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
Opinion Banking and Finance From crisis to opportunity: Navigating SVB’s collapse The failure of SVB creates both challenges and opportunities for investors March 24, 2023
Opinion Employment Smash the glass ceiling for women in gaming and esports We need more women in this burgeoning multi-million dollar industry March 24, 2023
Banking and Finance Rising cost of living boosts Mena remittance flows by 73% The higher global cost of living in the Middle East and North Africa has resulted in a 73 percent increase in the remittance of money across the region, according to new research published this week. US global money transfer company Western Union found that 79 percent of those receiving funds in the Mena region between […] March 24, 2023
Analysis GCC economies to weather latest Fed rate hike Gulf economies will be able to absorb the latest rate hike from the US Federal Reserve, but the ripple effect from the rise will still have repercussions throughout the region, according to economists. Despite uncertainty across the banking sector, the Fed raised interest rates by a quarter of a percentage point on Wednesday, less than […] March 23, 2023
Analysis Economy Etihad doubles flights as GCC-Thailand trade blossoms Etihad Airways will double the number of its flights to Bangkok on Sunday, reflecting a growing trade relationship between the UAE and Thailand that was valued at more than $6 billion last year. The Abu Dhabi-based airline will fly twice a day to the Thai capital, signalling the latest commitment of both governments to strengthen […] March 22, 2023
EXCLUSIVE Development Gulf donors contribute a third of non-profit Spark’s funding GCC donors account for more than one-third of funding for Spark, a non-profit international development organisation that supports startups in fragile and conflict-affected countries in Mena. “The GCC is our second-largest source of funds owing to a mix of state donors, philanthropic foundations, charitable organisations and Zakat,” Spark’s founder and CEO, Yannick du Pont, told […] March 21, 2023
Opinion Renewable Energy How Mena’s infant solar boom is affected by rising costs Solar power remains attractive despite new challenges March 20, 2023
Banking and Finance UK drops plan to tax sovereign wealth funds British finance minister Jeremy Hunt has dropped a plan to tax sovereign wealth funds investing in Britain, according to a government document. The report, detailing the measures in a budget plan announced by Hunt on Wednesday, said “the government has carefully considered” responses to its consultation on the immunity of sovereign funds from direct taxation. […] March 19, 2023
Banking and Finance SVB collapse may boost UAE startup business for neobanks One thing is more certain than not in the ongoing confusion caused by last week’s Silicon Valley Bank collapse: traditional lenders in the Gulf are likely to make it even more difficult for UAE startups to open bank accounts and borrow money. Emerging digital lenders in the region are hoping that this creates a big […] March 17, 2023
Banking and Finance GCC lenders can withstand US contagion risk GCC lenders are well equipped to withstand the current crisis in the world’s banking sector, according to experts from ratings agency S&P Global. The turbulence in the industry over the last seven days – which has seen the high-profile collapse of Silicon Valley Bank (SVB) and Signature Bank in the US, and the bailout of […] March 17, 2023
Energy Rolls-Royce sees Mena as ‘driver’ for green power growth The Middle East and Africa’s rapid urbanisation and push to decarbonise power generation is a “great economic driver” for Rolls-Royce, the British engineering firm’s regional chief told AGBI. Rolls-Royce is one of the world’s top aero engine manufacturers, supplying civilian and military craft, although its power systems division provided 26.4 percent of its £12.69 billion […] March 17, 2023
Banking and Finance Burger Index raises $1.3m as Gulf F&B sector is hungry for data Food and beverage data analytics platform Burger Index has raised $1.3 million to cater to rapidly growing demand across the GCC. The Madrid-based firm’s recent funding round was led by Flat6Labs, the Cairo-based seed and early-stage venture capital firm. Launched in January 2022, Burger Index provides market, competition and consumer intelligence in real time to […] March 16, 2023
Tourism New UK tourist visa set to boost GCC trade corridor Visitors from Qatar will be the first to benefit from the new UK tourist visa scheme, ahead of a worldwide expansion of the scheme throughout 2024. Qatari visitors will be the first to be able to apply for an electronic travel authorisation (ETA) in October. The rest of the GCC and Jordan can apply for […] March 16, 2023
GCC faces tech talent shortage while Meta cuts 10,000 jobs Experts warn that the fintech sector in the GCC still has several obstacles to overcome, chief among them a shortage of talent. Against this backdrop, Riyadh hosted the region’s largest fintech recruitment fair last week. The two-day Fintech Careers Fair involved more than 50 companies showcasing 600 job opportunities. Over 8,000 people attended. It took […] March 15, 2023
Energy Opec forecasts rise in global oil demand on tourism rebound The Organisation of the Petroleum Exporting Countries (Opec) has projected oil demand to grow by 2.3 million barrels per day (bpd) year-on-year in 2023 to average 101.9 million bpd, driven by the continued recovery in the travel and transportation sectors. While the Organisation for Economic Co-operation and Development (Oecd) is likely to fall slightly short […] March 15, 2023
Banking and Finance SVB collapse likely to bring down Gulf interest rates The collapse of Silicon Valley Bank (SVB) and continuing concerns over the broader financial stability of the market could help to bring down interest rates across the Gulf. Following SVB’s demise, US interest rates fell sharply from 5.05 percent to 4.10 percent in just three days – a scale of drop only matched by events […] March 15, 2023
Banking and Finance Gulf edges closer to its first homegrown tech unicorn The Gulf region is two years away from realising its first tech unicorn, according to Mohammad Alblooshi, head of Dubai International Financial Centre’s Fintech Hive. Becoming a unicorn – a company with a valuation over $1 billion before being listed on the stock exchange – is the dream of many tech startups. In the fintech […] March 14, 2023
