Business Extra

Business Extra is back with a new host

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.

Cash, not credit: the enduring power of paper

For the past few decades, slowly but surely, paper cash has increasingly been viewed as antiquated. Digital payment options are in. You can pay by card, by phone and even by smartwatch. Some people even opt to pay via cryptocurrencies.

 

Yet there are those who insist that physical, paper cash has role in future transactions. Some also insist that personal financial freedom and independence depend on it.

 

In this episode of Business Extra, host Cody Combs hears from Jay Zagorsky, a professor at Boston University's Questrom School of Business, about a topic that some considered passé: physical currency.

How family values continue to drive the progress of Danube Group

This page was produced by The National in partnership or collaboration with Danube Group.

The Danube Group is a prime example of how 1990s opportunities in the UAE combined with business acuity to create a regional success story.

 

Having learnt tough retail lessons selling items from a Mumbai street cart, the brand’s founders went on to create a conglomerate that today employs thousands and contributes to the GCC economy.

The Group includes Danube Home and Milano home improvement products, a highly visible real estate development portfolio, a busy building materials segment and a branded Dubai Metro station beside the company’s Jebel Ali headquarters.

 

In this episode of Business Extra, host David Dunn hears from Danube Group’s vice chairman, Anis Sajan, on the early life events that coloured his outlook and ultimately shaped his successful UAE business journey. During the conversation, Mr Anis emphasises the importance of mentoring and empowering the younger generation for sustainable growth in businesses and communities.

 

Mr Anis's sons Azhar, founder of the upmarket Casa Milano, and Sahil, Milano director, also talk about how they are taking the organisation forward amid a thriving UAE economy.

How NHC is driving the Saudi real estate success story

Saudi Arabia is witnessing a housing boom that is transforming the country’s real estate sector, as home ownership rises and international investors join one of the world’s most dynamic markets.

Leading this transformation, developer NHC is meeting demand for lifestyle communities with mega-projects that anticipate future growth.

The kingdom’s real estate market is on a path to reach unprecedented heights, with a forecasted market value of $2.27 trillion by the end of the year and a goal to develop 1.2 billion square metres of land by 2030. Saudi home ownership is also set to increase to 70 per cent, attracting major players like Egypt’s TMG conglomerate, along with Spanish and Chinese investors partnering with NHC.

In a special Business Extra episode from Cityscape Global 2024 in Riyadh, we explore the evolution of Saudi Arabia’s property sector. The event, themed “The Future of Living”, features more than 400 exhibitors and more than 100 institutional investors, covering diverse developments from stadiums to hotels, signalling the nation’s expanding real estate market.

During the event, NHC announced 75 billion Saudi riyals ($19.96 billion) in investment opportunities available until the end of next year, aimed at both local and international investors.

Mohammed Abaalkhail, NHC’s chief marketing and customer experience officer, joins host David Dunn to discuss how NHC is bringing its vision of “elevating life” to fruition with mixed-use communities and green spaces.

With a plan to develop 284 million square metres of land across the kingdom, NHC, one of the largest developers in the region, is also adapting to meet shifting demands while maintaining its strong market position.

The new Hindi large language model

Just when you thought AI news and developments have reached peak saturation, it seems there’s always something new that captures our collective imagination.

Every week brings a new large language model – the backbone of many AI implementations.

This time, AI is getting a Hindi-language breakthrough. It’s part of NANDA, a project unveiled earlier this month at the UAE-India Business Forum in Mumbai.

Named after one of India’s highest peaks, NANDA is a technological – and cultural – feat in itself that’s supposed to open the doors to AI for more than half a billion Hindi-language speakers.

NANDA is a partnership between G42, the UAE-based tech holding group, the Mohamed bin Zayed University of Artificial Intelligence and the American AI company Cerebras.

G42 describes the project as a cutting-edge Hindi Large Language Model – trained on one of the most advanced supercomputers in the world.

That’s a departure from the usual news about AI LLMs, which for a long time, have been centred around the English language, leading some to worry about an uphill battle for other languages and cultures trying to get a foot into artificial intelligence.

So, this is a monumental step forward in artificial intelligence – and broader tech accessibility. But in a world where mentions of AI conjure concerns of tech ethics and information wars, where do up-and-coming LLMs fit in?

In this episode of Business Extra, host Cody Combs hears from Preslav Nakov, a professor at MBZUAI specialising in artificial intelligence and computational linguistics, about what this means for linguistic and cultural diversity – or whether we're just scratching the surface of what’s possible.

How Kamala Harris or Donald Trump might affect Middle East technology aspirations

The Middle East, particularly the UAE and Saudi Arabia, has witnessed significant growth in sectors such as cryptocurrency, artificial intelligence, and FinTech, largely driven by cutting-edge technologies.

Some have speculated that the wealth and innovation created from those industries could eclipse that of the oil industries that defined the region.

However, this rapid expansion of crypto, AI, and FinTech firms is about to face a challenge – the upcoming US election.

In this episode of the Business Extra podcast, host Cody Combs examines the potential implications of a win for Democratic nominee Kamala Harris or Republican nominee Donald Trump on the Middle East’s lucrative tech industry.

He is joined by Sam Blatteis, co-founder and chief executive of The MENA Catalysts, a government relations and market entry set-up firm for high-tech multinationals.

How can EVs accelerate toward market growth?

After decades of anticipation, electric vehicles are becoming the mainstream – as more hit the roads globally, despite bumps along the way.

 

EVs are on the rise, driven by greater affordability, environmental concerns and a shift in consumer preferences.

 

But with geopolitics, infrastructure and misconceptions still in the mix, what does the future hold?

 

In this episode of the Business Extra podcast, host Cody Combs dives into the accelerating world of EVs. He is joined by Hasan Nergiz, managing director of Al Futtaim Electric Mobility Company, and Aravind CJ, a partner at global consultancy Roland Berger, which recently released its most recent EV Charging Index that takes an in-depth look at electric vehicles and their charging infrastructure.

 

The conversation explores how EV adoption is progressing in the UAE and beyond, the crucial role of charging infrastructure, and the policies shaping the industry.

The future of digital banking in the UAE

Banking institutions are a common denominator for many throughout the developed world. Though often portrayed as powerful and imposing, banks, especially in recent times, have learnt to move quickly.

They have to adjust to consumer behaviour, and of course, make the most of technologies that change at a breakneck pace.

The banks of the Middle East, of course, are no different, and often, they are proving to set the pace, for other banks in the world.

In this episode of Business Extra, host Cody Combs sits down with Fernando Plaza, group chief digital officer at Abu Dhabi Islamic Bank (ADIB), to discuss the future of banking, digital trends, AI and how consumers are adapting to all of these changes.

Mr Plaza shares his insights from more than two decades of experience in the digital and payment industry, and is currently leading the digital strategy and execution across ADIB.

How FinTech is evolving in the Middle East

In this episode of Business Extra, we explore the rapidly evolving FinTech landscape in the Middle East, where new apps and products are constantly emerging with promises of easier financial transactions and innovative money management solutions.

Among these players, Dubai-based start-up Ziina stands out for its methodical rise over the past few years.

Ziina aims to bring economic freedom and enhanced financial literacy across the Middle East. Recently, the company made headlines by securing a Stored Value Facility licence in the UAE, a significant milestone that promises to propel the start-up even farther.

Ziina's chief executive and co-founder Faisal Toukan joins host Cody Combs to discuss the company’s journey, the significance of its recent achievements, and its plans for the future.