Forecasting the Middle East with EGA

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.

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.

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.

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.

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.