Mohammed Alardhi is the executive chairman of Investcorp and the chairman of Sohar International Bank
October 20, 2022
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.
Positive economic news from the UAE and Saudi Arabia will help to boost investor interest in the GCC region. Reuters
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 internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Understanding of marketing objectives and audience engagement.
Tourism industry knowledge.
Professional ethics.
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
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
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Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Business Insights
As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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There are different types of travel available for pets:
Manifest cargo
Excess luggage in the hold
Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
