Business Extra

Why GCC economies are growing so fast

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:

The economic outlook (0m 14s)
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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Saxo Bank CEO on 30 years in FinTech

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:

The history and growth of Saxo Bank (0m 14s)
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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NMC CEO Michael Davis on growth post-scandal

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.

Read more on our website:

• 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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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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