempt to create a fit society, His Highness has installed mile after mile of running and walking track all along the beaches. Runners abound, and with the coffee shacks, health food trucks and permanent gym installations, there is no excuse not to get out there and breath in the fresh Gulf Sea air. The beaches are spotlessly clean and beautifully kept. Indeed, the excellent organization, Gulf For Good, has a monthly clear up, with ex-pats picking up litter whilst embarking on a 15kms early morning stroll. One thing to avoid, however, when on a speed-walk, is finding yourself in the middle of Dubai’s International Iron Man competition. The fact that you are walking is one thing, but to be passed by Alistair Brownlee (and 500 others in tight lycra), at incredible pace, can seriously harm your self esteem. I turned down the offer of a banana and a health drink from the kind volunteer who clearly thought I was an elite athlete with a niggle. It just wouldn’t have been right somehow.
