Future Beat newsletter

Hi there,

"Khalas." That's what Ahmed Al Khatib, chief development and delivery officer of Dubai Expo 2020, had to say to me on the eve of the mega-event's final day, when we sat down at the UAE Pavilion?for a discussion on the future of cities .

But Expo?is much more than finished , and the man in charge of the eight-year, multi-billion dollar construction project made that point, too.

Mr Al Khatib predicted governments will move more quickly to keep up with the pace of change. What the 192 countries displayed at Expo demonstrated was the vast array of solutions available - in sustainability, mobility and social progress - if we reach out and grasp them. This idea echoed comments made this week at the?World Government Summit , where UAE Minister of Cabinet Affairs Mohammed Al Gergawi made the case for why policymakers must?adapt faster to create a better future .

Six months ago I was kind of scratching my head over what Expo would accomplish, or what it might indicate about the future (there's?audio proof of that here ). Today it is not that there is too much to say. Instead, it is now clearer than ever what we can do.

Be well.

Kelsey Warner, Future Editor

The Big Story

Dubai Expo 2020 ends as legacy site set for major transformation

In brief?| Pulling in nearly 25 million visits and bringing together 192 nations over six months - and during a pandemic no less - Dubai Expo closed?in dramatic fashion ?this week. It is now preparing for its second act. The site will become the?UAE’s first 15-minute city : a cycle-friendly, traffic-free suburb of Dubai. From October, the first of 85 start-up companies will begin moving in to occupy some of the same buildings that visitors have flocked to, with 80 per cent of the original Expo site remaining.

Quoted?| “Our sons and daughters have proven their ability to overcome unprecedented difficulties and challenges. And in every moment of this journey, we reflected the values of the UAE — values of affection and hospitality. Today is not the end of Expo 2020, but a new beginning.” Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai

Why it matters?| On the economic front, Expo 2020?accelerated the recovery of the UAE's tourism, aviation and hospitality sectors . This was not an obvious outcome for the world's first mega-event to be staged at full capacity during the Covid-19 pandemic. As District 2020 moves ahead, the country gets?a critical testbed for some of the most promising innovations of this century , such as adoption of a 15-minute 'smart' city and green hydrogen power.

Future in Focus

Cruise control?| Following a separate pilot project in Abu Dhabi,?testing of driverless taxis will begin on Dubai roads later this year . Ten autonomous taxis supplied by US firm Cruise will begin to carry passengers around Dubai in late 2023.

Why it matters?| The?Business Extra?podcast this week reveals the newsmakers and what mattered at?the 2022 edition of the World Government Summit ?(hints: the future of digital money, putting teeth in ESG and if the Middle East is again "asleep at the wheel" on Web3).

Know your hacker?|?The teenager who hacked Tesla ?says companies should be very afraid, and governments must do more to protect against cyber attacks.

Predicting the future | Signal or noise??Swvl — the Cairo-born, Dubai-based mass transit and shared mobility services provider valued at $1.5 billion —?began trading on Nasdaq ?in the US on Thursday. The listing follows approval of a merger with Spac Queen’s Gambit Growth Capital. Swvl became the second Arab technology company to be listed on Nasdaq after music streaming platform Anghami, which was also floated through a Spac.

This is a signal.?Activity is slowing in the once-hot Spac market and the SEC, the Wall Street watchdog, has proposed rule changes to require more disclosures to investors. But for companies with a proven track record that are not relying on dubious earnings "forecasts", Spacs will remain a reliable and attractive path to public trading.

In Case You Missed It

Blue Origin?clocked its fourth manned flight , landing successfully in rural west Texas after taking half a dozen passengers for a 10-minute suborbital joyride.

An?exclusive interview with the entrepreneur ?who wants to bring flying hydrogen-powered boats to the shores of Dubai.

And?a how-to guide ?for investing in ESG funds.