Earlier this week the Russian Roadshow, a first-rate business conference and networking opportunity, took place at the Atlantis Hotel in Dubai.
Attending were a wide range of decision makers from the UAE, the Gulf and Russia. Almost simultaneously, the International Property Show Moscow occurred, with more than 50 UAE-based developers going to Russia to attract wealthy investors. The move comes as Russian investors are expected to pump $1.5 billion into the Dubai property market in 2008. The two events symbolise the growing links between Russia and the Gulf, with two important trends emerging.
The first is the North-South corridor between the Gulf and Russia. This is historical in nature - going back through the Soviet era to Imperial Russia - and has implications for the current and future relations between the regions. The second is in the political and economic sphere. When Vladimir Putin visited Saudi Arabia, Qatar and Jordan in early 2007, it was the first visit of a Russian president to these countries.
The payback can be seen in the fact that Russian Railways is now involved in building part of Saudi Arabia's "land-bridge" project, that Russia is selling weapons systems to the Kingdom, and that a Lukoil subsidiary is operating in the eastern province. There is now also talk of a gas suppliers' equivalent of Opec - "Gaspec" - between Qatar, Russia and Iran.
And Russia is also active in Iraq's oil sector through the training Iraqi technicians. In a second trip to the region in September 2007, then-President Putin visited the UAE, where economic, cultural, and military deals were signed - including access to Russia's space launch facilities in Kazakhstan - and a foundation stone was laid for the Arabian Peninsula's first Russian Orthodox church in Sharjah.
Putin's visits were a masterstroke for Russia. His trip to the UAE accelerated Moscow's interest in bidding for - and winning - energy projects. For example, in July this year, Stroytransgaz won a $418 million contract to build a gas pipeline from Abu Dhabi to Fujairah. But the traffic is far from one-way. Currently, UAE investments in Russia total about US$3.5 billion (Dh12.85bn), mostly equity in state and private companies, but several businesses here are investigating further ventures in Russia. Dubai World, for instance, is looking at ports, logistics, and infrastructure investments, while Limitless, its real estate arm, is building more than 150,000 homes in Russia.
And anyone who takes a look at the plans for Russia's first winter Olympics at Sochi in 2014 will be forgiven for an uneasy feeling that they have seen them before: they have. The model for Sochi is actually based on Dubai. The rapid advance in the confidence and technical proficiency of businesses in the GCC region - combined with the support of the public sector - makes the region a highly attractive partner for Russia.
Russian businesses are eager to benefit from the still-booming development opportunities available in the Gulf - where infrastructure and industrial projects are estimated to be worth more than $2 trillion between now and 2015. Yet there have been occasional backward steps, too. A preliminary deal to have Dubai's sovereign wealth fund invest up to $5 billion in the Russian energy concern OGK-1 broke down last month due to poor market conditions. Russia, like nearly everywhere else, is suffering from the current economic downturn. Four banks have already been bailed out by the Kremlin. Foreign investment has dropped by roughly 90 per cent since the Georgia war in the summer. The Russian stock exchange has fallen 80 per cent since May. The multinational banks that were willing to tolerate state intervention and lack of corporate transparency when credit was loose and commodity prices were rising, have all but closed. All the major sectors that have been driving Russian growth - energy, metals and mining, finance, construction and retail - are starting to suffer. Russia's foreign currency reserves, the third largest in the world till recently, have plunged more than 20 per cent to less than $500 billion. The ruble has fallen 15 per cent against the dollar from its peak in July, pushing up the cost to Russian companies of servicing their dollar-denominated debts.
All of which adds impetus to Russia's desire to have a greater presence in the Gulf. The Kremlin wants to play a more pro-active role in the region, while the oligarchs and business leaders are more receptive to new models of development and are keen on establishing good relations with the outside world. For once, there is truth in that old saw: The Russians are coming.
Dr Theodore Karasik is Director, Research and Development, at the Institute for Near East & Gulf Military Analysis Mishaal al Gergawi returns next week
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
GCC-UK Growth
An FTA with the GCC would be very significant for the UK. My Department has forecast that it could generate an additional £1.6 billion a year for our economy.
With consumer demand across the GCC predicted to increase to £800 billion by 2035 this deal could act as a launchpad from which our firms can boost their market share.
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
COMPANY PROFILE
Name: Ejari
Based: Riyadh, Saudi Arabia
Founders: Yazeed Al Shamsi, Fahad Albedah, Mohammed Alkhelewy and Khalid Almunif
Sector: PropTech
Total funding: $1 million
Investors: Sanabil 500 Mena, Hambro Perks' Oryx Fund and angel investors
Number of employees: 8
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
Match info:
Portugal 1
Ronaldo (4')
Morocco 0
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
Indika
Developer: 11 Bit Studios
Publisher: Odd Meter
Console: PlayStation 5, PC and Xbox series X/S
Rating: 4/5
'Brazen'
Director:+Monika Mitchell
Starring:+Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
UAE and Russia in numbers
UAE-Russia ties stretch back 48 years
Trade between the UAE and Russia reached Dh12.5 bn in 2018
More than 3,000 Russian companies are registered in the UAE
Around 40,000 Russians live in the UAE
The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023
Sonchiriya
Director: Abhishek Chaubey
Producer: RSVP Movies, Azure Entertainment
Cast: Sushant Singh Rajput, Manoj Bajpayee, Ashutosh Rana, Bhumi Pednekar, Ranvir Shorey
Rating: 3/5
The specs
Engine: 3.0 twin-turbo inline six-cylinder
Transmission: eight-speed
Power: 503hp
Torque: 600Nm
Price: from Dh450,000
On sale: now
Directed by: Craig Gillespie
Starring: Emma Stone, Emma Thompson, Joel Fry
4/5
Company profile
Company name: Tuhoon
Year started: June 2021
Co-founders: Fares Ghandour, Dr Naif Almutawa, Aymane Sennoussi
Based: Riyadh
Sector: health care
Size: 15 employees, $250,000 in revenue
Investment stage: seed
Investors: Wamda Capital, Nuwa Capital, angel investors
Zayed Sustainability Prize
The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
What's in my pazhamkootan?
Add:
Parippu – moong dal and coconut curry
Sambar – vegetable-infused toor dal curry
Aviyal – mixed vegetables in thick coconut paste
Thoran – beans and other dry veggies with spiced coconut
Khichdi – lentil and rice porridge
Optional:
Kootukari – stew of black chickpeas, raw banana, yam and coconut paste
Olan – ash gourd curry with coconut milk
Pulissery – spiced buttermilk curry
Rasam – spice-infused soup with a tamarind base
Avoid:
Payasam – sweet vermicelli kheer
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
CABINET OF CURIOSITIES EPISODE 1: LOT 36
Director: Guillermo del Toro
Stars: Tim Blake Nelson, Sebastian Roche, Elpidia Carrillo
Rating: 4/5
THE SPECS
Engine: six-litre W12 twin-turbo
Transmission: eight-speed dual clutch auto
Power: 626bhp
Torque: 900Nm
Price: Dh940,160 (plus VAT)
On sale: Q1 2020
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
'Will of the People'
Artist: Muse
Label: Warner
Rating: 2.5/5
THE STRANGERS' CASE
Director: Brandt Andersen
Starring: Omar Sy, Jason Beghe, Angeliki Papoulia
Rating: 4/5
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.