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Levelling the Field

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16-30 November, 2017 Levelling the field Saudi Arabia’s heir leaves no stone unturned with surprise anti-corruption crackdown p30 Algeria…..…..…........DZD 215 Egypt……............…...... EGP 18 Jordan....….........….......JOD 2 Lebanon..............LBP 4000 Oman…….................…..OMR 1 Saudi Arabia.........…SAR 10 UAE...…....…..…........…AED 10 Bahrain….......................BHD 1 Iraq……...…..…...... IQD 3200 Kuwait….......…......KWD 0.75 Libya…........................LYD 3.5 Qatar……….................…QR 10 Syria............................SYP 200 Yemen…..................YER 600 #BornToDare BLACK BAY S&G 16 November, 2017 1 ELINOR CARUCCI/TRUNK ARCHIVE CARUCCI/TRUNK ELINOR 42 ▲ Botox The most lucrative, poisonous, and secret formula on Earth CONTENTS Bloomberg Businessweek Middle East 16 November, 2017 ◼ IN BRIEF ◼ VIEW 6 ● US in the cold over global warming ● Delhi is even 8 Emmanuel Macron is off smoggier than Beijing ● British retail heads for doldrums to a good start, but he’s running a marathon, not a sprint 1 BUSINESS 2 TECHNOLOGY 3 FINANCE 10 Now it’s Apple’s turn 18 Amazon got one 22 How to profit to try to be Netflix prime deal in Ohio … from human nature: First you have 12 Saudi firms backed by 19 … now the company is to understand billionaires in probe have searching coast to coast $2.1 billion in debt for another bargain your own 14 Emirates’ order helps keep 19 To dig the safest, cheapest 24 Deep supply cuts have Airbus’s A380 programme mine, just wire everything desired effect as Saudi airborne, for now Aramco raises the cost of Arab Light Crude for Asia 20 ...to discover why remote data is as good as gold 2 23 “There’s nothing quite so vivid and emotional as losing money, so when a stock goes down, people overreact.” 15 With aims to control $2 trillion by 2030, KSA’s PIF calls in heavyweight advisors 15 Arkad and ABB form marriage of convenience to ECONOMICS POLITICS aid expansion 4 5 16 Solar project offers ray of sunshine for Abu Dhabi 30 Water & Electricity Authority 26 The Chinese market One day that is a world apart changed KSA 17 Iraq’s oil exports suffer in October as former allies 28 Mexican workers—not 32 The state of State: What’s become foes Nafta—are the reason Rex Tillerson up to? companies go to Mexico 34 When it comes to pipelines, 29 Egypt’s president is happy America First promises with the effects of a free- prove problematic floating Pound, unlike the middle classes CONTENTS Bloomberg Businessweek Middle East 16 November, 2017 Management: Poonam Chawla, General Manager [email protected]; 58 “We are in a new world. It is a new challenge for internet +971 50 144 0703 Editorial Roger Field, Editor communities to deal with nation states trying to subvert [email protected] Art & Design: elections” Steven Castelluccia, Art Director [email protected]; +971 4 432 9467 Subscribe: subscriptions@ businessweekme.com Address: PO Box 503048, Building 5, Office 206, Dubai Media City, PURSUITS Dubai UAE FEATURES Web: www.businessweekme.com General enquiries : +971 4 4 329 467 BLOOMBERG BUSINESSWEEK MIDDLE EAST is published by 42 Inside Fort Botox, where UMS International FZ LLC and Bloomberg L.P. Articles reprinted in this issue from BLOOMBERG BUSINESSWEEK are copyrighted Allergan makes and protects 2017 by Bloomberg L.P. All rights reserved. Reproduction in any manner, in whole or in part, without prior written permission its prize drug of Bloomberg L.P. and UMS International FZ LLC. is expressly prohibited. 55 The man who’s UMS International FZ LLC, a division of United Media Services. shaking up Swiss PO BOX 503048, Building No 46 Snapchat succeeds where 5, Office 206, Dubai Media City, watchmaking Dubai, UAE. Facebook and Twitter fail— Printed by: Emirates Printing Press DUBAI 59 Design: Maiden Home Average qualified thwarting viral mischief makers takes custom furniture circulation : 4 22860 shopping online *December 2016 BPA Brand Report 60 Drive: Rolls-Royce BLOOMBERG rolls out a new Phantom BUSINESSWEEK HQ 731 Lexington Ave, New York, NY 10022, United States, www.businessweek.com 62 Critic: The junk-bond king bows on Broadway Follow us on social media Facebook facebook.com/ Businessweekme Twitter @businessweekme 63 The One: Dyson’s V7 Trigger handheld vacuum 64 Game Changer: Roger Crystal left the operating room for the boardroom 50 People with a rare disorder 16-30 November, 2017 anxiously await Ron Evans’s Levelling the field miracle exercise pill. Body builders are also pumped Saudi Arabia’s heir leaves no stone unturned with surprise anti-corruption crackdown p30 Algeria…..…..…........DZD 215 Egypt……............…...... EGP 1018 Jordan....….........….......JOD 2 Lebanon..............LBP 4000 Oman…….................…..OMR 1 Saudi Arabia.........…SAR 10 UAE...…....…..…........…AED 10 Bahrain….......................BHD 1 Iraq……...…..…...... IQD 3200 Kuwait….......…......KWD 0.75 Libya…........................LYD 3.5 Qatar……….................…QR 10 Syria............................SYP 200 Yemen…..................YER 600 00_COVERx.indd 1 12/11/2017 22:58 Photo: Sun, Sea and Robots: Saudi Arabia’s Sci-Fi City Luca Locatelli in the CARRUTHERS: DYSON. COURTESY VACUUM: CIE. & MOSER H. COURTESY WATCH: BUSINESSWEEK; BLOOMBERG FOR BERL EMILY BY PHOTOGRAPH EVANS: Desert IMAGES. FARAONE/GETTY PHILLIP ZHUKOVA: YOU. COLLECTIVE THE ◼ IN BRIEF Middle East & Asia Europe ● Syria announced ● Donald Trump sent mixed ● Lebanon Prime ● NATO updated messages on North Korea it would join the during his Asian trip, saying Minister Saad its command Paris climate it would make sense for Hariri structure for the Kim Jong Un to come to agreement, leaving the negotiating table but resigned first time since the the U.S. as the only also attacking his regime on Nov. 4, Cold War, putting for turning the country into United Nations “a hell no one deserves.” citing an alleged cyberdefence member outside assassination on the same the accord. plot against him. footing as land, air, and sea defence. ● Tencent ● The Paradise Papers leak showed that Apple Holdings acquired sought to preserve its low a 12 percent tax rate after a change in Irish law closed a loophole 6 stake in Snap. the company had previously exploited. The tech giant ultimately transferred two subsidiaries to the island of Jersey, which does not tax foreign companies. The announcement came hours after Snap’s shares plunged 22 percent in reaction to disappointing third- quarter earnings. ● Iran rejected accusations ● Silvio Berlusconi from Saudi Arabia that it had supplied Yemen with a helped missile “for the purpose of orchestrate attacking” the country. The Saudi military intercepted a win for a missile fired by Yemen his centre-right on Nov. 4. coalition in Sicily. The four-time Italian prime minister will ● Schools were closed in New Delhi as air pollution reached levels 10 times attempt to lead the government again those in notoriously smoggy Beijing. after general elections next year. By Jillian Goodman Bloomberg Businessweek Middle East 16 November, 2017 Americas ● British retail had its ● Republican Senator worst October since 2008. John Cornyn of Texas said ● “Unfortunately, Household spending for the he’d work with Democrats month slowed to its lowest to close loopholes in rate in more than a year. background-check I am the biggest legislation after a Nov. 5 U.K. year-over-year spending growth shooting in his home embarrassment state left 26 dead. 4.4% 1/1/17 surrounding 3.8% 1/1/16 the campaign.” 2.4% 10/1/17 Trump campaign adviser Carter Page, in early November testimony on his 2016 DATA: BARCLAYCARD contacts with Russia that was unsealed by the House Intelligence Committee ● Total agreed to ● The New York Times ● Tiffany was widely ● Democrats reported that the U.S. pilloried for its Everyday acquire Engie’s Department of Justice will Objects collection, which put up a strong assets in liquefied require Time Warner to sell includes a tin can made showing in its Turner Broadcasting of sterling silver and vermeil 7 natural gas, System division, which on sale for $1,000. state and local making the French includes CNN, HBO, and elections on Nov. 7, other networks, before it energy company approves the company’s especially in the industry’s planned sale to AT&T for Virginia, where second-largest the party won a player. $85.4b hotly contested race for governor. ● Priti Patel, the U.K.’s ● About 2,500 Nicaraguans secretary for international will lose protected Africa development, resigned after immigration status in the disclosing that she’d held U.S. The Department unauthorised meetings with of Homeland Security ● South Africa’s FirstRand Israeli officials in September. extended protections for agreed to buy London-based Haaretz reports that Patel Hondurans, however, and is bank Aldermore for also traveled to the disputed reviewing the status of those Golan Heights, a violation of from Haiti and El Salvador. diplomatic protocol. $1.4b ● Zimbabwe President Robert Mugabe ousted his vice president in an apparent move to make room for his wife, widely seen as his intended successor. INDIA: DOMINIQUE FAGET/AFP/GETTY IMAGES. HARIRI: MOHAMED AZAKIR/REUTERS. BERLUSCONI: MARCO LUZZANI/GETTY IMAGES. IMAGES. LUZZANI/GETTY MARCO BERLUSCONI: AZAKIR/REUTERS. MOHAMED HARIRI: IMAGES. FAGET/AFP/GETTY DOMINIQUE INDIA: BULAWAYO/REUTERS PHILIMON MUGABES: CO. & TIFFANY COURTESY CAN: RATNER/REUTERS. BAZ PATEL: ◼ VIEW Bloomberg Businessweek Middle East 16 November, 2017 To read Jonathan Bernstein on Trump’s 2020 prospects and Megan ◼ VIEW McArdle on the tax plan’s impact on universities, go to Bloombergview.com Next Steps in Macron’s Reforms ● The French president has made a good start, but there’s a long way to go Emmanuel Macron has accomplished more in six months than his predecessor managed in five years. Trouble is, that’s a low bar—and the president will need to keep pushing if France’s economy is to achieve its full potential. Macron’s first phase of reforms addressed the country’s 3,000-plus pages of labor rules.
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