< Previous30 Ukrainian banks that have become hamstrung by the conƆ ict between the two counties. While it’s impossi- ble to be completely shielded from higher interest rates, according to Garbis Iradian, Chief Economist, MENA, IIF, “Growth in credit to the private sector will remain robust given the improvement in the liquid- ity of the banking system and stron- ger demand for credit.” The year 2021 was also a very posi- tive year for the Emirates, with GDP up 3.8 percent and predicted to reach 5.4 percent in 2022, so we’re well positioned to weather the economic storm that much of the world will experience. With a growing sector that provides business setup services and additional support through free zones, the UAE continues to be a leader in bringing innovative businesses into the country – not only boosting expertise but also maintaining economic growth. While Saudi Arabia is the greatest contributor to the Middle East econ- omy, the UAE is predicted to outpace all other countries in the region in terms of growth over the next 12 months. Will the UAE property market continue to grow? In the ƅ rst quarter of 2022, Dubai saw a surge in real estate investment to the tune of $4bn, with Abu Dhabi in hot pursuit, recording property sales total- ling $3bn in Q1. This widespread increase in investment across the UAE is a promising sign, not only that foreign investment is available, but that the UAE can continue to diversify its economic strength and reduce its reliance on oil – however useful the latter might be in the present moment. It is also important to note that the property market has been supported through UAE government initiatives that make the nation a great place to invest and live. In particular, steps have been taken to make visa applications easier, and this lowering of a primary barrier to entry has seen foreign investment climb to new heights. In fact, the number of people registering an interest in Dubai real estate has increased threefold. W e have to be careful making predictions because the situation is very fluid, but there are some factors that may well shield the Middle East – and the UAE – during this period of mounting inflation. Will the recession slow the Middle East down? A recession, according to the Interna- tional Monetary Fund (IMF), is a period of declining economic activity. Most analysts define a recession as two consecutive quarters of a nation’s GDP declining after accounting for inƆ ation. In contrast to many other countries in the world, Saudi Arabia’s economy is anticipated to be among the fast- est-growing in the world this year. The country’s gross domestic product is predicted to grow by 7.6 percent, with inƆ ation kept at 2.8 percent in 2022. This is all in an economic environment where the prices of goods, especially imported ones, are skyrocketing. In the UAE, local banks have limited exposure to the Russian and Will the Middle East be shielded from recession in the West? There’s a huge amount of speculation ͥ oating around regarding the economic crisis – particularly in the US and Europe, but is it likely to darken the shores of the Middle East ? Optimism The UAE continues to be a leader in bringing innovative businesses into the country, Jooris says 7% The UAE’s estimated economic growth this year, according to a report by Emirates NBD ECONOMY | BY LORENZO JOORIS, CEO, CREATIVE ZONE Vol. 23/11/1, November 2022Visit one of the participating restaurants to be part of the “ DINE . FEED . EDUCATE ” campaign. Your support will be directed towards Dubai Cares’ school feeding programs. DINE . FEED . EDUCATE IACAD Permit No. PRHCE-000318472 ﺢﻳﺮﺼﺘﻟا ﻢﻗر Supporting Partner32 ECONOMY | How much will energy prices play a part? With 30 percent of the UAE’s GDP being generated by the sale of hydrocarbons (oil to you and me), it’s clear that energy prices are going to play a big part in how we fare in the midst of a global ƅ nancial crisis. Other factors, including the war in Ukraine, are playing a signiƅ cant role in catalysing the financial crisis, as the conƆ ict is increasing the cost of living and the price of doing business across the globe. While the UAE continues to diver- sify and grow di Ƃ erent elements of its economy, the country still has a reli- ance on oil. This isn’t necessarily a bad thing, from a purely economic view- point. Early in October this year, OPEC announced a two million barrels-per-day reduction in oil production. This is a signiƅ cant cut, representing approximately 2 percent of the current global oil supply. An increase in oil prices seems inevitable in these circumstances. At the same time, because tensions with Russia are so high and sources of fuel are limited by the sanctions imposed on them, the UAE, as a supplier, has inherited a greater market share. It’s important to note this reality – it isn’t necessarily something to be cele- brated, but it’s a signiƅ cant shaper of the local economy. Does crypto have a place in the Middle East’s buoyancy? In times of ƅ nancial instability, inves- tors look to shield themselves from risk by investing in assets that are usually una Ƃ ected by macroeconomic circumstances. The classic example is gold, the market that has traditionally underpinned currency in many coun- tries. Crypto certainly isn’t stable – the ups and downs of its most famous currency, Bitcoin, are enough to demonstrate that, while other crypto- currencies have disappeared without a trace. However, we have seen the crypto market make people very rich when they get the timing right, and one of the great lures of the sector is that it isn’t with the digital economy contributing 4.3 percent to its total GDP. Because of this, we could see further investment in our nation’s crypto infrastructure and experts, helping us thrive while other countries are struggling. There’s a good chance the Middle East can buck the trend I’ve only scratched the surface of some industries and investments in this piece, and there’s clearly a lot more detail waiting to be uncovered beneath the surface. But, what is absolutely clear is that the primary economic driver of the region, oil, will continue to allow countries in the Middle East to Ɔ ourish and rededicate the proceeds from its sale to other industries, such as tourism and real estate. A growth in tourism income can lead to greater property investment, and greater property investment can lead to more business startups, bring- ing an inƆ ux of additional foreign capi- tal and skilled workers. And that money can be used to draw the best and brightest to the UAE and the rest of the Middle East to develop the technolo- gies of the future, such as blockchain and cryptocurrency. It might not be smooth sailing, but we’re certain we will never be far from shore in the coming storm. Powering the world Oil will continue to allow countries in the Middle East to flourish 4.3% The contribution of digital economy to the UAE’s total GDP supposed to be inƆ uenced by the wider banking and investment environment. The skyrocketing cost of energy will play a big part in the cost of the cryp- to-mining process, but this, in theory, should also cause cryptocurrencies to climb in value. Because most of the popular crypto investments are ƅ nite by nature, if the cost of production rises, the value of existing assets should also rise. This could equal big gains for investors. The UAE has already demonstrated that it is becoming a global crypto hub, In times of ƅ nancial instability, investors look to shield themselves from risk by investing in assets that are usually una Ƃ ected by macroeconomic circumstances Vol. 23/11/1, November 2022Organized with Event Partner Saudi Contractors Authority, event theme is Connecting Communities Through Smart Infrastructure and includes a 2-day conference plus workshop on the latest developments, strategies, and requirements to meet targets. This timely industry driven event will include presentations and panel sessions by government and private sector RUJDQL]DWLRQVDWWKHIRUHIURQWRIFRVWHIȌFLHQWDQGHIIHFWLYH infrastructure development and management, plus, international organizations that are leaders in smart sustainable infrastructure. It will provide the ideal forum to discuss key issues for design, development, and management of major infrastructure projects across the Kingdom. Event website with further details is: www.itp.events/KSAInfrastructure NETWORK AND DO BUSINESS! Adjacent to the strategic level conference is the expo area where event sponsors and exhibitors will showcase the latest in infrastructure development and full life-cycle asset management products and services to delegates during the conference breaks. It provides the perfect one-stop-shop to network with the industry and increase business potential! For further details including event sponsorship or exhibitor opportunities call: Krishna Mahbubani +971 (0)52 874 2175 or email: krishna.mahbubani@itp.com Scan the QR code to learn more about the event and register 29 & 30 NOVEMBER 2022, RIYADH Event focuses on development of critical and smart infrastructure to enable realization of targets and programs as part of Saudi Vision 2030 ORGANIZED BYPOWERED BYMEDIA PARTNER CONNECTING COMMUNITIES THROUGH SMART INFRASTRUCTURE EVENT PARTNER:34 J ust six months after Expo 2020 showcased Dubai on the global stage and welcomed people from 178 countries, many for the ƅ rst time, the emirate is set to receive a fresh inƆ ux of international visitors, as foot- ball fans descend on the region for the World Cup Qatar 2022. Expo 2020 propelled the city back into action after Covid, establishing afresh its business and investment opportunities, and now, thanks to its proximity to Qatar, it is perfectly positioned to enjoy a welcome halo e Ƃ ect from Qatar’s predicted $17bn economy boost. Dubai set for Expo-like boom as visitors Ɔ ock to FIFA World Cup Qatar 2022 The much-anticipated football spectacle in Doha will be another boon to Dubai’s booming economy Tourist magnet Dubai boasts more than 150,000 rental accommodation and hotel rooms along with extensive marina space for superyachts HOSPITALITY | BY ANNA SKIGIN, CEO AND FOUNDER OF FRANK PORTER Vol. 23/11/1, November 2022arabianbusiness.com 35 8.1 million The number of international visitors to Dubai in the ƒ rst seven months of 2022, according to the Dubai Department of Economy and Tourism | HOSPITALITY More than 1 million visitors are expected to stop on the way through, or use UAE as a base for the tourna- ment, travelling in and out of Doha via one of more than 100 daily ground shuttles or newly laid-on daily Ɔ ights between Dubai and Doha. In fact, almost half of the additional 90 Ɔ ights a day going into Qatar, are coming from Dubai. At around 30,000 rooms, Doha’s relatively limited accommodation options are already largely full, and relatively expensive, while Dubai boasts more than 150,000 rental accommodation and hotel rooms along with extensive marina space for superyachts. And dedicated foot- ball-themed accommodation such as the 533-room luxury hotel, NH Dubai The Palm, are testament to Dubai’s readiness. Coupled with its array of world-class attractions and a clearer understanding globally of its cultural openness, it is the obvious next (or preferable) choice. Hotels and holiday rentals in popu- lar neighbourhoods including Down- town, City Walk, Dubai Marina and JBR are swiftly ƅ lling up as fans plan their visits, and with many of them experi- encing the region for the first time, they will be looking to maximise their time in the Gulf, exploring Dubai as part of their trip. Dubai accommodation the perfect base It is the ƅ rst time the FIFA World Cup has been held in a Gulf country and the world’s eyes are on the tournament like never before, with the games them- selves perhaps feeling somewhat secondary to interest in how the logis- tics of managing such enormous crowds in a relatively small city will play out – and the impact of the spill- over into neighbouring countries. But Dubai, convenient and acces- sible to most of the world, and no stranger to global-scale events, awaits with open arms – with at least 65 percent of tournament goers expected to also pay the emirate a visit. As with Expo 2020, the tournament is shining a light on the region and all it has to o Ƃ er, and the city is ready. The Expo 2020 site has opened once again, much to the joy of residents who are already returning to enjoy its adjusted o Ƃ ering and re-explore the pavilions – just one more must-do experience for ƅ rst-time visitors, at the site that ƅ rmly established Dubai on the world stage just months ago. Relaxed visa policies allowing multiple entry to UAE over a 90-day period will also help drive tourist foot- print, with premium game-watching experiences o Ƃ ering further entice- ment. Across the city, restaurants and hotels are preparing special packages for the crowds, and pop-up fan zones and festivals will appear at public spaces across the city. November and December are always immensely busy months in UAE, and the World Cup 2022 will supercharge tourism and hospitality this season to levels incomprehensible in pandemic times. So, while they may not have made it to play in the sport- ing spectacle, Dubai will certainly still win big. Room for more Hotels and holiday rentals in popular neighbourhoods including City Walk are swiftly ƒ lling up as football fans plan their visits Building on the success Expo City Dubai will be among the must-see venues for visitors and fans who will attend the FIFA World Cup in Doha this month Momentous event Around 65 percent of FIFA tournament goers are expected to pay Dubai a visit, according to Skigin The World Cup 2022 will supercharge tourism and hospitality in the UAE this season to levels incomprehensible in pandemic times 36 Esri aims to balance human-made systems with the natural world. Our GIS technology supports customers and partners in applying GIS in order to solve the world›s problems. We recognize the seriousness of the climate crisis, and we know full well that technology will be a crucial part of the solutions. Different Ways to Fight Climate Change This section covers customer stories from di Ƃ erent countries and sectors. With a common objective to fight Climate Change, each customer found a way they consider suitable for their end-user. City of Prague: Climate Resilience with GIS In 2015, the city of Prague published a four-year plan with the aim of enhancing long-term resilience and reducing vulnerability to climate change. With many paved spaces and built-up areas, the city had been experiencing an increasing number of heat wave events caused by currents of hot air moving from Africa into Europe. To meet the objectives of their plan, o ƃ cials from the city’s Institute of Plan- ning and Development (IPR Prague) are leveraging GIS technology to enable them to understand where and how to react to climate challenges. Through one initiative they have integrated information from environmental sensors with health and demographic data, to help identify segments of the population that are at increased risk from high temperatures. IPR Prague are also using GIS to guide climate mitigation strategies through analysis of 3D models of the city’s microclimates. This helps in understanding potential impacts before any large investment of time and money is made. With a vision to make Prague completely carbon neutral by 2050, the team plans to collaborate with other city agencies and also include their data in their models, to provide location intelli- gence into a range of applications. One idea is to model indoor spaces and study energy consumption and cooling of building interiors. E sri is the global market leader in Geographic information Systems (GIS) and Location Intelligence. The company’s innovations continue to support hundreds of thousands of users all over the world in a wide variety of industries. According to Richard Budden, Deputy General Manager at Middle East and Africa, Esri state-of- the-art solutions in location intelligence help global leaders in the public and private sectors to understand Climate Change, realize the impact on many parts of life, and plan preventive actions. According to NASA, climate change is a “broad range of global phenomena” that includes warming temperatures, rising sea levels, and extreme weather events. The list includes a wide range of executive’s dossier of unwelcome events: increased incidence of drought, more-devastating storms, resource scarcity, and Ɔ ooding in cities world- wide. Scientists say adverse e Ƃ ects will intensify in the decades ahead unless governments and businesses take sustained action. Location Intelligence helps Executive Fight Climate Change Climate Change Affects Everyone – both Public and Private Sectors Regional leader Richard Budden, deputy general manager for the Middle East and Africa at Esri 200+ The number of regional Esri partners BRAND VIEW | The vast majority of global leaders consider climate change a megatrend that will transform their businesses. Forward-thinking leaders, in both public and private sectors, are taking steps to ensure that their businesses will endure. But many global executives struggle to plan for climate change for lack of data or tools to grasp the problems they will face. Smart Maps Show Executives the Impactof Climate Change Business leaders, who are planning multimillion dollar investments, struggle to account for the e Ƃ ects of climate change. Esri’s Mapping and Location Intelligence helps them understand the problem, realize the impact on many parts of life, as well as plan preventive actions. Vol. 23/11/1, November 2022arabianbusiness.com 37 Protecting and Managing Biodiversity in Egyptian Nature Reserves The Egyptian Environmental Affairs Agency (EEAA) has a mission to plan for Environmental protection and Environ- mental development projects. This includes most of the Egyptian presiden- cy’s priorities for COP27 such as food security, agriculture, water, waste and energy as well as nature and biodiversity. Part of its tasks is conserving and securing the natural reserve areas which are the most valuable inherited treasure for human beings. The latter secure the ecosystem of our planet and plays a key role in maintaining its balance, preserv- ing important habitats, building resil- ience to climate change, providing global food security, maintaining water quality, and conserving natural resources. EEAA used esri technology in GIS and remote sensing to provide a quick, efficient, and reliable solution for understanding as well as monitoring the e Ƃ ects of the enviromment hazards and climate change on the natural reserve areas biodiversity. The project started with automating the daily monitoring activities of the natural reserves team. Interactive Dash- board was then used to enable a complete and instant view of the status, species frequency, and Density Cover of Small Mammals, big Mammals, Birds and Vegetation. Finally, image analysis was used for studying the potential geo-en- vironmental hazards related to climate change. This was achieved by generating a drainage network and watersheds for each natural reserve area using a special precast watershed model, and followed by morphometric analysis for these outputs to assess and spot the streams and watersheds that most likely repre- sent a danger. Geospatial Program for Agriculture in Africa Extreme weather events linked to climate change are threatening food and water security across the globe. Africa, already struggling with low agricultural produc- tion and heavily degraded soils, is dispro- portionally a Ƃ ected by climate change. According to the World Meteorolog- ical Organization more than 40 African makers in a timely fashion is crucial for fast decision support and intervention. Moreover, using a combination of historic, current, and forecasted data, governments now have the ability to run multi-variable suitability and machine learning models to predict changes in crop suitability across the region as well as plan for the agricultural landscape of the future. Enabling forecasting and having access to predictive models are critical to ensure sustainable agriculture devel- opment and improve food security worldwide. Esri at COP 27 As one of the Top-10 IT companies in the region, Esri is going to hold technology demonstrations during COP 27. This will be in partnership with Microsoft to show- case state-of-the-art GIS solutions include Digital Twins, Smart Cities, GeoAI & Analytics, Machine Learning, Geospa- tial Infrastructure, Imagery & Remote Sensing, and Location Intelligence. Visit the Esri on the Microsoft booth to discover how Location Intel- ligence technology could be a critical part of the solution in the ƅ ght against Climate Change. To learn more about Esri’s work in the Middle East, Africa, and Central Asia, visit:www.esri.com/MEA Leveraging data A 3D model of the City of Prague including vegetation locations For the environment The EEAA dashboard provides insights for better decision making and planning in the natural reserve areas Extremeweather Rains failed in Eastern Africa for four consecutive seasons 1500+ The number of GIS experts employed by Esri in the MEA region | ESRI States have revised their national climate plans to make them more ambitious and add greater commitments to climate adaptation and mitigation. Flooding, sea level rises, increase in temperature, changes in rainfall patterns all directly a Ƃ ect the agricultural landscape. Through the Geospatial Program for Agriculture in Africa, Esri is enabling government agencies on the continent to implement a geospatial foundation for increased monitoring and understand- ing of the changing local conditions in relation to weather & land use patterns, land degradation, water allocation, yield and spread of pest & disease compounded by climate change. Using a combination of ready-to-use capabilities for extracting water balance and vegetation health indicators from imagery together with streamlined work- Ɔ ows for collecting (ground truth) data in the field or through IoT (Internet of Things) devices allows for near-realtime monitoring of water, soil & crop condi- tions throughout the growing season. Having this data in the hands of decision 38 male-founded teams, with only 1 percent invested into startups that are founded or co-founded by women? It would be easy to claim that this imbalance is due to women being less interested in entrepreneurship, but this is simply not true. The male-to-female entrepreneur ratio is much closer than you might imagine – with seven female founders for every ten male founders in USA. Female entrepreneurship in the UAE grew 68 percent as the pandemic struck and the number of women starting their own businesses outstripped the increase in male entrepreneurship in 2020. But when it comes to female found- ers in tech-related industries globally, there really is a gap. Even Apple’s CEO, Tim Cook recently said: “There are still not enough women at the table at the world’s tech ƅ rms- including my own.” However, women in the Middle East have taken great strides when it comes to careers in traditionally male-dominated domain. In the UAE, 61 percent of university STEM students are female and 34 percent of the region’s tech-focused startups are founded by women. Female-led startups massively outperform male-led: VCs need to wake up Women in the Middle East have taken great strides when it comes to careers in traditionally male-dominated domain Women in business Female entrepreneurship in the UAE grew 68 percent as the pandemic struck STARTUP | BY FARAH ZAFAR, CEO AND CO-FOUNDER OF LYVELY E xciting headlines with stories of venture capital funds investing in startups have become a daily affair. We are in an entrepreneurial revolution, largely sparked by the evolution and advancement of technol- ogy across all sectors. It has never been easier to start your own business, grow your community and have a global presence and impact. So why is it then, that as of today in 2022, 99 percent of the $2.2bn of funds in MENA have been invested in all Empowerment Middle East women have taken great strides in their careers, Zafar says Vol. 23/11/1, November 2022POWERED BY: EVENT PARTNER: DELIVERING THE AFFORDABLE QUALITY HOME RESIDENTIAL HOUSING SAUDI ARABIA CONFERENCE & EXPO 2022 FOR FURTHER EVENT DETAILS INCLUDING EVENT SPONSORSHIP AND EXHIBITOR OPPORTUNITIES, CONTACT: Krishna Mahbubani T: +971 (0)52 874 2175 E: krishna.mahbubani@itp.com Scan the QR code to learn more about the event and register 11 & 12 DECEMBER 2022, RIYADH Residential Housing Conference & Expo 2022 on 11 & 12 December in Riyadh is organized with Event Partner Saudi Contractors Authority (SCA). Event theme is Delivering affordable quality housing through best construction practices and focuses on development and provision of sustainable affordable housing as part of The Housing Program. It includes a conference plus workshop on latest developments in residential construction best practices, technology, strategy, and requirement to meet housing targets for Vision 2030 objective for Saudi families to access appropriate housing. It will include presentations and panel sessions by government and private sector organizations at the forefront of the Kingdom’s residential construction industry. Plus, international organizations that are leaders in smart sustainable housing design and development. Event Sponsorship and Exhibitor Opportunities Adjacent to the strategic level conference is the expo area where event sponsors and exhibitors will showcase the latest in housing construction technology products and services to delegates. This is an excellent opportunity to raise your RUJDQLVDWLRQoVSURȌOHDQGSURPRWHSURGXFWVDQGVHUYLFHVWRWKHLQGXVWU\ Event website with further details is www.itp.events/KSAResidentialHousing Next >