Bahrain's small economy is seen as most at risk to a market slide.
Bahrain's small economy is seen as most at risk to a market slide.

Threat to US and EU but Gulf set fair



Government finances from Italy to India are likely to come under severe strain from slower global economic growth.

Financial Fallout: Read The National's coverage of the global economic chaos

World view bleak but picture looks brighter in the Middle East Declines in markets are raising the likelihood of another global slowdown. If the world does lurch back into recession, economists say the MIddle East is in a better position to weather the economic storm. read article

Local tourism and retail at some risk Consumer spending is expected to remain buoyant across the Middle East should there be another economic slowdown across the world. Read article

UAE banks proactive on mortgages UAE lenders are starting to aggressively target homebuyers for the first time since US mortgage defaults sparked the 2008 global meltdown. read article

Asia may put GCC on slippery slope An economic slowdown threatens fuel demand, but Opec is likely to act if oil prices far too fall. read article

Small businesses can take shelter With the threat of a second global downturn looming large, both small businesses and investors have a lot to lose. read article

Already bogged down by record budget deficits and weak economies, the governments of the US and Europe are likely to be most vulnerable. In contrast, the Gulf and Asia should cope better, supported by healthier fiscal positions.

The biggest risk is from lower demand for oil, sinking prices. Of the six GCC states, Bahrain's small economy is viewed by analysts as most at risk to a market slide.

"Regional governments will still be willing to spend if oil prices drop as they have low debt compared to the rest of the world so they can borrow at low interest rates to fund spending," says Said Hirsh, a Middle East economist at Capital Economics.

In Asia, a fall in commodity prices and a drop in interest rates should help to support economies.

Slowing growth could harm the banking system. Banks in the US and Europe will be concerned about their exposure to debt worries on both sides of the Atlantic.

An uncertain economic outlook is likely to deter mergers and acquisitions and other lucrative deals that global investment banks rely on.

In the local region, however, most banks' balance sheets are considered sufficiently robust to withstand any risks from weaker economic growth. Many have stronger capital adequacy levels than lenders in the US and Europe. They also have relatively limited ties to European banks with links to the euro-zone sovereign debt crisis.

The US Federal Reserve's decision last week to keep interest rates at record lows for another two years is likely to mean interest rates in the GCC remain deflated. With five of the six local currencies pegged to the US dollar, regional monetary policy usually mirrors the Fed's.

"Low interest rates are positive for real estate, as lending rates should continue coming down, reducing the cost of risk as well," says Jaap Meijer,the head of banks research at AlembicHC.

Meanwhile, investors will be viewing markets differently over the next two quarters, says Mohammed Ali Yasin, the chief investment officer at CAPM Investment in Abu Dhabi. "They will be looking at economies with a surplus … with companies that distribute strong dividend yields, and based on that we should see a different asset allocation across the world."

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

On sale: Now

Mubadala World Tennis Championship 2018 schedule

Thursday December 27

Men's quarter-finals

Kevin Anderson v Hyeon Chung 4pm

Dominic Thiem v Karen Khachanov 6pm

Women's exhibition

Serena Williams v Venus Williams 8pm

Friday December 28

5th place play-off 3pm

Men's semi-finals

Rafael Nadal v Anderson/Chung 5pm

Novak Djokovic v Thiem/Khachanov 7pm

Saturday December 29

3rd place play-off 5pm

Men's final 7pm

The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

One of its main goals is to provide permanent treatment solutions for veterinary related diseases. 

The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery. 

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.

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding

Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.

Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.

Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.

For more details, email openminds@cultures.ae or visit www.cultures.ae

 

Traces%20of%20Enayat
%3Cp%3E%3Cstrong%3EAuthor%3A%3C%2Fstrong%3E%20Iman%20Mersal%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20And%20Other%20Stories%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20240%3C%2Fp%3E%0A
Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue  
Stage: Early stage
Investors: Founder's friends and Family

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
Venom

Director: Ruben Fleischer

Cast: Tom Hardy, Michelle Williams, Riz Ahmed

Rating: 1.5/5

The biog

From: Upper Egypt

Age: 78

Family: a daughter in Egypt; a son in Dubai and his wife, Nabila

Favourite Abu Dhabi activity: walking near to Emirates Palace

Favourite building in Abu Dhabi: Emirates Palace

THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ELeap%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ziad%20Toqan%20and%20Jamil%20Khammu%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20Undisclosed%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3ESeven%3C%2Fp%3E%0A
The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A

Red Sparrow

Dir: Francis Lawrence

Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons

Three stars

As You Were

Liam Gallagher

(Warner Bros)