Business Extra

4.0 (7)
ENTREPRENEURSHIP
UPDATED WEEKLY

As one of the world’s most influential business hubs, the Middle East requires expert attention. Business Extra provides those experts, as well as news and insights from The National’s esteemed team of business editors and reporters, who are on top of the markets, technology, the energy sector and more.

6D AGO

UAE property: Experts address what is next for the market

The UAE property market has been one of the strongest stories in the sector globally over the past few years, with record transactions, rising prices and huge numbers of international buyers. What makes the Emirates unique is not just the growth but its ability to recover quickly from downturns, attract global capital and reinvent itself through policy and positioning. But over the past few weeks, something unprecedented has happened. After the US-Israeli war on Iran started in late February, and Tehran's subsequent attacks on the UAE and other Gulf countries, transaction volumes fell by about 37 per cent year on year – and almost 50 per cent month on month in the first 12 days of March – according to Goldman Sachs. Some sellers are already cutting prices by 10 to 15 per cent just to close deals, and ValuStrat reported a 5.9 per cent decline in Dubai property prices last month. It is the first significant downturn in the UAE property market since its rise after the Covid-19 pandemic in 2020, and one that is geoeconomically motivated. In this live-recorded episode of Business Extra, host Salim A Essaid is joined by five experts to help make sense of it all: Mario Volpi, senior vice president of investment advisory at Allegiance Real Estate; Andrew Cummings, head of residential agency in the Middle East at Savills; Matthew Green, lead researcher at CBRE Mena; Rakesh Mavath, founder and chief executive of Takeem; and Louis Harding, chief executive of betterhomes. They discuss whether this is just a short-lived shock or the first real signs of a slowdown after several years of growth, what it means for people who have invested in the UAE property market, what could happen to rent prices as people seek more affordability, and whether distress sales are actually happening.

1h 2m
APR 22

What the energy crisis reveals about how we power world

In a matter of weeks, energy supply shocks sent oil prices up by 30 per cent, fuel costs surged to record highs, and the ripple effects hit everything from inflation and global growth to household bills. The International Monetary Fund has warned of one of the sharpest six-month economic downturns in the Middle East since the 2008 financial crisis. But the larger question is not just what happened. It is whether it had to be this bad. Could this crisis have been less severe if more countries had invested earlier in renewables and built a more distributed energy system? That's what host Salim A Essaid explores in this episode of Business Extra, recorded from Washington. Salim spoke to Robbie Orvis, senior director of modelling and analysis at energy policy think tank Energy Innovation. Mr Orvis examines whether the scale of this crisis will finally prompt a more durable global shift in clean energy investment, and what that shift might look like over the next six to 12 months. Salim also spoke to Mary Rose de Valladares, clean energy expert and non-executive director at Atome, one of the world's first green fertiliser producers, who traces why the transition to distributed renewables has moved in cycles since the 1970s and where that process genuinely stands today.

31 min
APR 15

Uncertainty is certain: Inside the IMF and World Bank Spring Meetings

This year's IMF and World Bank Spring Meetings in Washington are unlike any in recent memory. The Iran war has given the annual gathering a geopolitical charge that has drawn an unusually broad crowd, not just the traditional ministers of trade, investment and finance, but foreign policy officials and venture capital executives from across the globe. In this episode of Business Extra, host Salim A. Essaid travels to Washington to speak to some of those attending about what they are looking for and how they are feeling about the state of the global economy. We hear from Mohamed Soliman, senior fellow at the Middle East Institute, who spoke about how this year's theme is uncertainty. The episode also features The National's Washington business correspondent Kyle Fitzgerald, who breaks down the IMF briefings, explaining why this is being described as a textbook supply shock, which countries and regions face the steepest downgrades and what the IMF is advising governments to do in the short term. Nicolas Veron, senior fellow at the Peterson Institute for International Economics, also joins Salim to examine whether the resilience highlighted in the IMF's outlook is being labelled too generously, whether markets are underpricing the risk of a global recession in the next 12 to 18 months and what those attending can realistically take away from a week of conversations in Washington.

23 min
APR 8

Beyond oil: How the Iran war is already hitting wallets

The economic fallout from the Iran war extends well beyond oil markets and is beginning to be felt in consumers' daily lives. With transport and production costs rising, food prices are beginning to climb globally and airline tickets are already more expensive. Analysts are anticipating that much of the inflationary impact has not hit consumers yet. For Gulf economies, the question is whether strong non-oil sectors can stand the pressure. Globally, the stakes are higher still, with leading financial voices warning that a prolonged conflict could tip the world into recession. In this episode of Business Extra, host Salim A Essaid is joined by Amro Zakaria, global financial markets strategist and founding partner of Kyoto Network and Madarik Ventures, to examine the industries under strain and the inflationary risks building beneath the surface.

16 min
APR 1

Inside Borouge: The UAE's petrochemical powerhouse

In this special episode of Business Extra, host Khaled Abuljebain sits down with Yan Martin Nufer, chief financial officer of Abu Dhabi-based Borouge, to explore how one of the region’s industrial giants is driving long-term value through innovation, technology and strategic expansion. From delivering one of the largest IPOs in the UAE to returning more than $15.5 billion in dividends, Borouge has positioned itself at the forefront of the global materials sector. Mr Nufer explains how Borouge’s proprietary technology is shaping next-generation materials, improving product durability, efficiency and sustainability across applications from medical devices to advanced packaging and energy systems. The conversation also looks ahead to the Borouge 4 plant in Al Ruwais, a $6.2 billion mega-project nearing completion, and how next-generation manufacturing platforms are expanding the company’s capabilities to serve global demand. Mr Nufer also discusses the company’s global ambitions, including potential expansion into China, and the broader vision behind building a more resilient, globally integrated materials business. Borouge is a UAE-based petrochemicals company that produces advanced plastics used across industries from health care and infrastructure to energy and manufacturing. Formed through a partnership between Adnoc and Borealis, it combines access to energy resources with cutting-edge materials technology, supplying high-performance products to global markets.

12 min
MAR 25

CERAWeek in the shadow of war: How the conflict is reshaping the global energy conversation

Leading executives from the world’s most influential energy companies are gathered in Houston for CERAWeek, often described as the industry's Super Bowl, as the Iran war rattles global markets. The conflict involving the US, Israel and Iran has disrupted supplies and raised concern over the stability of key routes such as the Strait of Hormuz. In this special live-recorded episode of Business Extra, host Salim A Essaid looks at how one of the most important international energy gatherings is unfolding in the shadow of war. Reinforcing a sense that this is not business as usual, major industry leaders, including Saudi Aramco chief executive Amin Nasser and the head of Kuwait Petroleum Corporation, Sheikh Nawaf Al Sabah, have withdrawn from in-person appearances. At the same time, oil markets are reacting sharply to developments on the ground. Prices have surged on fears of disruption, then pulled back on signals of potential de-escalation, highlighting how geopolitics is driving sentiment as much as fundamentals. In this episode Robin Mills, chief executive of Qamar Energy, The National's Kyle Fitzgerald – reporting from CERAWeek, geoeconomics editor Manus Cranny and assistant business editor Jennifer Gnana discuss what all this means for energy markets, industry decision-making and the broader global economy.

45 min
MAR 18

How the Iran war is threatening water security in the Gulf

Water infrastructure, supply chains and agriculture are now increasingly exposed to geopolitical shocks. As the US-Israeli war on Iran led to attacks on infrastructure across the region, attention is shifting to the energy-water-food nexus, a tightly interconnected system where disruption in one area quickly cascades into others. In the Gulf, where countries rely on desalination for up to 90 per cent of their drinking water and import the majority of their food, these vulnerabilities are especially acute. In this week's episode of Business Extra, host Salim A Essaid is joined by Sameh Al-Muqdadi, a specialist in water politics and climate security at the Green Charter, to discuss how disruption to energy markets is translating into risks for water supply and food security. They also talk about why the region is particularly vulnerable and how these pressures could have a global impact. The conversation explores how long these effects could last, what it means for consumers and economies, and whether current infrastructure and policies are equipped to handle a prolonged crisis.

16 min
MAR 11

How UAE and Gulf residents can better manage their money amid Iran war turmoil

The effects of a distant war are rarely felt in the finances of residents in the UAE. Until now. The US-Israel-Iran war that began at the end of last month is already affecting global markets, driving up oil prices and shipping costs. While the long-term geopolitical effects are still unfolding, the financial consequences are directly affecting households across the Gulf. What does this mean for household budgets, savings, and financial security? Should residents move money, pay down debt, or hold additional cash? In this episode of Business Extra, host Salim A Essaid sits down with Carol Glynn, a UAE-based financial coach and founder of Conscious Finance Coaching, to find out. Mrs Glynn provides a logical roadmap for navigating your personal finances during uncertain times. The discussion offers a practical assessment of how much cash may be appropriate to keep on hand for short-term disruptions. She also warns of the expected inflationary effects from rising oil and shipping costs, advising residents to anticipate higher prices for fuel and groceries and to adjust their budgets accordingly. Finally, Mrs Glynn tackles the topic of investments during the crisis, noting a surge in questions about oil ETFs, gold, and even cryptocurrency, as people look for safe havens or quick gains.

19 min

See All (433)

TRAILER

Business Extra is back with a new host

Tune in every other Wednesday for top stories from a global business hotspot, with vital analysis from renowned experts, diverse perspectives from key figures, and exclusive insight from The National's team of reporters.

01/15/2025

•

1 min

4

out of 5

7 Ratings

Keep it up 👍

08/18/2017

MajidTarish

Great topics.

As one of the world’s most influential business hubs, the Middle East requires expert attention. Business Extra provides those experts, as well as news and insights from The National’s esteemed team of business editors and reporters, who are on top of the markets, technology, the energy sector and more.