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UAE: ONE OF THE TOP COUNTRIES TO DEAL WITH FUTURE RISK

Posted on 6th July 2022 by Driven Properties

UAE: ONE OF THE TOP COUNTRIES TO DEAL WITH FUTURE RISK

The United Arab Emirates is One Of The Top Countries To Deal With the Future Risks As Per MBRF and UNDP Report

The United Arab Emirates has been listed as one of the countries best prepared to deal with future risks and challenges, based on the report "The Future of Knowledge: A Forward-Looking Report" released by Mohammed bin Rashid Al Maktoum Knowledge Foundation (MBRF) and UNDP.

The UAE was listed alongside the United States of America, the United Kingdom, Switzerland, and Australia.

The report was released in conjunction with the seventh session of the Knowledge Summit at Expo 2020 Dubai in March. An analytical study that reviews the future knowledge landscape and differences between countries' transformative capacities concerning critical global risks. The report also provides new insights into countries' capabilities to address future risks and supports national leaders.

Innovation, collaboration, and transformative capabilities

The report analyses a group of 40 States, including seven Arab States. It reveals significant differences in transformative capacity and risk preparedness. For example, between low-income countries in Africa, Asia, and high-income countries, high-income countries, particularly those members of the Organization for Economic Cooperation and Development (OECD), are more capable of taking higher risks.

The report explains the results of the analytical study that indicated how most countries were not adequately prepared to face future turmoil, putting a heavy burden on their economic, social and political, and ecological systems. This makes it difficult for countries to ensure the sustainability of services in the fields of education and health, which will further affect the path towards achieving sustainable development goals.

Moreover, the study also confirmed that countries tend to rely on existing traditional models that often lack flexibility, which weakens their ability to develop transformational capabilities to tackle risks, as evidenced by how countries dealt with the Covid-19 pandemic and climate change issue.

The study also identified various factors that make states more capable and willing to take on future risks and adapt. Such as the ecological environment, economic system, and social structure.

Furthermore, the knowledge and ability to utilize and develop the population's skills. Also, the skilled efficiency of the workforce is one of the main factors that increase the state's ability to cope with risks. Everything mentioned above is related to many factors, including education, research, development, innovation, science, and technology.

The report also highlights the need for innovation and cooperation to develop knowledge, which will increase the state's ability to handle risks.

The Mohammed bin Rashid Al Maktoum Knowledge Foundation, in collaboration with the United Nations Development Program, launched the third edition of 'The Future of Knowledge: A Foresight Report' during the seventh session of the Knowledge Summit at Expo 2020 Dubai on March 14 and 15. The report is a leading analytical study that reviews the knowledge landscapes of the future and the differences between countries' transformational capabilities regarding key global risks—providing new insights on countries' abilities to address future risks and supporting national leaders in ensuring resilience.

Most relevant to this tender, the UAE Vision 2021 was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum the ruler of Dubai, at the closing of a Cabinet meeting in 2010. The primary aim of the vision was to make the United Arab Emirates one of the best countries in the world by 2021 in terms of economic and social development.

The government also has the UAE's Energy Strategy 2050 in place to ensure the well-being of its citizens in the long run. Apart from social and economic goals, the country aims to advance scientific research and technological development. The recent Mars mission of the UAE is one of the important achievements of the government in this regard.

Stay tuned to the Driven Properties blog for more UAE updates and achievements this year and beyond.