RIYADH: Rising inflation will see 2,370 pounds ($2,900) accumulate on average British household bills this year, adding new pressure on the Bank of England and the government there to step up their response to the cost of living crisis, Bloomberg reported.
With wages dwindling behind price gains and the government raising taxes, a report from Bloomberg Economics predicted a drop in inflation-adjusted disposable income of about 3.4 percent this year, the biggest drop ever.
Meanwhile, a Bloomberg survey estimated the probability of a recession at 40 percent, up from 28 percent last month, and the highest since January 2021 during the third coronavirus shutdown.
DUBAI: Saudi Arabia, along with the UAE and Egypt are the core investment markets for the Middle East Venture Partners, said Rabih Khoury, CEO of the company.
While speaking with Arab News on the sidelines of the Arab Women Forum in Dubai on Tuesday, Khoury also shared MEVP’s plans to expand into Saudi Arabia but did not mention an exact timeline in which the company is planning to mark its presence in the Kingdom.
“We need to expand the team, especially in Saudi Arabia, Saudi Arabia is growing, and you need to bring in Saudis to work in the Saudi ecosystem. And also, we’re going to be launching our fourth fund, hopefully, in the third quarter of 2022,” Khoury told Arab News.
Khoury also lauded the initiatives of Saudi Crown Prince Mohammed bin Salman, which has turned the Kingdom into an investment-friendly region.
“Five, six years ago, when we used to go to Saudi (Arabia), there was no hope. But now, with a young Crown Prince, who really focuses on young people, enabling them, by giving an opportunity to actually build businesses based on their dreams, we see a lot of hope in the region,” added Khoury.
Khoury also talked about the necessity of having a regional entity like the European Investment Bank in the Middle East.
“We do not have these pan-Arab entities that will look at us as regional investors. And what we see is a bit local. So what’s happening is, local funds are getting only local support.”
DUBAI: Women in the banking and investment sector can be their own worst enemies when it comes to progressing in the industry, according to May Nasrallah, the founder and executive chairman of UAE-based deNovo Corporate Advisors.
Speaking to Arab News on the sidelines of the Arab Women Forum in Dubai, Nasrallah urged female employees to put aside doubts and ask for more senior positions in the traditionally male-dominated industry.
She also shared her company’s plans to expand into Saudi Arabia, but did not mention an exact timeline in which the company is planning to mark its presence in the Kingdom.
Talking about the capability of women in the banking and investment sector, Nasrallah said, “The investment banking sector, it has historically been very male-dominated. You’re just as capable. You’re just as evil. You’re just as you know, ready than your male counterpart. And I think a lot of times, we tend to be our own worst enemies.”
She continued, “So I would suggest the younger generation of women to just go for it. And not be shy about asking for a position, not be worried about whether you can do it.”
During the interview, Nasrallah revealed that deNovo Corporate Advisors is both an advisory firm and advisory boutique. She added that the company helps with mergers between two companies, helping them monetize, helping them go public, and assisting them to get international global investors.
Talking about her resignation from Morgan Stanley and setting up deNovo Corporate Advisors — which helps with company mergers and securing investments — said: “Nobody expected that I would actually resign from Morgan Stanley. Subsequent to me, a number of men did it. But everybody expected it to be done by a man. Nobody expected it to be done by a woman.”
RIYADH: Riyadh will host the International Association for Energy Economics in February 2022 in what will be a first for the Middle East.
Organized by the King Abdullah Petroleum Studies and Research Center in cooperation with the Saudi Association for Energy Economics, the 44th iteration of the conference will be held from Feb. 4 to 8, the Saudi Press Agency reported.
The theme of the conference is “Pathways to a clean, stable and sustainable energy future.”
Global experts will discuss issues related to traditional and renewable energy, environmental challenges and stability of the energy market.
RIYADH: Saudi oil giant Aramco is weighing an initial public offering of its trading arm that could potentially raise over $30 billion, slated to become one of the world’s biggest listings this year.
The move comes as the oil major is benefiting from oil prices rising to record levels in the wake of the Russian-Ukraine war.
As it is considering the potential listing of Aramco Trading Co., the oil giant is working with banks including Goldman Sachs, JPMorgan Chase & Co. and Morgan Stanley, Bloomberg reported citing people familiar with the matter.
It could also sell a 30 percent stake in the division, which could make it one of the world’s largest IPOs in 2022, Bloomberg reported citing the unnamed people.
Most recently Saudi Aramco’s profit has surged 82 percent in the first quarter of 2022, beating the median of analysts’ expectations with the highest quarterly profit since it went public in 2019.
The old adage that women have to work twice as hard for half the recognition clearly applies to war correspondent Arizh Mukhammed.
Working as a Sky News reporter based in Moscow, she has the demanding role of reporting from the frontlines of the Russia-Ukraine war.
The half-Russian, half-Syrian speaks three languages and holds a doctorate in pharmacology but describes her current role as one of the most challenging and rewarding of her life.
“Reporting about the war is an extraordinary, unpredictable event; I was shocked when it began, and I was the only one on the team who spoke Russian,” she said in an interview on the sidelines of the Arab Women’s Forum in Dubai.
“I hate wars and conflicts. I struggled in the areas controlled by Russian forces and was not allowed on the Ukrainian side. Like any human being, I had fears and wondered if what I was doing was useful and balanced. At the same time, it’s a new step in my career, and I have to move forward and rely on my skills. I had to find courage.”
#AWF2022: Stay tuned for our interview with Skynews Reporter Arizh Mukhammed on the sidelines of the #ArabWomenForum22 taking place in #Dubai. pic.twitter.com/GVXwOhVLy5
Often, Mukhammed has time to do a single take with no room for error.
“I have to accurately portray the facts with no option of redoing a shot,” she said. “And I dislike the word ‘truth’ because each side has their version of ‘truth.’ It’s not a reporter’s job to provide analysis. My job is to report the facts on the ground, be neutral, and not express an opinion about one side being right and another wrong. War is complex.”
Mukhammed spoke on a panel alongside other esteemed war reporters at the Arab Women’s Forum, including Alhadath senior news anchor Christiane Baissary, about the trials and rewards of the job. Having other female role models helped them carve their path.
Read More: Arab Women Forum kicks off in Dubai
“I came to journalism from another field, but honestly, Shireen Abu Akleh is the one I knew from my childhood from her Al Jazeera days,” she said.
Akleh was a world-renowned journalist. Press circles across the world mourned her death.
“Nobody in the Arab World doesn’t know her. She was famous for her coverage in danger zones and for getting out. So, when I heard the sad news, everyone I knew, even friends and family not related to journalism, was deeply affected. She had a magnetic charisma. I like her language, her voice. I am so sad to lose an idol.”
While pursuing her doctorate in Moscow, Mukhammed yearned for the Arabic language and wanted to work in a field where she could better utilize her bilingual skills. She soon landed a career in media, translating between Russian and Arabic. She joined Sky News when they opened their Moscow Bureau.
“I prefer not to categorize myself as a war reporter. I am prepared to report on politics and business wherever the story carries me,” she said. “My advice to a young female reporter is to educate herself, always look at two sides of a story and assess if you are objective enough to report on a story.”