Saudi Arabia's Minister of Investment, Khalid Al Falih, has told an event in London that the kingdom's development plan is on its way to implementation and ahead of schedule.
“We're more than halfway through the implementation of Vision 2030, and I'm glad to report that we're ahead of schedule on all aspects of the implementation,” he told the UK-Saudi Sustainable Infrastructure Forum.
Vision 2030, Saudi Arabia's plan to transform the country from heavy reliance on oil and gas revenue to a technologically-advanced economy powered by renewable energy through a series of giga-projects involving trillions of dollars.
Saudi leaders, including Finance Minister Mohammed Al Jadaan, have recently hinted that some parts of the plan have been scaled back.
Nonetheless, the mood at the summit, which was convened by the City of London Corporation and the Saudi-British Joint Business Council, was distinctly upbeat and served as a further opportunity to expand the trade relationship between the kingdoms.
Mr Al Falih told the conference that Vision 2030 has been a boon for the Saudi economy, as the country uses it as a pathway to build a future beyond oil and gas.
“Our GDP has grown by some 70 per cent since we launched Vision 2030. We have moved from number 20 on the rankings of the G20 countries to number 16.
“We are the second-fastest growing economy within the G20 at close to 7 per cent annualised GDP growth since launching Vision 2030.
'The land of the future'
Emphasising that the kingdom is open for business, Mr Al Falih added that foreign direct investment by some measures has quadrupled in the past seven years and the number of foreign licences granted has increased by a factor of 10.
Using the tourism sector to illustrate how much progress Saudi Arabia has made towards its Vision 2030 goals, Mr Al Falih said the original target to attract 100 million visitors by 2030 was achieved last year and “the target has moved to 150 million visitors”.
“Projects that were only perceived as dreams are well under construction.”
One of those projects is, of course, Neom in the north-west of Saudi Arabia. Neom has been singled out to be the “land of the future”, a $500 billion scheme to build 10 cities that have ultra-modern urbanisation technology, a thriving and sustainable economy with a conservation element that denotes that “nature comes first”.
One of the most high-profile and ambitious projects is The Line, a “cognitive” city stretching for 274km across the Neom region, with no cars and no emissions, because it will run on 100 per cent renewable power.
Although, some of the plans for Neom's projects like The Line have been scaled back of late, the enthusiasm for them among the summit delegates is undiminished.
“Neom is the world's largest sustainable region currently under development on earth,” said Nadhmi Al Nasr, chief executive of Neom.
“We have the unique advantage of incorporating the latest innovations and technology into everything we do from the start.
“Ninety-five per cent of Neom will remain conserved for nature and untouchable,” he added.
In order for Neom and the 13 other giga infrastructure projects within Vision 2030 to blossom from dreams to reality, private sector involvement is crucial at almost every level, according to Dr Manar Al Moneef, chief investment officer at Neom.
“The private sector plays a significant role, will join us and be part of this journey,” she said.
“Our aim is work with them hand-in-hand to actually structure opportunities in a way that makes sense.
“Today, we have more than 150 initiatives identified across various sectors and regions. Each of these initiatives have multiple opportunities that we're open to discuss with the private sector.”
'A hub for global finance'
It is hoped that many of those discussions will take place with British companies, and delegates at the summit emphasised the importance of London to Saudi Arabia in terms of the business and economic relationship.
“London has become, in my opinion, the world's financial centre,” Mr Al Falih told the summit.
“We look at London as a hub for global finance,” he said, adding that Brexit has afforded London an opportunity to act as a conduit for capital flowing into growing markets like Saudi Arabia.
“There is already strong collaboration between the London Stock Exchange and many actors in the Saudi market.”
Jane Goodland, group head of sustainability at London Stock Exchange Group, agreed, saying that London's capital market has got “huge potential to partner with Saudi in their Vision 2030".
“When think about green bonds, and sustainable bonds specifically, we believe that there is a very bright future for these types of instruments to meet some of the capital needs, which we know are going to be quite significant, not just in Saudi Arabia but globally as we all try to tackle climate change and transition into a low carbon economy that we need to do.”
Illustrating this point in the Saudi context are the inaugural green bonds issued by PIF (Public Investment Fund) of Saudi Arabia, which were eight times oversubscribed when launched on the London Stock Exchange.
“That's just going to grow and grow,” said Ms Goodland, “as we see more case studies and more examples of how these projects get financed.”
That said, for Dr Al Moneef, investing in Neom is so much more than just bottom-line profit.
“Neom is a once-in-a-lifetime opportunity,” she said.
“If you really care about making a difference; if you really care about introducing something new; if you really care about green and sustainability, that [Neom] is the place to be.”
“We have every opportunity available to you – the size you want and the scale you want. If you're talking about $100 million or $1 billion, everything is available at a structure that makes you comfortable as well as the banks. So, if you want to make that is the place to be,” she added.
The general message to the British company executives and entrepreneurs in the summit's audience about doing business in Saudi Arabia was largely summed up by Prince Khalid bin Bandar Al Saud, Saudi ambassador to the UK.
“Everything is there to provide the opportunity,” he said.
“All that's missing is more people coming across, and I think that it won't take long for anyone going to Saudi to find an opportunity and if they can't find it, they're probably doing the wrong thing.”
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
List of alleged parties
May 15 2020: PM and Carrie attend 'work meeting' with at
least 17 staff members
May 20 2020: PM and Carrie attend 'bring your own booze'
party
Nov 27 2020: PM gives speech at leaving do for his staff
Dec 10 2020: Staff party held by then-education secretary
Gavin Williamson
Dec 13 2020: PM and Carrie throw a flat party
Dec 14 2020: London mayor candidate Shaun Bailey holds staff party at Conservative
Party headquarters
Dec 15 2020: PM takes part in a staff quiz
Dec 18 2020: Downing Street Christmas party
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
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'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press
MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
THE BIO
Occupation: Specialised chief medical laboratory technologist
Age: 78
Favourite destination: Always Al Ain “Dar Al Zain”
Hobbies: his work - “ the thing which I am most passionate for and which occupied all my time in the morning and evening from 1963 to 2019”
Other hobbies: football
Favorite football club: Al Ain Sports Club
The%20specs
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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MATCH INFO
Tottenham 4 (Alli 51', Kane 50', 77'. Aurier 73')
Olympiakos 2 (El-Arabi 06', Semedo')
UAE currency: the story behind the money in your pockets
if you go
The flights
Fly to Rome with Etihad (www.etihad.ae) or Emirates (www.emirates.com) from Dh2,480 return including taxes. The flight takes six hours. Fly from Rome to Trapani with Ryanair (www.ryanair.com) from Dh420 return including taxes. The flight takes one hour 10 minutes.
The hotels
The author recommends the following hotels for this itinerary. In Trapani, Ai Lumi (www.ailumi.it); in Marsala, Viacolvento (www.viacolventomarsala.it); and in Marsala Del Vallo, the Meliaresort Dimore Storiche (www.meliaresort.it).
The%20specs
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
MATCH INFO
Qalandars 109-3 (10ovs)
Salt 30, Malan 24, Trego 23, Jayasuriya 2-14
Bangla Tigers (9.4ovs)
Fletcher 52, Rossouw 31
Bangla Tigers win by six wickets
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
