The Alea Journal - September 2023

THE JOURNAL SEPTEMBER 2023

BUSINESS // TRAVEL // POLITICS // CULTURE // LIFE PRODUCED BY

ALEA GLOBAL GROUP

Contents FOREWORD

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THE RISE OF SAUDI ARABIA'S ECONOMY

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EL SALVADOR: FORGING A PATH AS THE BLOCKCHAIN CAPITAL

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WHY TWITTER IS GOING NOWHERE REGARDLESS OF ELON

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WHAT CAN BARBIE’S SUCCESS TEACH THE CULTURAL AND BUSINESS SECTORS ABOUT LIVE CINEMA?

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SAUDI ARABIA'S STRATEGIC PLAY: THE PHENOMENON OF FOOTBALL CLUB ACQUISITIONS

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30 YEARS OF SHEFFIELD DOCFEST

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KUWAIT'S THRIVING ECONOMY: TRANSFORMATIVE STEPS TOWARDS GROWTH AND DEVELOPMENT

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THE PRICE OF HOSPITALITY

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MOHAMED AL-FAYED: FROM HUMBLE BEGINNINGS TO REMARKABLE SUCCESS

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BHUTAN:A JOURNEY OF TRANQUILITY AND CULTURAL RICHNESS

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WELCOME

SEPTEMBER 2023

The alea journal FOREWORD BY MOHAMMAD AL DUAIJ CEO OF ALEA GLOBAL GROUP Hello and welcome to the latest edition of The Alea Journal.

When I first took over at Alea Global Group, I would describe the Gulf Region as something of a diamond in the rough. I had traveled and studied all over the world, and I was struck by how much my home region had to offer, but that was yet to be realized.

Now, however, the whole world is seeing our potential, and that potential is solidifying into real global advantages and economic benefits.

You can read more about the rise of Kuwait and Saudi Arabia in this issue, including Saudi’s success in sport – and football in particular.

We also look at El Salvador’s new status as the blockchain capital of the world.

The cost of travel has been very unpredictable over the last couple of years, so we take a look at why that might be. And when it comes to travel, we also make the case for visiting Bhutan.

In terms of cultural news, there are no two topics bigger right now than the fate of Twitter under the rule of Elon Musk; and the way the Barbie movie has broken out of her box and out of the box office so successfully.

Finally, we pay tribute to Mohamed Al-Fayed, and his remarkable achievements.

We also nod to the 30-year anniversary of one of the world’s best documentary film festivals, Sheffield DocFest in the UK.

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To share your ideas or news of your own, please don't hesitate to get in touch. In the meantime, we hope to see you at one or more of our forthcoming events.

As ever, you can contact me at info@aleaglobalgroup.com

the Rise of Saudi Arabia's Economy The Gulf States have emerged as a formidable economic force over the past few decades, with countries like Saudi Arabia at the forefront of this rapid transformation.

growth in non-oil sectors such as tourism, entertainment, technology, and renewable energy.

Strategic Investments and Mega Projects

Fueled by vast oil reserves, strategic investments, and bold economic diversification initiatives, Saudi Arabia's economy has experienced remarkable growth, solidifying its position as a regional powerhouse. We delve into the key factors contributing to the rise of Saudi Arabia's economy and its implications for the Gulf region.

Central to Saudi Arabia's rise as an economic powerhouse is its strategic investments in various sectors. The country has committed to developing mega projects with the aim of attracting foreign investment, boosting tourism, and creating employment opportunities.

Oil Wealth and Economic Diversification Historically, Saudi Arabia's economy has been closely tied to its immense oil reserves. The country is one of the world's leading oil exporters and possesses significant influence over global oil markets. The revenue generated from oil exports has been a cornerstone of the nation's economic strength.

However, recognizing the volatility of oil prices and the need to ensure long-term sustainability, Saudi Arabia embarked on an ambitious economic diversification journey. Vision 2030, an ambitious roadmap unveiled by Crown Prince Mohammed bin Salman, outlines a comprehensive plan to reduce the country's dependence on oil revenues by fostering

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Notable projects include NEOM, a futuristic city designed to be a hub for innovation, and the Red Sea Project, a luxury tourism destination on the Red Sea coast.

These projects underscore Saudi Arabia's aspirations to become a global investment and tourism destination, while simultaneously stimulating economic growth and diversification.

Digital Transformation and Innovation Another key driver of Saudi Arabia's economic rise is its focus on digital transformation and

innovation. The government has been actively promoting the growth of the technology sector, supporting startups, and fostering an environment conducive to innovation.

Initiatives such as the establishment of technology hubs and investment in cuttingedge technologies aim to position Saudi Arabia as a regional leader in the digital economy.

Global Partnerships and Foreign Investment Saudi Arabia's economic growth has been further boosted by its efforts to attract foreign investment and forge international partnerships.

The nation has been actively engaging with global companies and investors, seeking to create mutually beneficial relationships that contribute to economic development.

The recent opening up of the Saudi stock market (Tadawul) to international investors has also enhanced the country's standing in the global financial landscape, allowing foreign investors to access a previously restricted market.

And Saudi has made further efforts to attract foreign investors by improving its legislation, bringing it more in line with more liberal international standards, and winning more trust in the process.

Implications for the Gulf Region The rise of Saudi Arabia's economy has broader implications for the entire Gulf region. As the largest economy in the region, Saudi Arabia's growth has the potential to stimulate economic activity and trade among neighboring Gulf States. The success of Vision 2030 serves as a model for other Gulf nations to diversify their economies and reduce reliance on oil exports.

Saudi Arabia's remarkable economic rise is a testament to the nation's vision, strategic planning, and commitment to innovation and diversification. By leveraging its oil wealth to invest in key sectors and fostering an environment conducive to business growth, Saudi Arabia has positioned itself as a driving force in the Gulf region's economic development.

As the country continues to implement its transformative Vision 2030, the world watches with anticipation to witness the long-term impact of Saudi Arabia's efforts on its economy, its people, and the broader Gulf States.

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El Salvador: forging A Path as the Blockchain Capital

In recent years, the small Central

The Blockchain Revolution

American nation of El Salvador has made a remarkable entry onto the global stage, capturing attention for its progressive approach to technology and finance.

Fueled by a visionary leadership under President Nayib Bukele, El Salvador has taken bold steps to position itself as a hub for blockchain technology, becoming the world's first country to adopt Bitcoin as legal tender.

This groundbreaking move has not only put El Salvador at the forefront of blockchain innovation but has also ignited discussions about the future of digital currencies and their potential to transform economies worldwide.

Blockchain technology, most commonly associated with cryptocurrencies like Bitcoin, Ethereum, and others, is a decentralized and transparent digital ledger system that records transactions across multiple computers.

Its revolutionary potential lies in its ability to enhance security, transparency, and efficiency in various industries, ranging from finance to supply chain management.

El Salvador's Journey to the Top El Salvador's embrace of blockchain technology can be traced back to its forward-thinking President, Nayib Bukele.

Elected in 2019, Bukele recognized the potential of blockchain to uplift his country's economy, improve financial access for the unbanked population, and attract foreign investment.

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In June 2021, El Salvador made history by becoming the first country to declare Bitcoin as legal tender alongside the United States dollar.

This monumental decision marked a significant turning point not only for the country but for the global cryptocurrency landscape. The government's intention was to create more financial inclusion by enabling citizens, even those without bank accounts, to participate in the formal economy through digital currencies.

Challenges and Opportunities While El Salvador's blockchain journey is filled with potential, it hasn't been without its share of challenges. The rapid adoption of Bitcoin as a legal tender sparked concerns about volatility, potential money laundering, and a lack of regulatory oversight. Critics also argued that the move could lead to financial instability and jeopardize the country's relationship with international financial institutions.

However, supporters of the decision highlighted the potential benefits, including reduced transaction costs for remittances (a critical source of income for many Salvadorans), increased financial inclusion, and the attraction of blockchain-focused businesses and investments to the country.

Infrastructure Development To facilitate the adoption of blockchain technology, El Salvador has been investing in critical infrastructure. The government launched the "Chivo" wallet, a digital wallet that allows citizens to send, receive, and spend Bitcoin with ease. El Salvador also installed Bitcoin ATMs across the country, further enhancing accessibility to the cryptocurrency.

Furthermore, the government established partnerships with blockchain companies and experts to develop education and training programs, aimed at promoting a better understanding of the technology among citizens.

Global Impact and Future Implications El Salvador's pioneering move has sent ripples

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throughout the world, sparking discussions about the potential of digital currencies as a means to drive financial inclusion and economic growth. Other nations have begun considering similar moves, exploring how blockchain technology can reshape traditional financial systems.

However, the path ahead is not without uncertainty. The success of El Salvador's blockchain experiment will depend on its ability to address challenges effectively, adapt to evolving market dynamics, and strike a balance between innovation and regulation. As more countries explore the integration of digital currencies into their economies, a new era of global financial transformation could be on the horizon.

El Salvador's journey to becoming the blockchain capital has been nothing short of remarkable. By adopting Bitcoin as legal tender and embracing blockchain technology, the country has paved the way for a new era of financial innovation and inclusivity. While challenges and uncertainties persist, El Salvador's bold step has already begun reshaping global conversations about the future of money, technology, and economies.

As the world watches this pioneering nation, it's clear that the impact of its decisions will extend far beyond its borders, leaving an indelible mark on the course of technological progress.

Why Twitter is going nowhere - regardless of Elon

Elon Musk is a divisive character, to say the least.

Depending on who you ask, he’s either a problematic creator of failing businesses who is sticking his nose into politics where he has no right, or he is an unjustified target of a smear campaign whose backstory has been misrepresented entirely and who has created and continues to create revolutionary things for the world while fighting the system and upholding freedom of speech at all costs.

Interestingly, this is not the first time a controversial figure has been the figurehead of a big online platform. In fact, many say that Tom from MySpace was the last truly popular and uncontroversial person to head up a social media platform, and they may well be right. Mark Zuckerberg is hardly a popular name or face, despite billions of people using Facebook every single day. Likewise neither the eye rolling at Jeff Bezos nor the allegedly unethical work practices at Amazon seem to have made a dent in the company’s fortunes.

Where we stand on the matter isn’t really important, but it is interesting to note that the controversy around his ownership of Twitter has created a lot of chirping and not much flight.

But Musk is a different proposition altogether. Love him or loathe him, he certainly has main character energy, and has really been front and center of the Twitter takeover, putting his personality and views out there for all to see. We don’t really know what Zuckerberg thinks about much of anything, nor Bezos, so we don’t know much about the people we’re giving our money and attention to in each of those cases. But Musk’s thoughts are shared all day long on his own platform, which is very much a break from the norm. Are his ideas any better or worse than those of his Facebook and Amazon counterparts? We simply don’t know, so we can only wonder.

For all the noise his detractors have made about leaving the social media platform behind, citing the new owner and the views they believe he holds, the app and site continue to retain users and the few attempts to create an alternative platform have failed in their migration efforts.

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The problem for his critics is this: he has taken over a hugely popular platform, which took years to build up the number of users it has. Those users have, in turn, spent years building their followings and working out how to use the platform to their best advantage in life and in business. This is why it’s very challenging for any new platform to come along and challenge it. While those who want out want out immediately, there is no equivalent place to go, nowhere with comparable functionality and reach, because that takes time.

Twitter became popular in the first place because it found its niche so successfully, providing a service that couldn’t be found anywhere else. Threads was the closest potential contender, but there was simply too much friction in the user experience for people to have the patience to allow it to take over. While those who want to leave Twitter are adamant about their wish to do

so, the truth is that human nature values convenience and a frictionless online experience; we want to be able to join a platform, immediately find what and who we’re looking for, and use it with ease. Few people have the patience for the slow and difficult phases of building up our carefully cultivated follow lists all over again, learning how to share content in the most compelling way, and building our experience to our liking all over again.

When the only thing people don’t like about Twitter is the guy who owns it, that’s a minor obstacle in using our favorite social media platforms on a day-to-day basis. If this weren’t true, we’d all be shopping around elsewhere for our budget products online, rather than heading to Amazon, but the truth is that convenience, ease and familiarity beats the longer and more difficult journey to the end result when it comes to online experiences. So unless and until Twitter becomes genuinely difficult to use, it’s going nowhere.

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What can Barbie’s success teach the cultural and business sectors about live cinema?

By Kate Wellham

As someone who works in the film sector, I’ve been absolutely fascinated by the phenomenon of the Barbie movie. But for me, a producer who helps to bring film to life through live film screening events of all kinds, my interest lies not necessarily in the content of the film itself, but in the way audiences and brands engaged with it in the real world.

For example, I bet you thought of Barbie as soon as you saw the cover of The Alea Journal today.

What Barbie has done perfectly is break out of her box and into our daily lives. Whether we were interested in the movie or not, it’s fair to say it’s been inescapable for months prior to its release.

Even if you haven’t seen the movie, and have no intention of seeing it, This has been thanks to a combination of brand partnerships – with Barbie and her signature pink appearing on products both physical and digital – and customisable ways audiences have been able to interact with and join the Barbie universe, through things like AI filters and photo opportunities.

We’ve also seen famous names associated with the movie and its soundtrack, not only the on-screen stars but also musical artists who have released songs and videos in association with it.

The hype has permeated so many aspects of real life that seeing the movie itself has only been a small

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part of the Barbie experience.

Engaging with the film has been made so simple and fun that audiences have been walking around doing the marketing themselves, from wearing copious amounts of pink to saying “hi Barbie” to each other, making Ken puns, and sharing photos posing in human-sized Barbie boxes.

It’s been a triumph of ‘live cinema’ on a global scale. Pair that with the manufactured battle with the Oppenheimer release and all the juxtaposition that provided, and this was a movie release that had more attention than any other in recent memory.

Of course part of this was due to the star herself. And no, not Margot Robbie (although she has to take some credit, of course) but Barbie.

This internationally-famous doll has been a staple of childhood around the world since the late 1950s, and has taken the cultural temperature every step of the way.

There’s a Barbie for every fashion trend, for every country, for every career. Barbies that were nothing more than toys when they were made have since become collectors’ items and art in their own right.

And while Barbie doesn’t exactly represent every body type, she goes quite a long way towards representing other facets of life. There are Barbies of every ethnicity, Barbies doing every impressive or interesting job you can imagine, there’s a Barbie in a hijab, a Barbie in a wheelchair, and yes there are Barbies with babies – despite Barbie coming into existence initially in response to baby dolls being the only option available.

It’s funny, it’s visually interesting, it’s stylish and it’s engaging.

Mattel has done much of the work preparing audiences for this movie over the last 60+ years by making efforts to reach girls all over the world with Barbies that look just like them, no matter who those little girls are or where they are. Their outreach has been so thorough that women of all ages were interested in seeing this movie and finding out exactly how it was going to bring their plastic childhood friend to life.

That’s live cinema, and it’s the reason I do what I do. In an era when staying indoors alone and consuming film has never been easier – thanks to on-demand streaming – film has to try something completely different if we want to encourage inperson social interaction. It has to make memories.

The stage has never been set so perfectly for a cultural whirlwind, and audiences were wild for it.

And now to the content itself. The movie is, in my opinion, very good. It’s not the best thing I’ve ever seen, it makes some interesting observations about womanhood that are not news to women, but are still good to see discussed in such a public way.

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It was always going to be a winner, though, because all it needed to do was play its small part in the Barbie experience by not being actively bad. The Barbie movie phenomenon was very little about the movie, and so much about getting us all to turn the real world into Barbie Land for a while.

In the early days of cinema, going to the theatre was the only way to see a film, and there would often be dressing up among the crowd, and a live musical performer providing the audio. Seeing a movie was an exciting event, a real occasion, and there’s no reason it can’t be again.

All we need to do is find new and innovative ways to blend the real world with the fictional one – just like Barbie did – and we can open up new opportunities for audiences and business alike.

Saudi Arabia's Strategic Play: the Phenomenon of Football Club Acquisitions

In recent years, Saudi Arabia has emerged as a significant player in the world of football club acquisitions, making multi-billion-dollar investments that have reshaped the landscape of global sports ownership.

involves a blend of economic, geopolitical, and social motivations. While financial gains are undoubtedly a driving force, other factors play a pivotal role in influencing these acquisitions.

From high-profile European clubs to regional teams, Saudi Arabia's growing involvement in football has captured the attention of enthusiasts and industry experts alike. Let’s delve into the motivations behind Saudi Arabia's football club purchases, explore recent examples, and discuss emerging trends in the realm of sports investments.

Economic Diversification: As part of its Vision 2030 initiative, Saudi Arabia seeks to diversify its economy and reduce its dependency on oil revenue. Investing in football clubs offers a means of diversification through lucrative entertainment, media, and sponsorship opportunities, while also promoting tourism and local business growth.

Soft Power and International Prestige: Football has the unparalleled ability to

The act of investing in football clubs goes beyond the mere ownership of a sports entity. It often

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capture the hearts of people worldwide. By acquiring high-profile clubs, Saudi Arabia gains a platform to enhance its soft power, project a positive image on the global stage, and strengthen its international reputation.

Enhanced Diplomacy: Football transcends borders and cultures, offering opportunities for cultural exchange and diplomacy. Owning football clubs enables Saudi Arabia to forge connections with other nations, fostering closer diplomatic ties and partnerships.

In recent years, Saudi Arabia has made a series of high-profile football club acquisitions that have caught the attention of the sports world: Newcastle United FC: One of the most significant acquisitions is the purchase of Newcastle United FC in the English Premier League. This multibillion-dollar deal not only signals Saudi Arabia's entry into the world of elite football but also sparks debates about the influence of foreign ownership in the sport.

Al Nassr FC: Domestically, Saudi investors have acquired clubs such as Al Nassr FC, a Riyadhbased team that competes in the Saudi Professional League. These investments contribute to the growth of local football and its infrastructure.

And it’s not only the clubs in which Saudi Arabia is investing, but also the players. Just this year, Karim Benzema, Roberto Firmino, N'Golo Kante, Ruben Neves and Jota have all signed to Saudi clubs, and last month Saudi Arabia’s most decorated club, Al Hilal, revealed they had secured Neymar Junior.

Beyond football, Saudi Arabia's interest in sports extends to various disciplines: Esports: The expansion of Saudi investments into esports demonstrates a forward-thinking approach. The country is hosting major esports events and tournaments, fostering a thriving esports ecosystem and connecting with a younger, tech-savvy audience.

Women's Sports: Saudi Arabia's investments in women's sports are indicative of its commitment to promoting gender equality and inclusivity. The establishment of women's sports leagues and participation in international competitions showcase the nation's dedication to empowering women through sports.

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Saudi Arabia's foray into football club acquisitions showcases the multifaceted motivations that underpin these investments.

From economic diversification and soft power projection to enhanced diplomacy and international prestige, the reasons behind such acquisitions are as complex as the world of sports itself.

With the acquisition of renowned clubs and participation in diverse sports disciplines, Saudi Arabia has positioned itself as a global player in the realm of sports investments. As the landscape continues to evolve, the sports world watches with anticipation to see the long-term impact of these investments on Saudi Arabia's economy, international relationships, and the broader world of sports.

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30 years of sheffield docfest

A northern UK city once made wealthy for its steel production, and made poor by the decline of that same industry, has had an amazing creative resurgence and is now home to one of the world’s most prestigious documentary film festivals.

In the Rearview

This 10-day influx of producers, directors, commissioners and journalists from around the world to the working class city of Sheffield is both a learning experience for amateurs and a networking haven for professionals.

What does it look like to flee from a war? This gentle, yet painful, film explores the raw, human cost of conflict. Each new passenger, whether they’re women or men, young or old, individuals or families, has first-hand experience of the Russian invasion, and a spectrum of emotions surfaces in the car transporting them to safety.

One country. One minibus. Many journeys. This fly-on-the-wall film captures Ukrainians as they are forced to leave their homes and drive into the unknown.

Sheffield DocFest is a place where world premieres happen, where controversial topics are tackled, and where immersive forms of filmmaking and viewing are available to delegates and audiences alike. DocFest takes over event spaces, clubs, bars and – of course – cinemas in this fascinating city to bring a programme of international talent both behind and in front of the camera.

Children quietly read books, a woman weeps for the cow she’s left behind, others are lost for words… Amidst this tragedy, the chaos of conflict and upended lives, there are fleeting moments of humor and hope.

And beyond the confines of the minibus, we witness the expanse of rural Ukraine – a vast landscape of natural beauty littered with the carnage of war, and the desolation and destruction of once populated communities.

This year marked the 30th anniversary of the festival, and here are just a few highlights that show the range and quality on offer every year.

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If Only Night Wouldn’t Fall A unique perspective on three Western countries’ attempts to grapple with anxiety, depression and psychosis.

What links Norwegian primary school children, a meditation facilitator in a Florida town and a Dutch man struggling to avoid relapse into psychosis? Marc Schmidt’s film follows case studies across three countries in order to explore the diagnosis and treatment of mental illness.

The key lies in prevention rather than cure, with practitioners seeking workable solutions to anxiety, depression and psychosis. Through a combination of interviews and the detailing of a variety of experiments, accompanied by a rich and immersive sound design, Schmidt’s cleverly constructed film presents an empathetic portrait of a universal problem, allowing us to reflect on how much we understand what goes on in our minds, and to witness the development of technology and practices aimed at helping us.

Is There Anybody Out There?

In this deeply personal and disarmingly honest documentary, filmmaker Ella Glendining searches for individuals with the same rare disability as herself.

Born with no hip joints and short femurs, a condition so rare that there is little reliable information about it, Ella Glendining decides to go in search of people who can share their experience and feelings about having a body like hers.

In doing so, she challenges lazy ableist assumptions, experiences a number of unexpected surprises and encounters people who look like her. With great warmth and an infectious joy for her body and life as it is, Glendining challenges us to question the way we see others, like and unlike ourselves.

Is Anybody Out There? is a revelatory film that gently tugs at the viewer’s biases and looks to a day when inclusivity is no longer an ‘issue’.

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Maestra A film about perseverance and breaking glass ceilings, five women prepare for and compete in an international competition for female conductors.

Maggie Contreras follows a group of entrants in the lead-up to the prestigious, bi-annual La Maestra competition, which takes place in Paris. Each entrant, distinct personalities who have had to face a variety of obstacles to reach this point, still face challenges in a world that has been unfairly dominated by men.

They have had to contend with conflict, the challenges of motherhood and family, and personal trauma. Surviving it all is their passion for and commitment to their craft, and a desire to succeed against all odds. In addition to charting the women’s journey against the exciting and dramatic world of classical music, Contreas’ film is a celebration of female camaraderie in a creative landscape whose gender imbalance has long needed correcting.

White Nanny Black Child A group of adults find solace in sharing their experiences of growing up as children of Black Nigerian immigrants who were fostered by white British families.

Between 1955 and 1995, over 70,000 West African children were fostered by white Britons, in a practice known as ‘farming’. Many individuals then had to live, often in silence, with the longlasting impact of this controversial official policy.

Nine of those raised this way were invited to a workshop retreat, under professional guidance, to discuss their experiences. Each take turns delving into their past, revealing the confusion and trauma of dealing with such change at a young age.

For many, this marks the first time they have had the opportunity to connect with people who have shared a similar childhood.

White Nanny Black Child presents a personal, moving and sometimes unsettling meditation on identity, belonging and the nature of family.

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Kuwait's Thriving Economy: Transformative Steps Towards Growth and Development Kuwait, a nation known for its rich history and abundant oil reserves, is undergoing a significant transformation in its economic landscape. Recent developments, such as the approval of laws permitting residential cities and the establishment of a new sovereign fund for mega projects, highlight Kuwait's commitment to diversifying its economy, fostering sustainable growth, and positioning itself as a regional economic powerhouse. In this article, we delve into the two pivotal developments that are shaping Kuwait's economic future.

Residential Cities Law: Paving the Way for Urban Expansion Kuwait's decision to approve a law permitting residential cities signifies a strategic step towards urban expansion and improved quality of life for its citizens. The law, as reported by Zawya, will allow firms to establish residential cities, aiming to address the growing demand for housing and enhance the urban living experience. This move aligns with Kuwait's broader vision of sustainable development and urban planning.

The establishment of residential cities is expected to address the housing shortage, create new job opportunities in the construction and real estate sectors, and boost economic activity. By promoting the development of modern, well-planned communities, Kuwait aims to provide its citizens with enhanced infrastructure, recreational facilities, and a higher standard of living.

New Sovereign Fund for Mega Projects: Igniting Economic Growth Kuwait's decision to set up a new sovereign fund dedicated to mega projects marks a significant leap forward in the nation's economic diversification efforts. As reported by Reuters, this fund is aimed at financing large-scale projects that contribute to economic growth, job creation, and the overall development of various sectors in Kuwait.

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The creation of the sovereign fund demonstrates Kuwait's commitment to reducing its dependence on oil revenue s and fostering a more resilient and diversified economy. By investing in mega projects across sectors such as infrastructure, technology, tourism, and healthcare, Kuwait is poised to attract foreign investment, boost local industries, and position itself as a regional economic hub.

The combined impact of these two developments is expected to be far-reaching, both domestically and regionally.

Kuwait's focus on urban expansion and housing development is set to alleviate pressure on the housing market, create employment opportunities, and enhance the overall living conditions for its citizens. The establishment of residential cities also reflects the government's commitment to sustainable urban planning and environmental conservation.

The new sovereign fund for mega projects, on the other hand, holds the potential to catalyze economic growth on an unprecedented scale.

By investing in diverse sectors, Kuwait is aligning itself with global trends in economic diversification and innovation. This approach not only attracts international investors but also contributes to the nation's long-term economic resilience.

Kuwait's economy is on the brink of a transformative journey, driven by visionary policies and strategic decisions. The approval of laws permitting residential cities and the establishment of a sovereign fund for mega projects underscore Kuwait's commitment to sustainable growth, economic diversification, and improved quality of life for its citizens.

As these developments unfold, Kuwait is not only charting a new course for its own economic prosperity but also setting an example for other nations in the region.

By embracing innovation, fostering investment, and prioritizing the welfare of its people, Kuwait is wellpositioned to realize its ambitions of becoming a dynamic and thriving economic hub in the Middle East.

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The price of hospitality If you’re a frequent traveler, you may have noticed the wildly fluctuating prices of flights and hotels in the past few years.

This is largely to do with some of the unique conditions caused by the pandemic and international travel restrictions, with efforts to boost flagging tourism meeting the consequences of reduced travel to form an unpredictable upand-down in costs depending on regional factors.

Whether or not these fluctuations will continue depends on a number of factors, some related to ongoing impacts of the pandemic and some completely unrelated, so let’s take a look at what may be going on.

Government support for tourism Some parts of the world reliant on tourism were able to prop up tourism-related businesses with government support.

This allowed those businesses to ride out the months in which their regular income suffered, and meant they were able to continue relatively as normal once travel opened up again.

By supporting these businesses, governments were able to keep their prices at nearer to prepandemic levels, and there were even reductions in prices in some areas during the period of time in which travel was allowed but not back to normal levels.

But in some cases, there was no support, and this led to the closure of many tourism related businesses, which leads to our next issue…

Supply and demand Where supply of tourism-related business has been reduced, the demand for those remaining resources is high, meaning the remaining businesses can increase their prices and keep them elevated, knowing that travelers with sufficient funds will pay them.

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In some regions, this has vastly increased the prices across the board for any and all services from transport to hotels, food, excursions and anything else you can think of that is part of the travel and tourism ecosystem.

Sustainability goals As sustainability issues continue to push to the forefront of any and all areas of life, travel and tourism is particularly under scrutiny. This is because air travel is one of the largest polluters in the world, and reducing it is seen as a desirable goal by many.

This is likely to have an impact on flight prices in the coming years, both as a way to discourage frequent air travel, and as a knock-on effect of the additional measures airlines must take in order to meet emissions goals or compensate for their carbon footprints.

Sustainability is also impacting travel trends, with many travelers consciously opting to fly less, to choose other forms of long distance transport, or to visit places closer to home that they would not normally visit.

These changes of route on a mass scale are also changing the landscape in terms of which destinations are popular and which are becoming less so. This, in turn, is causing fluctuations in prices across all impacted regions.

Lack of available labor The travel and tourism sectors were hit so hard during the pandemic and lockdowns that many people in those industries found other lines of work and have not returned to the sector.

This has led to under-resourcing across the board, reducing businesses’ capacity to accommodate the number of people they were able to before.

As capacity reduces, demand becomes higher, and prices inevitably follow.

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Mohamed Al-Fayed: From Humble Beginnings to Remarkable Success

Mohamed Al-Fayed's life story was a testament to the power of determination, hard work, and unwavering belief in oneself. Born into a modest family in Alexandria, Egypt, on January 27, 1929, Al-Fayed's journey from humble beginnings to becoming a prominent business magnate and influential figure in the United Kingdom was nothing short of remarkable. This article reflects on the life and achievements of Mohamed AlFayed, highlighting the key moments and attributes that led to his success.

Mohamed Al-Fayed's early years were marked by modesty and the values of diligence and perseverance. Growing up in Alexandria, he learned the importance of hard work and resourcefulness from his father, who ran a small shop. Despite facing economic challenges, AlFayed displayed an early aptitude for business and a keen interest in commerce.

Education was a priority for the young Al-Fayed, and he attended the Victoria College in Alexandria, where he excelled academically. He then pursued a degree in economics at Alexandria University, laying the foundation for his future success in the world of business.

In the early 1950s, Mohamed Al-Fayed embarked on a journey that defined his life. He opened a small trading company, initially dealing in imported goods such as kitchen appliances and textiles. This marked the beginning of his entrepreneurial career, where his dedication and keen business acumen soon became evident.

In the years that followed, Mohamed Al-Fayed's business ventures expanded, encompassing diverse industries such as shipping, construction, and manufacturing. His ability to spot lucrative opportunities and his tireless work ethic propelled him to establish a strong presence in the Egyptian business landscape.

One of the most significant milestones in Mohamed AlFayed's career was his acquisition of the world-renowned luxury department store, Harrods, in 1985. This acquisition marked a turning point in his life as he relocated to London and embarked on the ambitious task of revitalizing the iconic store.

Under Al-Fayed's leadership, Harrods underwent a remarkable transformation. He invested heavily in improving the store's infrastructure, expanding its product offerings, and enhancing the overall customer experience.

His dedication to quality and innovation elevated Harrods to new heights of luxury retail excellence, attracting highprofile clientele from around the world.

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In 1997, tragedy struck when Mohamed Al-Fayed's son, Dodi, and Princess Diana tragically died in a car accident in Paris.

This event profoundly impacted AlFayed, leading him to embark on a relentless quest for the truth behind the circumstances of the accident.

His pursuit of justice led to a lengthy legal battle and inquiries, but he remained unwavering in his determination to uncover the facts surrounding the incident.

Beyond his business acumen and legal battles, Mohamed Al-Fayed also demonstrated a commitment to philanthropy.

He was involved in numerous charitable endeavors, supporting causes such as children's hospitals and medical research.

His dedication to giving back to society reflected his understanding of the importance of using one's success for the betterment of others.

Mohamed Al-Fayed's life was a remarkable tale of ambition, resilience, and the pursuit of excellence.

From humble beginnings in Alexandria, Egypt, to becoming the owner of Harrods and a prominent figure in the United Kingdom, AlFayed's journey was an inspiring example of how determination and hard work could lead to extraordinary success.

His legacy as a successful entrepreneur and his unwavering commitment to justice and philanthropy continue to leave a lasting impact on the world, ensuring that his memory is remembered and celebrated.

At Alea Global Group we have nothing but respect and admiration for Mr Al-Fayed’s achievements throughout his life, and our thoughts are with his family and friends.

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Bhutan

A Journey of Tranquility and Cultural Richness

Tucked away in the eastern Himalayas, the Kingdom of Bhutan stands as a pristine gem of untouched natural beauty and deep-rooted cultural heritage. This tranquil and unspoiled destination has gained global recognition for its emphasis on Gross National Happiness, pristine landscapes, and vibrant traditions. A visit to Bhutan promises a unique blend of awe-inspiring landscapes, spiritual experiences, and cultural encounters that will leave travelers enchanted and rejuvenated.

A Journey of Natural Wonders Bhutan's landscapes are nothing short of breathtaking. From the towering peaks of the Himalayas to the lush valleys, travelers are treated to a diverse range of natural wonders.

The Paro Valley, home to the iconic Tiger's Nest Monastery, provides an aweinspiring backdrop of dramatic cliffs and serene surroundings. Hike through rhododendron-filled forests and terraced fields, and be rewarded with panoramic views that are nothing short of magical.

The Punakha Valley, known as the "Winter Home of the Monastic Body," offers picturesque landscapes dotted with rice paddies and orchards, with the impressive Punakha Dzong commanding the scenery.

The peaceful Haa Valley, surrounded by pine-clad mountains, provides the perfect setting for meditation and introspection.

Embracing Culture and Traditions Bhutan is a land where tradition is woven into every aspect of daily life. The vibrant festivals, or "tshechus," showcase traditional dance, music, and colorful attire.

These events offer visitors a chance to immerse themselves in Bhutanese culture, witness masked dances that depict ancient stories, and gain insight into the spiritual essence of the kingdom.

Buddhism plays a significant role in Bhutanese life, with monasteries and temples dotting the landscape.

The Dochula Pass, located at an elevation of 3,100 meters, offers panoramic views of the Himalayas and is adorned with 108 stupas, or chortens, dedicated to peace and victory.

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Warm Hospitality and Cultural Encounters Bhutan's people are known for their warm and welcoming nature. A visit to local villages provides the opportunity to engage with locals, learn about their way of life, and perhaps even participate in traditional activities.

The Bhutanese value harmony and community, making interactions with locals an integral part of the travel experience.

Unique Accommodations and Sustainable Tourism Bhutan takes pride in its sustainable tourism practices, which are aimed at preserving the environment and cultural heritage. Accommodations range from cozy guesthouses to luxurious lodges, all designed to blend seamlessly with the natural surroundings. The opportunity to stay in traditional Bhutanese architecture adds to the authenticity of the experience.

Preservation of Nature and Mind Bhutan's commitment to Gross National Happiness extends to its environmental conservation efforts. The country is carbon negative, ensuring its natural wonders remain pristine for generations to come.

Bhutan's holistic approach to well-being includes promoting mental wellness through meditation retreats and serene landscapes that foster inner peace.

A journey to Bhutan is not just a vacation; it's an opportunity to step into a world where the air is pure, the landscapes are untouched, and cultural traditions are deeply revered. This enchanting kingdom offers a rare combination of natural beauty, spiritual depth, and genuine hospitality that leaves travelers not only captivated by its splendor but also inspired by its values. As you embark on a journey to Bhutan, prepare to be transported to a realm of tranquility, cultural richness, and happiness that truly defines this hidden Himalayan paradise.

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Upcoming Events 5-6 October 2023 APAC Family Office Investment Summit Hong Kong  -6 December 2023 5 Middle East Family Office Investment Summit Dubai, UAE 28-29 February 2024 Africa Family Office Investment Summit Cape Town, South Africa 17-18 April 2024 Latam Family Office Investment Summit Mexico City, Mexico 6 May 2024 The Alea Sessions - Canada Edition Montreal, Canada 26-27 September 2024 Europe Family Office Investment Summit Austria

See aleaglobalgroup.com for updates

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