A pedestrian wearing a protective face mask walks through Al Fahidi historical neighbourhood in old Dubai, United Arab Emirates, on January 27. Bloomberg
A pedestrian wearing a protective face mask walks through Al Fahidi historical neighbourhood in old Dubai, United Arab Emirates, on January 27. Bloomberg
A pedestrian wearing a protective face mask walks through Al Fahidi historical neighbourhood in old Dubai, United Arab Emirates, on January 27. Bloomberg
Covid-19 changed markets, lifestyles and organisations around the world. From the disruption of previously reliable supply chains to a drastic increase in the demand for online services, countries have been compelled to acclimatise to a 'new normal'. The world is now attempting to move past the pandemic. Several countries have rolled out vaccines. And as we try to move beyond the fallout of 2020, we must use the lessons from the last year to tap into the expertise that can revitalise the region's economies. We must also consider emerging trends in industries and evolving consumer habits.
The GCC nations have a strategic geographical advantage. Over the next 10 years, these nations must strengthen their role in the global business landscape as a gateway between the East and West. The region is home to port cities including Dubai, Jeddah, Salalah and Sharjah that rank 9th, 31st, 32nd, and 39th respectively among the busiest container ports in the world, according to the World Shipping Council. A lot of work was done to develop the GCC's infrastructure over the last decade. As a result, significant progress was made and there are robust new projects in the pipeline. The Gulf Railway project is one such that comes to mind. Upon completion in 2025, it will connect all six countries of the GCC. The first phase is expected to begin in 2023. Once it launches, this network will facilitate crucial intra-trade opportunities among the countries and crucially, it will enable people to lessen their reliance on air travel.
Commuters wearing protective face masks ride a water taxi, also known as an abra, on the creek in old Dubai, UAE, on January 27. Bloomberg
The pandemic has shown the growing global appetite for online retail services. Given the strong telecoms and digital infrastructure in the GCC, we need to explore the scope of further growing e-commerce, while continuing to support global online retailers. We need to continue to make headway so that the region can deliver value to global allies. This must be a priority as we repair our economies. Aligning logistics and transportation with the best global practices and monitoring industry trends will reinforce the standing of the region in the international business arena.
Organisations within the logistics sector, for example, can take to artificial intelligence to optimise their systems. This would reflect their commitment to embracing change. These systems can provide automated warehousing, inventory management and more efficient methods of shipping. And given the surge in online retail, blockchain – that disseminates digital data in a secure manner – can offer value and meet demands of consumers for the rapid delivery of packages. More companies are opting for blockchain over other costly but less efficient and less secure means of communication.
Refrigerated products is the other sector in which demand spiked last year. The accessibility of food, beverages and pharmaceuticals will keep growing post the pandemic. Customers have become used to doorstep delivery or kerbside pick-ups of their packages. Hence, there is a real market opportunity here to develop facilities to store and safely transport refrigerated goods. There is also scope to build efficient omnichannel service networks. Given the dramatic changes in consumer habits, the GCC can build online solutions that offer alternatives to traditional retail: buy online, collect in-store. Across the globe, there is a growing focus on green logistics. This refers to supply chain management measures and policies to reduce the damage to the environment caused by freight distribution. The GCC countries have made impressive progress in meeting sustainability goals and continue to improve their energy footprint, including in last-mile logistics. In many sectors, the last few decades have been crucial for growth of GCC economies. And owing to wise leadership strategies, as well as the continued efforts of the private sector and their citizens, the region has developed well beyond expectations. Despite that progress, the fallout from the pandemic cannot be underestimated. However, even detractors acknowledge how well the GCC region has managed and mitigated the worst effects of the crisis.
Now that vaccines are being administered and we are moving towards a post-pandemic era, we must focus on recovery, make use of our strengths and channel resources to safeguard the region’s economies against likely future crises.
Mohammed Mahfoudh Alardhi is the Executive Chairman of Investcorp and Chairman of Sohar International
How to come clean about financial infidelity
Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
Red flags
Promises of high, fixed or 'guaranteed' returns.
Unregulated structured products or complex investments often used to bypass traditional safeguards.
Lack of clear information, vague language, no access to audited financials.
Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
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.
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened. He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia. Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”. Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
UAE currency: the story behind the money in your pockets
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.
