Business Extra

The financial cost of the Iran war is becoming clearer as according to the latest study by the Institute for Economics and Peace, the conflict is costing the global economy $2.2 trillion in annual GDP. The US alone had spent $25 billion within two months of the war beginning, and sought a further $200 billion from Congress to continue operations. Economists estimate the long-term cost at around $1 trillion. That cost does not stay on a balance sheet. It moves through supply chains, interest rates, insurance premiums and shipping costs until it arrives in grocery bills, fuel prices and mortgage repayments for households around the world. In the latest episode of Business Extra, host Salim A. Essaid speaks with Steve Killelea, founder and executive chairman of the Institute for Economics and Peace, about how a war in the Middle East ends up affecting ordinary people, which costs hit hardest and fastest, and what $2.2 trillion back in the global economy would actually look like for the people who never had a say in the decision to go to war.

Small and middle-sized companies (SMEs) make up more than 95 per cent of businesses in the UAE and contribute more than 60 per cent of the country’s non-oil GDP. But despite that, the UAE still has relatively few SMEs growing up to become large private companies. Founders have been saying that starting a business is much easier than scaling one, and in some cases, even easier than closing one. As businesses grow, they tend to encounter the same roadblocks. Access to growth financing can be difficult, delayed payments create cash flow pressure, and operational complexity can take focus away from growth. Many SMEs also struggle to compete with larger players for contracts and talent. So, while the UAE has built a strong start-up culture, the next challenge is helping more of those businesses grow into sustainable midsized companies. In this episode of Business Extra, host Salim A Essaid is looking at what is holding businesses back once they move beyond the start-up phase. And what needs to change for more UAE-founded companies to become long-term regional and global success stories? He speaks with two guests approaching this challenge from very different angles. Karolos Travassaros, chief portfolio officer at the Emirates Growth Fund, who explains the concept of the missing middle and what patient, minority capital can do to help SMEs cross that gap and become national champions. Jen Blandos, founder and chief executive of Female Fusion, a UAE-based community of women entrepreneurs, also joins to speak from 17 years of experience as a business owner in the UAE about the structural frustrations that may hold SMEs back.

The UAE's decision to leave Opec is the biggest exit the organisation has faced since 1960. As the group's third-largest producer and one of the few members with real spare capacity, the departure of the Emirates raises urgent questions about the future of global oil markets and the organisation that has shaped them for decades. This comes at a critical moment. The Iran war is escalating, the Strait of Hormuz is under pressure and Aramco is warning that the market has already lost about one billion barrels. Analysts say it could take until well into next year for the situation to fully recover. In this episode of Business Extra, host Salim A Essaid speaks with Amena Bakr, head of Middle East and Opec+ insights at Kpler, about what the UAE's exit means, whether other members could follow suit and whether the old Opec model still works in a more fragmented world.

The UAE property market has been one of the strongest stories in the sector globally over the past few years, with record transactions, rising prices and huge numbers of international buyers. What makes the Emirates unique is not just the growth but its ability to recover quickly from downturns, attract global capital and reinvent itself through policy and positioning. But over the past few weeks, something unprecedented has happened. After the US-Israeli war on Iran started in late February, and Tehran's subsequent attacks on the UAE and other Gulf countries, transaction volumes fell by about 37 per cent year on year – and almost 50 per cent month on month in the first 12 days of March – according to Goldman Sachs. Some sellers are already cutting prices by 10 to 15 per cent just to close deals, and ValuStrat reported a 5.9 per cent decline in Dubai property prices last month. It is the first significant downturn in the UAE property market since its rise after the Covid-19 pandemic in 2020, and one that is geoeconomically motivated. In this live-recorded episode of Business Extra, host Salim A Essaid is joined by five experts to help make sense of it all: Mario Volpi, senior vice president of investment advisory at Allegiance Real Estate; Andrew Cummings, head of residential agency in the Middle East at Savills; Matthew Green, lead researcher at CBRE Mena; Rakesh Mavath, founder and chief executive of Takeem; and Louis Harding, chief executive of betterhomes. They discuss whether this is just a short-lived shock or the first real signs of a slowdown after several years of growth, what it means for people who have invested in the UAE property market, what could happen to rent prices as people seek more affordability, and whether distress sales are actually happening.

This episode was produced in partnership with Adnoc Group In this special episode of Business Extra, host Khaled Abuljebain speaks to Ali Siddiqi, chief financial officer of Adnoc Distribution. Mr Siddiqi shares how the company is growing its national footprint while cutting costs and advancing the UAE's energy transition goals. He outlines Adnoc Distribution’s plan to increase its fuel station network from 940 to 1,150 by 2028. At the same time, the company has reduced unit costs by 30 per cent through automation, AI and operational efficiency. The conversation also covers Adnoc’s evolving partnerships with leading retail players Noon and Landmark Group, as well as its introduction of 700 electric vehicle chargers. Mr Siddiqi explains how the traditional fuel retailer is repositioning itself as a broader energy and convenience service. This episode highlights how Adnoc Distribution is combining scale, technology and sustainability to create long-term value while supporting national carbon-reduction goals.

Bitcoin lost over $18,000 in November, triggering one of the sharpest monthly declines since 2021. With nearly $3 billion in forced liquidations, headlines declared a crash. But is that the whole story? In this episode of Business Extra, host Salim Essaid sits down with two major voices shaping the global crypto conversation. First, Richard Teng, co-chief executive of Binance, explains what really happened in November. Then Yevgeny Bebnev, chief investment officer at Pelican Investments, argues that crypto has become an institutional asset, and that volatility is a market feature, and shares his outlook for 2026.

In this episode of Business Extra, Abdulla bin Touq, Minister of Economy and Tourism, joins host Salim Essaid to discuss how the country is positioning itself as the global capital for start-ups and small and medium enterprises. Mr bin Touq explains how new economic reforms, ownership laws and innovation frameworks have reshaped the business landscape, doubling the number of registered companies in just five years to more than 1.3 million. The conversation explores the government’s newly launched cluster-economy strategy, focusing on five priority sectors: food and food processing, financial services, tourism, data and analytics, and space. The minister also highlights the UAE’s growing circular economy, the role of artificial intelligence across industries and the policies designed to boost competitiveness and innovation protection. The conversation also examines how the UAE aims to balance rapid growth with resilience and sustainability while targeting two million registered companies within the next five years.

A quiet transformation is reshaping the global wealth map. High net-worth individuals are moving their assets from the UK to the UAE. The Revolut co-founder Nikolai Stronsky's recent change of tax residency from the UK to the UAE reflects a much broader trend. Higher taxes, the end of the UK’s non-dom regime, and general regulatory uncertainty are pushing wealthy people to look for stability, predictability and a global lifestyle. In contrast, the UAE is offering zero income tax, long-term residency, world-class infrastructure and an easy environment in which to do business. In this episode of Business Extra, host Salim Essaid explores what’s behind the growing exodus of capital and talent from the UK and why the UAE is increasingly emerging as the destination of choice for wealth migration. He speaks to Philippe Amarante, managing partner at Henley & Partners Middle East, on the sidelines of the Abu Dhabi Investment Forum in London. He breaks down what is causing the UK to lose more millionaires and what wealthy people are really looking for when deciding where to base their lives and capital. Then, we hear from Khalifa AlMahmoud, director of investor attraction at the Abu Dhabi Investment Office. He outlines why the emirate’s mix of tax benefits, education opportunities and global accessibility makes it a long-term contender for global private capital.