Economy Inflation, not war, is Gulf states’ top concern, says WEF Economic concerns such as inflation dominate risk perception for the coming year in the Gulf and across Mena, according to the World Economic Forum. Its survey of thousands of experts and business leaders, the Global Risks Report 2025, found that geopolitical conflict was the No 1 risk globally, selected by respondents as the “most likely […] January 15, 2025
Opinion Economy Egypt’s economy is bouncing back – for now More fundamental changes are needed for long-term growth November 21, 2024
Finance Turkey targets business with steep taxes to raise revenue Multinational corporations operating in Turkey face a steep increase in their tax bills, thanks to one of the new revenue-raising measures outlined by the government in draft legislation aimed at narrowing the budget deficit. Under the new tax reforms, tabled before the parliament on July 16, multinationals with more than $817.6 million in annual consolidated […] July 17, 2024
Opinion Health Gulf’s longevity sector has a long way to go Growing lifespans call for a joined-up approach to personalised medicine, preventative care and nutrition February 21, 2024
Opinion Sustainability Sands of time running out for anti-desertification campaign News that Saudi Arabia will host the largest ever UN convention to combat desertification reflects its urgency February 9, 2024
Economy Saudi mortgage lending rises despite GDP slowdown Saudi banks’ mortgage lending to individuals and businesses rose in the third quarter, up 13 percent on 2022, despite a slowdown caused by lower oil prices and oil output cuts. A bulletin released this week by the central bank reported loans of SAR591.7 billion ($158 billion) to individuals and SAR155.5 billion to companies in Q3. […] December 18, 2023
Employment More women join UAE boards, but progress ‘still slow’ When Maha Abdul Majeed Ismail Ali Al Fahim joined the board of Islamic Arab Insurance Company this year, she became part of a growing trend. Women made up 23 percent of appointments to UAE boards in 2022, from just 12 percent in 2020, according to executive search company Heidrick & Struggles. But campaigners in the Gulf […] November 27, 2023
Opinion Economy Unravelling the Gulf’s energy conundrum The region gained wealth and political clout last year. Now, as the UAE prepares to host Cop28, it will be expected to find – and fund – climate solutions January 16, 2023
Development Bill Gates hails UAE president’s action on Covid and polio Bill Gates has praised his foundation’s partnership with Sheikh Mohamed Bin Zayed Al Nahyan, the UAE’s president, for its progress in tackling Covid-19 and polio. The philanthropist and Microsoft co-founder told an event in Abu Dhabi on Sunday: “We’ve worked with the [UAE] president on a number of things – he has been very generous […] December 13, 2022
Construction Sheikh Mohammed reveals phase 2 of Dubai 2040 plan Agricultural industry, heritage preservation and the “20-minute city” concept are key planks of the second phase of the Dubai 2040 Urban Master Plan, the government said on Monday. The plan – whose first phase was published in March 2021 – sets out a strategy for Dubai’s urban development over the next two decades. It is […] December 13, 2022
Tech Talent-starved technology firms woo ex-Twitter staff Put off by Elon Musk’s muscular management style? Move to us! That’s the pitch being used by talent-starved technology firms trying to lure thousands of former Twitter Inc employees laid off by the social media company under its new owner. Twitter has fired top executives and enforced steep job cuts with little warning following Musk’s […] November 23, 2022
World Cup 2022 No alcohol sales at World Cup stadiums after Fifa u-turn Alcohol will not be sold at Qatar’s World Cup stadiums, Fifa has announced, in a reversal of its previous policy. The statement comes two days before the tournament begins on Sunday. It is the first to be held in a conservative Muslim country with strict controls on alcohol, the consumption of which is banned in […] November 18, 2022
Media & Advertising Musk’s Twitter ownership starts with firing of top executives Elon Musk became Twitter Inc’s owner on Thursday, firing top executives and providing little clarity over how he will achieve the lofty ambitions he has outlined for the influential social media platform. “The bird is freed,” he tweeted, referencing Twitter’s bird logo in an apparent nod to his desire to see the company have fewer […] October 28, 2022
Banking & Finance Credit Suisse seeks billions from investors in make-or-break deal Credit Suisse plans to raise 4 billion Swiss francs ($4 billion) from investors, cut thousands of jobs and shift its focus from investment banking towards rich clients as the bank attempts to put years of scandals behind it, sending its shares sliding. Chairman Axel Lehmann dubbed the plan a “blueprint for success”, but it fell […] October 28, 2022
US firm Safanad to co-invest $200m in Mena education Safanad, a New York-based private investment firm, will co-invest with Global School Management (GSM) $200 million in the education sector in the Middle East and North Africa, they said on Wednesday. They committed “to invest significantly beyond this to acquire, manage and develop multiple charter, online, early learning, and K-12 private schools independently and in […] October 27, 2022
Opinion Retail The biggest trends in ecommerce for 2023 and beyond The pandemic prompted a sea change in the Middle East's attitude to shopping online, with e-commerce sales in the region set to hit $48.6bn this year. Here's what's coming next October 20, 2022
Media & Advertising Saudi MBC Group signs deals with Turkish production companies Saudi-owned MBC Group, the Middle East’s largest broadcaster, said on Wednesday it had signed a five-year partnership with two Turkish production houses, signalling an end to an unofficial boycott imposed on Turkey by Saudi Arabia as the two countries work to improve ties. MBC, which in March 2018 scrapped Turkish programmes including soap operas popular […] October 20, 2022
Banking & Finance Flurry of funds bet on bruised bitcoin and ether allure A growing number of funds are betting on the long-term appeal of bitcoin and ether, a gritty gambit in the depths of a crypto winter. Unfazed by a collapse in prices over the past 11 months, investment firms have unleashed a flurry of exchange-traded funds, anticipating that elite cryptocurrencies and their underlying technology will eventually […] October 19, 2022
Business of Sport Real Madrid renews sponsorship deal with Emirates until 2026 Spanish soccer club Real Madrid has renewed a sponsorship deal with the airline Emirates until 2026, the team said on Friday. While the parties did not disclose financial details, Spanish sports newspaper Marca reported the contract’s value at about €70 million per year plus variables. The United Arab Emirates flag carrier’s logo has been emblazoned […] October 16, 2022
Tourism Qatar Airways to hire 10,000 staff amid World Cup preparations Qatar Airways is boosting its workforce by 10,000 to handle an influx of passengers flying into Doha for the soccer World Cup and in line with a broader post-pandemic expansion, the airline told Reuters. The Doha-based carrier is in the midst of a recruitment drive which will lift its total workforce to more than 55,000 […] October 14, 2022
Retail India’s Nykaa and Dubai’s Apparel Group forge Gulf alliance Indian cosmetics and fashion retailer Nykaa and Dubai-based lifestyle and fashion conglomerate Apparel Group have struck an alliance to expand in the Gulf region, the companies said on Thursday. With the agreement, Nykaa hopes to grow in a region where it sees high demand for beauty products, months after inflationary pressures in India led it […] October 7, 2022
Lifestyle Kim Kardashian pays $1.26m fine for paid Instagram crypto post Kim Kardashian has promoted everything from appetite-suppressing lollipops to melon-flavoured liqueur to toilet paper, but it was her foray into the murky world of cryptocurrencies that got her into hot water. The reality television star and influencer has agreed to settle charges of unlawfully touting a crypto security and to pay $1.26 million in penalties […] October 4, 2022