Business Extra

Saudi oil attack ramifications locally and globally

Early on Saturday morning, attacks on Saudi Aramco’s giant oil plant caused major fires, disrupting about half of the kingdom’s crude production.

From a record spike in oil prices to an escalation of tensions in the region after the US blamed Iran for being behind the strikes. The fallout has everyone inside the region and around the world on tenterhooks for what it could mean for global energy markets and Middle East stability.

Host Mustafa Alrawi, assistant editor in chief and Kelsey Warner, assistant business editor, welcome The National’s energy correspondent, Jennifer Gnana and foreign editor James Haines-Young, for an in depth discussion on the ramifications of the attacks in the region and globally. 

 

In this episode:

- Saudi oil attack (1m 11s) 

- Headlines (25m 56s)

 

Read more on our website:
• Anwar Gargash: Saudi Aramco attacks a 'dangerous escalation'

• Donald Trump to send Mike Pompeo to Saudi after Aramco attacks

• Oil surges more than 19% after attacks halve Saudi output

• Donald Trump: US is ‘locked and loaded’ after Saudi oil attack
• Houthi-claimed drone and missile attacks against Saudi Arabia this year

Yas and Neom light up the construction industry

Developers Miral in Abu Dhabi and Neom in Saudi Arabia have made big announcements on new construction projects. Miral has secured investment from a Singapore-based company for its 108,600 square metre Yas Village development on Yas Island and Saudi Arabia’s Neom has awarded contracts to two companies to build a village that will accommodate up to 30,000 workers who will build the futuristic city of the same name.

 

Host and Assistant Editor in Chief at The National, Mustafa Alrawi speaks to Assistant Business Editor, Michael Fahy about the announcements and what they mean for the property markets in the GCC neighbours.

 

Meanwhile rental rates have been falling in the UAE capital this quarter with large drops since this time last year and Emaar properties in Dubai have asked property owners to stop renting out their units as holiday homes on the same day they have launched their digital platform for short term rentals. 

 

In this episode: 

- New construction projects (0m 43s)

- Abu Dhabi rent (1m 37s)

- Emaar’s short term rentals (15m 32s)

- Headlines (22m 03s)

 

Read more on our website:
• Saudi Arabia's Neom signs deals with contractors for construction village

• Miral secures backing for Yas Village scheme

• Aldar to sell residential land plots on Saadiyat Island

• Where Abu Dhabi rents have risen and fallen, Q2 2019
• Emaar bans holiday home operators in Downtown as it ventures into short-term rental market

Millennial disappointments, Saudi growth strategy and Musk vs. Ma

Most millennials expect to be more financially stable than their parents but almost half feel they are failing or off to a slow start on that goal. Host Mustafa Alrawi, Assistant Editor in Chief at The National, speaks to Kelsey Warner, resident millennial and The National’s Assistant Business Editor, about why so many of her generation feel the burden of financial pressures and “adulting”.

 

Also in this episode we take a look at how Elon Musk and Jack Ma have very different opinions on the future of AI and what that means for the future of humans.


 Read more on our website:
•  Millennials in UAE burnt out by the financial stress of 'adulting'

•  Elon Musk's AI dystopia is no match for Jack Ma's logic

The future of work is looking rosy in the UAE

A survey of thousands of professionals and employers in the region shows that almost all are optimistic about their careers amid shifts in technology and types of jobs

  

Nine out of ten 10 professionals in the UAE feel upbeat about the future of work but how optimistic should you be about your own career prospects in a fast changing world?

 

Mustafa Alrawi, Assistant Editor in Chief, and Kelsey Warner and Chris Nelson, Assistant Business Editors discuss the state of the workplace and how technological trends are changing the nature of jobs and employers' attitudes for the better.

 

Also we discuss the tie-up between DP World and Zhejiang China Commodity City Group Company to build a smart free zone marketplace at Jebel Ali, as well as the broader implications of the volatility caused to global markets by the US-China trade war.

In this episode:

- Headlines (0m 38s)

- DP World (1m 21s)

- US-China trade (4m 37s)

- Future of work (11m 56s)

Read more on our website:
•Majority of UAE professionals optimistic about the 'future of work'
•DP World and China to develop 'smart' marketplace in Jebel Ali

•US trade war with China keeps oil markets guessing

UAE firm FlexxPay bridges gap between paydays

In the episode, host Chris Nelson is joined by fellow Assistant Business Editor Michael Fahy and The National's personal finance correspondent Nada El Sawy to talk about the company, what its plans are and the growth of the sector both here and abroad.

Also, we take a look at the strange goings-on at last week's major classic car auction in Monteray, California. Auction goers consisting of aficiandos and collectors at the much-anticipated sale of rare vehicles were left open-mouthed after an apparent blunder by the RM Sotheby's auction MC saw bidding for a rare 1939 'Porsche' - list price $20 million (Dh73.4m) - reach an eye-watering "$70m", only for it to emerge that the auctioneer had in fact said, or meant to say,  $17m.

Comments from those among the crowd right after the error included: “It worked for Banksy; it didn’t work for RM,” a reference to the 2018 Sotheby’s sale which saw a piece of artwork by Banksy shredded in a surprise stunt just after it sold.

In this episode:
- Headlines (0m 36s)
- FlexxPay (5m 21s)
- 'Porsche' (16m 15s)

Read more on our website:
• FlexxPay allows employees to access salary in between pay cheques

• Auction slip-up sees Dh73m 1939 'Porsche' fail to sell

Saudi Aramco’s bumper first half

$46.9 billion – the headline profit figure from Saudi Aramco’s first half results is staggering. The company also says it is ready for a planned IPO, possibly next year, and lines up a stake buy in Reliance Industry’s oil to chemicals business.

 

Mustafa Alrawi, assistant editor in chief, Kelsey Warner and Chris Nelson, assistant business editors, discuss Aramco with Jennifer Gnana, The National's energy correspondent, who has been reporting on a story that is proving to be a game changing time for global markets and the energy sector.   

We also talk about the Danish city of Aarhus which has become a renewable energy hub and a case study for any other cities looking to lead the sector. And Kelsey describes how her Generation Start-up subject, the US firm Entrupy helps Dubai spot fakes using AI.

In this episode:

- Headlines (0m 43s)

- Aramco (1m 21s)

- Aarhus (18m 41s)

- Entrupy (22m 04s)

Read more on our website:
• Saudi Aramco posts $46.9bn H1 profit as company set to buy 20% of Reliance

• Generation start-up: US firm helps Dubai spot fakes using AI

•Denmark a role model for renewable energy

China-US trade tensions and the e-scooter revolution

Fad or the future of city transport? That is the debate around electric scooters (or e –scooters) as they get set to come to a street near you. Careem is in talks to run one of Abu Dhabi's first e-scooter rental services after the capital legalised the leasing of the vehicles.

The ride-share company - which was bought by Uber for more than $3 billion this year - said it sees two-wheel devices as the future of "micro-mobility". Globally, in dense urban areas scooters are increasingly being seen as the answer for efficient personal transportation. Over the last two years electric scooters have become far more widespread. Urban planners, investors and authorities are taking the trend very seriously. But what does that mean for us here? Host Mustafa Alrawi, Assistant Editor in Chief, Chris Nelson, Assistant Business Editor and London Bureau Chief Damien McElroy discuss the impact of this new development in mobility both here and around the world.   

 

We also focus on how the China-US row has kicked up a gear this week after Washington accused Beijing of manipulating its currency “to gain unfair competitive advantage in international trade”.

In this episode:

- Headlines (1 minute 21 seconds)

- China-US trade tensions (2 minutes 10 seconds)

- E-scooters (10 minutes 2 seconds)

- Damien McElroy (14 minutes 41 seconds)

Read more on our website:
• Abu Dhabi legalises e-scooter rentals to cut congestion

• Careem looks to launch e-scooter rentals in Abu Dhabi

•New laws in the works after backlash against commuters on scooters

•US designates China ‘a currency manipulator’ as trade war flares
•What the pundits think about the latest escalation between the US and China

 

What the new UAE labour card means for families

The UAE government has made it easier for husbands, fathers and sons to secure employment without full company sponsorship. Previously, only women were eligible for work permits under family sponsorship.

This week we speak to Rory Reynolds, The National's News Editor, about the new work permit and what it means for workers and their families in the country. 

In this episode:

- Headlines (0 minutes 53 seconds)

- The new labour card (6m 50s)

Read more on our website:

• UAE's new labour card rules a sign of a maturing market

• New UAE work permits will allow companies to hire sons and husbands

• Dubai Financial Services Authority fines two Abraaj companies Dh1.15 billion

• Singapore's GIC to invest in Adnoc pipeline deal alongside BlackRock and KKR

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A convenient way to operate your oil tankers

Assistant Business Editors Chris Nelson and Kelsey Warner talk to Energy reporter Jennifer Gnana about why tanker operators choose to run ships under flags of convenience, following recent attacks and incidents involving such vessels in the Arabian Gulf.

Also discussed is how such incidents and wider trade tensions affect oil prices - or not - and they take a look at Saudi Arabia's blooming wind power sector, which alongside solar in the kingdom and elsewhere is set to transform the face of power generation in the Middle East.

In this episode:

- Headlines (0 minutes 29 seconds)

- Oil tankers flying flags  (5m 37s)

- Saudi renewable energy (13m 59s)

 Read more on our website:
• Oil prices rise following Iran's seizure of British-flagged tanker

• Quicktake: What are 'flags of convenience'?

• Syria looms large behind Iranian seizure of British tanker

• Islamic finance key to funding green energy projects
• Saudi Arabia's first wind project reaches financial close

Facebook’s record fine divides opinion but is it a sign of things to come?

Mustafa Alrawi, Assistant Editor in Chief and Assistant Business Editors, Chris Nelson and Kelsey Warner, explore what the consequences could be for the global technology sector after US regulators endorsed a $5 billion (Dh18.3bn) privacy settlement with Facebook to resolve the Cambridge Analytica data scandal.

 

Also, they discuss the latest economic data out of China which indicates growth has slowed to the weakest pace since 1992 amid the ongoing trade standoff with America.  

 

And what of investor confidence for frontier markets after the World Bank hit Pakistan, South Asia’s second largest economy, with $6 billion in damages for refusing to honour a mining lease to an international conglomerate.

 

In this episode:

- Headlines (0 minutes 40 seconds)

- Facebook (1m 30s)

- China's economy (17m 58s)

- Investors confidence in Pakistan (21m 48s)

Read more on our website:
• Facebook's record $5bn privacy settlement a 'tap' on the wrist as politicians cry foul

•  China growth slows to weakest in almost 30 years

• World Bank $6bn fine on Pakistan will deter foreign investors, analysts say 

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