Business Extra

Recession fears evoke deja vu. The Middle East might be safe.

It's been a time of tumult on Wall Street – at the hands of the White House.

US President Donald Trump made his plans for tariffs known on the campaign trail, but their scale has taken the world by surprise.

The sweeping tariffs sent global markets into chaos. Then, with the announcement of a 90-day pause, things calmed down. But that hasn’t done much for perhaps the greatest fear among investors and the public: the possibility of recession.

We’ve heard about so-called recession indicators – particularly as they pertain to the US. Here in the Middle East, though, the outlook might not be so grim.

On this episode of Business Extra, we explore the basis of the recession fears and what that means for markets and, ultimately, consumers.

Sanctions on Syria: a look back, a way forward

For more than a decade, Syria has been under international sanctions aimed at pressuring Bashar Al Assad’s regime. But there is a longer history of sanctions on the country and the broader Middle East.

Sanctions can be used as a nudge – or shove – from government to government, usually during times of war.

But their impact continues into periods of relative peace, trickling from the highest ranks of the ruling class down to the labourers and families that make up the backbone of a country’s economy. We have seen sanctions ravage Syria’s economy on and off since the 1970s, and hold throughout 14 years of civil war.

But following the fall of Mr Assad in December 2024, Syria has a new government, a new head of state and a caretaker cabinet that has promised to rebuild.

In this episode of Business Extra, we are looking at sanctions on Syria, the complexities of these measures and how the country’s economy might evolve after they are lifted.

Trump's tariffs are back. What are they and what do they mean for the Middle East?

Donald Trump has been vocal about his planned tariff war since setting foot on the campaign trail – in both his first and second times in office.

Mr Trump began his first stint in the White House with a trade war against China. Some of those tariffs were preserved by Joe Biden’s administration when he began his term in 2020.

But throughout his campaign, Mr Trump made clear he’d come back with tariffs at full force.

What we’re seeing now is a return of that foreign economic policy – broadened, fast-tracked and intensified.

On this episode of Business Extra, we’re hearing from experts about what this means in the political sphere, but also outside of it; for the everyday consumer perhaps uncertain about what a trade war can mean, and for economic machinery here in the region.

What challenges do women still face in the Middle East start-up scene?

The start-up economy is booming in the Middle East, but despite progress, women remain underrepresented, as founders and as recipients of funding.

While women-led start-ups make up 7 per cent of the region’s total, they receive about 1 per cent of available funding, Wamda statistics show.

In this episode of Business Extra, host Salim Essaid speaks with three female founders in the UAE – Yasmin Rose of Rise Birth Centre, Yasmin Megerisi of House of Meena, and Thea Myhrvold, chief executive of Getbee – who share their experiences of navigating the start-up scene in the region.

The host also hears from Hynd Bouhia, a start-up funding expert, who unpacks the numbers behind the gender gap in investment and the biases that continue to shape funding decisions.

Al Masaood Automobiles chief on the future of mobility

This episode is sponsored by Al Masaood Automobiles

The global automotive industry is undergoing dramatic transformation as owners seek more from their vehicles – and technology delivers.

This is evident in the UAE where major distributors such as Al Masaood Automobiles are anticipating and catering to shifting customer demands.

In this episode of The National’s Business Extra podcast, the company’s chief executive, Irfan Tansel, discusses the UAE’s current motoring landscape, as well as the future of mobility, as it experiences disruption across the industry, including the growth of electric vehicles, emergence of autonomous cars, and rising owner appetite for digitisation and connectivity.

Drawing on more than 40 years in the automotive business, Mr Tansel tells host David Dunn about the evolving role of physical dealerships in a digital-first world, Al Masaood Automobiles’ significant sector successes and the enduring legacy of family favourite, the Nissan Patrol.

AI and the Gulf: Where it's been and what's next

In the past decade, Gulf countries have prioritised innovation. It's part of a shift from their prime standing as oil economies to their new goal of using the advent of AI to enhance their economies all around.

 

It's getting attention from global tech hubs. A former Google chief recently said Saudi Arabia has the potential to become the next AI powerhouse. Only last month, Saudi Arabia's non-oil private sector economy recorded its strongest expansion in more than a decade.

 

Some of the biggest names in tech are pouring billions into innovation in Gulf countries, from physical infrastructure such data centres to partnerships that support virtual breakthroughs.

In this episode of Business Extra, Salim Essaid hears from tech experts and leaders on the Gulf's AI appeal and where it's going.

IFC's Makhtar Diop on AI, investments and emerging markets

Global leaders, policymakers and industry experts came together in Dubai this week at the World Governments Summit to discuss the most pressing challenges shaping the future. With a focus on sustainability, AI governance and global finance, this year's conversation set the stage for collaborative action in an evolving world, from economic resilience to technological innovation.

 

On this episode of Business Extra, we take you to the World Governments Summit, where The National's Editor-in-Chief, Mina Al-Oraibi, hears from Makhtar Diop, managing director of the International Finance Corporation.

TikTok, Meta and the Middle East: Social media shifts in the US and what they mean for the region

It’s been a busy few weeks in the world of tech, with big names such as TikTok, Meta and X making moves in terms of policy and business models.

Changes were announced as huge political shifts took place in the US – the start of President Donald's Trump's second term, being one – and some of them were moments for the history books. The timing is no coincidence.

This episode of Business Extra hears a breakdown of these developments and explores the business motives driving them, both in the US and right here in the Middle East, with insights from our reporters and former insiders at Twitter and Meta.

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Tune in every other Wednesday for top stories from a global business hotspot, with vital analysis from renowned experts, diverse perspectives from key figures, and exclusive insight from The National's team of reporters.

Trump-Damac Dealing: What's behind it and what's next?

Two weeks before returning to office, US president-elect Donald Trump has his eyes on the Middle East — and business interests that are storied to him, but new to the White House.

The latest one stars one of the biggest business names in the UAE: Damac properties.

Emirati businessman Hussain Sajwani founded Damac in 2002. It’s now one of the leading real estate developers in the region.

Damac reported $2.4 billion in revenue in 2023 and was expected to nearly double it in 2024. In 2021, it launched its Edgnex brand, focusing on digital infrastructure through assets like data centres with operations in 10 countries.

Now, it’s moving stateside.

The $20 billion investment announced at Mar A Lago last week will mean the delivery of data centres - buildings used to house all kinds of computer systems - in phases. Damac and Mr Trump said the first phase will focus on eight US states in the Sunbelt and Midwest regions — places including Arizona and Illinois.

The projects promise to make leaps for data use in the realms of technology, finance, healthcare and retail, to create what Damac called a “ripple effect” that attracts more businesses to data centre hubs.

This latest investment deepens ties that the two established nearly a decade ago. It is a testament to what has come to be a characteristic trait of a Trump presidency — a mesh between his personal business interests and national dealings through his role in the White House.

But what does this move mean for Middle East investors? And for sectors like technology, space and electric vehicles?

On this episode of Business Extra with host and Business Editor Salim Essaid, hear from our own business reporter Fareed Rahman — and an analyst specialising in Middle East and global geopolitics, Ryan Bohl, on what to know - and expect - just days ahead of Trump's inauguration.