WEF24: DCO leads in bridging global digital divide
Digital Cooperation Organization's initiatives are key to empower emerging economies through digitalization's full potential, its Secretary General Deemah AlYahya tells...
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GCC optimistic about FDI growth despite hiccups
Despite a decline in FDI inflows in the past few years, GCC countries remain optimistic as they expect strong economic...
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Upskilling key to offset AI banking job losses
Increasing adoption of Artificial Intelligence in banking operations could lead to automation of nearly 52 percent of jobs by 2025....
- AI can be used to automate many of the routine tasks that are currently performed by bank employees, such as processing transactions, responding to customer queries.
- While AI could lead to job losses in some areas, it could also free up employees to focus on more complex and challenging tasks.
Business
Crisis hits investments in MENA startups
While the startup ecosystem flourishes in the Middle East and North Africa region, concerns arise over the durability of investments...
- Despite a 20% drop in venture capital investments in Q1 2023, the startup ecosystem in the Middle East and North Africa region remains resilient, say experts
- Concerns over the sustainability of investments and banks' ability to support SMEs have arisen amid the ongoing global banking crisis, they add
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GCC banking’s tech shift saves time, money
GCC banks started adopting online and mobile banking, and ATMs, in the 1990s and 2000s. More recently, they've integrated advanced...
- As of 2019, there were over 5,000 bank branches in the GCC region, catering to a population exceeding 50 million.
- On average, customers spent about 30 minutes in these branches to avail themselves of banking services.
Interview
Rate rise boosts Gulf banks amid crisis
Despite global economic challenges such as the crisis, inflation, and high interest rates, the GCC banking sector has shown impressive...
- Despite crises in US and Europe, the GCC banking sector has shown significant growth, aided by rate hikes and digitalization, says Commercial Bank of Kuwait CEO Elham Mahfouz
- Kuwait's banking industry recorded a 37% profit increase in 2022, and is making strides in adopting AI and supporting sustainability initiatives, she tells TRENDS in an interview
Business
Enhanced governance, financial control crucial for SMEs’ growth in Gulf region, says expert
Despite significant rise in SMEs across GCC, there is still room for improvement in terms of governance, bringing in external...
- Despite significant rise in small businesses across GCC, there is still room for improvement in terms of governance, bringing in external shareholders, says Rabih I. Khoury of MEVP
- Reducing political friction and achieving economic and political stability will help regain consumer confidence and encourage longer-term investments, adds Khoury
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Saudi Arabia hub of big healthcare firms
The current healthcare expenditure in the Gulf Cooperation Council region is expected to reach $135 billion in 2027, implying an...
- The kingdom will need 19,000 to 20,000 additional hospital beds by 2030, which calls for an investment of $33.8 billion to $35.6 billion.
- Saudi Arabia's healthcare has seen tremendous growth and it continues to be one of the few sectors that have not been affected by economic fluctuations.
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Innovation key to solving Gulf water woes
Improved farming techniques, better desalination technologies, awareness campaigns and global cooperation can mitigate the regions problems caused by water scarcity.
- World Economic Forum says the Middle East and North Africa is one of the most water-scarce regions in the world.
- For years, the water crisis has exacerbated conflict and political tensions, while UNICEF says 90% of children in the region live in water stress areas.
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UAE and Saudi to lead GCC e-commerce boom
The UAE is likely to remain the top e-commerce market in the GCC in 2023 but Saudi represents the largest...
- E-commerce in the GCC, according to a recent research report, has expanded by 22 percent over the previous two years.
- Over 46 percent of online buyers in Saudi Arabia and the UAE planning to continue relying on online retail stores rather than visiting shopping malls.
Videos
Dubai’s tech sector gains greater popularity
Dubai boasts a thriving community of startup incubators and accelerators, as well as regulatory sandbox schemes for the development and...
- The city tops the list for foreign direct investment (FDI) and technology transfer in startups, AI and robotics sectors.
- UAE's strategic location between Asia, Africa, and Europe is one of the key reasons Dubai is a desirable destination for both tech startups and global tech giants.
Videos
Real estate, e-commerce to push UAE growth
Global economic challenges have led the UAE to review priorities and investment trends, with a focus on five key sectors:...
- The UAE economy recorded its fastest growth rate in over a decade despite the global economic slowdown.
- The IMF expects the UAE’s non-oil economy to grow by about 4 percent in 2023 and accelerate over the medium-term.
WEF24: DCO leads in bridging global digital divide
Digital Cooperation Organization's initiatives are key to empower emerging economies through digitalization's full potential, its Secretary General Deemah AlYahya tells...
Videos
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GCC banking’s tech shift saves time, money
GCC banks started adopting online and mobile banking, and ATMs, in the 1990s and 2000s. More recently, they've integrated advanced...
Videos
Rate rise boosts Gulf banks amid crisis
Despite global economic challenges such as the crisis, inflation, and high interest rates, the GCC banking sector has shown impressive...
Interview
Enhanced governance, financial control crucial for SMEs’ growth in Gulf region, says expert
Despite significant rise in SMEs across GCC, there is still room for improvement in terms of governance, bringing in external...
Business
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Videos
Innovation key to solving Gulf water woes
Improved farming techniques, better desalination technologies, awareness campaigns and global cooperation can mitigate the regions problems caused by water scarcity.
- World Economic Forum says the Middle East and North Africa is one of the most water-scarce regions in the world.
- For years, the water crisis has exacerbated conflict and political tensions, while UNICEF says 90% of children in the region live in water stress areas.
Videos
UAE and Saudi to lead GCC e-commerce boom
The UAE is likely to remain the top e-commerce market in the GCC in 2023 but Saudi represents the largest...
- E-commerce in the GCC, according to a recent research report, has expanded by 22 percent over the previous two years.
- Over 46 percent of online buyers in Saudi Arabia and the UAE planning to continue relying on online retail stores rather than visiting shopping malls.
Videos
Dubai’s tech sector gains greater popularity
Dubai boasts a thriving community of startup incubators and accelerators, as well as regulatory sandbox schemes for the development and...
- The city tops the list for foreign direct investment (FDI) and technology transfer in startups, AI and robotics sectors.
- UAE's strategic location between Asia, Africa, and Europe is one of the key reasons Dubai is a desirable destination for both tech startups and global tech giants.