There are few certain truths in the Middle East. The region is fluid - political and economic sands are constantly shifting. But for those who are able to decipher and understand the region, there are big opportunities. Get in the know with Forecasting the Middle East, hosted by EGA Director, MENA Tyler Jones. Every other week, Tyler will sit down with today’s biggest thinkers and innovators for the Middle East to dissect the most pressing business and policy issues facing a complex and ever-evolving region.
For inquiries, please contact EGAMENA@edelmanEGA.com.
Capital Gains: Understanding China’s Economic Involvement in the Middle East
In March 2023, Saudi Arabia and Iran announced a historic agreement to normalize relations after years of regional competition and proxy conflict. As significant as the deal itself was, the role that China played in helping to broker the agreement took center stage in diplomatic circles. Though this moment served as a dramatic example of China's growing role in the Middle East, it did not occur in a vacuum. For years, China has been growing its trade and investment across the region. As a result, China has established itself as the largest trade partner for regional powers like Egypt, Saudi Arabia, and the UAE.
How do we make sense of China's growing economic involvement in the Middle East, and what trends can we expect in the future?
With us today to understand China's economic involvement in the Middle East is Zoe Liu, the Maurice R. Greenberg Fellow for China Studies at the Council on Foreign Relations. Zoe is author of Sovereign Funds: How the Communist Party of China Finances its Global Ambitions (https://www.hup.harvard.edu/catalog.php?isbn=9780674271913), which is the first in-depth account of the sudden growth of China’s sovereign wealth funds and their transformative impact on global markets, domestic and multinational businesses, and international politics.
21 Sept 2023
Powering the Future: Following Efforts to Expand the Middle East's Renewable Energy Sector
As the international community prepares for COP28, climate experts already caution that the global stocktake will not produce much in the way of good news. According to a March 2022 report issued by the Intergovernmental Panel on Climate Change, the world is on track to surpass 1.5 degrees Celsius of warming by 2030. The Middle East in particular is likely to feel the effects of a warming planet. As one of the hottest regions in the world, the Middle East is in danger of drought, water shortage, and mass migrations caused by untenable living conditions.
But action and innovation across the region gives hope. Morocco has established itself as a regional leader in clean energy. In June 2021, Morocco updated its UN climate pledge with (https://www4.unfccc.int/sites/ndcstaging/PublishedDocuments/Morocco%20First/Moroccan%20updated%20NDC%202021%20_Fr.pdf) a promise to reduce its greenhouse gas emissions by 17-18% by 2030. It has also made a significant effort to decrease government support for fossil fuels (https://www.wri.org/just-transitions/morocco-fuel-subsidy).
With us to discuss the renewable energy sector in the Middle East is Hicham Bouzekri, Director of Research, Development, and Industry at the Moroccan Agency for Sustainable Energy (Masen). Masen is responsible for renewable energy sources -- chiefly solar, wind and hydropower.
31 Aug 2023
Seeing Around Corners: What to Expect from the Middle East Startup Ecosystem
Despite rapid growth throughout the COVID-19 pandemic, 2023 has witnessed a massive contraction across the tech industry. Global tech leaders have significantly cut staffing, earnings have dropped, and the consensus outlook for the tech industry has been significantly moderated. That said, momentum and optimism remain high across the Middle East. In 2022, startups across the region saw a record-breaking $3.94 billion in investment. What's more, spending across the tech sector is expected to continue growing through 2023. But is the outlook for the Middle East tech sector as bright as investors may believe -- or is there more to this story?
With us today to dissect tech and the road ahead is Fares Ghandour, a Partner at Wamda Capital. Wamda Capital is a leading regional VC Firm focused on deploying growth capital in the Middle East and North Africa's leading entrepreneur-led technology companies.
17 Aug 2023
Weathering Change: Confronting the Middle East Climate Challenge
As the global community struggles to mend, mitigate, and manage the effects of climate change, few regions have experienced the day-to-day challenges of a warming planet like the Middle East. Rising temperatures continue to make the hottest region on the planet even more dangerous to local populations. While the Middle East faces serious challenges, the region has devoted tremendous resources to address the effects of climate change, emphasize clean energy sources, and mitigate the damage that has already occurred. But are these steps enough? And what more needs to be done to protect the Middle East from climate change?
Helping us understand the Middle East's response to climate change is Maroun Kairouz, Director of Middle East and North Africa with the World Economic Forum. Maroun sat down with Andy Morimoto, Director of Climate for EGA in Washington, DC, to discuss what the Middle East has done to address climate change, and what lies ahead for the region.
3 Aug 2023
Money Moves: The Growth and Future of Fintech in the Middle East
As the tech sector across the Middle East builds momentum, one industry in particular has taken off and showed signs of strong future growth. The Middle East has seen rapid growth across the fintech industry, and regional demographics and digital habits suggest this industry has room to expand. More than 60 percent of the region's population is under the age of 30 (https://www.imf.org/en/News/Seminars/Conferences/2017/08/08/morocco-opportunities-for-all/Morocco-Conference-Chart-of-the-Week/chart-of-the-week-1), and the region's population is also extremely tech-savvy, with smart phone and internet penetration rates above 90% in the UAE. Government support and fintech-friendly regulations are also fostering homegrown entrepreneurship in the region and attracting global players.
With us today to discuss where fintech is heading is Abdulaziz al Jouf, Chief Executive Officer for PayTabs. Abdulaziz sat down with us to discuss how fintech took off across the Middle East, where there is still room to grow, and what investors and founders can expect from this sector in years to come.
13 Jul 2023
Innovation Destination: How the Middle East Became an Emerging Tech Hub
The Middle East is experiencing massive growth across the tech industry and startup ecosystem. Governments across the region have issued mandates to expand tech sectors and build local talent pools. And global tech leaders are taking notice. In 2017 Amazon purchased Souq.com, the Dubai-based e-commerce retailer, for $580 million. In 2019, Uber acquired ride-share app Careem for $3.1 billion. The tech sector and startup ecosystem are expanding in the Middle East, but challenges remain.
With us today to discuss how we got to this point and what opportunities lie ahead is Ramez el-Serafy, CEO of Flat6Labs. Ramez sat down with us to discuss how the Middle East emerged as a popular destination for startups and tech investment, the challenges that lie ahead, and how founders and investors can navigate this growing sector.
29 Jun 2023
Pay to Play: The Geopolitics of Sports
States across the Middle East have garnered international attention for major investments and acquisitions across high-profile sports leagues. For governments looking to diversify and modernize their economies, these investments make sense. But do these financial moves have a geopolitical angle? And if so, what can we expect across the global sporting world?
This week on Forecasting the Middle East, we huddle up with Professor of Sport and Geopolitical Economy Simon Chadwick of SKEMA Business School, for a deep dive into the world of Sports in the Middle East. From the 2022 World Cup in Qatar to a recent flurry of spending from Saudi Arabia and the UAE, MENA has been making big moves in the sports world. Listen now to learn more and explore the financial, diplomatic, and social impacts of the world's favorite pastimes in the region.
15 Jun 2023
Untapped Potential: Emerging Trends in Middle East Tourism
As states across the Middle East turn their sites towards economic diversification, tourism is emerging as a point of emphasis in all major economies in the region. Today, the Middle East hosts roughly 90 million travelers each year. With places like Saudi Arabia and the UAE putting significant investments into large-scale tourism projects, this sector is likely to grow in years to come.
Helping us understand the Middle East tourism sector is Muzzammil Ahussein, CEO of Almosafer. Almosafer, a subsidiary of Seera Group, is Saudi Arabia's largest travel company. In June 2022, Almosafer recorded the highest levels of consumer travel bookings in its history, exceeding pre-pandemic levels by 27%.
1 Jun 2023
The Erdogan Era: Turkey After the 2023 Presidential Election
On May 28, Turkish President Recep Tayyip Erdogan defeated opposition challenger Kemal Kilicdaroglu in a runoff election to extend his rule of Turkey into its third decade. As Turkey faces a mounting economic crisis and effects of the devastating February 2023 earthquakes, this election represented Erdogan's greatest electoral challenge since he took office as Prime Minister in 2003. Moving forward, what will be Erdogan's priorities? What reforms, if any, can global markets expect from Erdogan's economic policies? And what will be Erdogan's foreign policy objectives?
This week on Forecasting the Middle East, we are joined by Steven A. Cook, Eni Enrico Mattei Senior Fellow for Middle East and North Africa at the Council on Foreign Relations to discuss the election results, the next phase of the “Erdogan Era” and what policy and economic implications can be expected.
For inquiries, please contact EGAMENA@edelmanEGA.com.
1 Jun 2023
Forecasting the Middle East Ep. 0
There are few certain truths in the Middle East. The region is fluid - political and economic sands are constantly shifting. But what is undeniable is that the Middle East's complexities are, today, matched by its opportunities. Across the region, ambitious national strategies are met with significant capital and strong political will to redefine this region as a destination for investment and innovation. This is all occurring against a backdrop of ever-evolving politics and shifting regional dynamics. But for those who are able to decipher and understand the Middle East, there are big opportunities.
Join Tyler Jones, Director of MENA at Edelman Global Advisory, every other week as he sits down with some of the biggest thinkers and innovators across Middle East Industry and Policy. Tyler and his guests will dissect the most pressing business and political topics to provide you the information you need to understand and act in the Middle East.
For inquiries, please contact EGAMENA@edelmanEGA.com.
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