Mena tech firms can plug skills gap by scooping up global talent Technology companies in the Middle East are in prime position to attract top talent from around the world as some of Silicon Valley’s biggest names make massive job cuts, according to recruitment consultants. Google’s parent company Alphabet, Microsoft and Amazon have all unveiled large-scale redundancy programmes since the start of January. About 40,000 jobs will […] January 24, 2023
Korea prospects high as President Yoon courts GCC free trade deal Negotiations are continuing on a free trade deal with GCC countries which will make “enormous contributions” to expanding relations, South Korea’s President Yoon Suk Yeol has said. “I hope that the Korea-GCC FTA will become a forward-looking agreement that contributes to our two countries’ joint endeavours of responding to new challenges including climate change, supply […] January 24, 2023
Banking and Finance Saudi SMEs look to sharia funding to balance cash flow In Saudi Arabia, small to medium-sized companies are increasingly turning to sharia-compliant funding to raise money for their businesses. But rather than borrow from banks, these SMEs instead rely on the kingdom’s nascent fintech sector to obtain bridging loans, invoice financing and other kinds of niche financial support. “SMEs are underserved by the banking sector, […] January 24, 2023
Economic success for Menap hinges on greater regional trade Many countries in the Middle East, North Africa, Afghanistan and Pakistan (Menap) region are enjoying growth, but new research has found that intra-regional exports account for only 2.9 percent of total gross domestic product. This compares to a global average of 7.9 percent, and 22 percent across the European Union (EU), Norway, Switzerland and the […] January 24, 2023
Business of Sport Middle East continues to dominate football’s rich list Nine of the top 20 clubs in football’s rich list have investment links to the Middle East – and analysts are predicting that Gulf ties will increase in the next few years. Abu Dhabi’s Manchester City retained the No 1 spot in the latest edition of the Deloitte Football Money League, with revenue of €731 […] January 23, 2023
Middle East on a roll as fastest growing theme park market The Middle East and North Africa is set to be the fastest-growing region for investment in amusement parks, as developing economies create attractions to lure visitors. Consumer spending at theme parks and related destinations in the Mena region is projected to grow at an annual rate of 10.9 percent, from $282 million in 2019 to […] January 23, 2023
Retail Diamonds (from a lab) are the Gulf’s best friend Basma Chaieri began her business after watching the season two finale of Netflix’s hit series Explained. The November 2019 episode, which explored the growing popularity of lab-grown diamonds, prompted the Dubai resident to quit her travel job and enrol in gemology school to study the trade. “I thought why would anyone buy a real diamond […] January 20, 2023
Banking and Finance Rising global interest sets Dubai IPOs on course for strong 2023 Global stock markets may have suffered heavy losses but bourses in the Middle East and North Africa are thriving, recording 42 listings in 2022 and with a healthy pipeline of activity planned for the year ahead. According to Bloomberg data, Mena initial public offerings (IPOs) raised over $18 billion in 2022. This represents 47 percent […] January 20, 2023
Retail Ecommerce delivers the goods for region’s retailers A Dubai free zone has set up an ecommerce platform to help drive growth in the Mena market, as new data reveals 91 percent of regional consumers bought products online in the past year. One in five shoppers said they purchased more online in the past 12 months compared to the year before, with fashion […] January 20, 2023
Tourism Resurgence in Chinese travellers is boon for Gulf tourist traps Gulf markets closed lower on Wednesday over concerns that China’s 2022 economic growth slowed sharply to 3 percent, its second-worst performance since 1976, and its population fell for the first time since 1961. However, the recent easing of travel restrictions by Chinese authorities is expected to result in an influx of tourists from the country […] January 20, 2023
Real Estate Tenants hit Dubai’s suburbs as prime property rents soar Rising property rents in prime areas of Dubai are increasingly causing tenants to move to more affordable suburban communities, leading to a growing demand in the mid-market residential segment. Dubai rents increased by an average of 36 percent in 2022, according to a new report by real estate firm Betterhomes. Average apartment rents increased by […] January 19, 2023
Tourism Four Seasons reveals new hotel as Morocco’s tourism sector recovers Four Seasons Hotels and Resorts has announced plans to transform a former military hospital in Rabat as Morocco’s tourism revenues continue to recover from the impact of the coronavirus pandemic. The luxury hospitality company is partnering with Atlantic Coast Hospitality, a subsidiary of Abu Dhabi-based real estate development firm Q Holding, to create Four Seasons […] January 18, 2023
Banking and Finance Rise of UAE foundations as wealth management sector matures The UAE’s richest people are increasingly setting up foundations to structure and preserve their wealth for the future. Regional wealth managers told AGBI they have noticed a “significant increase” in the number of foundations being established in the UAE, and in the volume of enquiries they are receiving about setting one up. Bradley Moran, an […] January 18, 2023
Lattes and logistics drive growth in UAE-Canada trade Tim Hortons coffee shops are the most visible symbol of the trade relationship between the UAE and Canada. The chain has just opened its 250th café in the Gulf – in City Centre Mirdif, Dubai – halfway to its target of 500 outlets in the region. “This milestone is representative of the UAE’s position as […] January 18, 2023
Energy UK and Saudi eye investments in space-based solar power The UK and Saudi governments are exploring closer collaboration to invest in what could be the next era of renewable energy: space-based solar power. Grant Shapps, Britain’s business and energy secretary, met Abdullah Al Swaha, chairman of the Saudi Space Commission and minister of communications and information technology, for talks last week. A potential collaboration […] January 17, 2023
Energy GCC poised for starring role in global hydrogen market The GCC is set to play a key role in the global hydrogen market, with the UAE, Saudi Arabia and Oman looking to become leaders in the export of clean fuel. As industry experts come together in Abu Dhabi this week for the World Future Energy Summit, a report from Frost & Sullivan paints a […] January 16, 2023
Banking and Finance Agtech startups and Egypt are hot prospects for Mena funding Startups across the Middle East and North Africa region raised $125 million in funding in December last year, with Egyptian companies leading the pack, ahead of regional powerhouses the UAE and Saudi Arabia. A joint report by Wamda and Digital Digest showed that Egyptian startups secured $45.7 million across 11 deals in December, more than […] January 13, 2023
Tourism Gulf in sustainable tourism push as legislation looms When the first tourists arrive to experience the Red Sea Global sustainable tourism destination in Saudi Arabia later this year, they will touch down at an airport run entirely by renewable energy and designed to include shaded areas and natural ventilation that minimises reliance on air conditioning. They will continue their journey to a resort […] January 12, 2023
Retail Strong Gulf consumer spending defies global concerns Consumer confidence among the Gulf’s shoppers remains strong, despite concerns about the impact of a global slowdown and rising prices. A survey by management consulting firm Kearney found that 88 percent of respondents in the UAE and 79 percent of those questioned in Saudi Arabia were concerned about global market volatility and rising inflation. At […] January 12, 2023
Economy Why the Middle East is now a ‘must’ for top UK companies The Middle East’s contribution to revenues of major UK-listed companies is predicted to rise to record levels in 2023 on the back of an acceleration in green energy, industrials and infrastructure sectors. Lumina Capital Advisers report that money generated from the region this year will deliver an additional £1.6 billion ($1.9 billion) to UK Plc […] January 11, 2023
Indian exports to GCC boom ahead of free trade talks Indian exports to the GCC are booming, with nearly $30 billion of business in the first seven months of the fiscal year – and analysts are predicting more growth as talks resume on a free trade deal. The GCC is already India’s largest trading partner bloc, with bilateral trade valued at over $154 billion in […] January 11, 2023
Sustainability Gulf’s sustainability consulting market set to hit $1.3bn by 2025 Middle Eastern companies are calling in expert advisers to help them improve their environmental performance and analyse carbon-tracking and other sustainability indicators. As national carbon reduction policies roll out across the Gulf, the region’s market for sustainability consulting is forecast to grow by 10 percent each year between now and 2025, according to a report […] January 11, 2023
