Business Extra

Uncertainty is certain: Inside the IMF and World Bank Spring Meetings

This year's IMF and World Bank Spring Meetings in Washington are unlike any in recent memory. The Iran war has given the annual gathering a geopolitical charge that has drawn an unusually broad crowd, not just the traditional ministers of trade, investment and finance, but foreign policy officials and venture capital executives from across the globe.

In this episode of Business Extra, host Salim A. Essaid travels to Washington to speak to some of those attending about what they are looking for and how they are feeling about the state of the global economy.

We hear from Mohamed Soliman, senior fellow at the Middle East Institute, who spoke about how this year's theme is uncertainty.

The episode also features The National's Washington business correspondent Kyle Fitzgerald, who breaks down the IMF briefings, explaining why this is being described as a textbook supply shock, which countries and regions face the steepest downgrades and what the IMF is advising governments to do in the short term.

Nicolas Veron, senior fellow at the Peterson Institute for International Economics, also joins Salim to examine whether the resilience highlighted in the IMF's outlook is being labelled too generously, whether markets are underpricing the risk of a global recession in the next 12 to 18 months and what those attending can realistically take away from a week of conversations in Washington.

Beyond oil: How the Iran war is already hitting wallets

The economic fallout from the Iran war extends well beyond oil markets and is beginning to be felt in consumers' daily lives.

With transport and production costs rising, food prices are beginning to climb globally and airline tickets are already more expensive. Analysts are anticipating that much of the inflationary impact has not hit consumers yet.

For Gulf economies, the question is whether strong non-oil sectors can stand the pressure. Globally, the stakes are higher still, with leading financial voices warning that a prolonged conflict could tip the world into recession.

In this episode of Business Extra, host Salim A Essaid is joined by Amro Zakaria, global financial markets strategist and founding partner of Kyoto Network and Madarik Ventures, to examine the industries under strain and the inflationary risks building beneath the surface.

Inside Borouge: The UAE's petrochemical powerhouse

In this special episode of Business Extra, host Khaled Abuljebain sits down with Yan Martin Nufer, chief financial officer of Abu Dhabi-based Borouge, to explore how one of the region’s industrial giants is driving long-term value through innovation, technology and strategic expansion.

From delivering one of the largest IPOs in the UAE to returning more than $15.5 billion in dividends, Borouge has positioned itself at the forefront of the global materials sector.

Mr Nufer explains how Borouge’s proprietary technology is shaping next-generation materials, improving product durability, efficiency and sustainability across applications from medical devices to advanced packaging and energy systems.

The conversation also looks ahead to the Borouge 4 plant in Al Ruwais, a $6.2 billion mega-project nearing completion, and how next-generation manufacturing platforms are expanding the company’s capabilities to serve global demand.

Mr Nufer also discusses the company’s global ambitions, including potential expansion into China, and the broader vision behind building a more resilient, globally integrated materials business.

Borouge is a UAE-based petrochemicals company that produces advanced plastics used across industries from health care and infrastructure to energy and manufacturing.

Formed through a partnership between Adnoc and Borealis, it combines access to energy resources with cutting-edge materials technology, supplying high-performance products to global markets.

CERAWeek in the shadow of war: How the conflict is reshaping the global energy conversation

Leading executives from the world’s most influential energy companies are gathered in Houston for CERAWeek, often described as the industry's Super Bowl, as the Iran war rattles global markets.

The conflict involving the US, Israel and Iran has disrupted supplies and raised concern over the stability of key routes such as the Strait of Hormuz.

In this special live-recorded episode of Business Extra, host Salim A Essaid looks at how one of the most important international energy gatherings is unfolding in the shadow of war.

Reinforcing a sense that this is not business as usual, major industry leaders, including Saudi Aramco chief executive Amin Nasser and the head of Kuwait Petroleum Corporation, Sheikh Nawaf Al Sabah, have withdrawn from in-person appearances.

At the same time, oil markets are reacting sharply to developments on the ground. Prices have surged on fears of disruption, then pulled back on signals of potential de-escalation, highlighting how geopolitics is driving sentiment as much as fundamentals.

In this episode Robin Mills, chief executive of Qamar Energy, The National's Kyle Fitzgerald – reporting from CERAWeek, geoeconomics editor Manus Cranny and assistant business editor Jennifer Gnana discuss what all this means for energy markets, industry decision-making and the broader global economy.

How the Iran war is threatening water security in the Gulf

Water infrastructure, supply chains and agriculture are now increasingly exposed to geopolitical shocks.

As the US-Israeli war on Iran led to attacks on infrastructure across the region, attention is shifting to the energy-water-food nexus, a tightly interconnected system where disruption in one area quickly cascades into others.

In the Gulf, where countries rely on desalination for up to 90 per cent of their drinking water and import the majority of their food, these vulnerabilities are especially acute.

In this week's episode of Business Extra, host Salim A Essaid is joined by Sameh Al-Muqdadi, a specialist in water politics and climate security at the Green Charter, to discuss how disruption to energy markets is translating into risks for water supply and food security. They also talk about why the region is particularly vulnerable and how these pressures could have a global impact.

The conversation explores how long these effects could last, what it means for consumers and economies, and whether current infrastructure and policies are equipped to handle a prolonged crisis.

How UAE and Gulf residents can better manage their money amid Iran war turmoil

The effects of a distant war are rarely felt in the finances of residents in the UAE. Until now.

The US-Israel-Iran war that began at the end of last month is already affecting global markets, driving up oil prices and shipping costs.
While the long-term geopolitical effects are still unfolding, the financial consequences are directly affecting households across the Gulf.

What does this mean for household budgets, savings, and financial security? Should residents move money, pay down debt, or hold additional cash?

In this episode of Business Extra, host Salim A Essaid sits down with Carol Glynn, a UAE-based financial coach and founder of Conscious Finance Coaching, to find out.

Mrs Glynn provides a logical roadmap for navigating your personal finances during uncertain times.

The discussion offers a practical assessment of how much cash may be appropriate to keep on hand for short-term disruptions. She also warns of the expected inflationary effects from rising oil and shipping costs, advising residents to anticipate higher prices for fuel and groceries and to adjust their budgets accordingly.

Finally, Mrs Glynn tackles the topic of investments during the crisis, noting a surge in questions about oil ETFs, gold, and even cryptocurrency, as people look for safe havens or quick gains. 

How global energy security is being reshaped amid US-Israel and Iran attacks

Missiles are flying overhead and being intercepted in the Gulf region. Days after the US and Israel attacked Iran, it fired back, sending waves of ballistic missiles and drones towards Israeli and US targets, including assets in the Gulf.

The escalation quickly spread to regional energy infrastructure. Saudi Aramco’s Ras Tanura refinery halted operations of its 550,000-barrels-per-day production, after reported drone strikes. The Mina Al Ahmadi refinery in Kuwait, with a capacity of around 346,000 bpd, was reportedly hit by debris. Qatar faced blows that led to a complete halt of LNG production, affecting 20 per cent of the world’s supply, with implications for Europe’s energy security and ripple effects across Asia.

Ports have also been struck. The UAE’s Jebel Ali was targeted and Duqm in Oman was hit by drones, underscoring vulnerability even outside the Strait of Hormuz, the world’s most contentious chokepoint and a passageway for about 20 per cent of global oil.

In this episode of Business Extra, host Salim Essaid looks at how quickly global energy markets are reacting and what wider repercussions could follow if assaults continue.

He is joined by The National’s Jennifer Gnana to unpack what is happening on the ground, and Robin Mills, chief executive of Qamar Energy, to examine the broader worldwide implications and the potential cross-industry impact.

The Ramadan economy: How UAE consumers are spending in 2026

Ramadan is a time of self-reflection, generosity, community and family, but it is also a period of intense consumer spending. Even as people fast from morning until dusk, spending rises across food and retail.

In 2026, how people spend is shifting, with more people staying home, ordering in, and buying not only products but experiences too.

Yet a recent survey suggests UAE consumers still expect to spend more this Ramadan. Redseer Strategy Consultants estimates the UAE Ramadan economy will grow from about $15 billion in 2025 to $16.4 billion this year.

In this episode of Business Extra, host Salim Essaid is joined by Sandeep Ganediwalla, managing partner at Redseer, to unpack what is changing in consumer behaviour a week into the holy month.

They discuss why excitement to spend is higher this year, how the winter weather is shifting people towards more outings and experiences, what Gen Y is doing differently with planned purchases, and why pre-Ramadan stock-ups are declining as delivery and loyalty programmes reshape habits.

Understanding Sovereign AI and why governments are racing to build it

A new phrase is quietly reshaping how governments, businesses and even militaries think about the future of power: Sovereign AI.

The term is appearing in policy papers, billion-dollar infrastructure deals, and national strategies from Washington to Beijing and increasingly across the Gulf.

But what does it actually mean? Is Sovereign AI about governments owning data and AI power? Is it about controlling data centres and chips? Or is it something larger – control over the intelligence systems that will run future economies, influence societies and shape geopolitics for decades to come?

In this episode of Business Extra, host Salim Essaid speaks to Ahmed Abdulla, co-founder of the Sovereign AI orchestration platform Haimaker.ai, which is based in San Francisco.

Mr Abdulla brings experience from Silicon Valley chip start-ups, Neom and global consulting to help explain what Sovereign AI really means, why it is becoming a national priority, and whether we are entering an era in which AI becomes a defining feature of economic and political power.

Inside the UAE job market: What you need to know about hiring in 2026

In this live Q&A session, Business Extra host Salim Essaid explores what the UAE Salary Guide 2026 reveals about the job market.

He is joined by Viacheslav Shakhov, managing partner at Cooper Fitch, to discuss hiring trends across key sectors, how employers are responding to slower global growth, and why competition for skilled roles is intensifying.

The conversation explores the growing influence of artificial intelligence in recruitment, including which skills are becoming more valuable, how roles are evolving rather than disappearing, and why continuous learning is increasingly important for job seekers.

The session also addresses salary expectations, inflation pressures, and how companies are adjusting pay structures, benefits and long-term incentives to retain talent.

Mr Shakhov shares his insights on which industries are showing the strongest demand, where hiring is slowing, and how the UAE compares with other Gulf markets.

Audience questions address practical concerns such as CV strategy, applicant tracking systems, negotiating salaries, applying from overseas, and standing out in a crowded job market.