Tech Mena IT spending to lag behind global average IT spending across the Middle East and North Africa is forecast to drop below the global average this year as rising inflation dents consumer spending. While global growth in IT spending is expected to hit 5.5 percent by the end of this year, predictions for the Mena region show just a 2 percent increase, according […] April 17, 2023
Tourism Ramadan travel still falling short of pre-pandemic highs Ramadan travel from the GCC is up on 2022 levels in many member states, but is still lagging behind the heights enjoyed by the industry in 2019, before the Covid-19 pandemic, according to a sector professional. Olivier Ponti, vice president of insights at London-based global travel data and analytics firm ForwardKeys, revealed outbound flight bookings […] April 14, 2023
Economy Mena inflation to remain ‘uncomfortably high’ Inflation in the Middle East and North Africa is to remain “uncomfortably high” for the foreseeable future, according to a leading banking expert. Headline inflation across the 16 Mena economies increased on average to 19.4 percent year-on-year between March and December last year, as reported by the World Bank in its most recent economic update. […] April 14, 2023
Energy Opec flags risks to summer oil outlook amid shock cut Opec has flagged downside risks to summer oil demand as part of the backdrop to output cuts announced this month by Opec+ producers, shedding some light on the factors behind the surprise move that has led to a rise in oil prices. Some members of the organisation, which includes Opec, Russia and others, announced new […] April 14, 2023
Analysis GCC and Japan move into fast lane for trade growth When Abu Dhabi announced the launch of the world’s largest autonomous racing league last month, it was with a significant nod to trade with Japan. Aspire, an arm of the emirate’s Advanced Technology Research Council, unveiled plans to host the first autonomous car race next year, featuring the Dallara-built Super Formula cars exclusively provided by […] April 13, 2023
Economy IMF tempers GCC economic growth forecast Economists believe the outlook remains “slightly optimistic” despite the International Monetary Fund downgrading its forecast for GCC economic growth and oil prices continuing to weigh heavily on future forecasts. Higher interest rates, rising inflation, increased uncertainty across the banking industry, the ongoing pressures caused by the war in Ukraine, and increased US-China tensions have combined […] April 12, 2023
Video length: 03:07 Video Aviation Labour woes and debt clip the wings of Mena aviation Labour shortages, high interest rates and sustainability challenges are the most pressing concerns facing both the global and Mena aviation sectors in the post-pandemic environment, says Hugo Santo, partner at McKinsey and Co. Travel trade body the International Air Transport Association recently reported that total traffic in February 2023 rose 55.5 percent year-on-year, and Middle […] April 12, 2023
UK pharma startup targets Gulf for future IPO UK pharmaceutical startup Ambrose Healthcare has revealed plans for a stock market listing in the Middle East. Ambrose Healthcare aims to provide treatments for rare diseases and address the unmet needs of patients in hospital or specialist care facilities. The Cambridge-based company is undertaking a six-month “small fundraising” of £1 million, and has so far […] April 10, 2023
Opinion Banking & Finance Will GCC banks shrug off the global banking meltdown? A number of key differences set Gulf banks apart from their crisis-hit US and European counterparts April 7, 2023
Economy World Bank lowers GCC growth forecast to 3.2% in 2023 The World Bank has lowered the economic growth projection for the Gulf Cooperation Council (GCC) to 3.2 percent for 2023 and 3.1 percent in 2024 in its latest update. It comes after GCC economies grew 7.3 percent in 2022. The fastest-growing economy within the GCC is forecast to be Oman at 4.3 percent growth. Saudi […] April 7, 2023
Business of Sport Yorkshire County Cricket Club seeks Mena investors The Middle East could play a pivotal role in the future of county cricket in the UK, according to a leading sports economist. It was revealed this week that Yorkshire County Cricket Club has recruited the services of audit and advisory firm Grant Thornton to seek out investment from potential backers in the Middle East. […] April 6, 2023
Analysis Health More GCC healthcare mergers likely as competition hots up The GCC healthcare market is set to witness more mergers, acquisitions and consolidation as competition increases, say experts. As the sector continues to mature, public-private partnerships (PPPs) are bringing about a shift in care delivery that is likely to be transformative, according to Dubai-based investment banking advisory firm Alpen Capital. Its research predicts that healthcare […] April 4, 2023
Energy Saudi Arabia leads Opec+ to cut nearly 1.2m bpd from May Saudi Arabia and other Opec+ oil producers have announced further oil output cuts of around 1.16 million barrels per day (bpd), in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable. The pledges bring the total volume of cuts by Opec+, which groups the Organization […] April 3, 2023
Opinion Lifestyle Ramadan marketing requires more than simply pushing product Brands need to get their houses in order and operations up to speed March 30, 2023
Banking & Finance Gulf financial centres slip down global ranking list Financial centres in the UAE, Qatar and Bahrain have fallen in the latest global index as their rivals in the US and Asia Pacific come out on top. Dubai and Abu Dhabi continue to take first and second places in the Middle East region, but they have both dropped down the overall league table. Dubai […] March 30, 2023
Sustainability Ford to roll out electric vehicles across GCC next year US automaker Ford Motor Co. plans to launch its electric vehicles (EV) in the Middle East in 2024, according to a media report. The automaker will introduce EV models to the Gulf before moving into the wider region, Chris Noel, managing director of Ford Middle East and Africa, told Bloomberg. He stated that manufacturing limitations […] March 30, 2023
Energy World Bank says global gas flaring hits lowest level since 2010 Gas flaring worldwide dropped five billion cubic metres (bcm) to 139 bcm in 2022, reaching its lowest level since 2010, the World Bank said in its global gas flaring reduction partnership (GGFR) study. “After a decade of stalled progress, global gas flaring volumes fell in 2022 by around three percent, which is a welcome drop, […] March 30, 2023
Opinion Aviation Low-cost, not full-price, airlines will fuel the Gulf’s aviation boom The Middle East's aviation industry is ripe for the picking March 29, 2023
Exclusive Banking & Finance Tax boon for wealth funds shows their value to UK, says minister The UK’s decision to scrap a planned tax on sovereign wealth funds highlights the importance the government places on Gulf investors, Britain’s investment minister has told AGBI. “I’m personally very pleased that we’ve decided to maintain the status quo,” said Dominic Johnson, a minister of state in the UK’s newly formed Department for Business & […] March 29, 2023
Tourism Gulf expects China rebound as tourists return from isolation The Middle East is likely to experience a surge in Chinese tourism this year, reminiscent of the earlier rebound witnessed from Europe and India. China lifted its Covid-related travel restrictions in January, allowing Chinese tourists to travel abroad, without having to quarantine upon their return. Bookings for overseas travel during Chinese New Year soared […] March 28, 2023
Neom Renewable energy desalination is the way forward for GCC states Projects in the Middle East are seeking to increase their use of renewable energy desalination amid criticism of the traditional process as being high-cost and energy-intensive. The Mena region is expected to add an estimated 20GW of solar capacity and 5-6GW of wind by 2025, and the use of these sources is increasingly coming to […] March 28, 2023
Opinion Sustainability Turning water and food shortages into global opportunity Research in the Middle East can play a transformative role in addressing water scarcity March 28, 2023
