MoF Organises World in the Future Event

The Ministry of Finance (MoF) organised the ‘World in the Future’ event today at the Dubai World Trade Center as part of the UAE Innovation Month. H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs; H.E. Ohood bint Khalfan Al Roumi, Minister of State for Happiness and Wellbeing; H.E. Hessa Bint Essa Bu Humaid, Minister of Community Development were present at the event. The event is in line with MoF’s belief that the cornerstones to furthering the national innovation strategy and building a better future for humanity in general are creativity and innovation.

This full-day event witnessed several thought-provoking discussions and also included several activities for the youth, which were aimed at encouraging them to be creative thinkers and contribute to the future development of the nation.

H.E. Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, said that these activities directly contribute to furthering the national innovation strategy, by encouraging the youth to engage in various fields of science to support the spirit of innovation. This in turn would create a competitive human capital capable of contributing to the UAE’s vision of a sustainable, knowledge-based economy in the future.

H.E. added: “The ministry is keen to support this special month by organising activities that foster a culture of innovation. This helps inspire innovators to create ideas and solutions that contribute to the UAE's vision and strategy to be one of the greatest countries in the world.”

The ‘World in the Future’ event saw the participation of several keynote speakers, including world-renowned futurists. Michio Kaku, author and physics professor, City University New York, spoke about the future of humanity and the world in the next thirty years. He also expounded on the changes that the Fourth Industrial Revolution is set to usher, as well as the tremendous impact of information technology on the future of mankind. He noted that several concepts such as computers and electricity would disappear in this future, replaced by robotics and other advanced technologies.

Daniel Levin, global trends expert and one of the world's leading analysts, reflected on future trends that will impact our world. Additionally, Ross Dawson, futurist and Chairman of Future Exploration Network, and specialist in new global financial trends, spoke about the future of finance, business and the challenges that governments and legislators will likely face.

He also moderated a debate on the future challenges entrepreneurs, emerging companies and the world at large might face, as well as their proposed solutions. Furthermore, as part of a panel discussion, the futurists laid out the expected challenges in the next 20-30 years and asked participating innovators, startups and entrepreneurs to propose solutions. The submissions were reviewed by a jury and a winners for both competitions were announced at the end of the event.

H.E. Khalid Ali Al Bustani, Director General of the Federal Tax Authority, said: "The Federal Tax Authority is participating in the Innovation Month activities alongside the Ministry of Finance to strengthen its strategic partnerships with government entities, in order to support and encourage creativity and innovation."

H.E. Khalid Ali Al Bustani stressed the keenness of the authority to contribute to the national innovation strategy and support the efforts to make the UAE one of the most innovative nations in the world. He said that the authority, in cooperation with the relevant entities, has established the pillars of a fair, comprehensive system to make the UAE one of the leading countries in the world. He added that the authority has implemented a fully paperless tax system that encourages voluntary compliance, which is convenient and swift for businesses to follow. He noted that this was achieved under the guidance of the wise leadership of the UAE and their vision to make it one of the best countries in the world by 2021.

H.E. Khalid Ali Al Bustani also explained how the UAE’s e-tax system is a platform that provides innovative services in taxation on an ongoing basis.

Two further debates were held during the event. The first titled, ‘A possible solution to an AI driven world,’ saw participation from Daniel Levin and Mark Muriithy, Director of GiveDirectly in Kenya. The second debate named ‘The experiences that make a successful entrepreneur’, meanwhile saw the participation of Joy Ajlouny, Co-Founder and Marketing Director of Fetchr; Kushal Shah, Head of Digital Middle East and Asia, Roland Berger; Ambareen Musa, Founder and CEO, souqalmal.com, and Hans Henrik, Vice President, Dubai Technology Entrepreneur Campus (Dtec).

Arif Amiri, Chief Executive Officer, DIFC authority, said: "With the UAE’s growing significance as a major driver of economic growth in the region, our government continues to take proactive measures to lay the groundwork to prepare for future global trends. The vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the initiatives set out in the national innovation strategy have been a critical part of creating the road map to an environment conducive to innovation and entrepreneurship in the UAE. As the leading financial center in the region, we at the DIFC are fully committed to partnering with various government and semi-government institutions to provide support and tools to build an integrated innovation and entrepreneurship system in the region, starting with the UAE."

As part of the 2018 UAE Innovation Month, the Ministry of Finance had organised a series of events, including ‘Finovate’, which featured a world-class roster of speakers and thinkers who deliberated innovation and financial technology. The ministry had also organised events such as the ‘Innovation Debate,’ the ‘Fair for Future Jobs’ under the theme ‘Design your Future,’ in addition to launching the ‘Pop-up and Mobile School’ initiative aimed at spreading the culture of innovation in national schools and universities.