Mohammed Alardhi is the executive chairman of Investcorp, chairman of Muscat Stock Exchange MSX and chairman of Royal Jet
July 20, 2022
Following a series of world events that have reset and in many ways permanently transformed the outlook of individuals, organisations and governments, it is important to adapt our economic goals and align our strengths in order to generate the most favourable outcomes.
GCC countries have started their journey to economic recovery but the region has ways to go in terms of getting on track towards long-term goals.
Our region has fared well in diversifying its economic interests and is far less reliant on the oil industry now that other sectors have been brought to the forefront. One area where I see the most potential for growth is tourism, which heavily relies on what I have always believed is our greatest asset and strength – our people.
Considering the significant hit global travel took with the fallout of the Covid-19 pandemic, we were expecting a sudden surge in travel this year following the implementation of vaccination programmes and heightened safety measures across the world. The first quarter of 2022 showed a 182 per cent growth in arrivals compared to the same period last year, from 41 million to an estimated 117 million, according to UN World Tourism Organisation (UNWTO).
Numbers will only rise as we go on, since people across the globe are eager to travel for both business and leisure following an extended halt.
We have maintained unity as a region in the face of adversity
There truly is no better time than now for GCC countries to expand on their long-term plans to grow their tourism sectors, and I believe starting local is key.
According to the UNWTO, travellers from the GCC spend 6.5 times more than travellers from other parts of the world. Tourist operators within the region have an excellent opportunity to hone their offerings to suit regional travellers’ tastes and potentially grow their profits.
Perhaps research can help determine what regional travellers look for while visiting countries abroad and packages can be tailored to those preferences, with a variety of targeted deals and offers.
Furthermore, governments can incentivise businesses in the tourism sector, and financial institutions can offer special lending rates that will encourage aspiring entrepreneurs to set up shop or grow existing businesses vertically or laterally to cater to tourists.
There is plenty of room to collaborate regionally and offer experiences that travellers are looking for.
On an international level, there is also an opportunity to market the individual offerings of various nations in the region so global travellers are keen to see just how diverse the Gulf is.
Cross-border collaboration can go a long way in terms of growing regional tourism, and I encourage established and aspiring business owners to connect and brainstorm ideas that will help take the industry to its maximum potential.
Nations within the region can align their objectives and provide travellers with incentives to visit more than one country in a single go. Various organisations that comprise frameworks from airports to public transit and leisure operators that tourists rely on can create synergy and deliver experiences that allow travellers ease in experiencing the diverse offerings our region boasts, borders no bar.
The Arabian Travel Market fair in Dubai in May. EPA
One of the most effective approaches to expanding the tourism sector is to help businesses that do not necessarily target tourists identify how their offerings can be tailored or expanded in order to grow vertically. Existing tourism operators and market leaders can create networks engaging other businesses in order to nurture collaboration within the region, which will result in revenue growth for all.
Citizens in the region must also be committed to the national visions that aim for growth of tourist sectors. The Arab culture is world-famous for its warm hospitality – a crucial aspect that draws travellers to the region again and again – and we must continue to share the best of our heritage with our guests from neighbouring countries and across the world.
The GCC region, and the world at large, is coming out of a prolonged and complex phase and still has a series of challenges to work through.
However, there is hope yet – we have built on our strengths in the past and maintained unity as a region in the face of adversity. We have the support of fast-acting governments that have responded exceptionally well during unprecedented crises that have struck the world, and citizens whose commitment, talent and dedication to community is unparalleled.
I do not doubt that our region will see better days in terms of economic recovery, and I strongly believe that our tourism sectors will play a key role in leading us forward.
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
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
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
How to wear a kandura
Dos
Wear the right fabric for the right season and occasion
Always ask for the dress code if you don’t know
Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
Wear hamdania for work, always wear a ghutra and agal
Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
COMPANY PROFILE
Name: ARDH Collective
Based:Dubai
Founders:Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
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.
