Can MENA countries fight climate change the same way?

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Climate change is among the most impactful and yet the least debated sources of instability for the whole of the MENA region.  Initiatives and dispersed actions are witnessed here and there.  Al Jazeera TV questions whether the MENA countries can fight climate change the same way?

Can MENA countries fight climate change the same way?

With Egypt’s COP27 less than six months away, experts are calling attention to the Middle East and North Africa region’s transition to clean energy.

MENA watchers are using upcoming UN climate negotiations in Egypt to bring the region into focus, particularly regarding the challenges it faces in transitioning to clean energy [File: Mohammed Dabbous/Reuters]

By Sanam Mahoozi

11 June 2022

Global climate talks are coming to the hottest and driest part of the planet.

The Middle East and North Africa (MENA) region will host the next United Nations climate change conference where decision-makers from around the world will come together to agree on actions required to limit rising temperatures.

Last year, governments made a pact during COP26 – the climate summit that took place in the United Kingdom’s city of Glasgow, to prevent the planet from heating more than 1.5 degrees Celsius (2.7 degrees Fahrenheit) by mid-century, a threshold that if surpassed could have catastrophic results for humans and ecosystems.

At the same time, Egypt was selected to host COP27 this November in Sharm El-Sheikh, a resort town located between the desert of the Sinai Peninsula and the Red Sea. Incidentally, COP28 will also happen in MENA in the United Arab Emirates the following year.

Since the UN meetings began back in 1995, the region has accommodated the international climate change conferences known as COPs only a few times – twice in Marrakesh, Morocco, and once in Doha, Qatar, almost a decade ago.

Climate meetings are where leaders present national targets and proposals for cutting back emissions of greenhouse gases. The main objective is to get governments to prevent the release of large quantities of emissions into the atmosphere through the burning of fossil fuels.

The problem, however, is that about 80 percent of the world’s power comes from coal, oil and gas, and most nations are heavily reliant on these for their energy needs. Current energy mixes need to be replaced with greener alternatives, but in practice, fossil fuels are still very much running the show.

The International Energy Agency recorded the highest yearly level of global carbon dioxide (CO2) emissions for the energy sector in 2021.

Secure a pathway

Transforming energy systems is costly and is a difficult undertaking worldwide. For oil and gas producers in MENA, this task is even harder given that 95 percent of their electricity is generated from fossil fuels.

Climate change has also been drying and warming the region faster than anywhere else on Earth, making it more vulnerable to extreme weather events such as drought.

A pathway for the region that is safe and fair must be created and COP27 can serve as the platform to do that, analysts have said.

“Climate change negotiations tend to focus mainly on energy and decarbonisation while other important issues such as justice and water scarcity are not getting the attention they deserve,” Kaveh Madani of United Nations University and head of Iran’s delegation to COP23 told Al Jazeera.

“Prescribing identical solution measures is wrong because not all countries have access to equal resources and opportunities,” Madani added.

MENA watchers have used the negotiations in Egypt to bring the region into focus, particularly regarding the challenges it faces in transitioning to clean energy.

The most recent assessment by the Intergovernmental Panel on Climate Change left no doubt that quick and deep emission cuts will have to take place across all economies, including in MENA, to prevent the worst effects of global warming from happening.

To do that, predominantly fossil fuel energy mixes in the region will need to start including more alternative sources. Renewables such as solar and wind have been considered possible alternatives.

Hydropower, however, may be the least desirable because electricity is generated by reservoirs of water barricaded by large dams and excessive dam building for energy and agricultural purposes in the region has already contributed to major rivers in Iran, Syria, Iraq and Egypt drying up.

“Water, energy, and environment are three interconnected factors. They are the pillars that define the quality of life in any country … If one goes wrong the others follow,” said Essam Heggy, a scientist at the University of Southern California.

So, whether it is at the climate summit in Egypt or the UAE, “any discussion on clean energy in MENA will have to address the issue of water management in the region,” added Heggy.

A fair transition

Most countries in the Middle East and North Africa have economies that depend solely on revenue derived from the production and export of oil and gas.

Energy transitioning means complying with international climate agreements, a scenario in which, by the year 2050, all greenhouse gases emitted into the atmosphere are offset.

For this to happen, MENA countries will need to move from fossil fuels to renewable energy. However, not all governments can commit to this timeframe simultaneously.

With COP27 on the horizon, it is likely that more nations, including Egypt, will be pressured into submitting decarbonisation plans faster. Some wealthy countries such as Saudi Arabia and the UAE have already done so.

But green financing opportunities are not equal across the region. Iran, for example, one of the highest carbon emitters in the world, is prohibited from receiving foreign investment to develop its renewable energy sector because of US sanctions

War-ravaged nations, such as Iraq and Syria, in the Middle East will also have trouble allocating the money needed for reconstructing cities and industries with clean energy.

Moreover, decision-makers in MENA have said developed economies, such as the United States, the EU, and China – the most responsible historically for greenhouse gas pollution, should help pay for the technology they need for decarbonisation.

According to a survey published by management consultancy McKinsey, lower-income fossil fuel-based nations will have to spend significantly more on transitioning given their high exposure to climate change and its damages.

In their defence and the interest of fairness, mitigation cannot be expected to occur the same way across the MENA region.

As Ali Ahmad, energy and climate change specialist at the World Bank told Al Jazeera, “obstacles facing the region are very country specific, each one has its own political economy considerations that shapes the pace and depth of its energy transition pathway.”

Bridging the gap

Global oil and gas markets have changed significantly since COP26 concluded in Glasgow, Scotland, last November with Russia’s invasion of Ukraine and the plethora of sanctions that followed on Moscow.

To keep the security and costs of its energy sector in check, the EU will have to find a new partner to provide it with the gas it currently gets from Russia. Specifically, countries in the Middle East and North Africa.

Iran, Qatar, the UAE, Saudi Arabia, Iraq, and Egypt have some of the world’s largest gas reserves, and possess the expertise in using it for both domestic energy intake, as well as for exports.

“It’s really likely that over the next few years Europe will start replacing its gas imports from Russia, and so basically the gas that is produced in MENA will find a renewed market at possibly a higher price,” Ahmad said.

Egypt and Qatar are already reaping the rewards having signed major deals with the Europeans for the development of the liquefied form of natural gas (LNG), which can be easily delivered by tankers rather than pipelines.

Even though natural gas is notoriously bad for the atmosphere and releases huge amounts of methane – the second-leading contributor to human-induced climate change – it is being championed as a bridging agent that can help pave the way for MENA’s transition to clean energy.

Natural gas emits about 45 percent less CO2 than oil and coal and has been recognised as the cleanest form of fossil fuel by the International Energy Agency.

Solar, wind, and green hydrogen are better options to constitute MENA’s future energy mixes, but “we need to check and evaluate which one of these fuels has a well-established supply chain and existing infrastructure to fill the gap in energy transition for now, and the answer is natural gas,” Farid Safari, visiting research fellow at Oxford Institute for Energy Studies, told Al Jazeera.

Ultimately for the Middle East and North Africa, “the energy mix will differ by country and really depends on the region and the range of circumstances – including renewable resources, access to capital, and available alternatives,” Ali al-Saffar, Middle East and North Africa programme manager at the International Energy Agency, told Al Jazeera.

SOURCE: AL JAZEERA

Lebanese voters are signalling a desire for change

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Lebanese voters are signalling a desire for change as generally witnessed and felt by all after the country’s latest parliamentary elections. 

Lebanese election sees significant gains for independent non-sectarian politicians

By John Nagle, Queen’s University Belfast and Tamirace Fakhoury, Aalborg University

Lebanese voters are signalling a desire for change, with Hezbollah and its allies losing ground across the country in a parliamentary election.

Just as the recent election in Northern Ireland brought a boost for the non-sectarian Alliance Party, Lebanon’s election saw significant gains for political representatives untethered to sectarian politics. Like Northern Ireland, Lebanon’s political system is set up to share power. Its new parliament will have various sectarian blocs, revolving around Hezbollah and rival party Lebanese Forces, and a sizeable non-sectarian group campaigning on economic issues, social justice and accountability.

Hezbollah, a pro-Iranian Shia-based party, emerged in 1982 largely in response to Israel’s invasion of Lebanon. It gained prominence after the end of Lebanon’s civil war (1975-1990) and its share of parliament seats started rising in the 2000 elections. After the departure of Syrian troops from Lebanon in 2005, its alliance with key political players such as the other Shia-based political party, Amal, and the Christian-based Free Patriotic Movement allowed it to gradually block major policy processes deemed detrimental to its interests such as negotiations on its demilitarisation.

The Hezbollah bloc has lost ground to rivals across the spectrum. Results indicate that the pro-Thawra opposition candidates have made significant gains, capturing up to 13 seats. The Thawra name harks back to October 2019, as the state’s economy went into freefall, when an uprising of ordinary citizens, often called the Thawra, campaigned for all sectarian leaders to resign and for rights for foreign domestic workers, women and LGBTQ+ people.

In this election, the Lebanese Forces party has used widespread anger against Hezbollah and its allies to increase its number of parliamentarians. Lebanese Forces has positioned itself as the main faction willing to contest Hezbollah in the power-sharing government.

Opposition gains have been secured even in areas traditionally seen as Hezbollah strongholds. In 2018, Hezbollah and its allies won 71 seats, making it the biggest faction in the parliament. Hezbollah emerged from Sunday’s election weakened as many voters blame the party for hindering an independent investigation into the Beirut port explosion which killed more than 200 people.

This national election took place as Lebanon struggled with a series of crises beginning in 2019, including an economic meltdown that left more than 75% of the population below the poverty line, in what the World Bank ranks as among the three most severe economic collapses anywhere since the 19th century. The country is also dealing with the aftermath of the port disaster. More recently Russia’s invasion of Ukraine has pushed millions close to starvation because of Lebanon’s heavy dependence on Ukrainian wheat.

Relatives of victims of the August 2020 Beirut port blast carry their pictures during a protest near the port. Reuters/Alamy

Lebanon’s political power-sharing system is deliberately designed to protect the entrenched interests of the state’s powerful sectarian leaders. All seats in the 128-member parliament are reserved on a sectarian basis and the powerful factions have often functioned on behalf of other powers, such as Iran and Saudi Arabia.

For its supporters, the power-sharing system gives guarantees of political representation to the main groups and ensures that no faction can control the government.

Critics point to a number of drawbacks with the system. Some Lebanese people are reliant on their sect leaders to distribute basic services, such as healthcare. Lebanon is further crippled by paralysis and dysfunction, with the government rarely passing any new laws.

Yet, despite many barriers to change, we may be beginning to see cracks in the system to allow anti-sectarian and independent opposition candidates to emerge as a serious force in Lebanon.

In recent years, hundreds of thousands of Lebanese have voiced dissent by taking to the streets to demand an end to the state’s corrupt leaders, branded by protesters as “thieves”.

While the protests eventually ran out of steam, it built a platform for a political movement that has now gained independent parliamentary seats.

While it is tempting to suggest that Lebanon’s election has ushered in significant change, caveats are required. Voter turnout was 41%, lower than in 2018. This may point more to apathy and disillusionment than hope.

Obsolete electoral laws have not kept pace with people’s lives, and may have been a factor in the low turnout. In Lebanon, people must vote in the constituencies where they were born. With fuel prices rising and a crumbling transportation system, many could not travel to their birthplace hours away.

This result could lead to political stalemate and confrontational power-sharing. The parliament could turn into a polarised arena where parties with opposing agendas are supposed to share power. The main factions are likely to disagree on the new speaker of parliament and on the allocation of executive ministerial positions, making it difficult for the council of ministers to address the disastrous economic situation.

Factions are also likely to disagree on the new presidential candidate set to replace current president Michel Aoun five months from now at the end of his term.

Yet there is still room for optimism. The success of these independent candidates demonstrates that anti-sectarian politics can succeed in an environment designed to prohibit it flourishing. Unlikely breakthroughs in sectarian strongholds represent notable and exceptional gains.

Independent candidates have not had the array of tools at the disposal of the major sectarian parties. They do not have the economic clout to court votes or have links to powerful media networks to echo their message. They also can’t ask for support from powerful states, such as Iran and Saudi Arabia. Their candidates are more likely to be harangued and attacked by sectarian factions.

Nevertheless, their victory in Lebanon’s elections has powerful implications. It is one of the key achievements of the 2019 Thawra movement, a landmark episode that many had dismissed for not having achieved very much.

John Nagle, Professor in Sociology, Queen’s University Belfast and Tamirace Fakhoury, Associate Professor of Political Science, Aalborg University

Read the original article.

How will MENA countries hit FDI targets? 

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Emerging market investments are shrinking. How will MENA countries hit FDI targets? 

By Amjad Ahmad in Atlantic Council

As the pandemic-fuelled liquidity begins to wane and the reality of inflation and higher interest rates sets in, many economies will face considerable challenges.  Middle East and North Africa (MENA) countries are vying to attract global investors and increase Foreign Direct Investment (FDI).  Yet, capital flows are reversing from emerging to developed markets—specifically in the United States, where interest rates are rising to levels not seen since 2018.  The year 2018 is illustrative: during that time, emerging markets experienced substantial capital outflows as international investors reduced their exposure and consolidated their risk into emerging economies with fewer perceived risks, given their proactive and progressive economic policies.

Attracting foreign investors into emerging market economies has always been difficult.  Nevertheless, thanks to the extended period of near-zero interest rates, emerging markets were blessed with investors hungry for higher returns. The plentiful supply of money coupled with historically low yields in rich countries led investors to explore higher yields in riskier markets across various assets, including public equities, public debt, private equity, and venture capital.  The lower cost of capital allowed investors to finance opportunities that otherwise would have been unfeasible.

Unfortunately, the party is over, and the pain is just beginning.  The US Federal Reserve has started an aggressive interest rate hiking campaign, which will likely be the sharpest rise in interest rates since former chair of the Federal Reserve Paul Volcker’s war on inflation from 1979 to 1982.  Many economists believe this will likely lead to a recession in the world’s biggest economy.

A US economic slowdown or a recession couldn’t come at a worse time for emerging markets, particularly those in MENA, where most are fighting chronic unemployment, especially among youth and women, slowing growth, and higher debt levels.  Large oil-exporting countries in the Gulf Cooperation Council (GCC) — such as Qatar, Saudi Arabia, and the United Arab Emirates (UAE) — are better positioned given heightened commodity prices. However, their lack of interest rate autonomy given the dollar peg limits their ability to deviate their monetary policy from that of the United States.

Additionally, the global demand destruction cannot be ignored as the post-pandemic surge in demand levels off, with consumers beginning to feel the pinch from inflation and rising interest rates.  This may put a damper on global energy demand and tourism. Inflation also impacts global emerging markets, causing a perfect storm for the arrival of tough economic times.  Currency depreciation against the dollar is increasing the cost of imports and repaying foreign currency debts for banks, companies, and governments, many of which racked up significant debt during the pandemic.

Research suggests that the impact of US monetary tightening on emerging markets will vary depending on the factors for the change. Interest rate hikes driven by US economic expansion will likely lead to positive spillover effects that benefit more than hurt emerging markets and, therefore, are neutral on capital flows.  On the other hand, interest rate hikes to fend off inflation will likely lead to emerging markets disruption.  Here, there are two key points to mention.  First, there is a more significant effect on emerging markets from rising interest rates due to inflation than those due to growth.  Second, emerging economies with stable domestic conditions and policies tend to fare better and experience less volatility. In a global economic environment with slower growth, higher cost of capital, and a shrinking capital pool for riskier assets, discerning international investors will consolidate their investments in the highest-quality emerging markets.

The Goldilocks moment experienced in markets over the past couple of years is subsiding.  Geopolitical risk, inflation, and US interest rates are all rising. In addition, two crucial macroeconomic trends will impact the future capital flows to emerging markets.  First, globalization policies that have focused overwhelmingly on cost efficiency and rationalization will now focus on resiliency and values-based investments.  At an Atlantic Council event on April 13, US Treasury Secretary Janet Yellen articulated a blueprint for US trade policy, stating, “The US would now favor the friend-shoring of supply chains to a large number of trusted countries that share a set of norms and values about how to operate in the global economy.”

Second, Environmental, Social, and Governance (ESG) issues are gaining more attention with countries and companies putting them on the agenda.  For an indication of what’s to come, consider Total, the French oil and gas giant, marking its shift to renewable energy and rebranding to TotalEnergies, as well as Engine No. 1, a US impact hedge fund, hijacking ExxonMobil’s board to drive a green strategy at the company.  As a result of the confluence of these complex issues on top of challenging macro-economic concerns, investor appetite for emerging market assets is weakening.  It will become more discerning in the coming years.

But all isn’t lost.  There will be divergent outcomes and risks depending on the domestic conditions of each emerging market.  Thoughtful investors will continue to seek opportunities in emerging markets, especially in private markets, where the predominant share of opportunities exists.  However, as financial conditions tighten, differentiation between emerging markets will increase. MENA countries can better position themselves amongst others competing for capital by:

  1. Attracting and empowering strong policymakers to make dynamic and bold decisions that complex changes in the global economy require. Deepening the bench of talented policymakers should be another priority.
  2. Driving policies supportive of private sector development and investment. Reducing government-owned enterprises and providing ample space for private companies to grow and prosper on an even playing field is critical to building a dynamic economy.
  3. Continuing to nurture the nascent entrepreneurial ecosystem. Entrepreneurial economies are consistently more resilient and lead to better outcomes over the long term.
  4. Enhancing regional and international economic integration through bilateral and multilateral agreements with more robust economies. Proactive engagement with multilateral financial institutions will also increase financial stability and resilience.
  5. Standardizing policies according to global norms for greater regional and international integration. Investor appetite is greatly improved in emerging markets that adopt regulations and standards from developed countries.
  6. Increasing transparency and reducing uncertainty around laws and regulations. Investors and companies need more clarity on the game’s rules in order to play it confidently and competently.

Several MENA countries continue to take bold steps to improve their global competitiveness. One such example is the privatization programs of government-owned enterprises in Egypt, Saudi Arabia, and the UAE to increase liquidity in local capital markets, improve transparency, and expand private sector participation.  Those countries that maintain their momentum will be clear winners in the coming years. History is rich with evidence that economic challenges are followed by periods of historic gains.

Amjad Ahmad is Director and Senior Fellow at the Atlantic Council’s empower ME Initiative at the Rafik Hariri Center for the Middle East.  

Twitter: @AmjadAhmadVC.

 

MENA states may be able to meet their green ambitions

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The desire to minimize dependency on fossil fuels, improve energy security, and decrease greenhouse gas emissions has prompted governments in the MENA (the Middle East and North Africa) area to commit to meeting aggressive renewable energy objectives. By 2030, MENA countries want to produce between 15% to 50% of their power from renewable sources. A favorable climate for the uptake of renewables, notably solar & wind power, is being created by falling technology costs and an increasing focus on green regulations. However, the MENA region has been reluctant to adopt renewable energy, with a total developed renewable energy capacity of only 10.6 gigawatts (GW) relative to a worldwide total of 2,799 GW by 2020.

ESS (Energy storage systems) will be critical in integrating variable renewable energy (VRE) technologies into power grids. Through capacity firming as well as other ancillary services like frequency and voltage management, ESS will improve the flexibility and stability of the power systems.

ESS offers a variety of services that can be combined to maximize value based on the demands and requirements of the power system and grid. Depending on market needs, these services are rewarded differently. Moreover, to the storage capacity payment, service stacking offers revenue stacking, making ESS’s business case more appealing. Traditionally, power system design has concentrated on increasing power-producing capacity to satisfy rising electrical demand. This has sparked a competition throughout the MENA region to increase power generation, which is primarily based on thermal energy and is growing at a rate of 7% per year. Population growth, subsidies, and the ever-increasing need for cooling and water are all driving up demand. The trend in power system design is toward lower peak loads, which is crucial for MENA nations to minimize the pace and rate of power output capacity addition.

Nations in the region are undertaking steps to increase their energy storage capability, with 30 projects expected to be completed by 2025. Pumped hydro storage (PHS) accounts for 55 percent of the region’s ESS installed capacity, relative to 90 percent globally, while batteries, especially lithium-ion and sodium-sulfur batteries, are predicted to rise from 7% to 45 percent of MENA’s ESS by 2025.

The reasons for ESS deployment differ per area. Ambitious renewable energy objectives encourage Jordan, Egypt, Morocco, and the majority of Gulf republics. This applies mostly to utility-scale FTM (front-of-meter) applications — grid-scale energy storage linked to generation sources or even transmission and distribution (T&D) networks — mainly through renewable energy-plus-storage auctions or even the co-location of solar and wind power plus storage. Currently, FTM applications account for 89 percent of the region’s ESS installed capacity. Significant power supply shortages, on the other hand, provide another push for ESS in countries that experience frequent power outages, such as Iraq and Lebanon. This is largely in terms of behind-the-meter (BTM) solutions, which mitigate the socioeconomic losses linked with blackouts by storing electricity on-premises behind the consumer’s meter.

Despite these factors, ESS deployment in the Middle East and North Africa is currently around 1.46 GW, relative to a worldwide capacity of around 10 GW, or simply below 15% of overall capacity – roughly equivalent to battery storage in the United Kingdom. To expedite ESS and VRE implementation in the region, governments, power utilities, and financial institutions will require to address a number of legislative, financial, and market impediments.

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Can Dubai be the next Silicon Valley technology hub?

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The Arabian Business tells us a story about the ongoing trends in high-tech businesses, technological innovation and the use of social media in the Emirate, wondered if Dubai can be the next Silicon Valley technology hub?

The emirate provides those in the Web 3 space with the ‘perfect balance of work and fun,’ making it attractive for talent, said the 26-year-old co-founder of interactive short video platform Vurse

Originally intending to stay in Dubai for only 12 days, Shadman Sakib ended up “falling in love” with the city and choosing it to launch his interactive short video platform Vurse from, set for the second half of 2022.

Vurse will be one of the first deep tech companies to come out of the Middle East and 26-year-old Sakib said Dubai “has so much potential and can become the next Silicon Valley.”

“We just have to fine-tune people’s mentality on a deep tech perspective and once that happens, the sky is the limit. For us people in the Web 3.0 space, we really want a nice balance between fun and work and Dubai really has the capability to provide both,” said Sakib.

“We are in the process of hiring our team members from across the world and it is actually much easier for us to attract them being based here in Dubai versus other cities because of the fine balance between work and life, plus the entertainment aspect. This is why we chose Dubai and we feel like it is going to be our long-term home,” he continued.

Shadman Sakib, Tech Entrepreneur

Sakib believes Vurse’s growth will translate into the growth of Dubai in the deep tech and Web 3.0 space, giving the example of how the presence of the big tech companies in San Francisco led to the development of the American state’s tech reputation.

“Dubai is one of the smartest cities in the world. You go to the airport and immigration is done in minutes, not many cities in the world can compete with that kind of technology,” explained Sakib.

“It is therefore high time we have a homegrown company that goes beyond the traditional businesses we have in this city. Traditional companies can only grow so far versus the companies in deep tech or Web 3 space – especially the ones with proper resources – where the sky is the limit; you have the whole world to play with,” he continued.

How Sakib got into tech and conceived of Vurse

Sakib grew up in Bangladesh and says he was “pretty much of an underdog,” for most of his life, recounting how he dropped out of his undergraduate studies in the US before moving to the UK where he again pursued his studies while working as a waiter on the side.

Lying on his couch one day and playing with his phone Sakib wondered why he was using someone else’s product instead of developing a product that people could use.

“I was 20 years old at the time and while my peers were focused on enjoying life, I was consumed with finding a purpose for mine,” he recalled.

“My philosophy was all about being determined that I would have a strong footfall by the time my friends finish university so that they would come to me and ask for a job,” added Sakib.

Sakib believes Vurse’s growth will translate into the growth of Dubai in the deep tech and Web 3.0 space

Having no background in technology, Sakib talked to a few of his friends and contacts in the app design space but was frustrated with the ideas they came up with as they were a copy of what already existed.

“I wanted to look at how I can wow the customer or my user not recreate the same thing – I wanted to build something different,” explained Sakib. As such, he taught himself coding before meeting the co-founder of Vurse who is a “coding genius.”

It is within this context that the idea of Vurse came about to take the social media experience into the Web 3 space and give content creators ownership over their content rather than having a platform control that.

“Our target is to make the content creators bigger because once they are a big brand themselves, a similar effect will happen to the company itself,” explained Sakib.

“My co-founder and I have been wanting to work on a consumer-facing product for some time now because that is where we think the main fun is. We want to understand the newer generations that are coming up and their culture. We also want to understand the music industry very well,” he continued.

As such, Sakib has delegated his other businesses to fully focus on Vurse, a business he self-funded. And while he declined disclosing much information about Vurse itself, he said it is built on three verticals: a content creator marketplace where people will be able to trade NFTs, a short video platform and the AI verse, a self-created metaverse within the platform.

“The metaverse will stay but the way we see and think of it will change. Currently, you have to have a specialised device to access the metaverse which restricts access somehow,” said Sakib.

“Once the technology catches up to the extent that it is easily accessible to anyone anywhere, then the real game begins,” he continued.