Business Extra

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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How UAE-US ties spur stability and growth

The relationship between the UAE and the US is perhaps one of the most important for stability in the wider region. The two nations have been allies for decades, working across defence, energy, technology and investment.
However, these ties are currently going through what the UAE's ambassador to Washington, Yousef Al Otaiba, called a “stress test".

When the countries eventually move into a new phase, it has the potential to be something quite exciting and promising that encompasses technology, culture, energy and defence.

That's according to Sean Murphy, Charge d'Affaires at the US Embassy in Abu Dhabi.

He tells host Mustafa Alrawi that the UAE-US relationship is “built on solid foundations".

Read more on our website:

• UAE 'to encourage Opec' on oil output boost, says envoy to US Al Otaiba

• UAE and US aim to raise additional $4bn in drive to bolster food security

• US looks to boost trade and investment ties with UAE

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Why commodity prices are surging

Oil prices touched their highest level since 2008 — surging past $130 a barrel — after US President Joe Biden banned crude, gas and coal imports from Russia on Tuesday, in retaliation for Moscow's invasion of Ukraine.

Wheat and other soft commodities are also rising on supply concerns, as both Russia and Ukraine are big producers. There is already a knock-on effect on food costs. Metals, including aluminium and nickel, are experiencing similar record price jumps and industries such as car making will feel the pinch.

There has been a feeling of chaos these past few days on global markets.
Joining hosts Mustafa Alrawi and Kelsey Warner, Ole Hansen, head of commodity strategy at Saxo Bank, explains how we have arrived at this point and how long the price rally might last. He also discusses the impact on the green transition and the success of climate action, with energy markets in turmoil.

In this episode:

The market's reaction since the Russia-Ukraine situation (0m 39s)
Alternative agriculture suppliers (6m 54s)
The gap between the financial and physical markets (9m 55s)
What will happen to the energy transition? (16m 01s)

 

Read more on our website:

• Russia-Ukraine conflict to have 'severe impact' on global economy, IMF says

• Oil prices jump as US bans Russian crude imports

• IEA to release 60 million barrels of oil from emergency stocks

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How climate action will dominate energy in 2022

As the consequences of the Covid-19 pandemic recede, the most critical issue faced by those leading the energy industry becomes the transition to a less carbon-intensive world after the commitments made at Cop 26 climate summit in Glasgow.

How will this be managed amid an evolving global landscape which also includes heightened geopolitical risk and the concern around security of energy supplies.

Randy Bell, senior director and Richard Morningstar Chair for Global Energy Security at the Atlantic Council joined hosts Mustafa Alrawi and Kelsey Warner in the studio in Abu Dhabi to look ahead at what could be the main factors shaping the sector in the coming twelve months.

Read more on our website:

• John Kerry: Ukraine conflict cannot be a distraction from climate change action

• Cop26 showed a key shift in thinking to resolve climate crisis, report says

• Dr Sultan Al Jaber says diversified approach crucial to ensure transition to green energy

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NFTs and how Sotheby’s is courting a new generation

The future of ownership or a passing fad?

NFTs, or non-fungible tokens, a digital object underpinned by the blockchain, have taken the digital art world by storm — and Sotheby's is taking note.

The storied auction house credited an “influx of younger, tech-savvy collectors” interested in luxury goods and NFTs for its success in 2021, when it reported its highest sales figure since it opened in 1744.

But the digital space is not without its grifters, spammers and scammers.

OpenSea, the world's biggest NFT marketplace by volume, said last month that 80 per cent of the NFTs minted on its platform are “plagiarised works, fake collections and spam".

To better understand the world of NFTs and art — and what still needs to be done to make the market less fraudulent — host Kelsey Warner is joined this week by Michael Bouhanna, the co-head of digital art sales at Sotheby's.

In this episode:

What are NFTs again? (0m 50s)
The digital art scene, NFTs and why Sotheby's wants to get involved (2m 24s)
Collector trends and tastes in the NFT space (7m 30s)
Security and investment in the NFT world (9m 19s)

 

Read more on our website:

• Celebrities and NFTs: why your favourite stars are trying to sell you cryptocurrency

• John Lennon’s son Julian to sell his father’s Beatles clothes as NFTs

• Biggest auction sales of 2021: from Beeple's NFT record to the Macklowe Collection

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