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Adam Bouyamourn

Abu Dhabi, United Arab Emirates
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About Adam
Adam Bouyamourn is a journalist based in Abu Dhabi, United Arab Emirates.
Languages
English
Services
Feature Stories Content Writing Corporate Content
+5
Skills
Fact Checking
Portfolio

Album review: With The Force Awakens, John Williams finds his majestic music playing second fiddle to frenetic pacing

18 Jun 2021  |  thenationalnews.com
John Williams' score for 'Star Wars: The Force Awakens' is special but plays a less prominent role compared to previous films due to J J Abrams' fast-paced direction. The soundtrack, while not equal to 'A New Hope' or 'The Empire Strikes Back', showcases Williams' genius in writing themes and motifs. The review highlights the dynamic nature of the score, with action sequences dominating and less room for expansive pieces. Rey's Theme and The Jedi Steps are noted as substantial compositions, but overall, the score is seen as constrained by the film's pacing.

Game review: Undertale – time to raise your game

16 Jun 2021  |  The National
Undertale, created by Toby Fox, is lauded as a post-modern masterpiece in interactive narrative art, blending emotion, humor, and tragedy with a unique battle system and multiple endings. The game subverts traditional RPG mechanics and video game conventions, offering a deep emotional story and technical mastery. It encourages multiple playthroughs with its structural playfulness and hidden Easter eggs, earning its place in the post-modern canon and changing the perception of experience points.

Fed is more than just a black box of rational actors

15 Jun 2021  |  thenationalnews.com
The Federal Reserve's decision-making process is more complex than simply following economic models, as it considers a range of factors including labor market data, international economic conditions, and market opinions. Despite improvements in the US labor market, the Fed is taking a cautious approach, influenced by part-time employment rates, the economically inactive population, and the impact of interest rate rises on trading partners. The Fed's actions are also shaped by its institutional politics and legal dynamics, as well as public and elite opinion. Theories suggest that the Fed may need to adjust its approach to inflation targets to address the economy's performance since 2008.

Saudi Arabia considers cutting energy subsidies to manage budget deficit

14 Jun 2021  |  www.thenationalnews.com
Saudi Arabia is contemplating reductions in energy subsidies to address its growing budget deficit, with the oil minister Ali Al Naimi acknowledging the consideration of price increases. The kingdom faces a budget deficit of 21.6% of GDP, with the IMF warning of depleting financial reserves in five years if current spending continues. The drop in oil prices has significantly reduced government revenues, necessitating an oil price of around $105 per barrel to balance spending. While the Saudi government plans to cut infrastructure spending in 2016, other Gulf countries have also adjusted their energy subsidy policies. Saudi Arabia's sovereign wealth fund has liquidated assets to fund the deficit, and the country has options due to low debt levels and substantial reserves.

IMF slashes Saudi Arabia growth forecast to 1.2 per cent in 2016

05 Jul 2016  |  The National
Mercer, a division of Marsh & McLennan, aims to double its assets under management in the Middle East to $2-$3 billion within the next 2-3 years, driven by growing regional wealth despite economic challenges. Wealth in the Middle East and Africa grew by 8.5% to $8.1 trillion in 2016, with Boston Consulting Group forecasting it to reach $12 trillion by 2021. The Abu Dhabi Investment Authority is increasing its exposure to private equity and credit transactions, particularly in Asia. The article also provides a historical overview of Amazon's key milestones.

UAE urged to keep public sector wages in check

30 May 2016  |  The National
The UAE is advised by the IMF to maintain control over public sector wages amidst a growing budget deficit. The IMF's Zeine Zeidane emphasizes the need for fiscal discipline, economic diversification, and structural reforms. The UAE's budget deficit is projected to reach 7.2% of GDP due to low oil prices, despite efforts at fiscal consolidation. The country is adopting spending cuts, new debt issuance, and taxes to manage the deficit. Investment in port infrastructure and the logistics sector is helping to mitigate the impact of low oil prices.

Masdar secures backing for UK offshore wind plant

25 May 2016  |  The National
Masdar, in collaboration with Norwegian energy companies Statoil and Statkraft, has secured £1.3bn in financing for the 402-megawatt Dudgeon offshore wind plant in the UK. The project, expected to power 400,000 homes, will receive UK government subsidies under the 'Contract for Difference' scheme. Masdar's stake in the project is 35%, and the plant is set to start producing power in the second half of 2017. This development will increase Masdar's clean energy capacity in the UK to over 1GW, reflecting its commitment to the renewable energy sector. Masdar also holds stakes in other significant clean energy projects, including the London Array.

Saudi Arabia, Oman and Bahrain credit ratings downgraded by Moody’s

15 May 2016  |  The National
Moody’s has downgraded the credit ratings of Saudi Arabia, Oman, and Bahrain due to lower-than-expected oil prices impacting their fiscal positions. Abu Dhabi’s rating remains stable, while Qatar and Kuwait are on negative outlook. The downgrades are expected to increase the cost of issuing international debt for these Gulf states, which are facing widening fiscal deficits. The IMF projects significant budget deficits for the Gulf nations this year and next, with substantial losses in export earnings due to the drop in oil prices.

Consultants flock to Saudi Arabia for ‘mother of all transformation projects’

24 Apr 2016  |  The National
Saudi Arabia has spent $1.25 billion on management consultants this year as it prepares to announce its National Transformation Plan (NTP), aimed at insulating its economy from low oil prices. The kingdom's spending on consultants grew by 14.8% year-on-year, making it the largest and fastest-growing market for consultants in the region. The NTP includes economic reforms such as subsidy cuts, new labor market rules, and the introduction of VAT, with the goal of generating over $100 billion per year by 2020. Major consulting firms like McKinsey, PwC, Deloitte, EY, and KPMG have significantly benefited from this surge in demand.

IMF warns of slower growth for UAE and the global economy

12 Apr 2016  |  The National
The IMF has downgraded global growth prospects, predicting slower growth for the UAE and the global economy. The UAE's growth forecast for this year is 2.4%, the slowest since 2010. The IMF's chief economist, Maurice Obstfeld, emphasized the need for governments to loosen fiscal and monetary policies. Despite a mild oil market rally, Gulf states are expected to experience prolonged weak economic growth. Advanced economies and emerging markets also face challenges, with the IMF cutting growth forecasts for both. China remains a critical factor, with potential global repercussions if its slowdown worsens.

Saudi Arabia and UAE government bank deposits fall

Egypt’s currency devaluation a ‘welcome step’, say economists

14 Mar 2016  |  thenational.ae
Economists have endorsed the devaluation of the Egyptian pound as a positive, albeit belated, step, with expectations of attracting foreign investment and addressing the overvaluation issue. However, they caution about the potential rise in inflation due to increased import costs. The devaluation is seen as a precursor to broader economic reforms, including a more flexible exchange rate regime. Interest rate hikes are anticipated by analysts in response to the devaluation.

Flydubai plans expansion in eastern Europe and Africa

08 Mar 2016  |  thenationalnews.com
Flydubai, despite a 60 percent drop in net profit last year due to market conditions, fuel hedging, and a stronger dollar, plans to increase capacity in the GCC and expand in Eastern Europe and Africa. CEO Ghaith Al Ghaith remains optimistic, citing opportunities in these regions, and intends to grow organically without acquiring other airlines. Flydubai will start receiving 16 new aircraft from May and retire seven to maintain a young fleet. Adel Ali, CEO of Air Arabia, also expressed a focus on increasing passenger numbers and expanding across the Middle East and North Africa.

It’s official: VAT will arrive in the UAE by 2018

25 Feb 2016  |  The National
The UAE will introduce a value added tax (VAT) by the end of 2018 at a rate of 5 percent, excluding education, healthcare, and essential food items. A GCC-wide VAT agreement is expected in June, with UAE Minister of State for Financial Affairs Humaid Obaid Al Tayer confirming the plans. The UAE is also considering a corporation tax, assessing its social and economic impact. IMF's Christine Lagarde supports the tax to offset oil revenue losses, while Jason Tuvey of Capital Economics notes it could help government revenue but potentially hinder private sector job creation and investment.

IMF leader tells Arabian Gulf states to raise taxes and cut spending after fall in oil prices

17 Feb 2016  |  The National
Arabian Gulf states are advised by IMF Managing Director Christine Lagarde to raise taxes, cut spending, and enhance gender equality to navigate the era of low oil prices. Lagarde emphasizes the need for fiscal consolidation, introduction of new taxes, and liberalizing measures to diversify economies. The IMF estimates significant revenue losses from oil exports, and Moody’s projects budget deficits for the UAE and Saudi Arabia. Lagarde also highlights the importance of gender equality and warns of the potential impact of slower Chinese growth and low global inflation on the region's economic prospects.

Fitch reaffirms Abu Dhabi AA credit rating

18 Jan 2016  |  The National
Fitch reaffirmed Abu Dhabi's AA credit rating, citing the country's substantial sovereign wealth fund as a buffer against low oil prices. Despite widened fiscal deficits due to falling oil revenues, Fitch believes the shortfall is manageable through subsidy reforms, reserve drawdowns, and new local debt issuance. The agency also called for improved economic data availability and criticized the UAE's economic policy framework. In Qatar, Standard & Poor's noted that reduced infrastructure spending will challenge the banking sector, with tougher operating conditions expected in 2016.

Saudi Arabia cuts spending after posting record $98 billion budget deficit for 2015

28 Dec 2015  |  The National
Saudi Arabia has significantly cut investment spending, particularly in transport and infrastructure, to address a record $98 billion budget deficit for 2015. The kingdom's 2016 budget includes a 2.3% reduction in overall spending and a projected deficit of 326 billion riyals. The government has introduced new budgetary procedures and a public finance unit to control spending. Economic reforms over the next five years will focus on privatisations, climate reform, and public-private partnerships. The collapse in oil prices has severely impacted Saudi Arabia's economy, leading to asset liquidation and plans to issue bonds internationally.

Iran growth hovering near zero as IMF says economy stuck in stagflation

22 Dec 2015  |  The National
The Iranian economy is experiencing near-zero growth, with the IMF projecting a range between -0.5% and 0.5% for the year. Sanctions have led to stagflation, severely impacting the non-oil sector. The P5+1 agreement aims to lift sanctions in exchange for Iran curtailing its nuclear program, with relief expected in early 2016. Despite the anticipated increase in oil production, the timing is poor due to low oil prices. The IMF forecasts economic growth of 4-5.5% in the next two years, contingent on oil prices stabilizing around $52.9 per barrel. Iran's 2016 budget will be reduced by 2.6% compared to the previous year.

Private sector needs to adopt a more sustainable approach to hiring Gulf nationals, says new study

25 Oct 2015  |  The National
Regional organizations view job-market nationalization as a liability, leading to illegal practices to meet quotas. Booz Allen Hamilton's study suggests the current expatriate recruitment model is unsustainable, urging a strategic HR plan to align national labor market skills with company needs. The GCC private sector must create 600,000 jobs for nationals by 2019, but this will only cover half of the projected workforce. The report highlights the need for performance-linked compensation and complex metrics for nationalization success. Effective incorporation of nationals by companies like Saudi Aramco and Emirates is noted, while experts call for more inclusive workplaces.

UAE Government draws up sales and corporation tax plans

25 Aug 2015  |  The National
The UAE Government plans to introduce a federal sales tax (VAT) and a corporation tax, making it the first in the Arabian Gulf to implement an economy-wide indirect tax on consumption. VAT will be higher on luxury goods, alcohol, and tobacco, while essentials will be exempt. The IMF has recommended a VAT rate of around 5%. The government has drafted laws for a federal tax system, but it will take time for these to become law. This move comes as Gulf states face low oil prices, with the UAE's budget deficit estimated at 2.3% of spending this year. The IMF has long suggested VAT to raise non-hydrocarbon revenues, and the UAE is seen as taking serious steps towards fiscal consolidation.

Wages in Abu Dhabi’s construction sector jump 17 per cent in 12 months

01 Jul 2015  |  The National
Wages in Abu Dhabi's construction sector increased by 17.4% over 12 months, with real wage growth at about 12% after accounting for inflation. Construction employment constitutes a significant portion of the Emirate's workforce. Wage growth in construction outpaced other sectors, with skilled tradespeople seeing notable increases. Indian expat construction workers experienced significant salary hikes due to economic growth in India. Expert opinions suggest that wage growth may slow as government spending on projects decreases.

Arab Monetary Fund calls for central banks to step up in Islamic finance

18 May 2015  |  thenational.ae
Abdulrahman Al Hamidy, director general of the Arab Monetary Fund, emphasized the need for central banks to enhance their supervisory and regulatory roles for Islamic banks, including the introduction of new liquidity management tools. He highlighted the challenge Islamic banks face in managing short-term financial obligations due to Sharia restrictions. The UAE Central Bank introduced a Sharia-compliant short-term lending facility in March of the previous year to support Islamic banks.

UAE economy set for ‘soft landing’ this year, analysts say

01 Jan 2015  |  The National
The UAE economy is projected to experience a 'soft landing' this year, with growth slowing to its lowest rate in six years due to low oil prices, less favorable external conditions, and tightening domestic liquidity. Analysts from Bank of America Merrill Lynch, Standard Chartered, and Standard and Poor's provide varying growth forecasts, all indicating a slowdown compared to the previous year. The IMF forecasts a 3% growth rate, down from 4.6% last year. Government spending cuts and tax increases are expected to further drag down economic growth. Despite the slowdown, the UAE remains the most diversified economy in the region, with Dubai playing a crucial role in diversification away from oil.
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