WASHINGTON // Business confidence in the Gulf region remains high despite the revolutions convulsing parts of the broader Middle East and North Africa. And the major concerns of business leaders in the UAE, Saudi Arabia and Qatar are external macroeconomic shocks rather than domestic political turmoil.
Those are the conclusions of a new Oliver Wyman-Zogby International poll released on Monday and presented in Washington at a reception held by the UAE, Saudi and Qatar-US business councils.
The poll, taken last month, surveyed 164 senior business executives from across sectors in the three countries. A vast majority, 57 per cent in the UAE, 64 per cent in Saudi Arabia and 60 per cent in Qatar, said they saw business conditions as improving in their respective countries. Fewer respondents than last year said confidence was in decline, although here the UAE was the highest at 26 per cent.
The "strikingly high" numbers, said James Zogby, the senior adviser to Zogby International and president of the Arab American Institute, showed that contrary to expectations, the so-called Arab Spring had not dampened business confidence in the region.
In fact, the poll also found that 65 per cent of the chief executives and chief financial officers polled in the UAE, 81 per cent in Saudi Arabia and as many as 92 per cent in Qatar expected business conditions to improve over the next two years, indicating that senior business leaders did not expect contagion from events elsewhere to spread to the three countries.
Nevertheless, while the vast majority of the executives polled still saw outside macroeconomic shocks as the biggest threat to business confidence, the poll did find a significant increase in the number of those worried about internal tensions in the UAE and Saudi Arabia.
In the Emirates, 10 per cent worried about internal stability, and in Saudi Arabia as many as 22 per cent said they saw this as a threat to business confidence. In both cases, those numbers are up from only 3 per cent last year.
Education and labour reform topped the list of issues business leaders felt had to be given priority. Labour reform, Mr Zogby said, meant access to labour rather than labour rights. Political reform in the three countries was the least of the business leaders' concerns.
"Executives don't feel governments need an election to get to education and labour reform," Mr Zogby said.
Nevertheless, governments did need to look at ways to improve conditions for small and medium-sized enterprises. A majority of respondents in all three countries said they viewed with concern the youth population bulge that is likely to have a significant effect on unemployment in the near future.
business@thenational.ae
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Napoleon
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.