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As one of the world’s most influential business hubs, the Middle East requires expert attention. Business Extra provides those experts, as well as news and insights from The National’s esteemed team of business editors and reporters, who are on top of the markets, technology, the energy sector and more.
Episodes
Wednesday Jul 20, 2022
Wednesday Jul 20, 2022
Careem became the Middle East's first unicorn, a start-up with a valuation of at least $1 billion, in 2016 and three years later was bought by Uber for $3.1bn.
The deal allowed the company to continue to operate independently, and today, its co-founder and chief executive Mudassir Sheikha says it was only the beginning: he plans to stay with Careem as it reaches for 'decacorn' status — a company valued at $10bn.
As Careem celebrates its 10-year anniversary this week, Mr Sheikha is seeking new funding, hires and acquisitions as he leads the expansion of a super app, going into services beyond ride-hailing to include food and grocery delivery, financial services and new partner services including car rental and home cleaning.
He joins co-hosts Mustafa Alrawi and Kelsey Warner this week to reflect on the past decade and talk about what is still to come.
In this episode:
Growth with Careem's super app(3m 44s)
User growth v profitability (9m 15s)
The lessons learnt (14m 42s)
Emerging markets, entrepreneurial trends and what's next for Careem (19m 45s)
Read more on our website:
- Dubai's Careem acquires money transfer platform Denarii in FinTech push
- Careem acquires UAE food delivery platform Munch:On
- Careem rental bike fleet to double in size as Dubai embraces cycling
- Uber agrees to buy Careem for $3.1 billion in biggest ever tech deal for region
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Wednesday Jul 13, 2022
Wednesday Jul 13, 2022
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Wednesday Jul 06, 2022
Wednesday Jul 06, 2022
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Wednesday Jun 29, 2022
Wednesday Jun 29, 2022
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Tuesday Jun 21, 2022
Tuesday Jun 21, 2022
Electric car sales have surged this year after breaking a record last year, according to a report by the International Energy Agency.
The transport sector's electrification is a fast-growing trend amid the global push to net zero carbon emissions.
However, for EVs, rising prices of critical minerals required for battery manufacturing and supply chain disruptions, present obstacles to meeting these ambitions.
Orral Nadjari, chief executive and founder of Glencore-backed battery maker Britishvolt, discussed the risks and opportunities the industry is currently facing, with hosts Mustafa Alrawi and Kelsey Warner.
In this episode:
Challenges of producing an EV (4m 49s)
Environmental concerns around battery production (7m 57s)
Local production and the impact of accelerated demand (13m 45s)
Read more on our website:
- Half of all UAE residents consider switching to electric vehicles, survey finds
- Electric car maker Lucid raises prices of most models by up to 13%
- US to spend more than $3bn on electric vehicle battery manufacturing, White House says
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Thursday Jun 16, 2022
Thursday Jun 16, 2022
Recent data shows strong business activity growth in both the UAE and Saudi Arabia. This is expected amid pandemic recovery and higher oil prices, according to Khatija Haque, chief economist and head of research at Emirates NBD. But global market forces are also at play.
She joins co-hosts Mustafa Alrawi and Kelsey Warner this week, sharing her outlook on how GCC economies will fair against rising inflation and global recession fears — and why growth is still possible even in this environment.
In this episode:
Is it a seperate story in the Gulf? (2m 37s)
Inflation in the GCC (4m 39s)
The outlook in growth of the non-oil sector (10m 45s)
Read more on our website:
- Solid growth on the cards for the UAE despite accelerating inflation
- Opec maintains 2022 demand outlook but says Ukraine conflict and pandemic pose a risk
- Mohamed El Erian: US inflation could reach 9% and lead to a recession
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Wednesday Jun 08, 2022
Wednesday Jun 08, 2022
Investment banks have faced unprecedented times before, but market dynamics and the volume of data in play in 2022 makes this a time like no other.
That's according to Kim Fournais, who founded Denmark firm Saxo Bank in 1992. The CEO joins co-hosts Mustafa Alrawi and Kelsey Warner to discuss how using technology and pushing East to new markets is helping the 30 year-old firm ride out the latest wave of geopolitics, inflation and new unregulated assets like cryptocurrencies.
In this episode:
Saxo Bank and its place in FinTech (4m 41s)
The culture at Saxo Bank (10m 54s)
Establishing trust and trading cryptocurrency (19m 57s)
Read more on our website:
- Facebook exodus and 15% inflation lead Saxo Bank’s outrageous predictions for 2022
- Global stock markets fall after US jobs report as investors keep eye on Fed
- World Bank warns of stagflation and slashes growth forecast for global economy
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Wednesday Jun 01, 2022
Wednesday Jun 01, 2022
It has been more than two years since NMC Health almost collapsed, after a more than $4 billion debt pile was uncovered and the company's founder and former joint chairman, BR Shetty, fled the UAE in one of the biggest corporate scandals in the country's history. That history is receding as the new NMC Healthcare charts a different path, while maintaining its position as the biggest private healthcare provider in the UAE.
In March, a restructuring process was completed, a move that allowed 34 NMC companies to exit administration, a signal that jobs and cash flow have been saved. Before that, NMC's business rebounded in the first half of 2021 as revenue beat expectations despite pandemic headwinds.
Joining co-hosts Mustafa Alrawi and Kelsey Warner this week is Michael Davis, chief executive of NMC Healthcare, who has been at the helm since the saga began. They discuss priorities of the brand new board of directors, retaining 12,000 employees amid corporate scandal, growth opportunities coming out of the pandemic and if NMC would IPO again.
- EY faces $2.5bn lawsuit for 'audit negligence' over NMC collapse
- NMC companies exit administration and become part of new group
- BR Shetty: Barclays wins right to claw back $131m from NMC founder
- Davos 2022 'most timely and consequential' forum in history, says SchwabNMC third-quarter revenue beats target as healthcare provider prepares for new ownership
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Tuesday May 24, 2022
Tuesday May 24, 2022
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 risks and strategies businesses should be mindful of (2m 03s)
Technology and the regulations for it (7m 47s)
The Mena economic outlook (10m 41s)
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Wednesday May 18, 2022
Wednesday May 18, 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:
What are the agendas for this year? (9m 18s)
The importance of getting people together (10m 35s)
Outcomes expected from the meeting (14m 06s)
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