Private, Online and Hi-Tech: The Coronavirus Economy

Canada's Prime Minister Justin Trudeau speaks with G7 leaders during a teleconference while under self-isolation after his wife Sophie Gregoire tested positive for novel coronavirus. (Reuters)
Canada's Prime Minister Justin Trudeau speaks with G7 leaders during a teleconference while under self-isolation after his wife Sophie Gregoire tested positive for novel coronavirus. (Reuters)
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Private, Online and Hi-Tech: The Coronavirus Economy

Canada's Prime Minister Justin Trudeau speaks with G7 leaders during a teleconference while under self-isolation after his wife Sophie Gregoire tested positive for novel coronavirus. (Reuters)
Canada's Prime Minister Justin Trudeau speaks with G7 leaders during a teleconference while under self-isolation after his wife Sophie Gregoire tested positive for novel coronavirus. (Reuters)

The coronavirus pandemic has sent stock markets into freefall and industries to the wall, however many firms enabling more private, online and tech-based living are emerging as potential winners.

As hundreds of millions of people worldwide are forced to stay in their homes and not travel abroad, the businesses that are helping them to adapt could lead to long-term changes in the economy.

"I think certain aspects of work and organizing will change for good through the current situation," said Sally Maitlis, a professor of organizational behavior at Oxford University's Said Business School.

"People will discover that they can work and communicate in ways they previously didn't think possible, and will be forced to become nimbler with tech through having no choice to do otherwise,” she said, according to AFP.

Here are comparisons of several sectors that are thriving and failing in the pandemic:

E-commerce giants vs. independent stores

Large online retailers have seen a surge in orders as self-isolating or home-working consumers turn to their massive distribution and delivery networks to provide daily essentials.

Shares in US retail giants Walmart and Amazon both tumbled as markets crashed around the world on March 16.

During the week, Walmart rose as much as 25 percent from its nine-month low on Monday. Amazon also recovered.

"We are seeing increased online shopping and as a result some products such as household staples and medical supplies are out of stock," Amazon said.

Yet small, independent stores are suffering, said UK Federation of Small Businesses chair Mike Cherry.

"These are already very difficult times for all small businesses right across the country. There are huge concerns over supply chains while on top of this footfall continues to drop. The prospect for these businesses over the coming weeks is increasingly bleak."

Streaming vs. cinemas

Demand for movies to watch at home has soared so much that Netflix and YouTube are reducing the quality of their streaming in Europe -- which has become the epicenter of the virus -- to ease pressure on the internet.

Worldwide streaming activity jumped by 20 percent last weekend, according to Bloomberg News.

Traditional cinema chains, however, are facing an unprecedented drop in demand.

Some have temporarily closed their doors to help contain the virus's spread.

US-listed shares in Cinemark and AMC Entertainment were both down around 60 percent on Friday from their respective highs in January and February.

Private jets vs. commercial planes

The airline sector has been hit hard by quarantine rules and border closures, with UK airline Flybe crashing into bankruptcy and experts predicting others will follow.

The International Air Transport Association said Thursday that up to $200 billion is needed to rescue the global industry.

US airlines have sought more than $50 billion in government assistance in recent days, with one top US official saying the outbreak poses a bigger threat to the commercial industry than the September 11 attacks.

In contrast, private jet charter companies are seeing demand soar.

Wealthy customers are seeking to distance themselves from the "unknown" travel histories of fellow passengers, said Daniel Tang, from Hong Kong-based charter company MayJets.

US-based Paramount Business Jets has seen inquiries go "through the roof", its chief executive Richard Zaher said.

Queries have risen 400 percent and bookings are up 20-25 percent.

Home workouts vs. gyms

As many gyms close their doors, fitness-lovers are turning to online classes and home workouts.

Shares in US home gym equipment company Peloton surged as investors bet on increasing demand for its stationary exercise bikes and memberships to streaming online workout sessions.

At one stage Peloton's share price was up more than 50 percent from Monday's intra-day low.

Teleconferences vs. real world meetings

With more and more people working from home to limit the virus's spread, demand for technology that enables online group meetings, chats and collaborations has spiked.

"There is such excitement around remote work that brands like Zoom have seen their stock value climb up," Creative Strategies analyst Carolina Milanesi said, referring to the teleconferencing app.

At the same time, real world gatherings from sporting events to business conferences, have been postponed or cancelled, with a large question mark still lingering over the fate of this summer's Olympic Games in Japan.



Bahraini Transport Minister to Asharq Al-Awsat: Each Country to Finance Its Share of Gulf Railway Project

A conceptual rendering of the Gulf railway interconnection project. (X)
A conceptual rendering of the Gulf railway interconnection project. (X)
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Bahraini Transport Minister to Asharq Al-Awsat: Each Country to Finance Its Share of Gulf Railway Project

A conceptual rendering of the Gulf railway interconnection project. (X)
A conceptual rendering of the Gulf railway interconnection project. (X)

The Gulf Cooperation Council (GCC) member states took a new step toward completing the railway interconnection project by signing the project's general agreement in Bahrain on Sunday. This comes as part of efforts to establish an integrated transport network linking the six nations and boosting the movement of passengers, goods, and commercial trade among them.

Bahraini Minister of Transportation and Telecommunications Dr. Sheikh Abdulla bin Ahmed Al Khalifa told Asharq Al-Awsat that each country will fund and execute the portion of the project located within its territory.

Meanwhile, the costs, fees, and expenses associated with the shared interconnection components among member states will be determined collectively, he added.

He explained that the agreement establishes a joint framework for the project's execution and operation, while defining the obligations of member states and their coordination mechanisms.

He noted that the network, which extends some 2,117 kilometers, aims to transport 6 million passengers and 200 million tons of freight by 2030, with the figures projected to rise to more than 8 million passengers and 271 million tons of freight by 2045.

The project spans from Kuwait, passing through Saudi Arabia, Bahrain, Qatar, and the UAE, all the way to Oman, with the goal of achieving full network operations by December 2030.

According to the minister, interconnection lines between adjacent countries can become operational as soon as their components are completed, without the need to wait for the entire Gulf network to be finalized.

National financing and potential partnerships

On private sector participation, Al Khalifa said that it remains one of the viable options for financing, executing, or operating certain components of the project, depending on the outcomes of economic and financial studies. He stressed that there is no unified public-private partnership model approved across the entire network.

There are currently no pre-existing agreements with specific international partners to finance or execute the project, he said. However, the expertise of global companies in the fields of design, engineering, technology, and operating systems could be utilized based on the project's needs and its various phases.

Bahraini Minister of Transportation and Telecommunications Dr. Sheikh Abdulla bin Ahmed Al Khalifa.

Concerning the project's announced completion rate, the minister explained that the 50 percent figure represents the average progress achieved across member states, and does not mean that half of the construction work for the entire Gulf network has been completed.

The project's cost estimates are currently undergoing review and updates in light of economic shifts, rising prices for materials and services, construction costs, and inflation, he revealed without specifying an updated total cost at the present time.

Returns beyond passenger and freight transport

Al Khalifa said that the economic impact of the project is not limited to facilitating passenger movement and freight transport, but extends to improving supply chain efficiency, boosting trade among GCC countries, and linking industrial centers, economic zones, and logistical hubs, as well as supporting employment and investment opportunities.

He added that determining the project's exact contribution to the gross domestic product (GDP) or estimating expected savings in time and costs remains premature, given that returns vary depending on transport routes, the nature of the cargo, and the points of origin and destination.

In light of the challenges facing maritime navigation in the region, the minister stressed that the Gulf railway network is not intended to serve as a substitute for maritime transport. Instead, it acts as a complementary route that boosts transport options and connectivity among GCC nations, increasing the resilience of supply chains against disruptions that could affect various modes of transportation.

He noted that integration between ports, roads, railways, and airports will strengthen the flexibility of the Gulf transport system, while connecting to broader international logistical corridors remains a future possibility contingent on completing studies, understandings, and coordination with the relevant countries and entities.

King Hamad Bridge to link Bahrain and Saudi Arabia

Regarding the connection between Bahrain and Saudi Arabia, Al Khalifa explained that the King Hamad Bridge project includes road lanes and railway lines, enabling the international passenger station in Bahrain to connect with the Saudi railway network and forming one of the essential components for completing the Gulf interconnection.

He added that work is underway on the privatization procedures for the King Fahd Causeway Authority, alongside completing the necessary studies and procedures to transition to the execution of the new bridge project.

Achieving the connection between Bahrain and Saudi Arabia is a fundamental requirement for operating the railway line between the two countries within the project's targeted timeframe in December 2030,e he said.


Egypt Seeks Faster Progress on Libya Gas, Refining and Power Projects

Egyptian Foreign Minister Badr Abdelatty speaks during a press conference with Minister of Information Diaa Rashwan (not pictured) in Cairo, Egypt, March 25, 2026. (Reuters)
Egyptian Foreign Minister Badr Abdelatty speaks during a press conference with Minister of Information Diaa Rashwan (not pictured) in Cairo, Egypt, March 25, 2026. (Reuters)
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Egypt Seeks Faster Progress on Libya Gas, Refining and Power Projects

Egyptian Foreign Minister Badr Abdelatty speaks during a press conference with Minister of Information Diaa Rashwan (not pictured) in Cairo, Egypt, March 25, 2026. (Reuters)
Egyptian Foreign Minister Badr Abdelatty speaks during a press conference with Minister of Information Diaa Rashwan (not pictured) in Cairo, Egypt, March 25, 2026. (Reuters)

Egypt aims to accelerate energy projects with Libya, including gas pipeline links, refining of Libyan crude in Egypt and an electricity interconnection, Egyptian Foreign Minister Badr Abdelatty said late on Saturday.

Abdelatty's comments were in ‌a ministry ‌statement after a meeting ‌with ⁠Libya’s acting oil ⁠and gas minister Khalifa Abdulsadek in Tripoli.

Abdelatty also ‌called for cooperation on petroleum products and the completion of projects to refine Libyan ‌oil in Egypt and re-export it, the statement said, ⁠adding ⁠that Abdulsadek had said that Libya would continue implementing existing projects and would visit Cairo soon to continue technical talks with Egypt’s petroleum and electricity ministers.

The statement did not provide details on costs or the status of the projects.


GCC: Railway Agreement Sets Joint Framework for Project Implementation and Operation

GCC transport ministers pose for a group photo following the 27th committee meeting in Kuwait. (GCC Railway Authority)
GCC transport ministers pose for a group photo following the 27th committee meeting in Kuwait. (GCC Railway Authority)
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GCC: Railway Agreement Sets Joint Framework for Project Implementation and Operation

GCC transport ministers pose for a group photo following the 27th committee meeting in Kuwait. (GCC Railway Authority)
GCC transport ministers pose for a group photo following the 27th committee meeting in Kuwait. (GCC Railway Authority)

Jasem Albudaiwi, secretary-general of the Gulf Cooperation Council (GCC), said on Sunday that the signing of the General Agreement on the GCC Railway Project marked an important step toward establishing an integrated regional transport network.

He said the network would facilitate the movement of citizens and residents, ease freight transport, boost intra-GCC trade efficiency and strengthen member states’ economic competitiveness and the region’s position in regional and international trade.

Albudaiwi's remarks came at the signing ceremony in the Bahraini capital, Manama, on Sunday, held under the patronage and in the presence of Bahrain’s Crown Prince and Prime Minister Salman bin Hamad Al Khalifa.

He said the project reflected the GCC’s shared ambition to connect member states and improve mobility and trade by linking their economic and industrial hubs, ports and logistics centers.

He added that the project would create opportunities for safe, reliable, affordable and environmentally friendly transport services that meet development needs, serve the aspirations of future generations and strengthen economic integration among GCC states.

Albudaiwi said the agreement sets a common framework for member states to implement and operate the project in coordination with their national railway networks, while establishing mechanisms and a timetable to accelerate its completion.

Albudaiwi praised GCC leaders and transport ministers for their support of strategic regional projects, thanking Bahrain’s crown prince and prime minister for hosting the signing ceremony and officials for advancing the railway project.