More than half of businesses in the UAE, the second-largest Arab economy, feel they have strong fundamentals, but need to make adjustments to deal with the aftermath of the Covid-19 pandemic, including strengthening their supply lines, according to HSBC.
Businesses in the country have felt the impact of the pandemic-driven economic slowdown and recognise the need to make operational changes to become more resilient, HSBC said in a new global survey, Building Back Better.
Fifty one per cent of the firms polled said they felt “strong overall” with necessary adjustments, while a quarter said they were challenged, but were able to survive. Only 5 per cent of respondents said they were “significantly” challenged and need to transform to survive the crisis, according to the report, which surveyed more than 2,600 companies in 14 countries and territories, including 100 businesses in the UAE.
“UAE businesses have always had a strong entrepreneurial spirit, and we are seeing that come through in how they are adapting to new ways of working and in how they are accelerating transformational plans,” Daniel Howlett, HSBC’s regional head of commercial banking for Middle East, North Africa and Turkey, said. “It is vital that the UAE private sector pushes ahead with efforts to make their businesses more agile and more resilient.”
For many UAE businesses, supply chains have come into focus as the pandemic upended global trade and constrained supply of goods and materials for months from markets such as China and India.
More than 70 per cent of companies surveyed in the UAE said they are taking steps to ensure the security of their supply chains over the next one-to-two years. Around a third of UAE businesses are considering reviewing their supply chain partners’ ability to weather future uncertainty, while 30 per cent are considering diversifying their suppliers to work with more providers, according to the report.
The crisis has also forced businesses to rethink their technology investment strategies, with 64 per cent of UAE firms polled planning to invest in technology over a five-year period and another 25 per cent seeing it as a top priority.
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
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Killing of Qassem Suleimani
More coverage from the Future Forum
Iraq negotiating over Iran sanctions impact
- US sanctions on Iran’s energy industry and exports took effect on Monday, November 5.
- Washington issued formal waivers to eight buyers of Iranian oil, allowing them to continue limited imports. Iraq did not receive a waiver.
- Iraq’s government is cooperating with the US to contain Iranian influence in the country, and increased Iraqi oil production is helping to make up for Iranian crude that sanctions are blocking from markets, US officials say.
- Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, pumped last month at a record 4.78 million barrels a day, former Oil Minister Jabbar Al-Luaibi said on Oct. 20. Iraq exported 3.83 million barrels a day last month, according to tanker tracking and data from port agents.
- Iraq has been working to restore production at its northern Kirkuk oil field. Kirkuk could add 200,000 barrels a day of oil to Iraq’s total output, Hook said.
- The country stopped trucking Kirkuk oil to Iran about three weeks ago, in line with U.S. sanctions, according to four people with knowledge of the matter who asked not to be identified because they aren’t allowed to speak to media.
- Oil exports from Iran, OPEC’s third-largest supplier, have slumped since President Donald Trump announced in May that he’d reimpose sanctions. Iran shipped about 1.76 million barrels a day in October out of 3.42 million in total production, data compiled by Bloomberg show.
- Benchmark Brent crude fell 47 cents to $72.70 a barrel in London trading at 7:26 a.m. local time. U.S. West Texas Intermediate was 25 cents lower at $62.85 a barrel in New York. WTI held near the lowest level in seven months as concerns of a tightening market eased after the U.S. granted its waivers to buyers of Iranian crude.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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The Ashes
Results
First Test, Brisbane: Australia won by 10 wickets
Second Test, Adelaide: Australia won by 120 runs
Third Test, Perth: Australia won by an innings and 41 runs
Fourth Test: Melbourne: Drawn
Fifth Test: Australia won by an innings and 123 runs
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The Light of the Moon
Director: Jessica M Thompson
Starring: Stephanie Beatriz, Michael Stahl-David
Three stars
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
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Killing of Qassem Suleimani
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
UAE currency: the story behind the money in your pockets
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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