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10 months ago
UAE and Saudi bosses are optimistic for export prospects for the year ahead, despite simmering geopolitical tensions. Executives in the Gulf region, particularly the UAE and Saudi Arabia, are brimming with optimism, predicting “double-digit exports growth” in 2024. To achieve this ambitious target, they are leveraging innovation and technology to navigate the complexities of global supply chains. UAE and Saudi business optimism This forward-looking perspective emerges from a research programme led by Economist Impact and supported by DP World. Titled “Trade in Transition,” the study delves into the insights of trade experts and senior executives across the globe, providing a valuable snapshot of the current and future state of international commerce. The study finds that as the UAE and Saudi Arabia undergo radical transformations to move away from fossil fuels, companies are focussed on diversifying networks and growing exports in new markets in 2024. They want to make their networks more varied, selling more products in new markets. 33 per cent of business leaders believe that expanding operations in new markets will be the primary growth driver of exports for both economies. This, indicates the study, helps companies deal with problems, lower risks and make it faster to start selling in […]
10 months ago
Egypt has built more than 3km of wall in the past week in addition to further clearance of a large area next to its border with Gaza. It comes after Israel warned it is preparing for a ground offensive in Gaza’s southern city of Rafah. The city has seen a huge increase in its population in recent months. Egyptian authorities say “no provisions” are being made for displaced Palestinians and the area is meant for a “logistical hub” for aid. But an aid worker for a UK charity, who is part of the humanitarian efforts in Gaza, told the BBC she had “never seen large scale clearing of land” for such a logistical hub and they were unaware of any such plan. What do the latest images show? More than 16 sq km (6 sq miles) have been cleared just over the border from Gaza, visible in the recent satellite images. The clearing of this area began at the start of February, but has expanded dramatically over the past week. Sections of wall around this area now appear to be under construction. On 14 February, about 0.8km (0.5 miles) of wall were visible in satellite imagery, but the most recent […]
10 months ago
As Bitcoin makes its way through the erratic waves of the cryptocurrency market, crypto analysts are still bullish about the asset, predicting BTC to reach unprecedented heights in the long run. Bitcoin is currently in the spotlight as crypto expert Michael Van De Poppe has shared a bold prediction regarding BTC’s future with the community on the social media platform X (formerly Twitter). According to Poppe, Bitcoin is presently experiencing an “overly bullish sentiment” from market participants within the cryptocurrency space. Due to this, he claims that there is “a likelihood” for the crypto asset to reach $500,000 in the long term. Poppe also warned investors about upcoming severe corrections prior to the surge. However, he has urged them to take the dip as a “giant buying opportunity” to position themselves for future gains. The analyst’s prediction has sent quite a frenzy in the crypto community, with several enthusiasts expressing their belief in the forecast. A pseudonymous X user stated that he agrees with the projections while noting that “BTC has the potential to grow in the long-term.” Poppe has also shed light on his “game plan” for the upcoming period for the digital asset. He pointed out two distinct […]
10 months ago
The test firing of a Trident missile from a Royal Navy submarine has failed, for the second time in a row. The latest test of the UK’s nuclear deterrent was from HMS Vanguard and was seen by Defence Secretary Grant Shapps. The missile’s booster rockets failed and it landed in the sea close to the launch site. Mr Shapps said he has “absolute confidence” in Trident’s submarines, missiles and nuclear warheads. This is highly embarrassing for both the UK and the US manufacturer of the Trident missile. British tests of Trident missiles are rare, not least because of the cost. Each missile is worth around £17m and the last test in 2016 also ended in failure when the missile veered off course. Test-fired missiles are not armed with their nuclear warheads. What is Trident and how does it work? Both Mr Shapps and the head of the Navy were on board HMS Vanguard when it fired the unarmed test missile in January. The submarine had just had a more than seven-year refit. In a written statement to Parliament, Mr Shapps confirmed “an anomaly did occur” during the test on 30 January this year, but said Trident was “the most reliable weapons system […]
10 months ago
Lee opined that Bitcoin (BTC) could triple its current market price this year. BTC exchanged hands around $51,000 on Feb. 21 per CoinMarketCap. Bitcoin might also double in price from its all-time high of $69,000 if Lee’s assertion is proven true. Lee is a financial veteran with prior top-ranking roles at America’s largest bank, JPMorgan Chase, and investment banking behemoth Salomon Smith Barney. He has ranked among the top annual institutional investors since 1998 and boasts 25 years of equity research expertise. Bitcoin halving, spot ETF demand to drive price According to the Fundstrat founding member, Bitcoin is “sound money”, serves as a store of value, and has arguably one of the best anti-fraud technological frameworks on the planet. Lee pointed out that there has not been a single fraudulent entry on BTC’s blockchain since its January 2009 inception. BTC is also subject to increasing demand following the arrival of spot Bitcoin ETFs. This asset class has amassed nearly $15 billion in AUM and $5 billion in cumulative net inflows in less than two months of trading. Lee said the BTC halving is another catalyst for price growth. The halving event reduces Bitcoin mining rewards by 50% every four years, maintaining scarcity and […]
10 months ago
Last month, U.S. oil and gas supermajor Exxon Mobil released its long-term global energy outlook report. Exxon has predicted that global energy demand will reach about 660 quadrillion Btu in 2050, good for a 15% increase from 2021 levels reflecting a growing population and rising prosperity. The energy company has projected that renewables and nuclear will record strong growth through 2050, contributing around 70% of incremental energy supplies; natural gas demand will remain robust and reach almost 30% of all demand by 2050, oil demand will peak in the 2030s but only fall slightly over the next two decades while coal demand will continue to decline sharply. Interestingly, the developing world is expected to drive all of the demand growth, with Exxon predicting that non-OECD share of global energy demand will reach around 70% in 2050 while the combined share of energy consumption by the U.S. and Europe will decline from about 30% in 2021 to about 20% in 2050. Whereas these appear like healthy trends that might help the world ameliorate its climate crisis, not everybody is that sanguine. Al Jaber, chief executive officer of the Abu Dhabi National Oil Company (Adnoc) and president of last year’s Cop28 summit says that the current trajectory of […]
10 months ago
Kyle Bass, the founder of Dallas-based Hayman Capital Management, explained last year that the office tower segment of the commercial real estate sector is in such dire straights that towers need to be demolished as demand isn’t returning. He also mentioned converting these towers into residential apartments may not be feasible in some cases. “It’s one asset class that just has to get redone, and redone meaning demolished,” Bass said. In recent months, Vornado Realty Trust’s property near Madison Square Garden halted construction of a planned 61-floor office tower after Hotel Pennsylvania was demolished. The unfolding CRE crash forced Vornado to pause construction, with new plans of “temporarily” converting the property into tennis courts for the US Open. The trend emerging for older towers is a complete tear-down. However, building a new office tower is no longer a viable option, considering the US market has years of elevated supply overhanging the market. Here’s a great visual from a recent Morgan Stanley note showing how the CRE office segment is plagued with supply. So, the trend at play is to tear down older towers, but what comes next? Well, X user Triple Net Investor, citing a recent note from real estate firm CoStar, pointed out that a […]
10 months ago
The Biden administration’s “visions” for forcing people to own electric vehicles isn’t working out exactly as planned. This time it deals with supply chain logistics, with that in the year and a half since passing the Inflation Reduction Act, automakers are finding out the hard way that the rigorous criteria for manufacturing batteries using materials from the United States and its free-trade allies could render them cost-inefficient compared to global competitors. Companies like Tesla are instead taking advantage of a temporary shift in the rules to stock up with cheaper batteries from countries like China. The Biden administration’s new rules will all but cut out China from the supply chain, however, which will make it tougher to find affordable metal suppliers. This, in turn, will threaten President Biden’s goal to boost the domestic electric vehicle market. Bloomberg writes that mining companies and labor unions insist that without curtailing the influx of cheaper, Chinese-subsidized materials, the U.S. can’t develop a competitive EV market. Meanwhile, the higher costs are driving automakers away from EVs. And as battery material requirements are set to double by 2027, fulfilling these mandates will be increasingly difficult, putting Biden’s ambitious EV strategy at risk. The demand side of the equation also looks […]
10 months ago
The best places to work in Oman have been revealed, in a survey identifying top employers in the region. Great Place to Work has revealed the list of “Best Workplaces in Oman for the year 2024”. The list recognised 20 organisations across Oman for creating outstanding workplace cultures, fostering employee engagement, satisfaction and productivity. Celebrating excellence in workplace culture and employee satisfaction, this prestigious ranking highlights the top companies that have demonstrated an unwavering commitment to creating a positive and inspiring work environment. From multinational corporations to local businesses, all industries were considered in this comprehensive evaluation, showcasing the diversity and vibrancy of the business landscape in these regions. Jules Youssef, Managing Director of Great Place to Work Middle East, said: “We are ecstatic to congratulate the exemplary organisations in Oman for being the Best Workplaces in 2024. “This achievement not only showcases their commitment to fostering a positive work culture but also contributes significantly to the overall business landscape. “These winning companies embody excellence, innovation and dedication, which undoubtedly lead to sustainable growth and prosperity in their industries.” Great Place to Work is a global research and management consultancy that recognises top employers in more than 60 countries worldwide. […]
10 months ago
The best places to work in Qatar have been revealed, in a survey identifying top employers in the region. Great Place to Work has revealed the list of “Best Workplaces in Qatar for the year 2024”. The list recognised 20 organisations across Qatar for creating outstanding workplace cultures, fostering employee engagement, satisfaction and productivity. Celebrating excellence in workplace culture and employee satisfaction, this prestigious ranking highlights the top companies that have demonstrated an unwavering commitment to creating a positive and inspiring work environment. From multinational corporations to local businesses, all industries were considered in this comprehensive evaluation, showcasing the diversity and vibrancy of the business landscape in these regions. Jules Youssef, Managing Director of Great Place to Work Middle East, said: “We are ecstatic to congratulate the exemplary organisations in Qatar for being the Best Workplaces in 2024. “This achievement not only showcases their commitment to fostering a positive work culture but also contributes significantly to the overall business landscape. “These winning companies embody excellence, innovation and dedication, which undoubtedly lead to sustainable growth and prosperity in their industries.” Great Place to Work is a global research and management consultancy that recognises top employers in more than 60 countries worldwide. It gathers information […]
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