Business Extra

Davos 2022: energy security and future of work at World Economic Forum

The World Economic Forum's Annual Meeting in Davos is back as an in-person event but in May instead of its usual January slot.
Key discussions have been around energy security amid conflict in Ukraine and rising prices, with European nations looking for alternatives to Russian gas. High oil prices are helping Gulf economies and also adding to inflation concerns. Technology and the future of work following the Covid-19 pandemic are intertwined in Davos, with Meta and other companies showing how we might all interact digitally.

In Davos, host Mustafa Alrawi and The National's Editor in Chief, Mina Al-Oraibi discuss all the big themes at the Forum's meeting.

In this episode:

The sessions that caught our attention (0m 44s)
The risks and strategies businesses should be mindful of (2m 03s)
Technology and the regulations for it (7m 47s)
The Mena economic outlook (10m 41s)

 

Read more on our website:

• Gulf shines amid uneven outlook for Middle East and North Africa

• How Bahrain plans to double the size of its tourism sector in five years

• Davos 2022 'most timely and consequential' forum in history, says Schwab

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What’s on the agenda at Davos 2022

The World Economic Forum's Annual Meeting in Davos is back as an in-person event following a move online during the Covid-19 pandemic.

While Volodymyr Zelenskyy, the Ukrainian President will address the forum virtually on Monday, leaders scheduled to physically attend next week include Spain’s Prime Minister Pedro Sanchez, Ivory Coast Prime Minister Patrick Achi, Poland’s Prime Minister Mateusz Morawiecki, Colombia’s President Ivan Duque and Rwanda’s President Paul Kagame. German Chancellor Olaf Scholz is scheduled to speak in Davos next Thursday.

The business and finance world will be represented by, among others, ECB President Christine Lagarde and Director General of the WTO Ngozi Okonjo-Iweala.

From the Middle East region, attendees include Egyptian Minister of International Co-operation, Rania Al Mashat and Alain Bejjani, Majid Al Futtaim's chief executive.

Co-founder of the Global Survivors Fund and 2018 Nobel Peace Prize Laureate Nadia Murad is also expected to take part.

Apart from the post-war reconstruction of Ukraine, other main topics to be discussed include the energy transition, commodity price rises and inflation and how to harness technology to boost job creation and economic opportunity.

Alexandre Raffoul, the Forum’s Head of Business Engagement for the Middle East and Africa, joins co-hosts Mustafa Alrawi and Kelsey Warner to look ahead to next week's event and highlights what we can expect from its ability to convene some of the world's most influential minds in one place.

In this episode:

Davos 2022 is finally happening (0m 16s)
What are the agendas for this year? (9m 18s)
The importance of getting people together (10m 35s)
Outcomes expected from the meeting (14m 06s)

 

Read more on our website:

• Urgent action needed to ensure energy transition, World Economic Forum says

• The Middle East leaders included in WEF’s 2022 Class of Young Global Leaders

• Cold comfort awaits a springtime Davos

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Will UK economic sentiment rebound?

Economic sentiment in the UK is weighed down by the impact of the war in Ukraine on energy prices as well as overall rising inflation, together with post-Brexit struggles. Recent local election results have also shaken the political landscape.

Last month, the IMF downgraded its UK growth forecast for the year to 3.7 per cent, from the 4.7 per cent it projected in January. Britain's economy had rebounded by 7.5 per cent in 2021, its strongest year of growth since the Second World War, as it recoverd from the Covid-19 pandemic.Can the country shake-off the current downbeat mood?

Chris Blackhurst, The National columnist speaks to host Mustafa Alrawi about the prospects for a rebound in sentiment.

In this episode:

What is happening in the UK? (0m 44s)
Will the government step in to help? (5m 49s)
Is London still attracting wealth? (11m 45s)
Investing in the UK (15m 49s)

 

Read more on our website:

• Conservatives' London wipeout does not bode well for future elections

• China sharpens the cleaver as a game is played to split HSBC

• Reform of the UK's non-dom status is a taxing subject for opposition parties

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Carbon Trading. Explained

Carbon can be emitted, offset, removed, stored and increasingly, traded. But how does carbon trading work and what role does it play in the energy transition?

 

To answer these questions, co-hosts Mustafa Alrawi and Kelsey Warner are joined by William Pazos, co-founder and managing director at AirCarbon, which has teamed up with Abu Dhabi Global Market, the UAE capital's financial free zone, to create a carbon trading exchange and clearing house.

 

They discuss the long (and sometimes sordid) history of carbon trading and why skeptics are asking the right questions, as well as the fate of a carbon market in a carbon neutral world.

 

In this episode:

Where is carbon trading taking place? (1m 54s)

What is carbon trading? (2m 50s)

How does it lower emissions? (9m)

The integrity of carbon trading (12m 10s)

How are carbon credits generated? (17m)

AirCarbon (20m 37s)

Can individuals buy credits? (23m 3s)

Net zero (26m)

Is carbon trading a bridge to the future? (30m)

How much is the industry worth? (31m 44s)

 

Read more

Abu Dhabi to launch 'world's first' carbon credit trading exchange

Stripe, Alphabet, Meta, Shopify and McKinsey to invest $925m in carbon removal technology

Crypto platform's efforts to stop 'useless' carbon offsets backfires

Global low-carbon hydrogen market 'needs $600bn of investment by 2050'

 

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IMF Middle East outlook

On Wednesday, the International Monetary Fund released its Middle East and Central Asia Regional Economic Outlook which shows a divergent picture in 2022 for the region, with oil exporters such as the UAE and Saudi Arabia expected to experience robust rates of growth thanks to higher oil prices.

Uncertainty is also increasing with the duration of the war in Ukraine a significant factor on how the rest of the Middle East and North Africa will fare amid rising inflation and growing food insecurity.

Jihad Azour, the Director of the Middle East and Central Asia Department at the IMF, told Business Extra policymakers will be required to take decisive action as vulnerable groups experience another crisis after “the huge impact” of the Covid-19 pandemic.

Hosts Mustafa Alrawi and Kelsey Warner

 

In this episode:

Impact of Ukraine-Russia war (1m 53s)
Uncertainty (4m 35s)
Is the Gulf insulated from uncertainty? (7m 8s)

Food crisis and solutions (9m 24s)
Iraq (11m 21s)
Egypt (14m)

Lebanon (16m 15s)
Tunisia (18m 45s)
Is the Middle East building resilience? (21m 20s)

 

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What are the UAE’s new visa rules?

On Monday the UAE Cabinet announced one of the biggest overhauls to the UAE's visa system in years.

To explain the details, co-hosts Mustafa Alrawi and Kelsey Warner are joined by Haider Hussain, a partner at immigration consultancy Fragomen in the UAE.

They dig into the expansion of the popular golden visa programme; what the new green visa scheme is for high-skilled workers; and why it is now easier for job-seekers and investors to come in and out of the country.

In this episode:

UAE's major overhaul of the visa system (0m 15s)
Who can apply for Golden Visas now? (8m 06s)
Is UAE creating a competitive environment with the new system? (12m 49s)
A pathway away from employer sponsorship (16m 21s)

 

Read more on our website:

• UAE Cabinet approves major overhaul of visa system by September

• UAE jobs and visas: 60-day entry now standard for many visitors

• UAE non-oil sector's contribution to GDP exceeds 72% in 2021

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Zoom video beyond hybrid work to hybrid life

The sudden shift to remote working amid the Covid-19 pandemic made video conferencing tools hugely important for companies looking to keep their operations running smoothly. It was Zoom however that became synonymous with the times, spurring a new lexicon, including 'Zoom Fatigue' and 'Zoom bombing' as people adjusted to a new paradigm.

 

As the pandemic evolves to endemic in much of the world, the legacy of the crisis includes the adoption of hybrid working practices as employers look to lock in the benefits of flexibility and working from anywhere such as higher productivity and worker well-being.

 

Beyond the workplace, the impact of the past two years is also being felt, as more and more of our daily activities take on a digital aspect. The tools we used in the crisis will remain critical as we evolve and adapt. How can we continue to use them safely and in the most sustainable ways?

 

To discuss this rapidly emerging future, Sam Tayan, managing director of Middle East, Africa, Turkey and Pakistan at Zoom Video Communications, joins hosts Mustafa Alrawi and Kelsey Warner.

In this episode:

Zoom is a verb (4m)
Zoom's growth (6m 53s)
Can Zoom provide better meetings? (10m 35s)
Simplicity V progress (12m 25s)
Middle East priorities (14m 13s)
Virtual infrastructure (16m 7s)
Hybrid work V hybrid life (18m 12s)

 

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Building trust with sophisticated audiences

This year's Edelman Trust Barometer report, titled The Cycle of Distrust, showed that governments and the media around the world are creating an atmosphere where distrust is the default setting. Only 50 per cent of people on average trusted the media, with governments faring only slightly better at 52 per cent.

In the UAE, the government, business, NGOs and the media are all considered trustworthy, although media scored the lowest at 64 per cent. Perception of business rose by 11 points to 78 per cent, and the government came top, with 87 per cent of respondents saying they felt they could trust authorities.

Omar Qirem, chief executive of Edelman Middle East, talks to hosts Mustafa Alrawi and Kelsey Warner about how to ensure you communicate effectively in an environment of high trust and higher than ever expectations of chief executives, employers and governments in both the UAE and Saudi Arabia.

In this episode:

Why is trust important? (01m 13s)
The losses during a collapse of trust and the gains from building trust (04m 55s)
The trusted sources of information (08m 14s)
How companies are taking accountability and retain trust (11m 33s)
Diversity brings forth diverse ideas (17m 44s)

 

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What mattered this week at the World Government Summit

"More question marks than answers." This is how Mohammed Al Gergawi, the UAE Minister of Cabinet Affairs, described the state of the world in remarks at the World Government Summit on Tuesday, as he implored decision-makers to move faster in order to keep up with rising inflation, rapidly changing technology and disruption to status quo geopolitics.

The two-day annual event, staged in the closing days of Expo 2020 Dubai, brought together 4,000 participants and 30 international organisations from 190 countries, to discuss the challenges and ideas that are shaping the future.

Co-hosts Mustafa Alrawi and Kelsey Warner discuss the newsmakers and what mattered for business leaders at this edition of the World Government Summit.

In this episode:

The World Government Summit at Expo 2020 (0m 47s)
Addressing the energy transition (3m 26s)
The conversations at the World Government Summit (7m 04s)
The future of cash and the acceleration of decentralised finance (12m 27s)

 

Read more on our website:

• Dr Sultan Al Jaber: Cannot defund the current energy system

• Rising inflation and global crises top of agenda for governments, says Mohammed Al Gergawi

• Teenager who hacked Elon Musk's Tesla says companies should be very afraid

• Sheikh Mohammed bin Rashid: World Government Summit can build a better tomorrow

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A reality check for energy markets

Sanctions on Russian crude over the Ukraine conflict have increased concerns about supply, sending already high energy prices rocketing. Saudi Arabia warned it will not bear any responsibility for global supply shortages following attacks on its energy infrastructure.

Along with Russia, the kingdom leads the 23-member Opec+ oil producer alliance which has been working to keep markets stable. Inflationary pressures are impacting expectations of worldwide economic growth this year, potentially impacting future levels of energy demand.

The energy transition toward lower carbon emissions depends on investment meeting targets. While renewables capacity is on the rise and hydrogen as a fuel gathers momentum, will there be enough capital for both the push to net zero and meeting short-term fossil fuel requirements?

Industry expert Dr Carole Nakhle, chief executive of Crystol Energy, joins hosts Mustafa Alrawi and Kelsey Warner to discuss all of these themes.

In this episode:

The uncertainty behind the energy market (0m 48s)
Is there enough investment in oil and gas? (7m 08s)
Europe's efforts in renewable energy and the energy transition (9m 45s)
Where is the supply going to come from? (14m 23s)

 

Read more on our website:

• Saudi Arabia says it won’t ‘bear responsibility’ for oil supplies after Houthi attacks

• Oil prices retreat as divided EU considers banning Russian crude

• Adnoc to deepen collaboration with German companies on clean hydrogen

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