In the choppy economic waters of the pandemic recovery, nations around the world face a tide of challenges to achieving sustained, positive growth – particularly the headwinds caused by geopolitical ruptures and an uncertain global economic future.
However, GCC states are well placed to ride this wave of uncertainty. The overall success of their Covid-19 responses, coupled with the strength and dynamism of their large-scale transformation projects and diversification programmes, have ensured that they have maintained a level of security and stability within the region.
Perhaps most notably, Saudi Arabia’s efforts to transform its business landscape and position itself as a global business leader have set the nation on a path to becoming the world’s fastest-growing major economy in 2022. The momentum behind the kingdom is clear to see for all.
The International Monetary Fund has forecast gross domestic product to expand by 7.6 per cent for 2022, the kingdom’s highest in more than a decade, with 3.7 per cent growth forecast for 2023 – the year that, according to several economic indicators, the going will get tough for many developed economies.
Given its robust economic outlook, Saudi Arabia has unsurprisingly held the attention of investors from various markets.
A large part of this growth is attributed to close supervision by the country’s central bank – Sama – which has strengthened the financial sector and reduced systemic risks through several smart monetary policy moves. Plans are also under way for even tighter financial sector regulation, which will help limit risk factors in the future as well.
The entire region has capacity to grow FDI inflows in coming years
Also, we cannot discount the measures taken by Saudi Arabia’s sovereign wealth fund – the Public Investment Fund – and its focus on accelerating private sector growth. Later this month, it will host the sixth edition of the Future Investment Initiative – or FII, an annual event run by the FII Institute that convenes regional and global experts to unlock and spur the next phase of business expansion and leadership in the region.
The FII’s theme this year is "Investing in Humanity: Enabling a New Global Order" and it will address a series of pertinent challenges, solutions, trends and how to best approach them in a world at the helm of a meta-industrial revolution. Some notable subjects being addressed are supply-chain shocks, super apps, AI, sustainability and using tech for equity.
This platform is proof of Saudi Arabia’s commitment to global challenges and forward-thinking approach. It will not only continue to keep the nation in the global spotlight but also give a boost to the region, allowing space for further engagement and growth.
As far as broader regional goals are concerned, the FII’s initiatives will also help attract foreign direct investment, an important and impactful path towards the next phase of regional economic development.
The GCC countries have historically had access to internal capital so that there has not been a pressing need to prioritise FDI, however there is truly no better time than now to invite foreign investors into the region, show them how far our nations have come while supporting their goals and also addressing long-term national visions.
The entire region has capacity to grow FDI inflows in coming years. It is also well-placed geographically in addition to offering a promising and secure socio-economic environment that will draw in investments from outside players.
Among the many benefits of increased FDI inflows that the Gulf countries can stand to benefit are higher employment rates, greater resources, increased local competition and a boost in cross-border activity.
The GCC nations are uniquely placed in the global business arena at this stage and factors such as stability, security and the capacity to respond to crises efficiently have not gone unnoticed by potential global investors. This is our time to shine but we must channel our best resources to instil further confidence in investors and establish our region as a lucrative and promising prospect for potential investors.
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To start with, there is room for improvement as far as business infrastructures and the regulatory environments are concerned. Saudi Arabia and the UAE have made significant progress in ease of setting up business, and serve as excellent benchmarks for other nations that want to foster an environment that supports entrepreneurship.
We must ask ourselves how we can facilitate the most seamless market entry for global players and offer them incentives including packages, synergetic partnerships with local players and access to local resources that may not be as readily available in other markets.
Nations in the region can also partner with one another in order to secure regional investment deals with foreign organisations and present a variety of opportunities that will attract international players in the region.
An important factor in attracting FDI is an excellent talent pool. While the GCC is home to a motivated and educated workforce, it will help to promote a culture of continuous upskilling so that our workforce is ahead of the game and ready to support new players in the market.
Gulf nations must also continue to brainstorm ideas to grow non-oil sectors and approach foreign investors in the myriad industries in the regions that offer enormous potential for growth. These include tourism, logistics, manufacturing, research and development, education and health care.
The whole world is on a path to recovery after a long period of uncertainty, but there is no better time than now to capitalise on our strengths and channel our resources towards a more prosperous and secure future.
Investors, especially those in the US and Europe, have taken notice of not only the economic progress of GCC countries but of their excellent governance and successful patterns in implementing security and societal progress. The FII is leading this space and we must build on its efforts so that the world can get a truer picture of our region’s talent, commitment and capabilities.
We must strike while the iron is hot. Attracting foreign players and increasing FDI inflows in the region will be an excellent path to recharging economic activity, addressing our long-term growth goals and establishing the region as a sure choice in the eyes of investors from various markets across the globe.
An important lesson that has come from shared experience these past years is that we must stay informed of global trends while also having the tools to mitigate unexpected crises. This can be best done through collaboration, and it is indeed inspiring to see our region engage with experts and form partnerships that will support us all in the future.
The five pillars of Islam
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EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
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Zayed Sustainability Prize
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)
The specs
Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
On sale: 2026
Price: Not announced yet
Vaccine Progress in the Middle East
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
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Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
ANATOMY%20OF%20A%20FALL
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJustine%20Triet%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ESandra%20Huller%2C%20Swann%20Arlaud%2C%20Milo%20Machado-Graner%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
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If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Results
7pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Dirt) 1,600m; Winner: RB Kings Bay, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
7.30pm: Maiden (PA) Dh 70,000 (D) 1,600m; Winner: AF Ensito, Fernando Jara, Mohamed Daggash
8pm: Maiden (PA) Dh70,000 (D) 1,400m; Winner: AF Sourouh, Tadhg O’Shea, Ernst Oertel
8.30pm: Maiden (PA) Dh70,000 (D) 1,800m; Winner: Baaher, Fabrice Veron, Eric Lemartinel
9pm: Maiden (PA) Dh70,000 (D) 2,000m; Winner: Mootahady, Antonio Fresu, Eric Lemartinel
9.30pm: Handicap (TB) Dh70,000 (D) 2,000m; Winner: Dubai Canal, Tadhg O’Shea, Satish Seemar
10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m; Winner: Harrab, Bernardo Pinheiro, Majed Al Jahouri
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Gender equality in the workplace still 200 years away
It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.
The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.
But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.
At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.
The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.
After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.
Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.
And the number of women in leadership roles has risen to 34 per cent globally, WEF said.
At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.
And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.
* Agence France Presse
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