Dirhams & Dollars

In light of Monday's announcement by Careem, the local rival to Uber in the region, that it had been hacked and 14 million user accounts had been compromised, there was much debate online about whether the company had taken too long to tell its customers. Careem says it found out about the hack on January 14, and they disclosed the breach around four months later, on April 23. Was this too long? Or was it an appropriate amount of time needed to conclude investigations and ascertain all the facts? We argue on today's podcast about this, and how much this will affect Careem going forwards, especially with its all-important IPO in mind.

Arabian Travel Market: Tech, tourists, and...robots? by Gulf News

BitCoin and regulation aren’t two words that usually go together. Ask anyone why cryptocurrencies are a good investment and one of the first words you’ll hear is “decentralized.” As we talked about in the first part of our two-part series, the Wild West mentality of the crypto market just wasn’t sustainable. However, the market in virtual currencies and initial coin offerings is far from dead – instead, it’s maturing. To find out what the future of cryptos holds, we talk to Sally Sfeir-Tait, a former market regulator who’s now leading the way into regulatory technology. She tells us everything that went wrong with BitCoin, and why – hopefully – the market is learning from its mistakes. Part 1 of this two-part series can be found here, discussing Bitcoin & cryoto-currencies: https://soundcloud.com/dirhamsanddollars/bitcoin-hodl-or-risk-fomo And for apps, look up: Has Bitcoin ruined cryptos for everyone? Part 1

With plenty to discuss, we start with the announcement of two new hotels on the $2.2 billion Bluewaters island. In partnership with developer Meraas, the first Caesars Palace outside of Las Vegas is set to open towards the end of this year, with one key feature missing: Unlike its counterpart in Vegas, this hotel won’t have a casino. We discuss what this means for Dubai’s tourism industry, and the what kind of entertainment the hotel might provide instead. Fittingly, this week also sees the return of the Arabian Hotel Investment Conference. We discuss some of the key issues set to be discussed at the event. Might timeshares also be on the agenda at the event? Well, they’re more likely to be, after Dubai announced economic stimulus plans. Sarah walks us through what it all means.

DP World’s role in two African ports has drawn a lot of attention recently. In Djibouti, the government illegally seized control of the Doraleh Container Terminal from a DP World-owned entity after the government lost in the Court of International Arbitration in London. Then Somalia attempted to ban DP World's operations at Berbera Port in Somaliland, a breakaway republic to the east. The attempt failed, and DP World is still working closely with the Somaliland government to develop the port into a major trade hub on the Horn of Africa. Gulf News recently sent Omar Shariff, the Deputy GCC/Middle East Editor, to Somaliland to view the port and talk to Muse Bihi Abdi, the President of Somaliland, and Dr Sa’ad Ali Shire, the foreign minister. Omar comes on Dirhams & Dollars to tell us about his experience visiting the country.

It’s going to be an interesting week, if last Friday was any measure. Last week ended with the markets going haywire as China and the US exchanged tit-for-tat threats of new tariffs. This week seems to be … not really better, but at least they’re no longer actively threatening to cause each other pain. This may just be the calm before the storm however. China’s media machine seems to be pumping itself up for the Boao Forum, a Chinese economic summit similar to Davos. Chinese President Xi Jinping will take centre stage at the forum. Will he take the opportunity to strike back at US President Donald Trump and his punitive tariffs? Trump for his part is - still – tweeting. Here in Dubai we will have the Annual Investment Meeting, where top delegates will be talking about investment and protectionism. Notice a pattern here?

It’s pop-quiz time here at Dirhams & Dollars. What we want to know is: what scares you more? Is it the prospect of dying in a car driven by a computer or is it dying in a car driven by a human? Judging by the headlines last week after Uber and Tesla both had vehicles involved in fatal crashes, we’re going to guess it’s the former. But that doesn’t make sense. Humans have been killing each other on the roads far longer than machines, and they do ot in greater numbers. So why is everyone acting like the machines are about to bring about the end of the world? It’s a tricky subjects, one that is equal parts psychology and technology. Listen as the Dirhams & Dollars team spin its wheels trying to solve an issue that isn’t going to go away anytime soon.

It’s not been a good week for tech. Tesla’s taken a beating for everything from failing to meet customer demand to an AI-related fatality involving one of its vehicles. A self-driving Uber also killed a pedestrian. And Facebook’s Mark Zuckerberg is heading off to Washington to explain to Congress how and maybe why he destroyed Western Civilisation. It’s almost enough to make you think that all of this technology is out to get us. It isn’t, but we talk about why the recent run of bad tech headlines might be causing some people to think twice about the future. We also look at how much further tech stocks might fall, and the other companies that may yet still be embroiled in the ongoing data scandals. But for anyone looking to escape, don’t worry, you can go see the Middle East Film and Comic Con this weekend. Or if you need a quick laugh, you can join me and Ed in laughing at Sarah’s sunburn.

Fresh off of our 100th episode on Sunday, today we unveil part one of our long-awaited bitcoin episode series. To guide us through these murky waters, we welcomed Hussein Sayed, chief market stratgist of FXTM, in to the studio, to talk everything from the death cross, price predictions, volatility, fundamental factors that are driving the value, and whether cryptocurrencies could one day be influential enough to cause a global economic meltdown. Finally, we ask whether or not bitcoin is still a solid investment, and we look at who has the stomach for the roller-coaster ride that the past year and a half has been for investors. Disclaimer: We are fully aware that by this episode airs, 48 hours after we recorded it, much of the contents will have become rendundant as bitcoin will probably be worth either $100,000 or $50, and will be legal/banned in every country, such is the pace of change in the weird and wonderful world of cryptos.

Celebrate good times. That’s at least what the song tells us to do. Our 100th episode should’ve been cause for celebration. One hundred actual episodes of the three of us pontificating on the business world. Sadly, there is no time to celebrate this week. The skies are increasingly stormy above Washington DC as the threat of a trade war looms large. Before the weekend, the Dow Jones Industrial Average closed at its lowest point since 2017, with fear in the markets generated by Donald Trump’s announcement of fresh tariffs on $50 billion of Chinese imports triggering a warning of counter-measures from China. We look at how Trump may handle conflict on multiple fronts: Economic war with China, Europe, and potentially Canada and Mexico too. And now, with the appointment of warmongering John Bolton as Trump’s national security advisor, the probability of conflict with Iran and North Korea appears to have escalated. Dark times, indeed. Just when we thought we’d have some good news to share on this momentous

As billions of dollars ($52 billion so far) get wiped off Facebook’s market value, we look at exactly what triggered the sell off. In short the answer to that is Cambridge Analytica. The UK-based consultancy was first hit with accusations of possibly unethical conduct when a whistle blower dished out details on how Facebook was manipulated to sway voters in the US presidential election, Brexit referendum, and several other races around the world. That was closely followed by a Channel 4 report that showed the company’s executives apparently bragging about their use of propaganda, data mining and generally scurrilous means to help their clients scare people into voting a certain way. Not surprisingly, warrants were issued. But is what they did illegal? Are their alleged activities really that bad? And more importantly, how careful should you really be online? We’re joined by Jonathan Richards, Gulf News’ digital strategy director, who tells us more about the dark arts of internet manipulation. We also discu

Do you love monetary policy meetings and governmental summits? Of course you do. And that’s probably why you’re as excited as we are for the coming week, which features not one, but two central bank meetings to discuss interest rate hikes, and a meeting of the world’s leaders at the G20 summit in Argentina. First off, the US Federal Reserve board meets for the first time under the leadership of Jerome Powell, for what many expect will be an interest rate hike of 25 basis points. Next up, will the Bank of England follow suit and raise interest rates too? Lastly, what can we expect from the G20? Trade wars, actual wars, spy poisonings, cryptocurrencies, and economic partnerships are expected to define discussions when governments meet in Argentina.

What UAE's new media laws mean for influencers by Gulf News

Is a trade war brewing? With China, the EU, and the US all staking out their positions on the international stage, it now appears more likely than ever. Or, as some believe, is Trump simply ratcheting up the tension to gain leverage over his (perceived) competition? We try to answer these questions on today’s podcast, whilst diving in to the products that are liable to be hit, including German cars, and American blue jeans. Closer to home, we look at the Middle East Rail show taking place this week. An annual opportunity for rail ministers to gather together and discuss ambitious plans to connect all the Gulf states by rail. With current estimates of cost pegged at around $250 billion, it appears unlikely that the plan will get back on track any time soon. We discuss the implications of this, and what else is on offer at this week’s event. Lastly, we take a look at the Spring Statement, a budget announcement by the UK Government outlining new taxes, or spending changes. Although this year’s is expected to b

Over the last year, the US thought it was the Russians who were their biggest problem. Instead, they should have been looking in their own backyard. According to reports that came out last week describing the emotionally rigged system for advertising on social media, the real threat seems to be Facebook. The problems is tied directly into an algorithm that is design to cater directly to you. Facebook – and Google and a lot of other social media – know what you like to a degree that is scary. That works great if you’re peddling shoes – but it has resulted in eye-opening consequences for politics and news. Scott, Ed and Sarah – along with GN’s own guru on social media strategy, Jonathan Richards, talk about what this means for the future of journalism and the news media as a whole.

Just when you thought it was safe to get back in the markets … (buildup of dramatic music) … Trump tweets. Last Thursday’s social media diktat was a move that even a Great White shark would envy. No one saw it coming, especially not this quickly. Now – BOOM – trade war. And its Bigly. The US will be going after international steel and aluminum producers, or at least those that export to the US. Anyone who was paying attending during the G-7 and at Davos knows there was concern that US President Donald Trump was considering protectionists measures, but as of this Wednesday - when he’s expected to reveal his plans on just who gets taxed and by how much - it will be a reality. Canada, Europe, China, Mexico and even the Gulf will be affected. In this episode, we talk what’s going to happen, who going to retaliate, and how this will impact the UAE’s aluminum and steel producing industries. We also talk about how to pronounce aluminum. Seriously.

Just this year, Dubai has already added a slew of accolades to its trophy cabinet: Tallest hotel in the world (again), largest Mickey Mouse floral arrangement in the world, and as the clock struck midnight to usher in 2018, the Burj Khalifa (already the tallest building in the world) established a new Guinness world record for the largest laser light and sound show on one single structure. Phew. With that in mind, on today's podcast we explore Dubai's obsession with breaking records, and what has driven this strategy historically. Dubai has made a name for itself through a mixture of marketing, self-promotion, and attention-grabbing stunts, but does it still need such stunts? Or, as we debate here, is it already well established enough that it should now switch its attention to the quieter, more subtle, and more sustainable pursuits, that will ultimately benefit Dubai more greatly?

From glamourous yachts and private jets to the creme de la creme of the finance industry, it’s a busy week in the UAE as lots of events kick off. The Dirhams & Dollars team updates you on all the cool happenings, starting off with the Dubai International Boat Show, which is now held at the Dubai Canal. The exhibition of some of the world’s premier yachts promises to bring together high net worth individuals and provide a sneak peek into consumer spending. In Abu Dhabi, the focus is on private jets as the Air Expo kicks off. The Global Financial Markets Forum also takes place in the UAE capital, bringing together market movers from ministers of energy and central bankers to economists. Tune in for more!

With the opening of the Warner Bros. park in Abu Dhabi this summer, and the push by Dubai to make the emirate a destination for family tourism, we take a look at the sustainability and outlook for the country’s theme parks. We try to understand why both major parks missed their target numbers by a wide margin in 2017, and what might be impacting footfall at Dubai’s parks. We also discuss where future demand will come from, and how parks in the UAE can do more to appeal to the domestic and the international market. It’s a real rollercoaster ride of a conversation...

With mounting concerns over US inflation failing to deter the markets from their recover after last week’s plunge in share prices, we ask: What happened? And why? As the dust somewhat settles following the market commotion over the past two weeks, the world appears to be taking a big, deep breath. This is a quiet week in Dubai, with only Gulfood occupying the country’s media. And, as the gang discover when they discuss the event, wholesale food exhibitions can be as dry as the wheat that the travelling salesmen have brought with them. Mobile World Congress, on the other hand, is expected to be more exciting. We discuss what can be expected when Samsung, Sony, et al., turn up in Barcelona this weekend to show off their latest gadgets.