Latest news with #SergeiGuriev
The National
06-05-2025
- Business
- The National
Trade war is not an easy win for Donald Trump, economists say
US President Donald Trump's latest tariff war is far more intense than the first one, but it will not be an easy win for the administration as US dollar assets are under pressure like never before and capital markets volatility could force Washington's hand in softening its stance, economists say. While the tariff war is among the leading threats, the even bigger risk is extreme policy uncertainty in Washington. It has forced nations to seek new alliances and has opened trade and investments avenues for neutral countries such as the UAE, economists told the third Capital Market Summit in Dubai on Tuesday. 'During the first round of the [Trump] administration, one politician said trade wars are beautiful and easy to win [but] this time around for the US administration, it's not going to be easy to win this war,' Sergei Guriev, Dean at London Business School, said. 'Sometimes you hear noises from the White House that they will punish countries trading with China, they will punish countries helping avoid tariffs, [but] I don't think they have capacity for that.' The world remains in very unsettled state with continued mercurial policymaking. However, the volatility in capital markets is a bit of a silver lining, as it is something that has forced Washington to walk back on some of its hardest policy positions. 'My optimistic angle is this administration seems to be sensitive to markets when it sees that people who are friends with administrations are losing money, when they see that capital markets, bond markets are nervous, they sometimes walk back,' said Mr Guriev, who was chief economist at European Bank for Reconstruction and Development at the time of the first Trump presidency, told the delegates. Mr Trump won the US election in 2024 on a promise of improving the economy, including reducing the cost of living, and impose stricter immigration policies. He followed through his campaign promise of imposing tariffs on US trade partners and allies, and levied historic duties that are threatening to disrupt global trade and break out of a full-blown tariff war with China, the world's second-biggest economy. He has put 145 per cent tariff rate on goods going to the US from China, while Beijing has responded with a 84 per cent tariff rate. He also levied stiff duties on partners across the EU bloc and other Asia economies that have clouded prospects for global economic growth. The uncertainty stemming from Washington's insistence on upping the stake in tariffs sent capital markets on a white knuckle ride from US benchmark index crashing from all time highs into correction in a short span of time, losing more than $6 trillion in the first two days of the so-called liberation day announcement in April. Bonds and other US-dollar denominated assets have also felt selling pressure, which forced the US administration to suspend the record-high tariffs for 90 days and levied 10 per cent broad-based duty while it negotiates individual trade deals. Markets still remain jittery and headline-driven and analysts say a clear heading of US dollar assets will not be determined until trade-related uncertainty is removed. 'Where I'm worried, I think, we'll see a lot of dollar volatility because this is something which we've never seen before,' Mr Guriev said. 'During volatile periods, people would usually flock into safe assets [but] the US dollar this time around, nobody's sure how safe US dollar assets are … this is something to think about, when you're a financial investor that how you hedge the US vulnerability?' While nations around the world have taken different approaches to deal with US tariffs, countries in the Middle East such as the UAE have maintained a 'more patient engagement' as it underpins its focus on its geographic advantage in trade and is charting policies to match it, Rajeev Sibal, senior global economist at Morgan Stanley, said. 'The Cepa [deals] that the UAE is negotiating have really opened a pathway,' he said. 'So, I think what's going to happen … you're going to see new trade channels being formed, and it's really going to be about recognising where the opportunity is, and if policy can help effectuate that change and here's the place that I think it is happening.' The UAE, the Arab world's second-largest economy and Dubai in particular has faced many similar cyclical headwinds in the past but the Emirates over the past five years has instituted structural changes that mean it is well-placed for growth despite external shocks, Simon Williams, chief economist CEEMEA, HSBC Middle East, said. Mr William and Mr Guriev said and neutral countries should continue to trade with everybody and it's a good idea to attract investments from both east and west, and benefit from that. 'I think if we converge on the structure of tariffs that Trump administration seems to be happy about – 10 per cent on everybody, 60 per cent on China – neutral countries that want to trade with everybody, will be the destination for trade and investment,' Mr Guriev said. 'And, of course, Emirates and Dubai in particular are best positioned to be this hub for global trade and I think this is the way to go.'
Mid East Info
24-04-2025
- Business
- Mid East Info
London Business School's Dean Highlights Lifelong Learning and Strategic Saudi Partnerships - Middle East Business News and Information
RIYADH, Saudi Arabia – April 23, 2025 – As London Business School (LBS) deepens its commitment to leadership development across Saudi Arabia, Dean Professor Sergei Guriev joined global education and policy leaders at the Human Capital Initiative (HCI) 2025 in Riyadh, offering insights into the future of business education amid rapid technological, demographic, and geopolitical shifts. In a panel discussion themed around future-ready societies, Professor Guriev underscored the urgent need for lifelong learning models to meet the challenges of fast-evolving skills, radical transparency driven by social media, and the accelerating impact of artificial intelligence. 'In a world where AI models evolve faster than we can predict and careers span longer than ever before, business schools must reimagine how they stay relevant,' said Professor Guriev. 'At LBS, we are doubling down on lifelong, flexible, and blended learning while staying anchored in integrity and the production of new ideas.' He noted that the AI revolution is reshaping industries and job functions at an unprecedented pace, making it essential for business schools to teach not just knowledge, but the human skills and judgment that AI cannot replicate. In an era of radical transparency, he added, leaders must also be equipped to make bold, ethical decisions under scrutiny and engage meaningfully with stakeholders. As part of this future-focused vision, LBS recently launched Forever Learning, a platform offering alumni continuous access to the latest knowledge through digital and in-person formats. The School also unveiled new delivery models, including a blended Executive MBA and a forthcoming 'stackable' degree structure, enabling professionals to build qualifications at their own pace. The Dean's remarks came on the heels of two significant milestones: the upcoming opening of the School's Riyadh executive office announced in the esteemed presence of HE Yousef Al-Benyan, Minister of Education, HE Majid bin Abdullah Al-Qasabi, Minister of Commerce and Acting Minister of Media and HE Eng. Khalid bin Abdulaziz Al-Falih, Minister of Investment and a newly announced strategic partnership with MiSK Foundation, both reinforcing LBS's mission to support human capability development in alignment with Saudi Vision 2030. The MiSk partnership was signed by Professor Sergei Guriev, Dean of London Business School and Dr. Badr Al-Badr, CEO of the MiSk Foundation in the presence of Majid Al-Qasabi, Vice Chairman of Misk Foundation, and Yousef bin Abdullah Al-Benyan, Minister of Education. During his visit, Professor Guriev also met with LBS alumni at MiSk City, hosted by Omar Najjar, Deputy CEO of Misk and an LBS Alumni and held high-level discussions with HRH Princess Haifa Bint Mohammed Al Saud, Vice Minister of Tourism, also an LBS alumna and H.E. Dr. Eiman Al-Mutairi, Deputy Minister of Commerce. 'The combination of bold policy ambition and a thirst for knowledge in Saudi Arabia is truly inspiring,' Professor Guriev added. 'LBS is proud to be part of this transformation and to partner with Saudi leaders and institutions to shape a future-ready generation.' LBS's growing presence in the Kingdom via its new office, expanding executive education programmes, and strategic collaborations represents a long-term investment in advancing leadership and driving impact across Saudi society. – Ends – About London Business School London Business School's vision is to have a profound impact on the way the world does business and the way business impacts the world. The School is widely acknowledged as a centre for outstanding research. As well as its highly ranked degree programmes, the School offers award-winning Executive Education programmes to business leaders from around the world. As well as its main campus in London, London Business School has a campus in Dubai, and a presence in three additional international cities – New York, Hong Kong and Shanghai. The School equips its diverse student body with the tools needed to tackle today's business challenges and connects them with many of the world's leading thinkers. The School has more than 53,000 alumni working in more than 157 countries. Together, they are a community defined by a wealth of knowledge, business experience and worldwide networking opportunities. London Business School's 259 faculty members come from over 30 countries. They cover seven subject areas: accounting, economics, finance, management science and operations, marketing, organisational behaviour, and strategy and entrepreneurship. Notes to editors For media inquiries, reach out to us as lbs@
Zawya
15-04-2025
- Business
- Zawya
London Business School signs strategic MoU with MiSK Foundation
Riyadh, Saudi Arabia: London Business School (LBS) has signed a Memorandum of Understanding (MoU) with MiSK Foundation to collaborate on a shared ambition to nurture a new generation of youth leaders by expanding access to high-quality education. The MoU was signed in Riyadh on 13 April, in a ceremony in the presence of H.E. Dr. Majid bin Abdullah AlQasabi, Vice Chairman of MiSK Foundation, His Excellency Khalid A. Al-Falih, the Minister of Investment, and H.E. Mr. Yousef bin Abdullah AlBenyan, Minister of Education. The MoU was signed by Dr. Badr Al Badr, CEO of Misk Foundation, and Professor Sergei Guriev, Dean of London Business School. This strategic partnership builds on Misk's ongoing efforts to nurture a new generation of youth leaders by expanding access to high-quality education. The agreement aims to explore collaboration in areas such as leadership development, executive education, scientific research, and strategic communication—all aligned with Saudi Vision 2030's goals to empower impactful leadership across the public, private, and nonprofit sectors. LBS and MiSK will explore the development of empowerment and leadership development programs for young people, with the additional aim of creating short executive courses and tailored workshops for Saudi leaders. The two organisations will collaborate on research focused on leadership transformation set within the Vision 2030 framework. The partnership will study the potential establishment of a regional executive education hub in MiSK City. Dr. Badr Al Badr, CEO of MiSK Foundation, commented: 'Our partnership with London Business School reflects MiSK Foundation's commitment to developing a generation of leaders capable of shaping a sustainable future and driving national transformation, in alignment with the objectives of Saudi Vision 2030. Through the strategic collaboration, we aim to deliver effective educational and executive solutions, and to advance scientific research that support the development of qualified leadership capabilities, contributing to enhancing the Kingdom's competitiveness regionally and globally.' Professor Sergei Guriev, Dean of London Business School, stated: 'We are delighted to join forces with MiSK Foundation in this strategic initiative. This collaboration will allow us to make a material impact on the advancement of leadership skills in Saudi Arabia by providing practical skills and knowledge relevant to the demands of the modern workplace, equipping individuals with the ability to adapt to a rapidly changing business environment." This partnership encompasses MiSK Foundation's broader efforts to provide innovative learning and training opportunities that contribute to building a thriving society led by youth. All of MiSK's programs are thoughtfully designed to empower Saudi youth from early academic and career stages, preparing them to become effective leaders across sectors—locally and globally. About London Business School London Business School's vision is to have a profound impact on the way the world does business and the way business impacts the world. The School is widely acknowledged as a centre for outstanding research. As well as its highly ranked degree programmes, the School offers award-winning Executive Education programmes to business leaders from around the world. As well as its main campus in London, London Business School has a campus in Dubai, and a presence in three additional international cities – New York, Hong Kong and Shanghai. The School equips its diverse student body with the tools needed to tackle today's business challenges and connects them with many of the world's leading thinkers. The School has more than 53,000 alumni working in more than 157 countries. Together, they are a community defined by a wealth of knowledge, business experience and worldwide networking opportunities. London Business School's 259 faculty members come from over 30 countries. They cover seven subject areas: accounting, economics, finance, management science and operations, marketing, organisational behaviour, and strategy and entrepreneurship. or media inquiries, reach out to us as lbs@
Arab News
14-04-2025
- Business
- Arab News
London Business School opens Riyadh office amid rising demand for executive education
RIYADH: London Business School has opened an office in Riyadh, a move its dean says reflects the institution's long-term commitment to supporting Saudi Arabia's Vision 2030 and the country's accelerating demand for executive education. The new location will deliver tailored executive education programs for both public and private sector organizations, building on London Business School's expanding presence in the Kingdom. 'Opening a third location is a big move for us, and we are making this investment because we strongly believe in the future of Vision 2030,' said Sergei Guriev, dean of London Business School, in an interview with Arab News on the sidelines of the Human Capability Initiative in Riyadh. 'We want to be part of this transformation, and we want to help enhance human capability of Saudi public and private sector organizations through providing leadership and business skills,' he added. The expansion marks the school's third global location and its second in the Middle East after Dubai. It will be managed by Florin Vasvari, appointed executive dean of executive education, Middle East, and Helen Kerkentzes, associate dean of executive education, who will serve as general manager. 'We've grown our relationships with Saudi public and private sector organizations a lot. We have many Saudi students coming to our campuses in London and Dubai, but we also teach programs for Saudi corporations as well as, public sector organizations in London and in Riyadh,' Guriev said. He explained the school runs both open-enrollment and custom-designed programs to meet the needs of Saudi companies. 'Open executive education programs are when students can apply from all sectors of Saudi economies,' he said. 'But we also design custom customer-centric programs for Saudi corporations.' In recent years, the number of Saudi executives enrolling in open-enrollment Executive Education programs has surged by over 250 percent. Guriev noted that nearly one-third of LBS's global executive education clients are either Saudi individuals or companies. 'For us, Saudi Arabia is the biggest country for our executive education,' he said. The Kingdom has also become the top source of students at the school's Dubai campus. 'Saudi nationals are the biggest national group and account in the last intake, they account for about 40 percent of the student body in Dubai, in our executive MBA program in Dubai,' Guriev noted. He said the decision to open an office in Riyadh was part of a broader strategic move backed by the school's leadership. 'When I came on board as a dean, I talked to the board, the governing body of the London Business School. In November, we made the decision to proceed with opening an office,' he said. 'In April, we stand on stage with three ministers, holding our commercial registration and investment license, allowing us to operate in Saudi Arabia.' On gender inclusion, Guriev praised the Kingdom's progress and reaffirmed LBS's commitment to advancing female leadership. 'We drastically increase the participation of women in our programs in Saudi Arabia and in London. For us it's very important and we praise the focus of the government on increasing of economic activity of women,' he said. 'This is one of the great successes of recent years of the Kingdom of Saudi Arabia. And we want to be part of the success, providing more programs for women, not only in London but here on the ground in Riyadh, making it easier for female business leaders to take programs from London Business School,' Guriev added.
Bloomberg
24-02-2025
- Business
- Bloomberg
London Business School's New Dissident Dean
When London Business School named Sergei Guriev its dean in January 2024, Russian opposition leader Alexei Navalny offered congratulations to his friend from his Arctic prison cell, just five weeks before he died under suspicious circumstances. Navalny's death, Guriev wrote soon after, was 'terrible news, not only for the future of Russia but also for Ukraine, Europe and the entire free world.' Guriev had left Russia years before, when he resigned as a rector of Moscow's New Economic School in 2013, fearing for his safety after co-authoring a report critical of the treatment of oil oligarch Mikhail Khodorkovsky. 'I have never been a politician, and I am not a political refugee. I left Russia for personal reasons: I personally prefer to stay free,' he wrote in the New York Times in June 2013, announcing why he would not return to his homeland (he was in Paris at the time). Guriev's lauded research has focused on political economics, including Russian economic history, and labor mobility. After leaving Russia, he continued to study and teach and served as provost of Sciences Po in Paris. He's also done stints as chief economist at the European Bank for Reconstruction and Development and as a visiting professor at Princeton University. We spoke with him in early February about this new role at LBS (he started in August 2024) and the direction that graduate business education is taking worldwide. The interview was edited for clarity and length.
