Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...
Business
Gulf nations transition from oil to solar powerhouses
The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing, with...
Economy
Economy
GCC shows economic resilience as inflation hits globe
GCC countries consistently maintain inflation rates below the global average, with the Food and Beverages CPI subcategory showing moderate growth...
- GCC countries consistently maintain inflation rates below the global average, with the Food and Beverages CPI subcategory showing moderate growth across the region
- Saudi Arabia's CPI is being driven by housing and food, the UAE experiences a sharp CPI drop due to transport costs, while Qatar sees its lowest inflation since July 2021
Arts & Culture
Cinematic revolution helps KSA realize cultural dreams
Saudi Arabia, shedding its conservative past, has ushered in a vibrant art and cinema era, with its box office revenue...
- Saudi Arabia, shedding its conservative past, has ushered in a vibrant art and cinema era, with its box office revenue soaring to $250 million in 2022
- "Movie Cinema" plans a $160m cinematic content investment over five years, symbolizing Saudi Arabia's evolving identity and cinematic aspirations
Economy
AI startups set to rake in $10bn investments by 2026
Half of new cloud deployments will be integrated cloud data ecosystems by 2024, while edge AI will see 55% of...
- Half of new cloud deployments will be integrated cloud data ecosystems by 2024, while edge AI will see 55% of all data analysis by deep neural networks by 2025, says a report
- By 2024, data-centric AI will prioritize synthetic data, comprising 60% of AI data, while ChatGPT's popularity prompts 45% of executives to boost AI investments, adds Gartner
Business
Saudi smart homes market builds on digitization drive
Saudi Arabia's smart homes market is growing due to government backing, tech advancements, and evolving consumer tastes. As the Kingdom...
- The Kingdom's smart homes market is being driven by growing affluence of Saudi population, govt emphasis on digitization, and rising popularity of smart home devices.
- With the support of govt initiatives and technological advancements, the sector is poised to play an important role in shaping the country's future urban landscape
Economy
GCC steps up to diversify Europe’s natural gas supply
Amid Russian-Ukrainian war, Europe aims to diversify its energy sources, with Gulf countries like Qatar, UAE, Oman, and Saudi Arabia...
- Amid the Russian-Ukrainian war, Europe aims to diversify its energy sources, with Gulf countries like Qatar, UAE, Oman, and Saudi Arabia offering alternative natural gas options
- These countries have signed several long-term agreements to supply Europe with liquefied natural gas, helping to diversify Europe's energy sources and enhance energy security
Business
Business travel in MEA likely to bounce back by 2024
Business travel spending hit $23bn in 2022, nearing pre-pandemic levels as post-pandemic business trips get longer, supported by UAE's digital...
- Business travel spending hit $23bn in 2022, nearing pre-Covid levels as post-pandemic business trips get longer, supported by UAE's digital nomad and freelancer programs
- The UAE's technological advancements and evolving legal framework make it more appealing and open to business travelers, says Ali Haider, Regional Director of Nomadic
Economy
Oil price, COVID-19 spur Arab world’s public finance
Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term growth.
- Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term economic growth
- In 2022, global, regional, and local inflation led to a decline in public revenues and expenditures in the Arab world, while the public budget deficit fell from 6.7% to 2.1%
Economy
ESG shapes MENA region’s urban regeneration strategy
ESG principles offer a solution framework as the region faces urbanization challenges, including unplanned settlements in cities like Cairo and...
- ESG principles offer a solution framework as the region faces urbanization challenges, including unplanned settlements in cities like Cairo and Makkah, says a report
- Embracing the L-I-F-E (learn, integrate, fix and earn) approach for urban renewal offers GCC sustainability, resilience, growth, social unity, and global acclaim
Economy
UAE takes lead in advancing global climate action
Through the COP28 Summit, the UAE aims to facilitate discussions, build consensus, and catalyze transformative actions to address the escalating...
- Through the COP28 Summit, the UAE aims to facilitate discussions, build consensus, and catalyze transformative actions to address the escalating global climate crisis
- The world sees more frequent and direct impacts of the crisis, exemplified by record-breaking heatwaves wreaking havoc on ecosystems and communities, says an expert
Economy
GCC deals with rice shortage amid Russia-Ukraine war
The Russian-Ukrainian war heightens global food crisis fears as India, followed by the UAE and Russia, sequentially impose rice export...
- The Russian-Ukrainian war heightens global food crisis fears as India, followed by the UAE and Russia, sequentially impose rice export bans, disrupting global supply chains
- Saudi Arabia experiences an increase in rice consumption, overtaking wheat, while experts emphasize the potential for local rice cultivation in the country.
Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...
Business
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Saudi football dominates Gulf sports scene this year
Arts & Culture
Epstein case: Social media frenzy over released papers
The release of Epstein-related court documents has ignited a social media frenzy, sparking intense scrutiny and various reactions about high-profile...
Arts & Culture
PIF’s diverse investments transform Saudi economy
From sports and gaming to pharmaceuticals and aviation, the Saudi Public Investment Fund's strategic initiatives are shaping a dynamic future...
Business
Gulf countries eye global metal recycling hub status
Amidst an electric vehicle market boom, a looming global shortage of crucial minerals such as lithium and cobalt threatens to...
Economy
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Economy
Arab region faces soaring youth unemployment crisis
The region, with the world's highest youth unemployment rate, requires the creation of 33.3 million jobs by 2030 to accommodate...
- The region, with the world's highest youth unemployment rate, requires the creation of 33.3 million jobs by 2030 to accommodate the large number of candidates.
- Arab countries are required to transform their education systems to align with the evolving labor market and create job opportunities for youth in the region.
Business
GCC telecom firms turn to Europe, Asia for expansion
Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home...
- Lower valuations of international telecom companies are enticing GCC companies to venture into newer markets with a lot of potential for growth
- Many experts feel expansion will provide diversification of the portfolio beyond the GCC to mitigate risks associated with economic fluctuations
Economy
2024 set to see new era of digital transformation
The GCC region is on the brink of a major tech revolution, led by advancements in AI, fintech, and sustainable...
- The GCC region is on the brink of a major tech revolution, led by advancements in AI, fintech, and sustainable technology, UAE-based tech expert Dua Al Toobi tells TRENDS.
- Innovations are set to reshape the Gulf's economic and social landscape in 2024, marking a pivotal shift towards a knowledge-based economy, adds Al Toobi.