Bangladeshi people like to be their own boss and operate their business them selves, which results in many small shops in a commercial area competing with each other. The problem is more concrete walls and repeat of basic administrative tasks which is not efficient. The government doesn't get much tax because all the businesses are too small to be taxable.
We need to work cooperatively in a team which will enable us to specialize in a field and make collective decisions. In any proper economy there are large shopping malls which employs lots of people who specialize in their field and advance their skills at the same time pay sizable taxes. These shopping malls also offer entertainment, socializing and a variety of goods & services at competitive prices which is unthinkable for the majority of the people in poor countries like Bangladesh. There should be more competition among businesses and more cooperation among consumers and employees.
One area that needs most cooperation is cleaning up the country.
Your columnist was in Riyadh in 2016 when Muhammad bin Salman, wearing robes and sandals, announced his Vision 2030, aimed at ending what the crown prince described as the kingdom’s addiction to oil. Saudi Arabia’s de facto ruler talked of selling shares in Saudi Aramco, the world’s biggest oil company, to fund a giant sovereign-wealth fund (swf), worth $2trn, to invest in diverse non-oil industries. He would be its chairman, benefactor and mastermind. It was heady stuff, even if some of it sounded unhinged in a hidebound autocracy like Saudi Arabia. The most striking thing occurred later when a palace official invited Schumpeter to a café. Young men and women sat without head coverings, flirting openly. The rule-breaking atmosphere was electric.
Today, the Saudi swf, called the Public Investment Fund (pif), is becoming the goliath Prince Muhammad dreamed about. The value of its assets has ballooned to $700bn, it has over 1,400 employees and a rising global profile, and, like those youthful café-dwellers, it has discovered the joys of public flirtation. Whether revolutionising golf, buying Europe’s football glitterati, betting on star video-gaming companies, building an airline from scratch or turning Aston Martin electric, the pif cannot stop orchestrating one headline-grabbing deal after another. It has come “screaming onto the scene” with an “everything, everywhere, all-at-once investment approach”, says Robert Mogielnicki of the Arab Gulf States Institute, a think-tank based in Washington, dc. Yet it may not be as promiscuous as it sounds. Look carefully and there is more than adolescent impetuousness to its investment approach.
It starts with the pif’s mandate. Like many swfs, one aim is to redirect the country’s oil wealth into global assets for long-term growth. But it is also required to nurture a diversified economy at home in case demand for oil drops. It has aggressive expansion plans. It wants to amass over $1trn in assets under management by 2025 and at least to double that by 2030, making it the biggest swf on Earth. It is unlikely that much of that growth will come from investment returns, not least because over two-thirds of its assets are in Saudi Arabia. Instead it will require more public disbursements, such as the 4% of Aramco shares, at a value of almost $80bn, that it received in April. How much money is available will depend on oil prices, which are well below the highs of last year.
It is not only reliant on oil. Mr Mogielnicki notes that the pif’s asset values could increase if it attracts co-investors into its Saudi projects. That is where its domestic strategy dovetails with its foreign one. It has taken a 75% stake in four Saudi sports teams, which may attract more investment if they are privatised, pushing up their value. He believes that over time, co-investment could also increase the worth of some of its industrial and tourist megaprojects, such as Neom, which the pif is aiming to turn into a desert-city Utopia. The kingdom needs visitors—both well-heeled tourists and deep-pocketed investors—to turn vision into reality. For that, the pif needs to put Saudi Arabia on the map.
Its most eye-catching gambit in that pursuit is sport. Whether or not it pulls off the golfing megamerger of the century, it is already now a name to be reckoned with. Its purchase of Newcastle United, an English Premier League club, was a down-payment for a bigger ambition; to turn the kingdom into a football powerhouse. Luring players like Cristiano Ronaldo, who recently trousered a $200m salary to play for a Saudi team, is part of that strategy. Don’t be surprised if such influencers are used as character references to secure the rights to host the fifa World Cup in 2030.
Such investment has led to accusations of “sportswashing”, ie, using prominent brand ambassadors to obscure appalling human-rights abuses, such as the murder in 2018 of Jamal Khashoggi, a Saudi-born columnist for the Washington Post. Yet image laundering also has economic logic. Qatar showed with last year’s World Cup the value of what Max Castelli of ubs, a bank, calls the “prestige element” of hosting big events, regardless of financial returns. Sport costs the pif relatively little. Yet it provides a lot of bang for buck in the global market for attention.
The pif is making other strategic investments that attract less hullabaloo, but also have domestic ramifications. Two of note are gaming and clean energy. In February the pif became the biggest foreign shareholder in Nintendo, a Japanese gaming company, to add to a collection of assets including Activision Blizzard and Electronic Arts. It hopes to turn Neom into a gaming-development hub. As for decarbonisation, one of its biggest foreign investments is in Lucid, a California-based electric-vehicle (ev) maker. On June 26th Lucid won a contract to provide electric motors and battery systems to Aston Martin, a British luxury carmaker, in which the pif is also a big shareholder. Unsurprisingly, Lucid is building its first overseas factory in Saudi Arabia.
The pif’s ev investment illustrates both its dreams and a less silver-lined reality. Some of its biggest bets have seriously underperformed. That includes Lucid, venture-capital investments via SoftBank’s Vision Fund, and its stake in Uber, a ride-hailing firm. At home, its record is also tarnished. Saudi National Bank, one of its biggest holdings, lost a fortune in March on an ill-timed investment in Credit Suisse, a Swiss bank. Megaprojects such as Neom have become so grandiose, they risk looking farcical (and Neom is under human-rights scrutiny over treatment of the Howeitat tribe that lived on the land). If investors are seduced, it will be by the promise of returns, not by the razzle-dazzle of Potemkin villages.
Lifting the veil
Yet one big thing that the pif has in its favour is its openness. According to Diego Lopez, boss of Global swf, a data gatherer, no sovereign fund advertises its ambitions so publicly. That no doubt is a way of enhancing Prince Muhammad’s reputation for boldness. It also puts the pif under extra pressure to make sure his vision does not all go horribly wrong. ■
This article appeared in the Business section of the print edition under the headline "The Saudi gusher"
People with Disabilities are like any human being deserving of the rights enjoyed by all human beings. So there should be no nothing which can discriminate against any sphere of their life. Needless to say, the government made some noteworthy commitments in the last GDS and ratified UNCRPD as a part of its vision to build a welfare state considering the PWDs as a community with priority.
The government has taken initiatives such as Digital Bangladesh and Smart Bangladesh which if implemented well has the potential to garner significant output and enormously contribute to the development of economy. The government needs to inspire Bangladeshi people with disabilities that they can live a fulfilling life and live creatively like the Chinese man in the video above who made helicopters despite being a PWD.
In Bangladesh there are over 1 crore 60 lakh people with disabilities. Most of them are seen as a burden to society and live in a sorry state. They struggle to fulfill their basic needs and their caretakers who are mostly guardians seem hopeless with their condition. However this doesn’t need not be the case. Like many digital workers, for PWDs there’s reasonably good potential in online works such as graphic design, online marketing and data entry in which we see in the news stories of people with disabilities being able to be the breadwinner at home.
Then there’s more advanced skilled people with disabilities such those with proven drone making skills and running research and development organizations. These are the people with more skills than the average person and they deserve a platform and accessibility so that they can prove their worth.
Like many of us with great ideas, PWDs suffer due to lack of network, audience and the resources to implement them. They need to be given a platform where their ideas can be vetted, tweaked according to the market needs and trained with the skills as well as given the networking opportunities so that their ideas can be implemented.
A need exists for self help groups regularly organized by local social care to enable people with disabilities to form a network where they can help themselves by sharing their challenges and how to tackle them then exchange ideas and solutions.
Some children with disabilities could be hyper active. Parents and guardians need not worry about them if they can’t go to class and sit without moving. Let them play and improve their motor skills. They learn better through play and experimentation not through forceful sitting in class and following the instruction of the teachers and conform to the rest of the class.
Those suffering from Attention Deficiency and Hyperactivity Disorder (ADHD) can be directed towards excellence in sports and establishing businesses in which they succeed. Those with amputated legs and hands can be directed towards excellence in singing, poem recitation or reading.
These days several apps and computer programs exist to allow amputated people to work in data entry through dictation. There’s also opportunity in arts such as in drawing and pantomime for those with hearing impairment and the mute community as well as storytelling and singing for the blind.
It’s noteworthy that in certain jobs with high noise pollution needing menial labor, the PWDs with hearing impairment have proved to be loyal and the most suitable option for employment as they can work tirelessly and not get affected by the high noise level. There are several scenarios like this where PWDs can shine and reach excellence.
Decentralizing health care so that the rural people can benefit and access it from their community is also important as it will diagnose and deal with problems early. This will save time, energy and money which will be better allocated for improving their standard of living and creating solutions for the problems and challenges faced by people with disabilities.
Mobility is a great challenge as almost all buses, trains and ships don’t have facilities for accommodating the large PWD community. Developing accessibility for them would not only result in job creation but also lead to international opportunities such as participating in industrial design and development competitions as well as research in this field.
Gaining a job which is preferably meaningful and offering a living wage is a priority as it gives a purpose in life along with the chance to look forward to a constructive day and the opportunity to perform chores that would be beneficial.
Time management skills of the PWD will be sharpened and they will less likely feel depressed and useless in the community. Moreover the community will benefit from not only gainful employment but also feel gratitude for having a productive person who enables people around them to be grateful for the blessings bestowed upon them.
The market in which the people with disabilities worldwide consume is worth over a trillion dollars. In Bangladesh there’s potential to serve the local market for people with disabilities and we need to train PWD with the skills necessary to serve each other's needs as much as possible and create a self-sufficient economy by themselves.
The government as well as NGOs and social businesses should invest in smart students from the PWDs community who have the potential to contribute significantly in the economy. They should be given resources to reach their potential and gain skills and knowledge even from abroad as part of the nation's development target to become a knowledge based economy. Their know-how will help the country either through remittances or establishment of tech transfers in critically important industries which will generate employment and income as well as develop a competitive edge for the country.
Why not have PWDs as members of parliament or ministerial level? It shouldn’t be a far-fetched idea to see PWDs as president and/ or Prime Minister as they have already proved successful being world class business people, innovators and change makers. If a Chinese person with disability can make helicopters then surely in countries like ours we can have PWD achieve their full potential in our country too.
A. M.Sami Services is a company registered in Finland with the aim to establish tech transfer for the benefit of humanity, especially the less privileged. Below are some some solutions which has the potential to improve the standard of living for many people if implemented on scale.
Let's convert our rooftops into urban farms, power generators and spaces for interaction
UL Helis are practical for commuting from rooftops
S. Korean companies join hands to build vertiports at gas stations By Hong YooPublished : May 11, 2022 -
Visualization of GS Caltex‘s next generation charging stations at CES 2021 (GS Caltex)
There's potential to turn under utilised rooftops into useful income generating assets
Turning gas stations into useful spaces with rooftop accessibility for UAM by architecturexmobility.com
I asked: How can I have access to the Saudi Royal private jets
Background: The Royal family of KSA has a large fleet of jets including Boeing 747s, 787s, 777 and 737s along with Airbus A340, A321, Gulfstream IV and more.
My Aim is to have access to the Royals' Jets so that it's possible to visit and team up with innovators and investors world wide so that we can solve some of the world's major problems such as:
Using Bamboo to build homes to house with dignity those struggling with housing issues
Scaling up and developing open source Pyrolysis to turn waste plastic back to oil
Proliferate DIY Helicopter production and later AAM and/ or UAM projects
Connect mosques ablution waste water to the mosques watering system
Global shipping's emission can be reduced through solar sail drones
High population density can be dealt by 3D printing skyscrapers
Establishing floating homes in flood prone zones
ChatGPT reply: As an AI language model, I don't have direct access to the Saudi Royal private jets, and I'm not aware of the specific protocols or requirements for accessing them. However, in general, private jets are typically owned and operated by individuals or organisations, and access to them is usually restricted to those who have been granted permission by the owner or operator.
In the case of the Saudi Royal private jets, it's likely that access is limited to members of the royal family and their authorised guests or staff. If you're interested in travelling on a private jet, you may want to consider contacting a private aviation company or charter broker to explore options for renting or chartering a private jet for your travel needs.
Remarks:
The current regime is trying to modernise KSA with mega and the so called 'giga' projects costing trillions of dollars. This fund can be better utilised by implementing truly sustainable projects popping up around the world and implementing these innovative solutions to not only enrich the quality of life for their citizens but more importantly look after the Ummah and the humanity as a whole.