2024 beckons and flows well and I find myself landing up in Dubai again one year later, this time on account of a work visit.  As part of my itinerary I had the good fortune of visiting the BAPS Hindu Mandir in Abu Dhabi which was inaugurated by Prime Minister Modi in February, 2024. It was a mesmerizing experience not just on account of the magnificent architecture of the Mandir but the very fact that it had come up not too far away from the land where Islam was born. Built by the Swaminarayan sect on the land donated by the Abu Dhabi’s ruling family, the Mandir is an inspiring symbol of peace.  

Both Dubai and Abu Dhabi are amongst the seven emirates which together form one country – United Arab Emirates or the UAE. They have become shining symbols of prosperity with peace in the world of the 21st century. They haven’t let their distinct culture of an Arabic community or identity of an Islamic country come in the way of inviting the whole world to their land. By doing so they have made the whole world as their target addressable market instead of getting constrained by the limited scale of their own geography. Besides that by embracing diverse cultures they have ended up becoming the global hot spot where an affluent Russian family could live in peace alongside an affluent Ukrainian family, where you can find access to global cuisine curated by specialty chefs from different regions of the world and where the uber rich of the world can find access to the lifestyle that they are accustomed to. It has become a go to destination for affluent families from conflict ridden regions of the world who can afford global mobility. This is remarkably reflected in the numbers – out of the total population of close to 11 million in UAE, its own Emirati citizens account for only 11% with rest 89% being the expatriates. In a way by making their land as the safest haven one million Emiratis have attracted the wealth of the ten million affluent global citizens.

Now as the crow flies just 2000 kilometers to the west, which is the same distance as between Delhi and Kochi, we find the west Asian region which has become the hot bed of conflict. Astonishingly, despite being ranked 13 highest in terms of its per capita GDP of $58,270 there is very little peace in Israel with the country’s security establishment working overtime to secure the safety of its affluent citizens. Jerusalem, being a holy place for not just one but three great faiths of the world, could be the most visited location on the planet but sadly remains constrained by the barricades of conflict. It has the potential to leave Vatican City behind which attracted close to 7 million visitors in 2023. The enormity of this potential loss of opportunity could only be understood when we know the total population of Israel is just about 10 million which is ironically almost the same as that of UAE’s. Incidentally, Jerusalem remains on my bucket list and I sincerely hope that I would be able to make it sooner than later.

Both UAE and Israel are amongst the most affluent nations of the world with about the same size in terms of both land mass and population with even their respective per capita GDP in striking distance of each other. However, while one has acquired the assurance of being one of the safest places on the planet the other has gone to the extreme opposite. One is embracing different faiths and cultures from all over the world, while the other is competing for space with every other faith and culture around them. In one seven different ruling families of their respective emirates have come together to form one country while the other is yet to reconcile to two state solution even after 66 years of its formation based on that principle. Both are equally prosperous but only citizens of one are able to live in peace and continue to compound their prosperity. While one is able to grow its wealth by investing in a diversified portfolio of assets across the world thereby reducing its dependence on wealth from oil reserves, the wealth of the other is increasingly getting channelized towards protecting the lives of its citizens. Abu Dhabi’s several wealth funds add up to $2 trillion making it a go to investor for anyone from developed or emerging world looking for long term growth capital. On the other hand Dubai has aggressively built its position as the number one financial centre in the region enabled by low taxes and the application of the English Common Law. Globally it now ranks 16th amongst the global financial centres ahead of Zurich, Beijing and Tokyo. Israel on the other hand, according to the Stockholm International Peace Research Institute, is now spending close to $5 billion every month to protect itself. Its military spending as a percentage of its annul economic output was 5.3% compared with 3.4% for the US and 1.5% for Germany.   

These two remarkable case studies from the canvas of the world around us tell us that prosperity which comes at the expense of peace is of little value. In fact there can’t be any prosperity in the absence of peace and any legacy prosperity in the absence of peace will not be long lasting. Roads to the mountains of prosperity go through the valley of peace. Switzerland is another incredible example of living this reality. It decided to stay a neutral party in both World War I and II and by making the strategic choice for peace it attracted the prosperity from every other warring nation around them embroiled in these two conflicts as everyone from Hitler to Stalin and their respective establishments wanted to protect their wealth. That was the genesis of the storied secrecy of Swiss Banking which lasted till the 9/11 happened.

It is in light of the above that the thaw in the India-China relationship after a standoff of 4 years which started rolling towards the end of the 2024 is one of the most significant geo-political events not only for these two civilizational nations but for the whole world as well. Between them they are home to 40% of the humanity on the planet, contribute nearly 27% to the world’s GDP in purchasing power parity (PPP) and in the next few years would be the 2nd and the 3rd largest economies of the world. When peace gets fostered between the two giants then what would happen – 40% of the humanity shall become prosperous becoming a source of demand for the rest for the global economy. Not just that when they become safe havens and open their gates to the world just like the UAE they would become go to destination for the global industry whether in manufacturing or services to set up their facilities fostering efficiency in the global supply chain. Therefore, besides becoming a shining destination of the prosperity and peace themselves, peaceful relationship between India and China has the potential to make the whole world prosperous.

The year of 2024 which lived through the escalation of conflict in the West Asia couldn’t have ended on a better note with India and China shaking hands and deciding to move on together for their mutual good. This gives me an immense hope that 2025 would be an year where different parts of the world inspired by this event shall be able to move beyond their prolonging conflicts fostering prosperity and peace for their people and a happier world. 21st century is certainly not the one meant for wars!   

So Friends Prosperity with Peace is what matters. On this note allow me to wish you a relaxed closure and the very best last golden days of 2024 around your loved ones. Thank you for your love, blessings and mindshare through the year.

Signing off for 2024 with my warmest wishes and love for a wonderful 2025.