Business Extra

The World Economic Forum's Annual Meeting in Davos is back as an in-person event following a move online during the Covid-19 pandemic.

While Volodymyr Zelenskyy, the Ukrainian President will address the forum virtually on Monday, leaders scheduled to physically attend next week include Spain’s Prime Minister Pedro Sanchez, Ivory Coast Prime Minister Patrick Achi, Poland’s Prime Minister Mateusz Morawiecki, Colombia’s President Ivan Duque and Rwanda’s President Paul Kagame. German Chancellor Olaf Scholz is scheduled to speak in Davos next Thursday.

The business and finance world will be represented by, among others, ECB President Christine Lagarde and Director General of the WTO Ngozi Okonjo-Iweala.

From the Middle East region, attendees include Egyptian Minister of International Co-operation, Rania Al Mashat and Alain Bejjani, Majid Al Futtaim's chief executive.

Co-founder of the Global Survivors Fund and 2018 Nobel Peace Prize Laureate Nadia Murad is also expected to take part.

Apart from the post-war reconstruction of Ukraine, other main topics to be discussed include the energy transition, commodity price rises and inflation and how to harness technology to boost job creation and economic opportunity.

Alexandre Raffoul, the Forum’s Head of Business Engagement for the Middle East and Africa, joins co-hosts Mustafa Alrawi and Kelsey Warner to look ahead to next week's event and highlights what we can expect from its ability to convene some of the world's most influential minds in one place.

In this episode:

• Urgent action needed to ensure energy transition, World Economic Forum says

• The Middle East leaders included in WEF’s 2022 Class of Young Global Leaders

• Cold comfort awaits a springtime Davos

Economic sentiment in the UK is weighed down by the impact of the war in Ukraine on energy prices as well as overall rising inflation, together with post-Brexit struggles. Recent local election results have also shaken the political landscape.

Last month, the IMF downgraded its UK growth forecast for the year to 3.7 per cent, from the 4.7 per cent it projected in January. Britain's economy had rebounded by 7.5 per cent in 2021, its strongest year of growth since the Second World War, as it recoverd from the Covid-19 pandemic.Can the country shake-off the current downbeat mood?

Chris Blackhurst, The National columnist speaks to host Mustafa Alrawi about the prospects for a rebound in sentiment.

In this episode:

• Conservatives' London wipeout does not bode well for future elections

• China sharpens the cleaver as a game is played to split HSBC

• Reform of the UK's non-dom status is a taxing subject for opposition parties

On Wednesday, the International Monetary Fund released its Middle East and Central Asia Regional Economic Outlook which shows a divergent picture in 2022 for the region, with oil exporters such as the UAE and Saudi Arabia expected to experience robust rates of growth thanks to higher oil prices.

Uncertainty is also increasing with the duration of the war in Ukraine a significant factor on how the rest of the Middle East and North Africa will fare amid rising inflation and growing food insecurity.

Jihad Azour, the Director of the Middle East and Central Asia Department at the IMF, told Business Extra policymakers will be required to take decisive action as vulnerable groups experience another crisis after “the huge impact” of the Covid-19 pandemic.

Hosts Mustafa Alrawi and Kelsey Warner

In this episode:

On Monday the UAE Cabinet announced one of the biggest overhauls to the UAE's visa system in years.

To explain the details, co-hosts Mustafa Alrawi and Kelsey Warner are joined by Haider Hussain, a partner at immigration consultancy Fragomen in the UAE.

They dig into the expansion of the popular golden visa programme; what the new green visa scheme is for high-skilled workers; and why it is now easier for job-seekers and investors to come in and out of the country.

In this episode:

• UAE Cabinet approves major overhaul of visa system by September

• UAE jobs and visas: 60-day entry now standard for many visitors

• UAE non-oil sector's contribution to GDP exceeds 72% in 2021

In this episode:

This year's Edelman Trust Barometer report, titled The Cycle of Distrust, showed that governments and the media around the world are creating an atmosphere where distrust is the default setting. Only 50 per cent of people on average trusted the media, with governments faring only slightly better at 52 per cent.

In the UAE, the government, business, NGOs and the media are all considered trustworthy, although media scored the lowest at 64 per cent. Perception of business rose by 11 points to 78 per cent, and the government came top, with 87 per cent of respondents saying they felt they could trust authorities.

Omar Qirem, chief executive of Edelman Middle East, talks to hosts Mustafa Alrawi and Kelsey Warner about how to ensure you communicate effectively in an environment of high trust and higher than ever expectations of chief executives, employers and governments in both the UAE and Saudi Arabia.

In this episode:

"More question marks than answers." This is how Mohammed Al Gergawi, the UAE Minister of Cabinet Affairs, described the state of the world in remarks at the World Government Summit on Tuesday, as he implored decision-makers to move faster in order to keep up with rising inflation, rapidly changing technology and disruption to status quo geopolitics.

The two-day annual event, staged in the closing days of Expo 2020 Dubai, brought together 4,000 participants and 30 international organisations from 190 countries, to discuss the challenges and ideas that are shaping the future.

Co-hosts Mustafa Alrawi and Kelsey Warner discuss the newsmakers and what mattered for business leaders at this edition of the World Government Summit.

In this episode:

• Dr Sultan Al Jaber: Cannot defund the current energy system

• Rising inflation and global crises top of agenda for governments, says Mohammed Al Gergawi

• Teenager who hacked Elon Musk's Tesla says companies should be very afraid

• Sheikh Mohammed bin Rashid: World Government Summit can build a better tomorrow

Sanctions on Russian crude over the Ukraine conflict have increased concerns about supply, sending already high energy prices rocketing. Saudi Arabia warned it will not bear any responsibility for global supply shortages following attacks on its energy infrastructure.

Along with Russia, the kingdom leads the 23-member Opec+ oil producer alliance which has been working to keep markets stable. Inflationary pressures are impacting expectations of worldwide economic growth this year, potentially impacting future levels of energy demand.

The energy transition toward lower carbon emissions depends on investment meeting targets. While renewables capacity is on the rise and hydrogen as a fuel gathers momentum, will there be enough capital for both the push to net zero and meeting short-term fossil fuel requirements?

Industry expert Dr Carole Nakhle, chief executive of Crystol Energy, joins hosts Mustafa Alrawi and Kelsey Warner to discuss all of these themes.

In this episode:

• Saudi Arabia says it won’t ‘bear responsibility’ for oil supplies after Houthi attacks

• Oil prices retreat as divided EU considers banning Russian crude

• Adnoc to deepen collaboration with German companies on clean hydrogen

The relationship between the UAE and the US is perhaps one of the most important for stability in the wider region. The two nations have been allies for decades, working across defence, energy, technology and investment.

When the countries eventually move into a new phase, it has the potential to be something quite exciting and promising that encompasses technology, culture, energy and defence.

That's according to Sean Murphy, Charge d'Affaires at the US Embassy in Abu Dhabi.

He tells host Mustafa Alrawi that the UAE-US relationship is “built on solid foundations".

Read more on our website:

• UAE 'to encourage Opec' on oil output boost, says envoy to US Al Otaiba

• UAE and US aim to raise additional $4bn in drive to bolster food security

• US looks to boost trade and investment ties with UAE