Business Extra

Abraaj latest, the UAE's economic outlook, and Fadi AlAwami's advice to entrepreneurs

Host Mustafa Alrawi and Assistant Business Editors Chris Nelson and Dania Saadi discuss Agility's interest in Abraaj's assets, how the UAE is the Middle East's most competitive economy and what impact rising interest rates may have on the economic outlook.

Sentiment outside of the Gulf has been rocked of late but how justified is this given more positive fundamentals like higher oil prices? The team discuss this and more. 

We also have a discussion with Saudi entrepreneur and SME consultant Fadi AlAwami, who provides useful tips for prospective start-ups in the region.

What the Baker Hughes-Adnoc partnership means

Following the news that US oil services provider Baker Hughes will pay $550 million (Dh2.02 billion) for a 5 per cent stake in Adnoc’s drilling subsidiary, Mustafa Alrawi speaks to Abdulmunim Al Kindy, head of upstream at the Abu Dhabi National Oil Company to find out how the partnership can drive higher profitability and new opportunities for the sector.  Mustafa and Assistant Business Editor Chris Nelson discuss what this could mean for the wider UAE economy.

Cityscape Dubai shows positive signs, and Elon Musk gets a slap on the wrist

Investors and developers flocked to this year's Cityscape Dubai compared to last year. Does that portend an uptick in the UAE's property market ahead?

The National's Sarah Townsend reports on the scene from the exhibition with host Mustafa Alrawi in this week's episode of the Business Extra podcast.

Also, we could not let this week's Elon Musk news come and go without comment. The Tesla mogul will cede his role as chairman of the electric carmaker and pay a $20 million (Dh73.4m) fine to settle fraud charges, in addition to another $20 million fine for the company. What's next for the company and its most famous face?  Kelsey Warner, Assistant Business Editor, gives her take.

Emirates and Etihad: What does the future hold?

While the UAE's aviation giants, Etihad and Emirates, have both denied a Bloomberg report that the latter was considering a takeover of the former, it is worth speculating what the future holds. Can a deal happen, and how would that shape the future of aviation in the region? Host Mustafa Alrawi looks at the changing aviation landscape in this week's episode of the Business Extra podcast.

Also in this episode:

• Abu Dhabi National Oil Company in July awarded one of the world’s largest seismic surveys for hydrocarbon assets to a unit of China National Petroleum Corporation. The multibillion-dirham project is underway in the Abu Dhabi Dessert, where Karma Gurung visited earlier this week. What was the scene like in-person?

• Oil prices caught the crosshairs of President Trump's Twitter. From a joint meeting of Opec nations in Algiers earlier this week, the response was to stay the course, as oil prices are steadily on the rise.

Why Uber and Careem should stay in their own lanes

Ride-sharing app Careem has been one of the Middle East's most successful tech start-ups, and competitor Uber is now reportedly interested in an acquisition to widen its own presence in ther region. While it would likely be a multibillion-dollar windfall for Careem, would selling now be a shortsighted move for a company with so much potential?

Hosts Mustafa Alrawi and Chris Nelson discuss Careem's future in this week's episode of the Business Extra podcast.

Also in this episode:

• Tesla adds a criminal probe from the US Department of of Justice to its growing list of problems. Elon Musk's erratic behaviour and irresponsible tweets might have sunk his company.

• If Tesla does fail, where does that leave the electric-car industry?

• And we talk to Brian Finlay, President and CEO of Stimson Center, an American think tank which this week collaborated with UAE-based Trends Research & Advisory on a blueprint to grow renewable energy in the developing world.

People can't get enough of Apple

Despite ever-increasing prices and fierce competition, consumers flock to Apple's new products every year. Surely this year will be no different, and hosts Mustafa Alrawi and Chris Nelson assess the world's first trillion-dollar company as it unveils a new line of products in this week's Business Extra podcast.

Also in this episode:

• Saudi petrochemicals maker Sabic has growing ambitions in China, a sign of how some of the Kingdom's largest businesses are diversifying.

• Siemens is pinning its hopes to electric passenger jets in the hopes that hybrid-electric planes are the future of flight.

• And we have a chat with Emirati branding expert Kawthar Bin Sulayam, the founder and CEO of KBS Communications, who has helped with the branding efforts of the Dubai government and the Abu Dhabi Grand Prix.

ADCB merger would shake up banking sector; Oil prices rally

A potential merger between Abu Dhabi Commercial Bank, Union National Bank and Al Hilal would create one of the region's largest lenders. The news has already had positive effects on UNB's share prices, a sign that a merger would be a welcome change to the banking sector.

Host Mustafa Alrawi discuss the potential merger and more with Chris Nelson in this week's episode of the Business Extra podcast. 

• Also in this episode:

• Oil prices have rallied of late. Energy correspondent Jennifer Gnana tells us why, and gives us the latest news on the Saudi-Aramco IPO.

• Turkey's currency crisis shows no signs of improving. How will this effect markets in the region?

• And we assess Dyson's plans to enter the electric-vehicle game.

Malaysia develops for foreigners, then takes it away

In this week's episode of the Business Extra podcast: 

• Malaysian Prime Minister Mahathir Mohamad said on Monday he wanted to prevent foreigners from buying residential units in the $100 billion Forest City project, a setback for the Chinese developer Country Garden as it tries to revive faltering demand for the site. What is the rationale for the change in direction?

• Tesla Chief Executive Musk said late on Friday he would heed shareholder concerns and no longer pursue a $72 billion take-private deal. Musk's take-private plans for Tesla have evaporated, but the company's looming debt needs remain. How much is Musk's erratic behaviour hurting the company?

• Emirates is adding a fourth daily flight on its route from Dubai to Riyadh starting from September 1. From Sept 1 there will be 91 weekly flights to the kingdom.

• And we have a chat with Anna Skigin, who founded the company Frank Porter, which helps people in Dubai rent their apartments on AirBNB.

Greece is free from bailout but far from financial freedom

Greece is free of of its final bailout from the European Union, allowing Athens to borrow from financial markets for the first time since 2010. But the end of financial woe in Greece is far from over, as we discuss this week on the Business Extra podcast. 

Also in this episode:

• We analyse the move by Venezuela to devalue its currency the bolivar and launch a new one.

• Elon Musk continues to fall under the microscope with his erratic behaviour, leaving Tesla's investors to wonder what's next for the company.

• And host Chris Nelson interviews Maryam Amiri, a professional public speaker who specialises in large events and advising business professionals on their communication techniques.

Elon Musk's Twitter steers Tesla into trouble

In this week's Business Extra Chris Nelson and Andy Scott discuss Elon Musk's increasingly erratic behaviour. The maverick billlionaire and CEO of Tesla tweeted this week that he was considering taking his company private - a move that has caught the attention of the Securities and Exchange Commission.

The mercurial genius may have been the inspiration for Robert Downey Jr.'s Iron Man but right now he would do well to avoid the limelight. He tweeted that he planned take Tesla private at $420 a share, valuing the company around $72 billlion, a 20 per cent premium on the share price that day. 

As the car company has only posted two quarterly profits since its float eight years ago and last year lost over $2 billion it is not certain who has that much faith in Mr Musk.

The current currency volatility in emerging markets and the British pound are also under the microscope.