Saudi Arabia and the UAE have seen their fair share of turbulence since the oil price slumped from mid-2014 levels of over $110 per barrel. Both countries are still heavily dependent — the UAE less so than Saudi Arabia — on the sale of hydrocarbons, but both are fully cognisant of the need to diversify their revenue lines.
Both countries have vigorously pursued economic reform agendas, especially opening up their economies to foreign investments. The UAE began pursuing this objective even before oil prices began to fall in late-2014, and is considered the most diversified economy in the Arabian Gulf. Saudi Arabia's journey began more recently, but the country has set very aggressive targets for the levels of foreign direct investment it wants to attract, particularly into its industrial and technology sectors.
The reform agenda in Saudi Arabia has well and truly moved from being a theoretical concept and on to the implementation stage. This was apparent for the world to see in October, when Crown Prince Mohammed Bin Salman, senior ministers and government officials hosted the world's top executives, policymakers and global business leaders for three days in Riyadh to explore potential partnerships and future investments.
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Read more:
Exclusive: Siemens eyes role in development of Saudi Arabia's $500bn Neom mega city
Exclusive: Virgin Hyperloop One to begin building first transport system by 2019, CEO says
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The UAE's 2050 Energy Plan - which envisions a 70 per cent cut in carbon dioxide emissions - and Saudi Arabia's ambitious $500 billion Neom city project - overlooking the Red Sea and spanning the borders of three countries - are just two examples of what awaits financial, technology and industrial multinational companies in both countries.
Germany's Siemens is already eyeing a role in the development of Neom, and is preparing to partner up with Riyadh to help the kingdom achieve its goal of economic diversification.
The company's chief executive Joe Kaeser has lauded Saudi Arabia's crown prince for the "giant scale" of the country's economic overhaul, stating that such a visionary approach hasn't been seen anywhere else in the world.
Siemens is looking to do its part to help make Neom a reality, with solutions for affordable, reliable and sustainable power, alongside an efficient transportation network, water and wastewater management solutions, and sustainable and energy-efficient buildings.
The company has been present in the Middle East and is keen to partner with both the UAE and Saudi Arabia for opportunities that arise out of their economic diversification drives. . Like its competitors, it will be hoping for an early-mover advantage.
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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.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
Five healthy carbs and how to eat them
Brown rice: consume an amount that fits in the palm of your hand
Non-starchy vegetables, such as broccoli: consume raw or at low temperatures, and don’t reheat
Oatmeal: look out for pure whole oat grains or kernels, which are locally grown and packaged; avoid those that have travelled from afar
Fruit: a medium bowl a day and no more, and never fruit juices
Lentils and lentil pasta: soak these well and cook them at a low temperature; refrain from eating highly processed pasta variants
Courtesy Roma Megchiani, functional nutritionist at Dubai’s 77 Veggie Boutique
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Get inspired
Here are a couple of Valentine’s Day food products that may or may not go the distance (but have got the internet talking anyway).
Sourdough sentiments: Marks & Spencer in the United Kingdom has introduced a slow-baked sourdough loaf dusted with flour to spell out I (heart) you, at £2 (Dh9.5). While it’s not available in the UAE, there’s nothing to stop you taking the idea and creating your own message of love, stencilled on breakfast-inbed toast.
Crisps playing cupid: Crisp company Tyrells has added a spicy addition to its range for Valentine’s Day. The brand describes the new honey and chilli flavour on Twitter as: “A tenderly bracing duo of the tantalising tingle of chilli with sweet and sticky honey. A helping hand to get your heart racing.” Again, not on sale here, but if you’re tempted you could certainly fashion your own flavour mix (spicy Cheetos and caramel popcorn, anyone?).
