Business Extra

Bucking Covid-19 trend, Saudi women take job market by storm

More Saudi Arabian women are joining the workforce than ever before as wide-sweeping reforms bear fruit. But the country's recent progress is an outlier in a global jobs market much changed by the Covid-19 pandemic.

 

The National's Deena Kamel's recent reporting uncovers how working women are juggling heightened workloads and more household duties, leading to job dissatisfaction, pessimism about career prospects and deteriorating mental health.

 

She joins co-hosts Mustafa Alrawi and Kelsey Warner this week to talk about how Saudi Arabia is reaching its targets amid broader, less encouraging trends affecting gender inclusion and progress.

 

In this episode:

Impact of Covid-19 on women's careers (0m 44s)

Saudi and female workforce participation (3m 20s)

Women's mental health (8m 18s)

Where are we going from here? (11m 16s)

Diversification in the private sector (18m 27s)

 

Read more on our website:

• How Saudi Arabia's women are pushing into the workforce and transforming the economy​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​
• Pandemic is an opportunity to improve gender diversity in aviation, Iata says
• Women believe career prospects have been hampered by the pandemic
• Saudi healthcare group buys online retailer Mumzworld

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5 emerging investment themes for sovereign wealth funds

Regional sovereign funds backed local economies amid pandemic while investors have also shifted their strategies to focus more on equity markets and ESG opportunities. This is according to the latest report from US asset management firm Invesco, which surveyed 141 chief investment officers, heads of asset classes and portfolio strategists at 82 sovereign wealth funds and 59 central banks across the globe, who manage a combined $19 trillion in assets.

 

Josette Rizk, Middle East and Africa director of Invesco's institutional clients business, joins co-hosts Mustafa Alrawi and Kelsey Warner this week to unpack five emerging themes from the firm's survey.

 

In this episode:

Invesco's report (0m 45s)

The impact of Covid-19 on sovereign funds (4m 39s)

All eyes on China (8m 35s)

Sovereigns and climate change (12m 15s)

 

Read more on our website:

• Regional sovereign funds backed local economies amid pandemic, Invesco says
• Working from anywhere is here to stay, says boss of Majid Al FuttaimAround 87% of global executives embrace ESG as core strategy, survey finds
• Middle East SWFs hunt returns through private asset classes, Invesco says
• Europe's central bank steps up plans for digital euro

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Majid Al Futtaim CEO on the future of retail and cinema

Automation, e-commerce and the push for sustainability all have major roles to play in the future of retail.
That's according to Majid Al Futtaim chief executive Alain Bejjani. He joins co-hosts Mustafa Alrawi and Kelsey Warner this week to talk about how the Middle East's biggest mall operator is catering to changing consumer behaviour - and why cinema will never go away.

In this episode:
MAF and the future of retail (0m 40s)
Automation and carbon footprint (9m 21s)
Technology v human capital (16m 27s)
Cinema here to stay (26m 30s)

Read more on our website:

• UAE's retail industry nearing pre-pandemic levels, Middle East's biggest mall operator says
• Working from anywhere is here to stay, says boss of Majid Al Futtaim
• Saudi Arabia's retail market more investable as more women enter workforce, Majid Al Futtaim chief says

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Opec impasse and oil’s road to net zero

Opec and oil-producing allies are at a new impasse. But what does it mean and why is it happening?

To unpack a historic convergence of market dynamics, The National's energy correspondent Jennifer Gnana joins co-hosts Mustafa Alrawi and Kelsey Warner.

They explain Opec's current role in the energy industry, why US oil and Brent, the international oil benchmark under which two thirds of the world's crude trades, reached seven and three-year highs. Also discussed: why balancing the energy market is key to economic recovery from the pandemic and the increasing role the net-zero agenda is playing on oil producers' long-term strategy.

In this episode:
Opec and rising demand (0m 58s)
Oil prices that determine market stability (5m 13s)
Opec's importance in the global energy landscape (9m 44s)
UAE's strategy (16m 10s)

Read more on our website:

• US oil rallies to 7-year high amid Opec deadlock

• Flexibility is the only way out of the Opec+ impasse

• Explainer: What is Opec?

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Basrah Gas Company and the future of Iraq's energy

The Basrah Gas Company is a 25-year joint venture between Iraq’s South Gas Company, Shell and Mitsubishi. It was established in 2013 to process associated gas produced from three huge oilfields in the south of Iraq, that otherwise would be flared off. This gas then supplies power to the domestic market as well as to those manufacturing products for export. On Tuesday, it was announced that the World Bank's International Finance Corporation would provide $360 million to support the company’s growth.

Malcolm Mayes, managing director of Basrah Gas Company, speaks to host Mustafa Alrawi about how BGC is helping Iraq meet its growing energy needs and power an additional one million Iraqi homes while also reducing greenhouse gas emissions by about 10 million tonnes per annum.

 

In this episode:

Iraq and the Basrah Gas Company (0m 42s)

The impact on the environment (3m 22s)

BGC's plan down the line (5m 49s)

IFC's belief in BGC (15m 00s)

Iraq's future (20m 36s)

Read more on our website:

• Iraq to invest $3bn over five years in the Basrah Gas Company

• Siemens Energy to rebuild Mosul super grid destroyed in 2014

• Oil prices could reach $80 per barrel, Iraq's Oil Ministry says

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How Yas Creative Hub will bring the global entertainment industry to Abu Dhabi

Abu Dhabi plans to invest $6 billion over the next five years in its cultural and creative industries to create new jobs and attract talent.
One of the mega-projects at the heart of the plan is the Yas Creative Hub, a 27-hectare development expected to create 16,000 jobs over the next decade, tripling the number of people employed in the sector in the UAE capital.

Michael Garin, chief executive of TwoFour54 Abu Dhabi, which is behind the project, joins co-hosts Mustafa Alrawi and Kelsey Warner this week. Mr Garin fields questions on the timing of the project, Hollywood-level production value and why Abu Dhabi is smart to get into show business.

In this episode:
The Yas Creative Hub (0m 45s)
Who is coming to the Hub? (4m 40s)
Abu Dhabi to attract world-class talent (9m 30s)
The incentive to come to Yas (13m 56s)

Read more on our website:

• Abu Dhabi to invest $6bn in culture and creative industries amid economic diversification push

• How the 'Mission: Impossible 7' cast and crew stayed Covid-free in Abu Dhabi

• Megaprojects: Abu Dhabi's Yas Island to become the Middle East's media hub

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How Poland is helping to shape the economy of tomorrow

Poland hopes its role as a central and eastern European technology hub will help create cross-investment opportunities in the financial, healthcare and food sectors for Gulf investors, according to a senior official.

Pawel Jablonski, Poland’s undersecretary of state for economic and development co-operation, for Africa and the Middle East, was in Abu Dhabi this month to explore ways to expand the country’s trade and commerce beyond its traditional main partners, such as Germany.

There are many areas which Poland and the UAE have common ground, including infrastructure development, which could provide the chance for “synergies” to help "shape the economy of tomorrow", Mr Jablonski told the Business Extra podcast.

In this episode:
Poland's expansion in UAE (0m 36s)

From EU to UAE (2m 31s)

Primary sectors for Poland (4m 27s)

Competing interests (8m 26s)

The diverse market in Europe (12m 27s)

Read more on our website:

• Central Europe aspires to being a centre of civilisation

• Data economy to become leading economic sector globally, Dubai Future Foundation finds

• Abu Dhabi and Singapore join forces to accelerate smart city development

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How Iran's oil industry is at the mercy of its politics

With a new Iran nuclear deal on the horizon and the possible lifting of US sanctions, up to 1.5 million barrels per day of oil exports could return to the market. However, the country's energy sector is in dire need of both cash and international equipment.

The National's columnist Robin Mills discusses what is still an uncertain outlook for Iran's oil and gas industry with host Mustafa Alrawi.

In this episode:

The future of the Iranian oil industry (0m 55s)

The dynamics of the market (5m 41s)

The energy transition and Iran (10m 32s)

Iran's new leadership role (14m 23s)

Read more on our website:

• Future of Iran's oil industry remains uncertain as it heads to the polls

• Blinken: Iran deal breaches could reduce nuclear breakout time to ‘weeks

• US oil hits $70 per barrel as commodities gain amid rebounding global growth

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Stripe's Middle East plans and the untapped 'GDP of the internet'

More than 13,000 businesses in the Middle East have expressed interest in using Stripe since the payments platform announced its regional debut and office in Dubai last month.

“There's just so much momentum in the UAE and the surrounding area,” said Matt Henderson, the business lead at Stripe for Europe, the Middle East and Africa, regions where the company is rapidly expanding.

Stripe offers products that allow merchants to accept digital payments and a range of business banking services. Clients include Amazon, Shopify, Deliveroo, Microsoft and Apple.

 

Mr Henderson joined The National’s Business Extra podcast this week to talk about the market for digital payments.

In this episode:
Infrastructure for the digital economy (0m 37s)
Stripe in the Middle East (2m 44s)
The evolution of the digital payment landscape (7m 40s)
Cybersecurity and digital payments (18m 22s)

Read more on our website:

• Global digital payments company Stripe enters Middle East after funding round values company at $95bn

• Would you tip for social media content? Why people are willing to reward creators with more than just likes

• ADGM unveils Digital Marketplace to test feasibility of future products

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Future of travel - 'vacc-ications', higher airfares and cheaper hotel rooms

The future of travel in the wake of the Covid-19 pandemic will be characterised by higher air fares, cheaper hotel rooms and fewer but longer trips, according to industry expert Sadiq Gillani.

Speaking to the Business Extra podcast’s Mustafa Alrawi and Kelsey Warner, Mr Gillani, a lecturer at Stanford Graduate School of Business, outlined what we are likely to experience when travelling as the recovery picks up pace. 

There will be an imbalance of capacity, for example, when comparing airline seats with hotel rooms and cruise cabins. This is because most carriers have partially grounded their fleet but few hotels have shut down permanently, he said. Even as demand comes back at the end of this year and into next year, it will take a long time for airlines to build back up to where they were before the pandemic, in terms of capacity.

In this episode:
The future of travel (0m 36s)
The trends showing the future of travel (1m 58s)
Emerging new archetypes (9m 31s)
Revenge travel (16m 10s)
The winners out of the crisis (22m 30s)

Read more on our website:

• Can summer travel revive aviation's fortunes?

• Airline CEOs likely to face cash flow challenges amid signs of travel recovery, Iata boss says

• Dubai Airports chief projects return to pre-Covid passenger volumes by 2024

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