This is 2023. The new fiscal year starts on the 1st of April every year. What’s so usual or unusual about any fiscal calendar? It’s predictions from past performances. As a post-grad student pursuing a master’s in IR & Diplomacy, my interests are primarily, in researching and analyzing the economic transformations of Middle Eastern countries. Having lived and worked for over a decade in the UAE, especially in Dubai, how do these emirates support each other, do they have a 3rd party mediator (an IO or an Emirate or another country) to orchestrate an M and A, does their economy, despite being heavily dependent on their oil exports, face crisis due to repercussions in the western markets, vis e viz, Uncle Sam’s market.
These are unprecedented times of AI disruption, IMPEX trade routes, process automation, social media disruption, and multilateralism. In a highly interconnected global market, there is hardly any scope for unilateralism.
Something affected our lives in 2009 to the degree of me and my younger brother skipping a full year at school. My father had to exit the country overnight fearing a jail term, as a couple of cheques bounced. My mother had to leave the house with all her valuable things behind. I was moved from our company’s sponsorship to my then husband’s sponsorship. 80% of our staff suffered panic attacks as our HR team gave pink slips to them. Dubai’s economic crisis impacted migrant workers’ employment and wages. UAE depended massively on labor from expatriates since they account for 30% of the Emirates’ population. According to Al Jazeera, UAE generates about 75% of its skilled labour from Asia: 25% accounts for skilled labor, 25% semi-skilled, and 25% unskilled.
The labour laws as well as protecting expatriate businessmen and women alike were not so conducive in early 2000.
Since 2009 our lives are still reeling in the aftereffects of Dubai’s grand fall in 2008-2009 from being the most glamorous man-made city to the ghastly realities of no protection and immediate slamming of arrest warrants to tough labor laws to uneven human rights.
My father and I pondered over this question repeatedly. Had we given 14 years of our hard work, talent, and resources to any other country outside the Middle East we would have gotten passports of that country and would become citizens of one of those countries thereby enjoying the benefits on par given to existing/natural citizens.
Why as an expatriate did my father not look at laws that mattered to the health of the company before flying down to the UAE in 1998? Was it the tax-free haven that Middle East countries promise or was he running away from India due to religious feuds or was he happy to be in the UAE as he was a Muslim and thinking that his Muslim rulers/leaders would protect him come what may?
Everything changed overnight. We lost money, we lost staff, we lost projects, we lost our minds. My father was suicidal. No amount of positive motivation would wake him up from his bed. My mother started teaching in a performing arts institute, and my elder brother started working odd jobs, me and my younger brother; stayed home and from our balcony saw other kids going to school, whose parents had steady incomes as employees.
However, one thing that remained was Our company’s market credibility. Our credit score was high across Islamic and conventional banks. Over a period of 5 years, we cleared 50% of dues in 2017. And very recently due to several mammoth amendments, additions, and changes in expatriate laws, business laws, labor laws, and Human rights laws, the UAE is now open for entrepreneurs and seasonal businessmen and women alike. Although they still don’t issue you an Emirati status/passport. You cannot own property forever. You can only buy a property for 99 years, and thereafter that property must either be bought back by your successors, or it’s up for sale automatically.
I very recently during my spring semester came across the United Nations Conference on Trade and Development. And read through its entire inception and functionality its many services and extended support.
I felt so ill-informed that had we known of something like this had existed back in 2008-2009, we wouldn’t have had to leave Dubai, as the support system by the UNCTAD is phenomenal and is across 195 countries.
Recently Ms. Rebeca Grynspan, a Costa Rican and the 1ST woman (in the history of UNCTAD) taking the top post at UNCTAD (current secretary-general), on 13th September 2021; arrested my interest to visit UNCTAD during the study trip to Geneva. That is 1 of the 2 reasons I want to meet the officials at UNCTAD, the other reason being – The 8th World Investment Forum is being held in Abu Dhabi, the capital city of UAE, later this year from October 16th to 20th. The theme of the event is “Investing in sustainable development”, aimed at bringing CEOs, Investors, and government leaders from across the globe to mitigate crises spanning various verticals like energy, food security, health, infrastructure, supply chain logistics, manufacturing and production in the least developed / tier 3 countries.
Who is Ms. Grynspan?
Rebeca Grynspan is an erstwhile vice president of Costa Rica, she joined UNCTAD in September 2021 from the Ibero-American Conference. Also, a phenomenal voice of human development, who brought recognition to issues like south-south cooperation as a platform for progress and development, reducing inequality and poverty, and the sustainable development goals under the wing of the United Nations.
UNCTAD – Inception and Operations.
UNCTAD, the United Nations Conference on Trade and Development, is headquartered in Geneva, Switzerland. UNCTAD maintains a permanent secretariat in Geneva, which serves as the organization’s administrative and operational center. UNCTAD was established in 1964.
In addition to its headquarters in Geneva, UNCTAD also has regional offices and centers in several countries around the world. These include:
- Africa: UNCTAD has regional offices in Addis Ababa, Ethiopia, and Dakar, Senegal.
- Asia and the Pacific: UNCTAD has regional offices in Bangkok, Thailand, and New Delhi, India.
- Latin America and the Caribbean: UNCTAD has regional offices in Mexico City, Mexico, and Port of Spain, Trinidad, and Tobago.
- Europe: UNCTAD has a regional office in Moscow, Russia.
- Arab states: UNCTAD has a regional office in Beirut, Lebanon.
These regional offices and centers support UNCTAD’s work in their respective regions, providing technical assistance and capacity-building support, conducting research and analysis, and promoting regional cooperation and dialogue on trade and development issues.
Its mission is to promote sustainable development through trade, investment, finance, and technology transfer. UNCTAD provides a range of services and support to its member states, including:
- Research and analysis: UNCTAD conducts research and analysis on a wide range of topics related to trade, investment, finance, and development. This research helps to inform policy decisions and promotes evidence-based policymaking.
- Capacity building: UNCTAD provides technical assistance and capacity-building support to help developing countries improve their trade and investment policies and build their institutional and human capacities.
- Advocacy: UNCTAD advocates for policies and actions that promote sustainable development, particularly for the benefit of developing countries and least-developed countries.
- Data and statistics: UNCTAD collects and disseminates data and statistics on international trade, investment, and development to help policymakers and other stakeholders make informed decisions.
- International cooperation: UNCTAD promotes international cooperation and dialogue on trade and development issues, including through its regular conferences and meetings.
Overall, UNCTAD plays an important role in supporting developing countries to achieve their sustainable development goals through trade and investment policies and programs. Ultimately, serving the citizens of the 195 countries that make up our organization. UNCTAD’s goal is prosperity for all.
Was UNCTAD involved in Dubai’s recovery?
Dubai was one of the hardest-hit economies during the 2008 global financial crisis due to its dependence on the real estate and construction sectors. However, the government of Dubai took several measures to mitigate the impact of the crisis and stimulate economic growth.
One of the key measures taken by the Dubai government was to inject liquidity into the banking system by providing financial support to local banks. The government also launched a large-scale infrastructure development program, which included the construction of the Dubai Metro, the expansion of the Dubai International Airport, and the creation of new tourist attractions such as the Burj Khalifa and the Dubai Mall.
In addition, the government encouraged foreign investment by introducing measures to ease business regulations and offer tax incentives to foreign investors. The Dubai government also focused on diversifying its economy by promoting sectors such as tourism, trade, logistics, and finance.
Furthermore, the Dubai government also restructured its debt obligations and negotiated with creditors to reschedule debt repayments. This helped to alleviate concerns about the city’s debt burden and restore confidence in its financial stability.
Overall, the combination of these measures helped Dubai recover from the 2008 financial crisis and continue to grow as a global economic hub.
The United Nations Conference on Trade and Development (UNCTAD) did not play a direct role in Dubai’s recovery from the 2008 financial crisis. However, UNCTAD did provide some analysis and recommendations on how developing countries could mitigate the impact of the crisis and promote sustainable development.
In its 2009 report on the global economic crisis, UNCTAD recommended that developing countries should pursue counter-cyclical policies, such as fiscal stimulus and monetary easing, to support economic growth and job creation. UNCTAD also advised developing countries to strengthen their financial systems and improve regulation and supervision to prevent future crises.
While UNCTAD’s recommendations may have indirectly influenced some of the policy decisions taken by the Dubai government during the crisis, it is important to note that Dubai is a relatively wealthy and developed city and may not have been considered a typical developing country in the context of UNCTAD’s work.
Expectations from the Geneva study trip May 2023
When I am applying for a job at UNCTAD, I am sure to expect a competitive and rigorous selection process that focuses on skills, experience, and qualifications. UNCTAD is a specialized agency of the United Nations, and its existing staff members are highly qualified and committed to the organization’s mission of promoting sustainable development through trade and investment.
When applying for a position at UNCTAD, I would really look forward to interning with the likes of Ms. Grynspan or Mr. Pedro Manuel Moreno (Deputy Sec. Gen of UNCTAD)
UNCTAD values diversity and inclusivity and encourages applications from candidates from diverse backgrounds, including women and candidates from developing countries. And hence I am all the more excited to meet and learn on the job and possibly be deployed to a Middle Eastern country to make a difference in the sustainable trade development vertical.
When I am selected for a position at UNCTAD, I expect to work in a dynamic and challenging environment, collaborating with colleagues from different backgrounds and cultures to promote sustainable development around the world. I am absolutely convinced to have access to world-class training and professional development opportunities to enhance my skills and contribute to the organization’s mission.
Questions to Ms. Rebeca Grynspan
- I am curious to understand how financial planning and budget allocation discussion takes place.
- Does Ms. Grynspan find working with Middle Eastern markets easy when compared to western markets?
- How does UNCTAD engage with stakeholders and partners to promote sustainable development?
- What are some of the biggest trends or changes in the field of trade and development that you see on the horizon, and how is UNCTAD adapting to those changes?
- How does UNCTAD ensure that its work is aligned with the United Nations’ Sustainable Development Goals (SDGs)?