Mohammed Alardhi is the executive chairman of Investcorp, chairman of Muscat Stock Exchange MSX and chairman of Royal Jet
December 29, 2022
As we head towards the end of 2022, it is useful to examine the efforts and happenings that carried us through this year. They are motivators to keep the region on track, brainstorm and plan for coming phases so the region can keep moving upwards and nations can continue working towards long-term visions, while adapting to the global political and business climate.
Owing to highly effective mitigation of the Covid-19 pandemic and rising oil prices, along with decades’ worth of efforts towards economic diversification, GCC economies are expected to show an average of 6.9 per cent growth in 2022, according to the World Bank. This has undoubtedly helped instill confidence in individuals and businesses in the Gulf region, and also garnered interest from investors from around the globe.
This past year global travel numbers rose following post-pandemic restrictions, which helped recharge tourism. According to the UN World Travel Organisation, the first quarter of 2022 alone saw a 182 per cent growth in GCC airport arrivals compared to the same period in 2021, 117 million up from 41 million.
A football fan with supporters wearing masks of Portugal's Cristiano Ronaldo and Argentina's Lionel Messi in Doha on December 17. AFP
Most recently, Qatar hosted the highly anticipated Fifa World Cup, arguably the most revered sporting and entertainment event in the world. Not only did the tournament attract over a million viewers to attend the matches in person, but sports fans around the globe got to see the Gulf region in a new light, as Arab hospitality, sporting and the entrepreneurial spirit were showcased leading up to and during the tournament.
It was exciting to see three Arab countries, Morocco, Saudi Arabia and Qatar, play the tournament, and sports fans around the world especially enjoyed cheering on the Moroccan team, who played an outstanding game to become the first Arab and African country to make it to the cup semi-finals. Their journey in the tournament unified Arabs, Africans and fans from various nations in a much-needed bonding experience that helped boost morale and renew an interest in sports and entertainment.
There has been progress in renewable energy but there is still more to be done to reduce carbon emissions and make the region greener and cleaner
Morocco’s successful and record-breaking run is proof of the natural talent and passion Arabs have for sports and it must serve as an inspiration for other teams in the region to work towards their qualification for the next Fifa World Cup tournament.
Furthermore, the tournament contributed to an increase in travel to neighbouring countries so the whole region benefited from a higher influx of tourists and the opportunity to engage with them. The Sultanate of Oman, for example, recorded an increase of 93 per cent in travel bookings for November and December.
I have always been a firm believer in the limitless potential of Gulf countries in the realms of both global and regional tourism. The region’s tourism industries have grown by leaps and bounds over the past few decades and have been key drivers of economic diversification and growth. We cannot doubt that they suffered following the Covid-19 pandemic. However, there is no better time than now to channel more resources and help the sectors grow to their full potential in coming years.
While the collective bounce back this past year has instilled a sense of confidence and much-needed hope following a challenging period, we must move forward with caution. A global slowdown is expected in 2023, with the IMF forecasting it to be the slowest year for overall GDP growth around the globe since 2009 with the exception of 2020.
The outlook for GCC countries is better compared to most other nations, largely due to oil revenues and an ease in inflation, but I also see that as a reminder that we must channel more resources into non-oil sectors, especially service-centred industries such as tourism and fields like technology, where there is still plenty of room for innovation and expansion.
Investments in non-oil sectors will also feed into goals around climate change. There has been significant progress in the area of renewable energy but there is still more to be done in the way of reducing carbon emissions and making our region greener and cleaner. We cannot doubt that we have a complex series of hurdles at hand. But it is clear that we are better placed than ever before as a region, as national and cross-border communities, to face challenges together and address them with the support of our networks that comprise multi-talented individuals who are committed to a common goal of sustainable and long-term growth.
Together we have weathered sudden and unexpected changes with the support of our wise leaders and resourceful communities. These are the pillars that will hold our nations through coming phases and will always be key drivers of growth and success in the region.
MATCH INFO
Watford 1 (Deulofeu 80' p)
Chelsea 2 (Abraham 5', Pulisic 55')
THE LIGHT
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How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
The biog
Job: Fitness entrepreneur, body-builder and trainer
Favourite superhero: Batman
Favourite quote: We must become the change we want to see, by Mahatma Gandhi.
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Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side 8 There are eight players per team 9 There have been nine Indoor Cricket World Cups for men. Australia have won every one. 5 Five runs are deducted from the score when a wickets falls 4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs B Side nets, between the striker and halfway down the pitch: 1 run C Side nets between halfway and the bowlers end: 2 runs D Back net: 4 runs on the bounce, 6 runs on the full
The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.
According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.
In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.
Kopa Trophy (Best player under 21 – Men’s) Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s) Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year Sarina Wiegman (England)
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024. It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine. Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages]. The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts. With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians. Following the single’s success, the idea to stage a rock concert evolved. Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world. The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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