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GCC

Business news and financial news, analysis, opinion and statistics covering the six Gulf Corporation Council members Bahrain, Kuwait,  Oman, Qatar, Saudi Arabia and the UAE

Beautyworld Middle East said there had been an 8.4% increase in participation from UAE and GCC brands for this year’s Dubai event

Gaza boycotts fuel sales spike for Gulf beauty brands

Homegrown beauty brands in the Middle East are benefiting from boycotts of international companies as a result of the Israel-Gaza conflict. The cosmetics giant L’Oreal said the boycotts had a two-percentage-point drag on its growth in the first half of the year, as consumers turned their backs on the Paris-based company which also owns the […]

real estate transparency Reem Island Abu Dhabi

Only two bright spots for real estate transparency in Mena

Dubai, Abu Dhabi and Saudi Arabia have climbed higher in a biennial ranking of the most transparent real estate markets in the world, as local authorities push to open up their markets in a bid to appeal to foreign investors. But the UAE and Saudi Arabia are the only bright spots for transparency in the […]

Jameel Ahmad, governor of the State Bank of Pakistan, said talks to secure an additional $2bn in external financing from the IMF are ongoing

Pakistan targets $4bn from Middle East lenders

Pakistan aims to raise up to $4 billion from commercial lenders in the Middle East by fiscal year 2025, the State Bank of Pakistan governor Jameel Ahmad has said. The country’s gross financing needs would be met over the next fiscal year and in the medium term, he told Reuters. Saudi Arabia, the UAE and […]

GCC retail staff shortage Video length: 07:34

Retail staff shortage dents GCC shopper satisfaction

Shoppers across the Gulf Cooperation Council countries are being put off their purchases by a shortage of skilled staff in the region’s retail sector, as prices of products continue to rise. Annual retail sales in the six GCC countries are expected to grow to $300 billion by 2028, a 37 percent increase from 2022. But […]

Higher broadband prices in the UAE have certainly helped the balance sheets of the Gulf state's telcos

UAE broadband users pay dearly for lack of competition

Telcos may have generated nearly AED94 billion ($25 billion) in revenue for the UAE government, but a lack of competition and steep costs means that residents have been hit with the highest broadband bills in the Gulf. With an average price of $142.65 per month, people in the UAE are paying more than double than […]

GCC Islamic insurance Gulf floods Dubai 2024

More mergers likely in GCC Islamic insurance market

More consolidation is likely among small and medium-sized Islamic insurers in the UAE and Saudi Arabia for the rest of the year, as they continue to struggle with weak earnings, according to analysts. One in five Islamic insurers in Saudi Arabia and one in three of those in the UAE merged in recent years, in […]

Gone are the days when telcos could rely on merely a phone network to turn a profit

Telcos turning to tech to propel growth

Fear of market irrelevance has spurred former Gulf telecom operators such as e& to bet on providing more sophisticated, tech-based services to consumers and businesses. This strategy differs from earlier efforts to create a vast geographic footprint for their operations, which, in many cases, led Gulf telcos to nurse billion-dollar losses. E&, which is listed […]

Gulf shoppers want more chilled foods – and are also turning to grocery delivery services that depend on cold storage

Cold storage in hot demand across the Gulf

Demand for chilled and frozen foods is rising across the Gulf, driving growth in the region’s cold chain infrastructure. Maersk, the Danish logistics company, says this demand – along with food security concerns – motivated it to open its first UAE cold store at Dubai Industrial City last summer. Population growth and concerns around climate […]

Gulf IPO

Gulf IPOs raise 45% more in Q2 than last year

The money raised in IPOs in the Gulf region soared in the second quarter of the year, with 14 deals worth a total of $2.64 billion struck in the healthcare, education and technology sectors. The number of IPOs rose only slightly year on year, from 13 listings in the second quarter of 2023, but proceeds […]

rare earth elements

Rare earth elements: a complex issue that’s vital to net zero

Used in everything from car batteries and fridges to iPhones and elevators, rare earth elements are an ever-present – but rarely noticed – part of daily lives.  They are also now central to the global energy transition, and their importance to Gulf states was highlighted this week by a $180 million investment by Qatar. The […]