logo
TRENDS participates in seminar on Korea's Middle East policy

TRENDS participates in seminar on Korea's Middle East policy

Al Etihad19 hours ago
4 July 2025 11:49
ABU DHABI (ALETIHAD)A policy seminar held at the Republic of Korea's National Assembly called for a pragmatic foreign policy toward the Middle East based on Korea's national interests and responsive to the region's rapid transformations.The high-level seminar took place in Meeting Room 5 of the National Assembly Members' Office Building, organised with the support of TRENDS Korea Office in Seoul, in cooperation with Representative Hong Ki-won, the Korea–Arab Society, and the Centre for the Middle East and Islamic Studies at the Asiatic Research Institute, Korea University.Participants in the seminar — The Middle East Policy Direction of the Lee Administration — stressed the need to shift from the traditional view of the region as merely a source of energy or a market, toward a strategic partnership built on mutual understanding and shared interests.In his opening remarks, Kim Chang-mo, Secretary-General of the Korea–Arab Society, noted that the complexities of the regional landscape require Korea to pursue a balanced diplomatic approach that reflects its growing global statureRepresentative Hong Ki-won emphasised that while the Middle East has always been important, it has not received the attention it deserves in Korean policy. He added that this seminar provides an opportunity to reassess this approach, especially at the start of President Lee's administration.Lee Jin-han, Director of the Asiatic Research Institute, highlighted the importance of launching urgent intellectual initiatives to keep pace with emerging challenges in the Middle East and to assist policymakers in shaping more effective strategies.In his keynote address, former ambassador Yoon Kang-hyun described the Middle East as a vital hub linking three continents, with significant executive and economic potential. He called for independent diplomacy toward each subregion, moving beyond formal agreements toward genuine cooperation, appointing special envoys to priority areas, and enhancing people-to-people and cultural exchanges.On the economic front, Dr. Lee Kwan-hyung, Senior Research Fellow at Korea Institute for International Economic Policy (KIEP), stressed the need to reduce reliance on the energy sector. He proposed expanding cooperation into new sectors, accelerating the ratification of the Free Trade Agreement with the Gulf Cooperation Council, supporting Korea's involvement in the India–Middle East–Europe Economic Corridor (IMEC), and advocating for a Korea–Middle East summit.The discussions featured several ambassadors and experts, including Ma Young-sam, former ambassador to Israel; Park Jong-young, former ambassador to Saudi Arabia; Kim Duk-il, Director of the Political Economy Department at Korea University; and Kim Jong-doo (Musa), Director of TRENDS Korea Office.
The seminar concluded with several key recommendations, including strengthening official development assistance (ODA) programmes, developing trust-based diplomacy, and establishing a dedicated research institute focused on Middle East affairs from a long-term strategic perspective.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Abu Dhabi housing faces affordability test as population rises; could legal partitions help?
Abu Dhabi housing faces affordability test as population rises; could legal partitions help?

Khaleej Times

timean hour ago

  • Khaleej Times

Abu Dhabi housing faces affordability test as population rises; could legal partitions help?

Soaring demand for affordable homes in Abu Dhabi is set to intensify as the capital's population climbs towards 5.4 million by 2040, with industry insiders warning that current supply chains could leave lower‑ and middle‑income residents scrambling for unregulated options. An Abu Dhabi housing expert says regulators should rethink the focus on new luxury developments and instead tap into the city's existing building stock. 'More sensible options would be to renovate older stock and make [it] friendly to those in multiple occupations,' said Ben Crompton, managing partner at Crompton Partners. He added that authorities ought to 'permit the legal and approved partition of villas and apartments to allow those with lower incomes to live safely and within regulations.' Crompton highlighted a mismatch between what's being built and what most people can afford. 'Currently most launches are upper mid‑market to super‑luxury and the other price points aren't being serviced,' he explained. 'There seems to be a very large gap between supply and demand at a lower level, but we aren't seeing it pushing prices just yet. It seems there was some slack in the system at the lower price points, but a broad‑based increase in population will stress this sector.' Projects launched since 2020 have predominantly been priced above Dh10,000 per square metre, forcing incoming residents to turn to older, cheaper properties and — potentially — to shared or partitioned units. Legalise shared housing? With Dubai's recent crackdown on illegally partitioned villas fresh in mind, the risk of a similar scenario unfolding in Abu Dhabi is real. 'Yes, I think this will happen,' Crompton warned. 'Sections of the new population coming in will need to look elsewhere, in older stock and into partition units.' Rather than rely solely on enforcement, he argues, the capital should formalise and regulate shared living arrangements. Renovation over new builds Given today's construction costs, Crompton believes that repurposing existing buildings is the quickest path to impact. 'Developers face a big issue; most of the profit is in the more expensive projects. Given the price of construction — even with cheap land — it is hard to develop affordable housing. More sensible options would be to renovate older stock and make [it] friendly to those in multiple occupations.' This approach addresses urgent affordability concerns while supporting sustainable urban renewal. Nonetheless, not all new arrivals will strain the affordable segment. 'Given that one of the major population drivers in Abu Dhabi is the ADGM on Maryah Island and the huge number of hedge funds and asset managers relocating there, we expect to see a larger emphasis on luxury real estate than might otherwise be the case." Furthermore, limited new delivery will push up rents and prices. According to most reports only about 3,000 units were delivered in 2024; 'couple that with an increase in population of 300,000 — that is 100 new entrants per unit. Pressure on prices is inevitable.' On whether new mega‑projects drive population growth, Crompton said their role is more about attraction than generation. 'I don't believe that building real estate has much of an effect on population by itself, outside of the people hired in to work for developers and construction companies.' However, assets like the Guggenheim and the Disney theme park make Abu Dhabi more attractive to people who can choose where they want to live. 'Most new arrivals will be coming to work in the thriving economy, but a small number have independent means or can work remotely and they are drawn by these signature developments.' Suburban and satellite communities being on the rise will push development further afield. 'There needs to be more development outside the current corridors across Reem and the Northern Islands,' he said. 'Broad‑based demand will mean people looking for more affordable options and these will necessarily be further out.' Crompton noted that growing populations underpin market confidence: 'Population growth means increases in rents which by itself drives investor sentiment. If you are buying property as an asset you need returns, and rents bring those,' he explained. 'Also, the more people coming into the emirate means more potential buyers, and demand improves prices.' He cautioned that matching supply to demand is inherently difficult. 'Being a developer is a very tricky occupation. Launch to handover is at best two and a half years and that doesn't include the planning phase. It will be very hard for developers to accurately gauge demand three years into the future, and the difficulty in doing this is one of the reasons why countries generally often over‑ and under‑build for their populations.' Finally, Crompton noted little current policy emphasis on budget‑friendly segments; 'there doesn't seem to be this focus currently. Most developer launches are in the upper mid‑market range to super‑luxury. Launches in the Dh10,000 per square metre and below ranges are very rare.'

Meet the Emirati founders of the UAE marketplace for secondhand luxury goods
Meet the Emirati founders of the UAE marketplace for secondhand luxury goods

Khaleej Times

time2 hours ago

  • Khaleej Times

Meet the Emirati founders of the UAE marketplace for secondhand luxury goods

From a single Louis Vuitton bag to a thriving resale dynasty, Emirati couple Hadir Soliman and Jamal AlObeidli, founders of The Closet, have spent 15 years influencing how consumers in the region perceive luxury. Their business started not from a boardroom, but from a place of frustration. Hadir, the company's visionary founder, was attempting to sell her own Louis Vuitton bag in an online marketplace. 'I quickly became overwhelmed by the number of inquiries I received: questions about the item's measurements, authenticity, purchase details, and more,' she told KT LUXE. The hassle of answering repetitive questions made her realise there was a significant gap in the market for a professional, hassle-free consignment service. And so, The Closet was born to buy and sell authentic luxury products. While she didn't have a traditional fashion background, Hadir was armed with something equally powerful: an entrepreneurial spirit inherited from her family of business owners. Her professional experience in heavy industry and large-scale organisations provided a strong foundation in operations and management, skills that have proved invaluable. Her husband and co-founder, Jamal AlObeidli, has a similar background, having gained critical insights into logistics and international export from the world's leading aluminium manufacturers. This combined with his early exposure to retail in his father's hotel-based stores created a formidable partnership. Shifting mindsets When The Closet launched in 2010, the cultural landscape was vastly different. 'In the early days, the concept of consignment was not widely accepted,' Hadir explains. 'Many people were hesitant to sell their pre-owned luxury items because they felt it might reflect financial need.' Similarly, buying secondhand goods carried a stigma in a culture where newness was highly valued. Today, that perception has changed. 'There has been a remarkable shift, especially with the rise of younger, more conscious consumers who are deeply aware of sustainability,' Hadir notes. Social media has also played a key role, making consumers more informed and open to preloved luxury as a smart and stylish choice. The question has evolved from, 'Will anyone really buy my used bag?' to a celebration of circular fashion. Sustainability is the very heart of The Closet's business model. By extending the lifecycle of meticulously crafted luxury goods, the company actively reduces the demand for new production and preserves valuable resources. 'Unlike fast fashion, luxury fashion is built to last,' Hadir says. 'By giving these products a second (or even third) life, we're helping to reduce fashion waste and promote more conscious consumption.' Built on trust What sets The Closet apart in an increasingly crowded market? 'The business was born out of personal experience,' Hadir says. 'Every decision is guided by the question: 'What would we expect as customers?'' As a family-run business free from external investors, it remains agile and deeply connected to its clientele. Transparency is a core value, with clear and fair policies. This customer-centric approach is evident in the company's services: flexible 'Buy Now, Pay Later' options, VAT refunds for tourists, free delivery and returns, and the 'White Glove Service', which offers complimentary home pickups for consignors. However, the most significant differentiator is the brand's lifetime authenticity warranty. 'The fear of buying a counterfeit product is one of the biggest barriers [that keeps] customers [away],' says Hadir. To eliminate this concern, The Closet has established a robust, multi-layered authentication process. Every item is first checked by two independent in-house authenticators. This is followed by a final check using advanced artificial intelligence authentication technology, a system approved and recognised by Dubai's Department of Economy and Tourism. 'If even the slightest doubt exists, we immediately reject the item,' she says. To deter counterfeit submissions, a penalty of up to Dh5,000 is slapped on sellers if the product is a confirmed fake. This expertise is cultivated in-house. The team has built an extensive internal library of counterfeit case studies, and potential authenticators undergo a rigorous three-year training journey before taking on the role. The future is posh Looking ahead, The Closet continues to innovate. At the start of 2025, it introduced 'The Luxe Society', a curated platform dedicated exclusively to brand-new, hard-to-find luxury pieces. This new venture caters to discerning clients seeking unworn investment items, while still benefiting from The Closet's trusted reputation. The strategy is clear: expand both The Closet and The Luxe Society locally and regionally, while continuously elevating the customer experience. For aspiring entrepreneurs, Hadir's advice is direct: 'Build your business on a real need, not just a trend. Trust is everything. Be honest. Be transparent.' She adds, 'Also, know that this industry is much more than just fashion. You need to understand logistics, operations, tech, and customer psychology. It's not all glamorous, but it's deeply rewarding.'

UAE travel update: flydubai and Air Arabia flight latest
UAE travel update: flydubai and Air Arabia flight latest

Arabian Business

time2 hours ago

  • Arabian Business

UAE travel update: flydubai and Air Arabia flight latest

UAE air travel disruption easing continues as flydubai and Air Arabia have announced the resumption of flights to Iran. Both flydubai and Air Arabia issued statements on Friday, July 4 stating the return of flights to cities in their networks. The airlines will start flying from the UAE to cities in Iran, including: Bandar Abbas Mashhad Tehran Lar Shiraz Flydubai resumes UAE to Iran flights In a statement on its website, flydubai said: 'flydubai has returned to full operations across its network following the lifting of airspace restrictions in the region. 'Effective from July 4, flights to Bandar Abbas, Mashhad and Tehran in Iran have resumed, while flights to Lar and Shiraz will resume from July 5. 'We continue to monitor the situation closely and amend our schedule as required, adding more capacity or revisions where necessary'. The airline advised passengers to ensure their contact details are up to date and to check the status of their flights before travel. Air Arabia resumes UAE to Iran flights Air Arabia also revealed the return of flights to Iran, issuing a statement saying: 'Following the reopening of airspace, Air Arabia will resume previously suspended flights to Tehran, Shiraz and Lar starting July 6, 2025. 'Customer are advised to book via the website or by calling our contact centre. 'Air Arabia remains fully committed to the safety of our customers and crew, and we appreciate your patience and understanding during this period'. UAE–Iran flight resumption schedule Airline City Flight Resumes From flydubai Bandar Abbas July 4, 2025 flydubai Mashhad July 4, 2025 flydubai Tehran July 4, 2025 flydubai Lar July 5, 2025 flydubai Shiraz July 5, 2025 Air Arabia Tehran July 6, 2025 Air Arabia Shiraz July 6, 2025 Air Arabia Lar July 6, 2025

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store