July 2022 Recap: Dubai’s Regional Strategic Forecast

EICN’s Dubai network held its Regional Strategic Forecast (RSF) on 6 July 2022.

The event began with a presentation from our Global Chief Economist Simon Baptist of the EIU’s latest outlook, which forecasts that MENA will be the fastest growing region in the world in 2022-23.

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He also shared six key themes for business leaders to consider during the remainder of 2022 and beyond. These include localising supply chains to ensure resilience, the risks of the weaponisation of business and technology by competing governments, and the implications of the end of “lower-for-longer” interest rates.

In the company of three regional bank leaders (Rola Abu Manneh, CEO of Standard Chartered Bank UAE, Andrew Mortimer, COO for Barclays in the Middle East, Naveed Kamal, chairman EMEA Emerging Markets at Citi Bank), we explored the likelihood of imminent recessions in key economies and at a global level, and considered how the oil producing countries of the Middle East could and should spend the windfall they are currently receiving as a result of $100+ oil prices.

Finally, we were delighted to host HE Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade for our keynote on-stage interview, in which we discussed benchmarking and further improving the UAE’s business and investment environment, the new competition from Saudi Arabia for regional business hub status, the introduction of corporate tax in the UAE in 2023, and the current status of UAE relations with Russia in the context of the war in Ukraine.

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