Latest news with #GulfBusiness
Gulf Business
5 days ago
- Business
- Gulf Business
Emirates soars to further success: CCO Adnan Kazim on its growth and global reach
Image: Emirates/ Ales Photography Gulf Business editor, Neesha Salian, at the bustling Emirates stand, Adnan Kazim, the airline's chief commercial officer, shed light on the airline's multifaceted approach to growth, emphasising network expansion and enhanced customer experiences. 'ATM is a very important annual event for us,' Kazim stated, noting its unique ability to gather over 2,800 participants from across the globe, especially fostering engagement with destinations in Africa, Asia, and the Middle East. Beyond showcasing cutting-edge products like the A350 aircraft and new seating innovations, Emirates' strategic focus at ATM extended to crucial memorandums of understanding ( The airline's commitment to the cruise sector also featured prominently at ATM. 'Regarding cruises, that's another important component for both us and Dubai,' Kazim affirmed, highlighting Dubai's role as a winter cruise hub. Emirates aims to facilitate the end-to-end journey for cruise passengers, currently collaborating with over 78 cruise lines, a number Kazim says is 'continuously scaling up'. Meanwhile, Emirates has significantly broadened its airline partnerships, now boasting 164 agreements, including rail, helicopter, interline, and codeshare arrangements, providing seamless access to over 1,800 cities. Collaborations with carriers like Kuwait Airways, Philippine Airlines, Air Seychelles, and Condor are instrumental in fortifying its global network and connectivity. Discussing Emirates' recent route launches to Vietnam, Cambodia, and China, Kazim explained the strategic importance of these Asian markets. 'Asia continues to be a major growth driver for us,' he said. 'China is picking up again, Vietnam's economy is booming, and Cambodia is an untapped opportunity — particularly underserved from the Middle East, Africa, and Europe.' He noted that destinations such as Siem Reap and Da Nang are seeing increasing tourism demand, with Emirates extending operations from Bangkok to create convenient side-trip opportunities. Shenzhen, a burgeoning tech hub, aligns perfectly with Dubai's focus on AI and future technologies. 'It made perfect sense to strengthen that connection,' Kazim concluded. Kazim also elaborated on Emirates' substantial investment in its commercial strategy, including the ongoing retrofit programme and the successful launch of Premium Economy. He stated, 'Innovation, service quality, and technology are pillars of our commercial strategy.' This is evident in AI-enabled services and enhanced customer touchpoints, even extending to an expanded retail footprint with 11 new stores. 'We want to stay in front of the customer,' he added. The introduction of Premium Economy in 2022 proved to be a 'game-changer' post-Covid-19, addressing the surge in premium travel demand. 'We're offering nearly one million premium economy seats (annually) now, scaling to two million seats by the end of the year, and four million by next year,' Kazim revealed. He observed that 'premium economy did not cannibalise business class. Instead, economy travellers are opting to upgrade, improving our yield and enhancing customer satisfaction. It provides many business-class features at more affordable prices. Today, Emirates is a market leader in this segment.' Emirates: Strategic moves, big results The carrier's strong performance in 2024-25 underscores these strategic moves. The airline's total passenger and cargo capacity grew 4 per cent to 60 billion ATKMs (available tonne klometres), nearing pre-pandemic levels. Emirates introduced new destinations like Bogotá and Madagascar; restarted flights to Phnom Penh, Lagos, Adelaide, and Edinburgh; and enhanced services to 21 other cities, serving 148 cities in 80 countries by March 31. The first Airbus A350 aircraft joined the fleet this year, bringing added capacity for the airline to serve customer demand with its latest products. Despite ongoing delays in new aircraft deliveries, Emirates expanded its retrofit programme to 219 aircraft with a $5bn investment, ensuring a modern cabin experience. The airline reported a record profit after tax of Dhs19.1bn ($5.2bn), marking its best-ever performance with a 14.9 per cent profit margin, driven by robust travel demand and network strength. Emirates carried 53.7 million passengers, a 3 per cent increase, and maintained a passenger seat factor of 78.9 per cent. Investments continued in customer experiences, including Dhs63m in new and renovated lounges globally and the expansion of its Chauffeur-Drive Service to over 70 cities. Emirates SkyCargo also delivered a strong performance, carrying 2.3 million tonnes of goods, a 7 per cent increase. The cargo division contributed 13 per cent to total revenue, reflecting its ability to meet demand with specialist logistics solutions, leveraging Emirates' global network and Dubai's world-class intermodal capabilities. New initiatives included adding Copenhagen to its freighter network, an MoU with Astral Aviation for African reach, and launching Emirates Delivers in Saudi Arabia. The airline has 13 freighters on order, aiming for a fleet of 21 by December 2026. Staying ahead of the rest The comprehensive overview of Emirates' strategic moves, robust financial performance, and dedicated customer experience enhancements paints a clear picture of an airline firmly on an upward trajectory. From expanding its global footprint with new routes and vital partnerships to investing heavily in its fleet and ground services, Emirates is not merely recovering but forging ahead stronger than ever. Kazim's clear enthusiasm for this path underscores the airline's future-focused vision. As he put it, 'We believe in staying ahead of the curve.' This commitment to innovation and customer satisfaction, coupled with strategic market focus, positions Emirates to continue its remarkable growth story, promising even greater connectivity and elevated travel experiences for passengers worldwide.
Gulf Business
22-05-2025
- Business
- Gulf Business
Turning challenges into catalysts: EFG Hermes' Mohamed Abu Basha on the region's resilient economic trajectory
Image: Supplied At the MENA Capital Market Summit 2025 held in Dubai, Gulf Business sat down with Mohamed Abu Basha, managing director and head of Macroeconomic Analysis at From IMF's revised forecasts to the potential of free trade agreements and the rise of Kuwait as a country to watch, Abu Basha provides a pragmatic and opportunity-driven view of how the Middle East is responding to inflation, diversification, and capital markets development. The IMF recently trimmed the MENA region's growth forecast to a modest 2.6 per cent as global risks mount. How do you interpret this outlook for the region, and what impact might it have on economic policies and strategies moving forward? Well, I honestly see it more as an opportunity for the region. If we look at the last few years, the region has actually benefited from several global shocks — Covid-19, the Russia-Ukraine crisis, Brexit before that, and now instability in the Middle East. So yes, it's another episode of Lower oil prices do pose a challenge and can affect sentiment and growth slightly, especially with concerns around a slowdown in China, which is now more linked to Gulf economies. But relatively speaking, I think the region stands out as one of the more resilient. Tariffs have limited impact, and many economies here have the financial buffers to manage short-term downturns. There's also a reminder here to double down on diversification—investing in and developing capital markets, for instance. Despite current global headwinds, we're seeing multiple IPOs underway, which speaks volumes about demand and the region's financial depth. Governments are also working to build out local and international debt markets to support long-term financing needs. On the monetary policy front, inflation in the region remains low. How do you see monetary policy evolving? A: In this region, monetary policy largely follows the US Federal Reserve due to currency pegs to the US dollar. So any Fed rate cuts would be positive for us, especially as a counter to the drop in oil prices. Lower rates would reduce borrowing costs for the private sector. But there's something to watch out for — the potential weakness of the US dollar. If the dollar weakens, it could lead to imported inflation. For instance, buying from Europe becomes more expensive as the euro strengthens. While I expect this inflation to remain modest, it's worth monitoring, especially in sectors dependent on imports. Overall, I foresee modest, controlled inflation outside of the property sector, where rent inflation is more a reflection of underlying growth. As the global environment softens, we'll likely see moderate inflation and perhaps some Fed rate cuts, which will be welcomed. When we talk about the Gulf, the conversation is often dominated by the UAE and Saudi Arabia. Are there other countries or sectors you believe deserve more attention? Saudi Arabia and the UAE are of course major players, thanks to their size and the depth of their reform and diversification agendas. But Kuwait is also starting to emerge as one to watch. Developments last year — like the long-awaited approval of the public debt law — are positive signals. We're also waiting for additional reforms such as a mortgage law and fiscal measures. On the sectoral front, the story used to be mainly about government spending benefiting real estate and financial services. Now, we're seeing greater diversification. The consumer sector, the full energy value chain (renewables, utilities, downstream), and even non-bank financial institutions are gaining importance. Tourism and hospitality are also booming — long strong in the UAE and now accelerating in Saudi Arabia. Kuwait is making early moves here too. These sectors are definitely promising. How significant are free trade agreements for the region, especially given the global trend towards de-globalisation? These agreements are extremely important for the region. The GCC countries are unique in that they both export capital—thanks to oil revenues — and need to import capital and know-how to support their diversification goals. This dual dynamic makes the region naturally outward-looking. We're seeing stronger ties with Asia — India and China in particular — alongside traditional partners like the US and Europe. Agreements like the GCC-UK free trade pact, when signed, can facilitate greater investment flows and technology transfer, helping accelerate economic diversification. In a world that's increasingly turning inward, these trade deals help the region remain globally integrated and economically competitive.
TECHx
14-05-2025
- Business
- TECHx
Trump Secures $600 Billion Deal During Saudi Arabia Visit
Home » Latest news » Trump Secures $600 Billion Deal During Saudi Arabia Visit U.S. President Donald Trump secured a $600 billion investment commitment from Saudi Arabia on Tuesday, marking a significant development in U.S.-Gulf relations. The announcement came after the president received a ceremonial welcome in Riyadh at the start of his multi-nation tour of Gulf states. The investment pledge was reported by multiple sources close to the negotiations. It covers several sectors including energy, infrastructure, defense, and technology. Officials stated that the commitment aligns with Saudi Arabia's Vision 2030 plan, which aims to reduce the kingdom's dependence on oil by increasing foreign partnerships and investments. The visit also triggered a wave of business deals across Riyadh, Doha, and Abu Dhabi. According to regional media reports, artificial intelligence and emerging technologies were central themes in the announcements. Gulf nations are moving quickly to establish a strong presence in the global AI economy. Several agreements and initiatives were reported during the visit: Gulf sovereign wealth funds announced plans to invest in U.S. tech and AI firms. Joint ventures in AI, smart cities, and healthcare technology were unveiled. New innovation zones were announced to attract U.S. startups in robotics and data science. Sources from Gulf Business and Reuters confirmed that these deals reflect the region's push toward digital transformation. Experts say the Middle East AI market is expected to contribute over $320 billion to the regional economy by 2030. Economists noted that this shift signals a broader pivot from traditional oil-driven revenues to high-tech, future-oriented sectors. Officials from both sides described the visit as a step toward deeper economic cooperation. The Saudi Ministry of Investment and the White House have not yet released a detailed breakdown of the investment package. However, both parties emphasized the long-term strategic value of the agreements made during the Donald Trump Saudi Arabia visit. Sources: Reuters, Gulf Business, Bloomberg
What's On
08-05-2025
- Business
- What's On
Dubai property prices to double in the next five years
Dubai property is always in demand… Dubai property prices could increase as far as double in the next five years, according to Abdullah Alajaji, CEO and founder of brokerage firm Driven | Forbes Global Properties who recently spoke to Gulf Business. This prediction comes from the recent growth in real estate prices across the emirate. Dubai's real estate market saw 217,000 investments valued at Dhs526bn in 2024, which was an increase of 38 per cent in number of transactions and and 27 per cent in terms of value, according to data from the government of Dubai. But Alajaji also said that there's still more room to grow as property prices in Dubai are still lower than counterparts such as New York and Singapore. He stated 'I would compare this time to pre-2008. Back then, every single area went up at the same level — you'd see 30 to 40 per cent increases in a single year, whether you were in JVC or Palm Jumeirah. But rental yields were much lower. Today, rents have gone up in tandem with prices, which suggests real demand.' This comes after Rizwan Sajan, founder of Danube Properties, predicted a 10–20 per cent correction in rents in 2025. We know that one thing is for sure, timing is key when it comes to Dubai property prices. > Sign up for FREE to get exclusive updates that you are interested in
Gulf Business
07-05-2025
- Business
- Gulf Business
‘Authenticity still matters': CARMA's Mazen Nahawi on AI, trust and media's next frontier
Artificial Intelligence (AI) is shaking up every industry, from marketing to media. But for Mazen Nahawi, founder and Group CEO of Nahawi leads one of the region's top media intelligence firms. For over 25 years, he's helped brands and governments understand their reputations — and measure the real impact of communications. On 23 April, he took the stage at the Gulf Business Business Breakfast in Dubai to deliver a keynote on how trust and reputation are changing in the age of AI. His message? Data must be trusted. Human insight still matters. And AI is only as good as the people guiding it. (You can watch his keynote below.) In this interview, Nahawi explains why cultural nuance still trips up AI in the Middle East, which jobs will go — and which will rise — and why Gen Z's demand for authenticity is shaping the future of PR. In your keynote at the Gulf Business tech panel last month, you mentioned that AI struggles with cultural nuance. How serious is this issue when analysing media in a region as diverse as the Middle East? This is a valid concern which can potentially pose challenges for organisations which are utilising, or in the process of adapting AI in business. AI models, especially those trained predominantly on Western datasets, often fail to capture the rich tapestry of languages, dialects, and cultural contexts in the Middle East. For instance, generative AI tools have exhibited biases, such as underrepresenting certain groups or misinterpreting cultural symbols. You describe AI as the 'greatest accelerator on Earth,' yet heavily flawed. Where should companies draw the line between embracing AI and relying too much on it? While AI offers immense potential for efficiency and innovation, overreliance without proper oversight can be detrimental. A Boston Consulting Group study revealed that , often due to inadequate integration and unclear objectives. It's important to remember that AI should augment human decision-making rather than replace it, maintaining a balance that leverages AI's strengths while preserving human judgment and ethical considerations. This ensures that human roles evolve to strategic interpreters, providing reassurance about the future of their roles. Mazen Nahawi, the CEO of CARMA. One of your slides stated that 'jobs will go, but value remains.' What kinds of jobs do you think are most at risk—and which new roles do you see emerging? Jobs involving repetitive and routine tasks, such as data entry or basic analysis, are most susceptible to automation. A survey indicated that . However, the industry is also seeing a rise in roles that require creativity, strategic thinking, and emotional intelligence. This underscores the growing importance of these roles and the value they bring to the industry. You noted that 82 per cent of Gen Z prefer brands using real people over AI avatars. How do you think this shapes the future of PR and advertising in the AI era? The preference of 82 per cent of Gen Z for brands using real people over AI avatars underscores the importance of authenticity in brand communications. As AI-generated content becomes more prevalent, consumers, especially younger demographics, seek genuine human connections. This preference for authentic human narratives in marketing highlights the need for brands to focus on integrating AI to enhance, rather than replace, genuine storytelling. This reiteration of the importance of authenticity in brand communications helps the audience feel connected and engaged with the content, and further confirms the enduring significance of human connection in relation to AI. You showed examples of AI-generated images failing to grasp basic human concepts, like a left-handed person writing. Do you think this lack of 'human understanding' is a temporary problem or a permanent limitation when it comes to AI? While AI continues to improve, certain limitations persist. Studies have shown that humans struggle to distinguish between authentic and AI-generated images, with a . This indicates that AI can produce convincing visuals but often lacks contextual understanding. These shortcomings suggest that while technical advancements continue, AI may always require human oversight to ensure accurate and culturally sensitive outputs. You said that 'authenticity still matters.' How can organisations ensure their use of AI aligns with authentic storytelling and brand trust? Organisations should prioritise transparency in their use of AI, clearly communicating when and how AI is utilised in content creation. Emphasising human stories and experiences remains crucial. By combining AI's capabilities with genuine human insights, brands can maintain authenticity and foster deeper connections with their audiences. What role do you see human consultants and analysts playing in an age where AI can generate basic reports and trend summaries? Human consultants and analysts will transition from data gatherers to strategic interpreters. While AI can process and summarise vast amounts of information, humans provide context, ethical considerations, and complex understanding. As highlighted in recent reports, the emergence of AI-driven consulting firms showcases the . If trust is the new currency, how can businesses ensure their AI tools and data use maintain public trust—especially in reputation-sensitive industries like government, healthcare, or finance? Maintaining public trust requires transparency, accountability, and ethical use of AI. Businesses should implement clear policies on AI usage, ensure data privacy, and involve human oversight in critical decisions. Regular audits and open communication about AI's role in services can further bolster public confidence.
