The Hub of the New Silk Road
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SPECIAL SUPPLEMENT � EL ECONOMISTA � SATURDAY, JULY 23, 2016 ENGLISH TRANSLATION OF THE SPANISH ORIGINAL PART II Happiness and Innovation The age of oil is ending and the UAE has The Hub already announced that it will be celebrating its final barrel of crude. Having committed to of the New renewable energies, the country maintains its leading status as one of the global hubs Silk Road for passenger and freight traffic Real Estate Aviation Economy District One, the new Dubai South, Spain’s role as a bridge to Latin America luxury neighbourhood a 29-billion-euro in the heart of Dubai aerotropolis is attractive to the Emirati state In 2016 Meydan Sobha will Khalifa Al Zaffin, executive Mohammed Al Shehhi, UAE’s secretary deliver the first phase of its chairman of DACC: “Who would not of estate for the economy: “There are residential project, open for like their business to be next to the big opportunities and promising areas of purchase by overseas investors biggest airport in the world?” cooperation with Latin America” 02 Opinion SPECIAL SUPPLEMENT � SATURDAY, JULY 23, 2016 � EL economista SPECIAL SUPPLEMENT � SATURDAY, JULY 23, 2016 � EL economista A WWW.MYMMERCHAN.COM production Opinion 03 leading destination for capital from per El Correo del Golfo has been view in recent years, it’s best not to through by experts are taken up to stands at 3.15 million barrels per This new home will bear testament engineer from the University of neighbouring countries. The emira- published daily since 2012 “with hold out too much hope”, the press the top floor for consideration. This day, putting it 12th in the world, to the company’s great power, but California – has seen an immedia- te opted for economic diversifica- an average of 450,000 monthly vi- department chief warned us. We year’s dictum is to focus on France, according to its own calculations]. the future the Sheikh has in mind te restructuring of boards in many tion many years ago, with commer- sits”, according to editor Rafael Pé- were certainly learning the lesson; Russia and China. Italy’s airspace ADNOC is soon to move into its for Abu Dhabi is not stuck in crude, of ADNOC subsidiaries. The age things take time here! It is almost industry is also seen as “extremely” new headquarters, Abu Dhabi’s but rather based on a diversifica- of oil is ending and the time of as if the idea is to put people to the interesting. tallest building positioned on La tion strategy – as laid out in the go- renewables is underway. Al Jaber test – and he who is able to enjoy is no newcomer; in 2006 he direc- “Only in the the true hospitality of the Arab One of the president’s men ted the strategy and led the launch infrastructure sector, people in an unhurried manner The last time that the Spanish go- We were certainly learning the lesson; things take of Masdar, a Mubadala initiative shall emerge victorious. We can vernment had an official meeting time here! It is almost as if the idea is to put people to boost the use of clean energies albeit late in the stake our claim to having enjoyed with Mubadala was during the fi- in the UAE and beyond. He still it! For example, each time we tur- nal visit made by King Juan Carlos to the test – and he who is able to enjoy the true heads Masdar’s board of directors. day, have people ned up without warning at the offi- in 2014. In this same building the hospitality of the Arab people in an unhurried In Spain, Masdar owns 40% of To- realised this market’s ce of Adeed Al Afeefi, the director emeritus king met behind closed rresol Energy, of which the Basque of Foreign Trade at the Abu Dhabi doors with Sheikh Mohammed and manner shall emerge victorious. We can stake our group SENER controls the other strategic value” Department of Economic Develo- Sultan Al Jaber, minister of state in claim to having enjoyed it! 60%. The company operates three pment, he received us courteously the federal government and one of solar plants in Andalusia. In 2015 with no sense of rush; Arabic co- the Sheikh’s closest confidants. In Masdar acquired 50% of Minas de ffee and dates included. February the latter named Al Jaber Corniche, opposite Emirates Pala- vernment’s Vision 2030 road map Aguas Teñidas in Huelva. Al Jaber, ce, aviation and tourism as the three rez Unquiles. They have published as CEO of ADNOC, Abu Dhabi ce, the world’s longest hotel com- – with an emphasis on renewable who is also the chairman of Abu main cogs in a smoothly functioning a monthly print edition since 2014, A Ferrari in the lobby National Oil Company, which ma- plex, and barely a kilometre from energies, commerce, culture, tou- Dhabi Ports, has the task to sweep machine. They feed into each other. distributing 10,000 copies across “Please, no photographs”, we were nages and supervises the emirate’s the as-yet unopened presidential rism and financial services. The away a bureaucratic culture. It is a Dubai also has a vibrant property 250 outlets. told when standing outside Muba- production of hydrocarbons [which palace of imperial proportions. arrival of Al Jaber – a chemical time for technocrats. Above, Etihad Towers in Abu Dhabi. Right, Sheikh Mohammed bin Rashid Al Maktoum, vice president market – with its ups and downs dala – another of Abu Dhabi’s so- and prime minister of the UAE and ruler of Dubai. Photos: MyMMerchan. like anywhere else in the world – Relax, this is Abu Dhabi vereign funds – with assets valued and the emirate supports knowledge “Abu Dhabi is not Dubai; here at 55.167 billion euros. The façade and innovation, in keeping with the everything takes more time”, the suggests yet another office block. UAE’s Vision 2021 plan to become communications director of the On the inside, however, the refined a highly productive and competitive federal Economy Ministry told architecture of its Arab patio leaves Farewell to oil, economy while marking the state’s us when we landed in the capital. you open-mouthed. It is chaired 50th anniversary. In May the first He was so right. The holy month by Sheikh Mohammed bin Zayed office building made with 3D prin- of Ramadan was fast approaching Al Nahyan, deputy supreme com- ting was opened in Dubai. It took and [almost all] the doors behind mander of the armed forces, the just 17 days to build. “We want ac- which some of Abu Dhabi’s most crown prince of Abu Dhabi, future welcome to the future tion, not theories”, Sheikh Moham- brilliant minds are normally to president of the UAE and the most med sentenced. “He is an amazing be found remained closed. The powerful man in the country. He is man. In general, Spain has not yet same can be said for the mansions the son of Sheikh Zayed, the foun- As the hydrocarbon age runs out of fuel, understood this country’s poten- we gazed upon as we were being der of the UAE who died in 2004, tial and there is little institutional driven along the capital’s ele- and his fifth wife, Sheikha Fatima the Spanish colony continues to grow support, demonstrated by the alar- gant avenues, such as Al Bateen bint Mubarak. Abu Dhabi’s royal ming lack of resources. For exam- Road, festooned with palm trees, family has close relations with its ple, the fact that there is no Spanish immaculate lawns and lush shrub- Spanish counterpart. Queen Sofía in the country with the most diversified Consulate in Dubai is unaccepta- bery. Was there a pact of silence? spent time with Sheikha Fatima in ble”, a Spanish consultant who resi- “We like it quiet”, Muna Al Jabry, March and while Spain’s king and economy in the entire Middle East des in the UAE remarked. “Only in the director of marketing at Abu queen, Felipe and Letizia, have the infrastructure sector, albeit late Dhabi’s Chamber of Commerce yet to make an official visit, they He created a Ministry of Happiness Seven emirates and one state in the day, have people realised this and Industry, pointed out from her have made private trips, including Text: Eva Martín led by a woman. He created a Mi- The UAE is a federal state compri- market’s strategic value.” Other ex- office with views of La Corniche, journeys to destinations such as the ome years ago, a journalist nistry of Youth Affairs, also with sing seven emirates: Abu Dhabi, patriates share this view. Some 200 the seaside promenade in the west asked Sheikh Mohammed a woman in charge. And he set up Dubai, Sharjah, Ras Al Khaimah, Spanish companies are based in the of the city. Just a few metres away Bin Rashid Al Maktoum, a Ministry of Tolerance under the Ajman, Umm Al Quwain and Fujai- UAE and the colony of Spaniards stands the skyscraper which hou- The future the Sheikh Sprime minister and vice president aegis of the veteran Sheikha Lub- rah. The autonomous governments continues to grow. “In April there ses ADIA (Abu Dhabi Investment of the UAE and ruler of Dubai, na Al Qasimi, formerly a minister of the first two are extremely power- has in mind for Abu what percentage of his vision he of economy and international aid ful. Abu Dhabi accounts for 87% of Dhabi is not stuck in had achieved. “Five percent”, he and development. One month after national territory and, according to The stability which the UAE has attained, the replied.