Mohammed Alardhi is the executive chairman of Investcorp, chairman of Muscat Stock Exchange MSX and chairman of Royal Jet
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.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood. Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues. Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity. Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jake Ball, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood.
Why seagrass matters
Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
Biodiversity: Support species like sea turtles, dugongs, and seabirds
Coastal protection: Reduce erosion and improve water quality
A Cat, A Man, and Two Women
Junichiro Tamizaki Translated by Paul McCarthy
Daunt Books
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
UAE squad
Rohan Mustafa (captain), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
Defending champions
World Series: South Africa Women’s World Series: Australia Gulf Men’s League: Dubai Exiles Gulf Men’s Social: Mediclinic Barrelhouse Warriors Gulf Vets: Jebel Ali Dragons Veterans Gulf Women: Dubai Sports City Eagles Gulf Under 19: British School Al Khubairat Gulf Under 19 Girls: Dubai Exiles UAE National Schools: Al Safa School International Invitational: Speranza 22 International Vets: Joining Jack
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
How much do leading UAE’s UK curriculum schools charge for Year 6?
Nord Anglia International School (Dubai) – Dh85,032
Kings School Al Barsha (Dubai) – Dh71,905
Brighton College Abu Dhabi - Dh68,560
Jumeirah English Speaking School (Dubai) – Dh59,728
Gems Wellington International School – Dubai Branch – Dh58,488
The British School Al Khubairat (Abu Dhabi) - Dh54,170
Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Hometown: Bogota, Colombia Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
Moment of the day Given the problems Sri Lanka have had in recent times, it was apt the winning catch was taken by Dinesh Chandimal. He is one of seven different captains Sri Lanka have had in just the past two years. He leads in understated fashion, but by example. His century in the first innings of this series set the shock win in motion.
Stat of the day This was the ninth Test Pakistan have lost in their past 11 matches, a run that started when they lost the final match of their three-Test series against West Indies in Sharjah last year. They have not drawn a match in almost two years and 19 matches, since they were held by England at the Zayed Cricket Stadium in Abu Dhabi in 2015.
The verdict Mickey Arthur basically acknowledged he had erred by basing Pakistan’s gameplan around three seam bowlers and asking for pitches with plenty of grass in Abu Dhabi and Sharjah. Why would Pakistan want to change the method that has treated them so well on these grounds in the past 10 years? It is unlikely Misbah-ul-Haq would have made the same mistake.
UAE currency: the story behind the money in your pockets
UAE: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
Zimbabwe: Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
Need to know
When: October 17 until November 10
Cost: Entry is free but some events require prior registration
Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center
What: The Korea Festival will feature art exhibitions, a B-boy dance show, a mini K-pop concert, traditional dance and music performances, food tastings, a beauty seminar, and more.
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities. Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids. Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
Ms Yang's top tips for parents new to the UAE
Join parent networks
Look beyond school fees
Keep an open mind
TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.