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The Globalist
Live from the UAE: US prepares to blockade the Strait of Hormuz after failed Iran talks
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Craft matters in small ways, like how a coffee is brewed, and in not so small ways, like how your money is cared for. Which is why for 160 years, UBS has elevated banking to a craft, tailoring unique strategies that combine human expertise with the latest technologies, all happening across 24 time zones and 12 key financial hubs. With you at the heart of it all, UBS advice is our craft.
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B
Good morning from the Zayed National Museum here in Abu Dhabi. You're listening to the Globalist with me, Tyler Villa. My colleague Andrew Tuck is here as well. What's coming up today, Andrew?
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C
Well, after a weekend of talks, but no results, in Islamabad, Donald Trump says he doesn't care if Iran returns to the negotiating table. As the US prepares to block the Strait of Hormuz and Iran accuses the US of shifting the goalposts, we're going to get a view on the ground here in Abu Dhabi.
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B
We'll also get the latest news from our bureau in Bangkok in a moment. And of course, we'll be having a flip through the papers. That's right here on the Global Live from Abu Dhabi. And good morning from Abu Dhabi. Andrew Tuck is with me. And this is, of course, Tyler Brulee as well. Andrew, this is. It's a bit of a roadshow this week. We kick off this morning here at the Zayed National Museum, an absolutely spectacular facility. It is really something of a monument. It's breathtaking. Your first time here, you were here just before Christmas, just before it opened. But maybe just first impressions. Where we are this morning?
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C
Well, it's extraordinary. It's almost like a spiritual experience coming in here. It's all white travertine concrete, beautiful, epic spaces. We have a dhow behind us, which is pretty extraordinary. And if you heard some music at the top of the show, the point the museum opens every morning. They play the national anthem. So you had some, some rising rousing music there as well.
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B
And why don't we set up the week for our listeners? Because we have, we have something of. Yeah, it is a bit of a traveling roadshow this week. Of course, we're going to be in Abu Dhabi today. Tomorrow we head to Dubai. Then after that we are off to your friends Inn, where we're going to
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C
Sharjah, where we're going to be broadcasting from the House of Wisdom for one day and then we'll return to Dubai on Friday, Friday as well. So a full week in which we're going to take the temperature of the region, meet many of the players who are thinking about what happens after the war, how you reset nations, how you reset business. So it's going to be a fascinating few days.
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B
It's a bit of a theme for the coming week really. And of course, one of the, well, our gentlemen, and of course, not just gentlemen, gentlemen, correspondent, we could almost call him. Andrew Insy is here with us this morning as well. I just want to bring you in. It has been quite 40 plus days for you. Now. We'll be talking to a variety of voices across the program today and across the week as well. But maybe just give your assessment if you sort of look back to. Of course, yeah. Those first moments, filing copy, being live around the MIC as to where we are at the start of a new week.
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C
Look, it's surreal because six weeks into this conflict now, I don't think anyone living in the uae, this country which prides itself on stability, on safety, you know, on, on peace as well, essentially would actually be at the center of a conflict. And I say it's been at the center. Yes, I know Iran and the US and Israel have been, but actually the UAE has been in some sorts as well because this is the country that's been targeted the most by Iranian aggression. It's had the most missiles and drones thrown into it by Iran, more than 2,600. And essentially it's caused huge instability across this country. And I think for people living here, it's just been a bit of a shock, quite honestly. But also there has been so many positives that come out of this country and I think we will come on to many of them.
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B
Give me a top three, though. From, from your perspective. You think three, three things that have, have been outstanding. If we can say that defense, I
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C
mean, the defense force has been incredible. They've protected this country incredibly well. Resilience. I think we always knew that the UAE was quite resilient, but this is no doubt the toughest test that it's ever had and they've showed that resilience. And then thirdly as well, and I say this from a selfish journalistic perspective, is that actually the communication in this country has been incredible in a wartime, in times of uncertainty, the communication from government, not just to journalists but to everyday people on the ground has been pretty spectacular. So, yeah, I'd say they're the, the three top things that the UAE has nailed during a war. I mean, I don't think there's a handbook for that, but if there was one, these guys could probably make it.
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B
Well, we're going to be talking to the Minister of State Noor Al Kabi in a moment. Lindsay, we'll be chatting to you in a bit. Andrew, just very quickly, just before we go, from newsroom perspective, first floor, Midori House, watching all of this unfold as well. And maybe we've been having a conversation also a little bit about the story from inside and very much a conflicted story as well. The people who have remained, the story of the expat, the migrant, those who have fled. Are we at a bit of a moment of reckoning now as well? I mean, we're in this suspended period of maybe a settled situation right now. We have to see what, of course, is over the horizon. But what's your impression?
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C
Well, I think it's interesting, as you said, some people have definitely gone back home, influences have fled. Those people may have disappeared. But what I think is more striking is the number of people who have said they're going to remain here. So in difficult times, they also find themselves bound to this place in interesting ways. They feel a commitment, they feel a loyalty to place. And I think that's the story we also want to investigate this week. The story of, it's a story of migration. What happens when you move to a place and actually your life unfolds there, not just over one or two years, but maybe generationally now. What's the commitment you feel to a country as well? So we're going to, we're going to speak to both sides, the challenges and the opportunities that people see by remaining committed to place even in times of difficulty.
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B
You are listening to a special edition of the Globalist with me, Tyler Brulee. Also, Andrew Tuck, a little bit adrift of normal news time, but nevertheless, we're going to head to Bangkok right now. Gary's there with the news headlines.
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C
Thank you, Tyler.
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D
Australia's social media ban for the under 16s has been unsuccessful. According to a new survey, some 62% of parents said their children were still accessing sites with the same or new accounts with an online safety regulator, adding that meta TikTok and YouTube have not complied with December's new rules staying in Australia. Eight people will receive awards for bravery for their actions during the Bondi Junction stabbing two years ago. Six people died in the attack after a man experiencing a psychotic episode entered a crowded Sydney shopping mall. Thailand has entered its seven deadly days of road travel as large numbers of Thais head back to their hometowns over the Songkran national holiday. The road saw some 95 fatalities in 525 accidents over the first three days. With speeding and drink driving the main causes. Meanwhile, the Thai New Year celebrations are well underway. On this first official day of the Songkran three day holiday. Locals and visitors alike should expect crazy high temperatures and crazy water fights across the country. While domestic travel is subdued due to rising fuel costs, the parties in Bangkok and beyond are expected to be as wild as ever.
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B
And that was our Gary Boyle in Bangkok for us with the news headlines. You are listening to the Globalist here on Monocle Radio. I'm very happy to say that Noor El Kabi is joining us. She is the Minister of State of the Ministry of Foreign Affairs, a little bit of a voice, you could say as well, around the world of Monocle. We were here in the capital two weeks ago, but last time we saw you, we were in Barcelona at the Quality of Life Conference. You were having a conversation about many of the topics now, which have become very sharp, very pointed, very much have come to life because I recall you were talking about communication, engagement, et cetera. Maybe just bring us up to speed from the moment that we were sort of sitting in your mattress having a conversation with where we are two weeks later. It's been an extraordinary weekend right now. But if you take the temperature, what is happening right now? What is your take?
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A
It's wonderful to be here and it's wonderful to be speaking with you, especially that we've been having those conversations when it comes to, as you said, engagement. The world as a, so far we can call it, maybe we're living in interesting times, unfortunately unsettling. For the past more than 40 days, the UAE has been under attack. More than 3,000 missiles has been just targeted to the UAE. Now where we are, we are in a position of resilience. We're in a position of strength, as you can see, as where we are today, we're in the Zayed Museum, National Museum. This institution is not just an institution or a beautiful building behind an architecture, but it resembles an idea. And this idea is the idea that is being attacked. If we thought the attack is because of a geography situation, it's not. It's beyond that. Iran chose to attack us while the UAE has been never part of this war. And we continue saying so, but we defended, we'll continue defending. And I think one word that describes today is resilience and continuity. Two words.
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C
Can I ask you, when we look at the talks at the weekend in Islamabad, 21 hours of JD Vance on the ground in Islamabad trying to get to some kind of peace structure. Now, that hasn't happened and now we hear from today, Donald Trump says he will try and block the Straits of Hormuz to all traffic. The pace of negotiations and the unfolding narratives are so fast. What was your take when those talks finished? Did it surprise you or you talk about resilience? Were you always thinking that it was very hard to bring Iran to the table at this time?
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Well, for us, ceasefire is not the answer. It's just the beginning. I believe the UAE has been very clear that we need to have Iran accountable. We need to stop such hostilities. We, we must, you know, look at the Strait of Hormuz as an international water up in an unconditional way. And I think we are here looking into the principles of such, you know, map or going forward with what we're trying to achieve as the UAE and the neighboring countries. But if I will go specifically in terms of our ask, our ask is accountability. You know, our ask is making sure that the stops. Our ask is the Strait of Hormuz is not hostage to any country, many countries, it's. The global economy is being, is hit because of the strait. When we look at, you know, the merchants, when we look at, you know, the gas, the, the fertility, the food and even the environmental element of the strait itself, and the Arabian Gulf is being hit right now. So I think it's very clear we need this to stop. We want accountability. The strait shouldn't be conditioned to any nation. It should be open for everyone as it's under the international convention of cedaw. And therefore we are making sure that we're just focused in terms of what will protect the UAE and keep us going.
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B
Just across the last 24 hours, Minister, we've seen the UK, we've seen France saying they're not going to join in, in this blockade. What is the UAE's position on this? It seems that we enter this week with America, of course, looking to, of course, build up some type of coalition. What is the position of the uae?
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There is positions to defend its sovereignty, to defend its land, its territory. Yet the UAE position is also a position where we look into the future. How will the future look like if this will continue? Will I rely on the strait? Will there be other options? Can I work on alternatives? It shouldn't be the only answer. And I think this is what makes, I mean, an institution or a country matter is how will I act after I'm being tested? I think we are being tested right now and we're proving that there are elements, as I mentioned, when it comes to business continuity, when it comes to even if schools online, there is continuity. People are going by their lives and life is beautiful and normal if you consider it or phrase it in in a way that we are under war or attacks. Yet I think it's time for the UAE to reassess when it comes from roots and when it comes to the future of relationships in such geopolitical world.
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C
Can I ask you. There's always been a tradition in this region, maybe a split actually between people who wanted to be non aligned in this region, be friends with everybody. And up until now there had been attempts to be good neighbors, even with Iran. But after this, do you think we're going to see the UAE countries in the Gulf more aligned with the US or looking to again new partners? We're seeing this trip that's just happened to China by your ministers. Do you think there's going to be a push for more friends in the world rather than just being aligned with a western alliance?
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A
I believe the UAE has been always a country that looked into building relationships and going back to our talk in Barcelona is how we engage and how we make sure that, you know, it is a nation that is open. It is a nation that wants to build strong institutions. It's a nation, you have people from different nationalities. It's a small world. So what's being attacked is the world when it comes to the UAE because of what we embody and because of the people that chose the UAE to be home. So this is not a small thing. Now going to the diplomatic future relationships with the US we have relationships when it comes to AI, when it comes to education, when it comes to culture, museums, you know, next door is going, we're having, you know, the Guggenheim. Abu Dhabi is being basically finalized. Okay. Now the UAE is going to look at the relationship when it comes to what will help and support the uae. Of course it's going to be a two way formula between the countries that we will continue working with. The Crown Prince arrived last night to China and China is also a country that we have economic trade with them, technology and as well education and research happening. So we will always be open to building such relationships. But it's going to be different because safety is going to come first. Being clear and being honest in terms of what the enemy holds and who is the enemy and what kind of ideology they hold. What we're suffering from right now is not naming the enemy, not naming such ideology that has been infesting in this region for the past, I don't know, 70 plus years. Therefore we need to go back and say this is, let's say this is the virus that we need to make sure that we not just contain, but guarantee that this will not spread. And we should always ask ourselves a question, do we want the kids, our kids, the next generation to relive the same thread of history and rhetoric that has been repeating itself for the past 70 plus years in the region, in such complex region. And it's time to learn our way
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B
lesson is a really interesting point because I'm wondering, perhaps we're looking in the diplomatic community that sits here as well. I'm wondering how busy your office is receiving people minister, who might be looking for a playbook. Because you know, just before you came on, our correspondent was saying how amazing the communications have been. I think there's been the surprise about how the defenses have been, have worked. Have they been so resilient. Do you think the world is going to be flooding in to say what did you do right here? Well, and not to be pompous about it, of course.
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A
I mean, I have to tell you that the UAE has been building on its capabilities when it comes to communication. And let's go back to Covid. When Covid hit, there was this kinds of transparent communication happening with experts, experts from the medical field, from research, and of course the institutions, the hospitals and every civil society institution or community. Yet what we can see right now happening is bringing back experts that are experts when it comes to the situation we are in right now. The war, the defense system, how is it, you know, how is it ready? People were asking, we never thought that we would have such, you know, a capability to handle such missiles. Another thing we need to remember as well, leadership has been up front in shopping malls and cafes, compassionate with the people, communicating constantly. And I think it always should come from the top. I have many people and friends who are not necessarily from the UAE and it matters to them to see the president speak that day when he visited the hospital. So we never took any way of trying to communicate to the people for granted. We made sure that there is that multiple level and layered level of communication to everyone in a consistent way. Of course, this comes with many meetings, many discussions, how we will communicate that, when are we communicating that, when will you hear the alarm? Certain times when it will go on and off. If it's nighttime, people are sleeping, it will go on, but without the sound. So we're beyond just the communication. We're also looking into how leadership, looking into how people will feel about the situation and how they're feeling about the situation, because when this ends, and I hope it ends soon, we will have a new reality of taking care of our community, our families and ourselves.
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C
Just tell me about that new reality when we look to the future. You've been doing extraordinary things in the region because you've been building a nation, but you've been building a nation brand and we've known the principles that that stands on. You've talked fascinating this morning about perhaps the blinkers are off a little bit. We're not going to put up with being provoked in this way and that we recognize that actually there's a quality of life or a way of life here that's under attack as well as a nation. When you look to the future for diplomacy, but for yourself as an Emirati, what do you think will come out of this? What do you want in a year's time if this has passed, when people come here to realize has changed and not changed?
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Well, I mean, of course I'm an Emirati. I lived my whole life here in Abu Dhabi. I saw it transform. I remember certain streets in the 80s and today I see them the same, but I see different difference when it comes to the new buildings. Not only that, the people that, you know, flocked and came in and choose the UAE home For us, it's not easy to hurt or scratch the credibility or the brand the UAE built because it's people to people. I think what matters the most out of this is the solidarity we saw that missiles weren't able to hit. And this for us is everything because, you know, you'll have people telling you this is transactional. This is, you know, this is just temporary. People come in for a couple of years, you know, and then go back home. But what we've seen is when we've seen people choosing to be here and staying here, we're choosing people. Yes, some people left and they came back and it's okay. You know, it's more about how they believe in the system. And I think that faith for us is everything. I think that faith is what the UAE holds. And I hope that after that we will, we will make sure that. And as the president said, everyone in the UAE is an Emirati. If you're in the uae, you are an Emirati. And to do that in a polarized world, in a world where you see countries are fighting through extreme oppositions of elections and is something we should really hold on and protect and never, never lose sight.
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B
Noor Al Kabi Minister of State for the UAE Ministry of Foreign affairs it's always, it's a delight seeing you and great to start the week with you as well.
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A
Thank you. It has been a pleasure. Thank you so much.
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C
Thank you.
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A
Thank you.
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B
You're listening to the Glob List. We're live here in Abu Dhabi. We're in the UAE across the week. We're going away for a very short break. When we come back, we'll be talking business sentiment.
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A
Craft is a matter of perspective, a unique outlook, an obsessive attention to detail. With UBS's Chief Investment Office Houseview, we're focused on identifying the latest investment opportunities and market risks to help you achieve your financial goals. So you get the big picture broken down into thought provoking insights delivered daily and curated by over 200 globally connected, locally active analysts. UBS banking is our craft.
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B
And you're back with a globalist with me, Tyler Brulee. Also Andrew Tuck as well. Andrew, it's always amazing talking to Minister Nur Al Kabi because aside from of course, just an amazing sort of poise and delivery and clarity as well. But I think always coming back to this notion of as we said, engagement, bringing people along and this idea of sort of brand Emirates, what has been built here. But then I think this idea you were saying on the way in from the airport yesterday, it is quite amazing, the slogans, the way the PR machine in this country has also been mobilizing as well. You've probably collected about 10 plus different slogans from the UAE.
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C
Yeah. It feels that every, every property company has found a space on their billboards to take down some of the signs. Just selling apartments to put up rallying calls that they stand with the uae, that they will come out more resilient, that they are wholeheartedly with the government here. And lots of the motorway passes lit in the colors of the UAE flag with Nura. I think it's also fascinating, however you take it, is that a nation built on migration and this is a nation built on migration, people from all over the world. And she's right, some people have gone and some people have been more committed and have stayed throughout, but actually it has proved resilient. And what we've talked about, Tyler, as well around the world is what is your story? If you're a migrant and you come to a country, what was the point? It clicks in that actually you are loyal to that place even though that you weren't born there, even maybe you don't carry the passport, but when does that click in? And I think that maybe our next guest will even be able to talk to us a little bit about that notion of coming to the region and what it means to make a commitment here.
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B
Indeed, I'm very happy to welcome to the show Bhaskarasgupta. He's the secretary of the Middle East Investment Management association, also former executive of the adgm. And anyone who's been to Abu Dhabi will know that these are the glimmering towers, the mall beneath the Galleria. It's the Abu Dhabi Global Market. Good morning. Very nice to see you. Let's just start on. Andrew was touching on resilience. Do you have a gauge already in terms of how the markets are responding, what the mood is like at the start of a new week here?
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D
So when we're talking about resilience, I think the one thing that I basically say is that this particular country has been through quite a lot of transformations. If you think about it just about a few decades back, the life expectancy was about 20, 22 years. Now it is one of the richest countries. But again, Sheikh Zayed absolutely transformed the country again when he knew that the black stuff is going to run out or not being used. So the country is getting diversified. It has got a huge capacity for transforming itself. Now it's going through another transformation. And actually what I would say is the Middle east constantly had conflicts all throughout its recorded history. The last three decades was actually an aberration. Now we are what I would call a status quo pace. And if you look around, what people are saying, what people are doing, every morning I am out on my bike ride, we are having excellent food. We are absolutely concerned about the economic impact. But the government reacted very, very quickly, slashing the license fees, helping people to do more business, making sure that the flights keep on running. It's a good place to be now.
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C
Pasco, anybody who looks up your name. I was impressed with the number of boards that you managed to sit on, the number of companies that you're involved in. One of the things that you're involved in, crypto companies, you, you've advised on the worlds of AI, you're on the technology side now on this side. Is there resilience and commitment there? Because this, I know that you've also talked about this as a place for startups. You've been encouraging that. You've worked in the uk, you've worked around the world, but you saw in Abu Dhabi, I saw for many of the interviews you've done in the past as a strength here in the startup culture. Is that what's going to be important going forward because obviously the worlds of tourism and airlines will take a hit in the medium term. But is that where you still see the commitment to investment and growth and ambition?
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D
See at end of the day, startups don't appear out of a vacuum. This, and I think you mentioned this before, as a nation of migrants, look at pretty much any country around the world. Which country actively encourages good people or immigrants to come? Hardly any. So when you come over here, you are not necessarily and always coming for a job. A substantial number of migrants come here because they want to set up their own business. And it's not exactly just a startup as in the traditional way. That is a tech startup. You can come here and set up a laundry and you can do very well. And that's the whole point that I'm trying to say is that the import of this extraordinary level of talent and the progressive nature of the government. Who says we'll look after you and apologies if you fell short.
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B
Bhaskar. I'm curious, what do you think will shift when we talk about startup culture? Maybe there is room for more laundries as well. I always like a good laundry. Laundry laundromat. But in terms of will there be also a reshuffling? What has come out of this conflict? We know there's already a very powerful defense and tech sector in this country. What type of realignment do you think we'll see?
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D
So I think some of the frothier bits is going to go away. When I say frothier bits it means might be for example the shopping pieces. E commerce. Yeah, it's going to take a hit. These are retail pieces and people are not flying as much, People are not shopping as much. Traffic is not as much. Car sales are going to be down. But guess what? This particular place is multi layered. They are going to double down on the infrastructure spend. A huge amount of infrastructure has to be spent because of climate change, to repair, to increase and to protect. So they have to build in multiple redundancies. So the infrastructure sector is going to boom. AI is again going to boom. Much more. They're going to invest far more in healthcare, defense and aerospace we just talked about. So these are sectors where the particular, how would I say, assets and the key parts of Abu Dhabi and UAE come into play. Lots of money, lots of investments, ability to take risk, A resilient population which has now gone through the fire of war and it can take risks, it can look forward to things people don't quite appreciate. What happens if you look at in Europe or wherever Big wars have happened. The population that survives, they are very resilient.
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C
You're talking about. Tyler touched on this. What happens in the future. You've talked about some of this resilience. But if you were called in to see the government and actually Noor Al Kabi said something fascinating. She said, look, in a way, the blinkers are off now. Going forward, we're not going to mess around. We know who's against us, we know who the opposition are. We're going to be a bit more robust about standing up for the things we believe in here, for the region. What do you think the business version of that will be? What would you think the two or three things, if you were speaking to leadership, you'd say to them, okay, you've done a good job, but these are the two or three things I think you need to have top of agenda as we pull out of this.
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D
So I've already started to do that. So you mentioned. I'm on the associations of several kinds. Second week we produced a paper. These are things that you can do in two ways. One is improve the regulatory perspectives. Can you fix this law? Can you make it easier? Can you make it clearer? That's the first thing. And the second thing is how can you increase usage? Because just by changing laws doesn't mean usage will increase. So, for example, as the chair of the Middle East Stablecoin association, we went and said, this is how you can attract more crypto boys, more stablecoin people. But at the same time, we are going and speaking to Abu Dhabi Inc. To Dubai Inc. To say, why don't we start taking licence fees in stablecoins, just to give you a small example. And the government is extremely receptive. I have yet to find one regulator who has said, no, we don't want
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C
to talk, because this is correct. This is one of the biggest, the biggest centers in the world for cryptocurrency regulation already.
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D
That's correct. That is correct. I mean, I came here in 2018 and that's where I started to work for ADGM and was responsible a bit to develop the digital assets work stream over here. And it is growing like Topsy.
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B
Very, very nice to chat to you this morning. Thanks for coming on. You're listening to the Globalist with me, Tyler Brulee, also Andrew Tuck. Andrew, just bring you back into the frame very briefly before we go to Paris to. To get a sample of what's happening, of course, in newspapers elsewhere in the world. Just I thought you were going to sort of jump in right there and just sort of be like our crypto correspondent for us.
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C
But I like that Bhaskar is looking after the laundry guy and the crypto boy. He's got them both on his agenda. But again, speaking to Vasco, when you look at the number of companies he's involved with and came from India, worked in the UK in government, in many ministries and then has come here and has made all of these successful industries, you see why people have this commitment to place and also how that you can already as a business leader have access to the top tier essentially of management of a nation to influence in real time during world what is, is a war. You can influence the outcomes of regulation and how you maneuver to be nimble to pull ahead.
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B
Time for the news. Well, newspapers, not news headlines, but there's be some headlines there as well. Our Fernando Gasto Pacheco is in Studio 5, I believe it's Studio 5 in Paris this morning. Bon Dieu. Good morning. Bonjour. How are you?
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E
Bonjour, Tyler. Bonjour, Andrew. Great, great to speak to you guys as well. So I have some interesting stories for you from Peru to start.
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B
Take us to Lima, let's talk.
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E
Let's take us to Lima. So basically, of course everybody's talking about the Hungarian elections, which is incredible news. But I'm fascinated by the Peruvian election. So basically in the last decade Peru had nine presidents. One of them just lasted for five days and quite a few of them have been arrested. Some of them had to resign. So, you know, everybody's looking at the country. So basically let's look at the two candidates that are going to the runoff. We don't have the final results yet because it's been quite a chaotic day yesterday, so a lot of people couldn't vote and you know, a small percentage, but still. But they're still voting today, but they're counting the vote. Keiko Fujimori, the daughter of the disgraced former president Alberto Fujimori. She is leading the polls, but let's not forget that she's been the runner up in the last three Peruvian elections. So although she has kind of a loyal fan base, you know, a lot of people dislike her as well. And the other candidate would probably be like Rafael Lopez Aliaga. He's very much a pro business, almost like a Trump like character. And the interesting story here, both candidates are from the right and the main theme of the election was security was crime and they will be very close allies of the us so the left didn't do very well at all in the Peruvian elections.
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B
As well, Faye, we are jumping across to. I can't imagine that we're going to stay in South America and not go to Brazil.
- [36:55]
E
Of course. Let's go to Haute Globo. And I chose a business and fashion story. I'm quite excited about this, Tyler. So tomorrow, real Fashion Week returns after more of a decade of absence, actually. So in Brazil, at a point, late 90s, early noughties, we used to have two quite strong fashion weeks. Sao Paulo, of course, which was the main one where the business, you know, everybody wanted to be there. But Rio Fashion Week was quite a nice one. You know, they were kind of more dedicated to swimwear, was a little bit more light hearted. But then, you know, I think because of kind of business pressures, you know, they had to cancel the event. But, you know, the mayor of Rio and I think a lot of kind of business leaders in the city, they are making quite a big comeback with big Brazilian brands. Some of them, I'm sure, you know, like Ausclin by Oscar Mezzavat, doing a very big catwalk, or newer brands like Missy from Aero Marchin, which we feature in the style issue of Monaco. And I cannot wait to see this, because the catwalk show is going to be a Decemberdrome, you know, the beautiful kind of building that Oscar Niemeyer built decades ago as well. So there's something happening in the Brazilian fashion industry now. Our luxury market is booming now, and it's not just, you know, foreign brands going to Brazil, but local brands as well.
- [38:14]
B
I mean, that's going to be a whole broad topic for us to be discussing over the coming issues. This, this bounce back, the retail bounce back that's happening in Brazil. Fernand, just before we go, I believe there's a little bit of excitement about a fellow compatriot, country folk from Canada, Madame Celine Dion. I think a few tickets have been selling because I think we might have heard there's some concerts coming up in Paris.
- [38:41]
E
I'm a little bit upset, Ariana, because I applied for the Celine Dion tickets.
- [38:45]
C
I did not manage.
- [38:46]
E
So if you have any Canadian context,
- [38:48]
C
please let me know.
- [38:49]
E
But there was a story at Le Monde today, Bateau Royale, for Celine Dion tickets. I mean, it's impressive. I mean, I think at some point there were over a million people in the queue if you wanted to get tickets. And listen, there'll be 16 dates here in Paris at La Defense arena between September and October, but everybody's talking about it. I arrived in Paris last afternoon, yesterday, and just walking around, there are posters of Celine everywhere. I feel the city kind of is feeling. I went to FINAC as well. They were like a whole kind of segment, only with Celine Dion kind of vinyls and CDs. But you know what, I think I'll manage to get the tickets in the end. But you know, if you are trying, if you go to the website, it's quite a hard one, but it's going to bring quite a lot of, you know, economic benefits to the city. Apparently it's estimated they will bring between 300 and 500 million euros. That's quite a lot.
- [39:41]
B
That said, that is quite a significant hit. Fernando Gastropiako in our bureau in Paris, joining us from Studio 5. You're listening to the Globalist here on Monocle Radio. Just coming up to 10:40 here in Abu Dhabi. That's 7:40, if you're listening back in London or listening anywhere else in the world as well. Andrew, we have we're going to continue with newspapers though, as well because of course, we've been sort of following the national for a while. This is the newspaper of record, maybe not just for Abu Dhabi, but also for the uae. We've even stolen some staff from that newspaper over the years as well. But, but we're very happy that the editor in chief is joining us today.
- [40:21]
C
Well, Mina Al Araibi, you're very welcome to join us here at the National Museum. Now, I wanted to ask you, we saw you in Abu Dhabi at the end of last year where the conversation was very different, the role you were playing as a newspaper editor. Now, any newspaper editor in a country during a moment of war takes on additional responsibilities and is reflective of the needs of the country as well as the needs of the reader. How has that been learning in real time how to do that? Because that's from day one, you have to think about, okay, how do we tell a true and accurate story, but one that isn't inflammatory, that isn't just gossiping about and in a way, about the war.
- [41:08]
F
It's been quite the learning curve, not just for me, but for my team. First of all, you know, Abu Dhabi, the uae, is a place that people move to expecting to be reporting about the region, but often not being in the heart of conflict. And so my initial thought, of course, was for our team. We have 125 people from all walks of life from different parts of the world and making sure that they saw that role. And it was incredible how it organically came in. I actually didn't need to go and give a pep talk to the newsroom. And say you have this really important role to be telling a story, not only for our audiences here in the uae, but globally, of what it's like to be here, but also, as you said, to. To get a rallying spirit of saying we can do this and that there is a sense of resilience and also a sense of, you know, a real hurt, a hurt of being a attack. Despite, of course, the UAE had warned against this war. Like the rest of the Gulf countries, UAE had put in a lot of diplomatic efforts in advance. You know, one of the chief diplomats had been to Tehran and back just days before the war. So there was a real sense that, oh, the UAE had made its position clear, no bases were going to be used, would likely not be under attack. And of course, very soon after, you know, 10:30 in the morning when the initial strikes happened in Tehran, 10:30am Abu Dhabi time, very soon after we saw that there was incoming missiles and drones, and people were suddenly realizing, okay, now this is war and what it would be like. And so, yes, there was that role of making sure that the team are there and that everybody rallied, which they did. The second is that role for the country where you have to be careful not to cause panic and that not things that are anecdotal suddenly become telling the story of the entire country. And I think we've seen that. We've seen that in different contexts, especially when it comes to the uae, it's almost like a caricature, you know, if suddenly somebody has a personal reaction. And I think it's really true when it comes to instances like this, everybody has their own tolerance level, everybody has their own reaction, their own personal reaction that should not reflect an entire society or in the tower moment. And so getting that balance right, accurate reporting, while at the same time not being emotive and being as clear as possible. So, yeah, so it was. I think in the first few days, it really started to come together and it became almost second nature. And I have to say, I'm really proud of our team also, all coming together for it.
- [43:36]
B
Nevertheless, of course, it demanded a big shift for the newsroom as well. And I'm wondering, as you. We can't say that we're moving out of this right now. We're still in the thick of it in many ways. What has changed, though, in terms of the types of reporting, the types of graphic output that you have to do, the types of photos you're commissioning. What are the learnings already, you would say?
- [44:02]
F
Well, I think the idea of having one big news Story, of course, we've had moments like this, Covid. Of course, there was one big story. We had a live blog in the initial days and weeks. Same with the Gaza war. Likewise, we had. But it didn't feel like a whole newsroom coming together. And you're right, it was the entire newsroom coming together. So one is this consistent update and suddenly you had a core story that everybody was feeding in. Concerts being postponed, sports events changing, finding ways to deal with education. So suddenly the entire newsroom was telling one story, but different angles of the story. And so I think we've also had learnings, you're right, about graphics, the importance of graphics. People want to be informed with data sets that they can then pass on. And I think that's really important of making sure that whatever we're doing is very immediate to the audience. But also this is a story the entire world is telling. I mean, we've had journalists from Finland through to South Korea, of course from the UK and the US all coming here. And slowly the national is becoming a resource for them too. The amount of people who reached out to us and said, what would be the best way that we can tell this story. So I think one of the learnings also is that the national is a resource. We've done interviews with 55 different outlets from around the world to tell them the story of what's happening here. And I think we didn't see ourselves in the same way as an actual resource for the world telling the story not only of the uae, but the wider Middle East. I mean, our tagline is the Middle east explained. And so we'll continue doing that.
- [45:28]
C
One trickier question, if you don't mind my asking. Around the world, there's been lots of coverage of what's happened to people who have been a bit outspoken on social media and the clamping down of that. What's your take on that? And when you speak to foreign journalists, how do you explain the way that that has been run? Controlled?
- [45:46]
F
Sure. Look, I think there are a number of things. So first, it was very clear that there were concerns about people taking video on social media. Again, this is one of the first few wars where Everybody is connected 24 hours a day on social and feel that is their duty to film on their phone and broadcast whatever they see. And so suddenly you had, in the first few days, you were seeing not only drones or missiles, but also where the interceptor is coming from. So it genuinely was a national security concern. Because if suddenly you are telegraphing to the end the of Immediately where interceptors are coming from, where particular areas had damage, you're giving live 24 hour information back to Iran that was striking the UAE. So that I think that message didn't come across clear enough. And it wasn't so much about journalists because actually most of us are trained in what is and cannot be put out. It was much more, you know, a 17 year old kid who has an Instagram account putting something out and getting in a lot of trouble. Because I think that the speed of events and the ability of everybody to be a publisher. I always say not everyone's a journalist, but everyone can be a publisher because they have their own social media accounts. How do you get the message out that we're incredibly serious? So I would think that they were very strict. But you know, from Ukraine, which has very strict rules, also through to Israel, through to other parts of the Arab world, when it comes to wartime, the rules change and you really felt that. But I think, I think also it was the need to be immediate because not everybody was getting the message that we really need you to stop with this kind of telegraphing exactly what's happening in very sensitive moments. That again, for the ordinary person does not seem sensitive.
- [47:20]
B
Meenalarib from the national, always great to chat, also to your colleagues as well. Thank you very much for being with us. You're listening to the Globalist with me, Tyler Boule, Andrew Tuck. It's just gone 1047 here in Abu Dhabi. We're back right after this.
- [47:38]
A
Iq, EQ and AI. Three components key to the craft of innovation at ubs. Because to stay ahead in a rapidly evolving age, you need a partner with decades of experience, endless passion for the work, and a finger on the pulse of leading technologies, bridging human expertise and with artificial intelligence, all to elevate you. UBS banking is our craft.
- [48:18]
B
You are back with the Globalist here in Abu Dhabi. We are broadcasting from the Zayed National Museum. It is just such an amazing place to be. Rather remarkable, Andrew, that we're sort of sitting here, that we also made a call to come and do the show, to come out to the UAE only mere days ago.
- [48:36]
C
Only mere days ago. I don't think we could have a more central location in Abu Dhabi to be broadcasting from. And we've been in here since the museum opened, so we're beginning to get a nice audience around us as well as people come into the space.
- [48:50]
B
Indeed, museum is open with this incredible backdrop and I'm very happy to say that His Excellency Mohammed Khalifa al Mubarak who oversees many things, but is the chairman of the Department for Culture and Tourism. But we have this amazing. This vessel behind us and. Good morning. Super to see you here. You've actually. You skippered this vessel as well, I believe.
- [49:14]
G
Yes, sir, I have. I've been one of the lucky ones.
- [49:17]
B
Maybe I'm just. I'm keen to start and maybe just talk about the role of. Of culture, the role of these institutions that they've played over this last period. Because, you know, I've been here, this is like my second trip since we've been in this conflict. Everything's been open, which is a little bit different than maybe the narrative we hear elsewhere in the world.
- [49:40]
G
I mean, first of all, thank you for being here and really seeing is believing you being here. And I know we visited each other a couple of weeks ago. I think you've seen how the psyche around the city has continuously evolved during this process. But it all comes down to sort of your earlier discussion when it comes to culture. For us, culture is the light in the end of the tunnel. And I think it's for all of us. That's what connects us all as human beings. We believe in the power of music, the power of history, the power of art, the power of performances. We believe in their power and how they bring people together and more importantly, make people more accepting, more tolerant, more understanding. That belief is in our DNA, and it's something that we invested in, and we continue to invest in it, no matter what hurdle comes upon us, whether it is an economic crisis, whether it is Covid, whether it's the situation we're in right now. We have a very, very clear path, and nothing is going to stop us to get to that path. And what's in the heart of that path is our youth. Everything you see around you, everything we're doing, is for the next generation. And we believe culture is the building blocks of a generation that is more outgoing, more understanding, and hopefully a culture and a people that sees things quite different than we see it.
- [50:53]
C
I was last here, actually. I just prior to this museum opening, when the week that the Natural History Museum opened, I saw you doing the rounds there, checking everything from spots of pain to making sure that the coffee cup were right. You. You were looking after every detail. And I was struck then by, you know, that I think we get the narrative around the world that many of these cultural institutions have been built to attract tourists there for outsiders. But what struck me as I went around the museum on that opening day, the number of local kids going around this is a, a cultural, educational play for people who live here, for Emiratis, whether they, they're transplants here or Emirati passport holders. How important do you think these museums are going to be? Because when we were talking to Narel Kabi this morning, she's made clear that what's going on here in this war is of course a battle in the region. It's over space, it's over the Straits of Hormuz. But it's about culture as well and about what you represent. How important do you think these museums will be for telling that story, for putting a flag in the sand and saying this is what we stand for?
- [51:56]
G
I mean, they're monumental, to be honest with you. You know, we're standing behind a four and a half thousand year old vessel. This vessel sailed these seas before me, before you, before all of us. It continued to sail and make trade routes and make partners throughout history, whether through ancient Mesopotamia, all the way to the ancient Asians. This is who we are and it's not going to change. And you know, we talk about situations like this and we talk about resilience. It's a word that's usually used very much during this period. For us, a museum like this, our national museum, where people can come and understand the true meaning of resilience. To be honest with you, we've been through this rodeo before. Our forefathers were here when oil wasn't discovered, when a meal was hard to get by, when you were battling left and right by different tribes coming from all over the place to take your land for water. This is not a thousand years ago, this is hundreds of years ago only. So we still feel that here. So to see it and to feel it and to understand it in this museum gives you a sort of strength of understanding that we've been through this, our people have been through this, and we're going to go through this. And every time we've gone through it together, we've been more resilient and we've had a much more prosperous future. So I'm extremely optimistic. And you know, during this period of speaking to your colleague, what was beautiful to see is how people react and then how people open themselves to this reaction. We have all come closer together. You know, the beauty about the United Arab Emirates and Abu Dhabi is when we say 200 nationalities are local, we really mean it. And we've seen it firsthand. You know, I've loved going to every small corner of the city, interacting with people literally from all over the world, seeing how Much they trust in the situation like I trust in the situation. So we're unified in how we trust our leadership to take care of us. Compounded by that, we're both calling this play home. We're both calling this place home. And this is what we're all about. I mean, everything we do here. We never talk about the biggest buildings and the largest this and the largest that. Really talk about how do we continuously enhance the quality of the life for the residents of the people living here. Regardless, if you're a national, if you're coming from Southeast Asia, coming from Europe, coming from Africa, at the end of the day, if you're here, you're one of us and we're going to take care of each other.
- [54:21]
B
One of the fascinating things is, of course, these institutions, these incredible monuments, they've been open. But if we also look across, the cranes haven't stopped swinging. The bright lights are on at night. As you said, you're going for it, and construction is not stopping. So looking ahead, if you can just maybe just gaze into the future, I think you're rather good at that. Tell us where things are heading. I think there's a rather small institution called Guggenheim not far from here, which is coming up. What do the months ahead look like? I mean, of course, we don't know, of course, what's going to be happening elsewhere with the situation in the region. But nevertheless, as you said, progress doesn't halt.
- [55:03]
G
Absolutely. I think you've probably heard since you've been here from many, many other people, the tagline business as usual. It really has been business as usual. It's amazing. I was talking to a friend of mine just yesterday, and we were talking about the situation, and we both paused for a second and said, you know, what's amazing is that since the first ballistic missile or the first drone was fired from Iran's to the uae, we haven't stopped, we haven't had a day off. So on both fronts, so on one front, you know, the most courageous men and women are protecting our skies and protecting our way of life. But at the other side of the equation, the practitioners, the cultural practitioners, the businessmen, the businesswomen, the small businesses, all of them have continuously functioned. And what has happened also is we have looked at this, how do we make sure that our economy is sustained? So the amount of help and the amount of packages and stimulus focus both from the private sector and the public sector and helping these businesses flourish has been great. But as far as we're concerned, like I said, we have a very Clear vision. We know what we aspire to. And all of these cultural institutions, these entertainment institutions, these educational institutions, to us, they are not for the next five years. They're for the next hundred years. And hence we're doing this for, like I said, the next and the next generation.
- [56:26]
C
Can I ask you. This is. You're describing a situation which many people around the world be surprised. Just tell me when you open your laptop in the morning or when you look at your phone, you read the headlines in newspapers around the world. There is some great reporting going on, without a doubt, but there is certainly a sense in some quarters of people perhaps wondering if you're going to fail here, if this is your. The moment of reckoning, when all the influences will disappear and that you're built on some kind of shaky foundation. Do you get cross when you read the morning papers, or do you think, God, this is so frustrating. What's your mood by the time you leave the house?
- [57:04]
G
You know, I love music, all kinds of music. So. And I have been humbled at all my life that I got the opportunity to listen to all kinds of music. So when I see whether it's the Daily Mail or the Telegraph with It's over, the dream is over, I tend to remember AL Al Cool J's beautiful song where he says, don't call the comeback. I've been here for years. UAE has been here for years. You know, we've gone through it through Covid. We've gone through it through two economic down cycles. And every time it was the same, same reporting. You know, it's the dream's over. You know, this is not what it seemed to be. And every time we've redefined themselves, re evolved and we've rethought how we want to prioritize our focuses.
- [57:49]
B
Just before we go, in 30 seconds or less, the ramp, the ramp up, is it sort of, kind of very gentle? Like maybe if you're just sort of starting out on a skateboard, is it a bit more steep? How do you bounce back?
- [58:04]
G
I mean, first of all, we look at the fundamentals, the sectors that we're continuously investing on, whether it is oil and gas, whether it's AI, whether it is pharmaceuticals, and the list goes on. Those fundamentals haven't changed. And you've probably seen over the last couple of weeks doubling down on some of these key sector investments. So on that front, we're moving full steam ahead. On the cultural front, specifically, again, like you said, cranes are still moving. The Guggenheim is still under construction. The collection continuously grows you know, we just had an acquisition committee just four or five days ago, brought him some beautiful new art from around the world to enhance our collection. And you know, we're still gung ho that we believe that these cultural institutions are places that are going to change the entire social fabric of the city. So we believe in it.
- [58:51]
B
Your Excellency, thank you very much. We have to leave it there. Great seeing you. That's all for. For this edition of the Globalist. Andrew, I hope you enjoyed your little twirl. We wanted to just say a huge thanks, of course, to also our colleagues here as well. We're going to be back though, at midday with the briefing that is all from Abu Dhabi. Have a good day. Bye. Bye.
- [59:22]
A
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