Luxury goods boom in Gulf draws global investors
The region's luxury goods market was worth US$ 10.52 billion in 2023, with long-term growth expected, reaching US$ 13.70 billion...
Business
GenAI set to bridge cybersecurity skills gap by 2028
As GenAI narrows cybersecurity skills gap, organizations will prioritize aptitude over specialized education, adapting hiring practices to meet demands of...
Business
Business
Gulf banks witness continued growth in lending activities
The first quarter of 2023 experienced a surge in credit demand, except for a slight dip in Qatar. The latest...
- GCC banks witness a 3.2% increase in aggregate gross loans, reaching a record of $1.87 trillion, while NPL ratios improve, with the average ratio decreasing to 2.3%
- Due to the expansion of the banking business and government support, the UAE has the highest NPL ratio, while Saudi Arabian banks exhibit the highest q-o-q growth
Economy
UAE implements corporate tax amidst mixed reactions
Some experts deem the tax rate reasonable in global context, while others remain concerned about challenges the new tax regime...
- Some experts deem the tax rate reasonable in global context, while others remain concerned about challenges the new tax regime could pose for family-owned businesses
- Experts see long-term gains including transparency, diversification, and investor appeal from the taxation, which aims to diversify UAE's revenue and strengthen its financial base
Interview
Luxury car market rides on sustainability
A shift in consumer preferences -- with a substantial percentage of sales coming from smaller and midsize vehicles -- hasn't...
- A shift in consumer preferences -- with a substantial percentage of sales coming from smaller and midsize vehicles -- hasn't dented the appeal of luxury cars, says an expert
- Audi is working on new technologies, including digitization of production processes, AI, and robotics, to optimize output, adds Peter White, Sales Director at Audi Middle East
Business
UAE, Saudi Arabia front runners in GCC talent race
The UAE's strategic allure for global talent through enticing policies clashes with Saudi Arabia's ambitious Vision 2030, diversifying economy and...
- The UAE's strategic allure for global talent through enticing policies clashes with Saudi Arabia's ambitious Vision 2030, diversifying economy and broadening talent avenues
- Incorporating technology in every industry is crucial today. "Failure to do so could lead to a loss of competitive edge," says Chaitanya Peddi, Co-Founder of Darwinbox
Interview
More females steer toward luxury vehicles
Bentley's Regional Director for the UK, Middle East, Africa, and India also anticipates further growth luxury car market throughout 2023...
- Demand for luxury cars is set to stay strong in the Middle East, including GCC, due to economic stability and business activity in the region, says Richard Leopold of Bentley
- Bentley expects the GCC luxury car market to continue growing in 2023, adds Leopold, the brand's Regional Director of Bentley for the UK, the Middle East, Africa, and India
Interview
Data-driven insights become crucial for GCC govts, businesses for making informed decisions: Urbi CEO
Live and constantly updated data ensure precise navigation, right down to the building level, says the chief of leading provider...
- Live and constantly updated data ensure precise navigation, right down to the building level, says the chief of leading provider of geospatial data and analytical tools in UAE.
- Urbi has launched Urbi CityLens, an AI-powered solution designed to transform city management by providing key data for proactive decision-making and preventive actions
Business
Changing customer demand, other challenges keep GCC marketing and event industries in evolution mode
Challenges faced by the two industries include shifting preferences, increased competition, budget limitations, talent shortages and post-COVID-19 changes, says a...
- Challenges faced by the two industries include shifting preferences, increased competition, budget limitations, talent shortages and post-COVID-19 changes, says a UAE-based expert
- Brands and clients are seeking innovative, engaging events that provide tangible value as the future of events is likely to involve a mix of in-person, hybrid and virtual formats
Business
Recession fails to dent luxury car sector
Amid rapid tech growth and rising environmental concerns, understanding the current automotive industry trends, especially in luxury, is vital, says...
- Amid rapid tech growth and rising environmental concerns, understanding the current automotive industry trends, especially in luxury, is vital, says Dr Manfred Bräunl of Porsche
- Porsche Middle East & Africa region, which also includes India, delivered 8,217 cars representing an increase of over 20 per cent compared to 2021, adds Bräunl, the regional CEO
Interview
Luxury car market navigates challenges
In addition to battery electric vehicles, BMW is exploring hydrogen fuel cell technology to harness the potential of clean hydrogen...
- To transition towards sustainable mobility, the main challenge lies in developing the required infrastructure, Dr Hamid Haqparwar, MD of BMW Group Middle East, tells TRENDS
- BMW is exploring hydrogen fuel cell electric vehicles to complement battery electric vehicles and address the potential of clean hydrogen production in the region, he adds
Geostrategy
Gulf investments fuel Turkey’s economic growth
The GCC is the third largest source of foreign investment in Turkey, with 1,973 Gulf companies currently operating in the...
- The GCC is the third largest source of foreign investment in Turkey, with 1,973 Gulf companies currently operating in the country
- Qatar has emerged as a significant investor in Turkey, with foreign direct investments reaching approximately $10.3bn by 2021 end
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Luxury goods boom in Gulf draws global investors
The region's luxury goods market was worth US$ 10.52 billion in 2023, with long-term growth expected, reaching US$ 13.70 billion...
Business
Company News
Q3 corporate earnings show mixed results in GCC
Market Report
Latest News
GCC forges ahead in sustainable tech initiatives
In 2023, the Gulf countries made a strong push towards renewable energy and pioneering green hydrogen projects, signaling a significant...
Business
Saudi Arabia, UAE lead MENA’s smart city development
In 2023, the region advanced in smart city initiatives, with Saudi Arabia and the UAE leading the transformation, with Frost...
Geostrategy
Climate threats haunt GCC’s economy and finance
The GCC faces a critical challenge as climate risks like extreme heat and water stress rise, potentially impacting the region's...
Economy
Most Read
Clean energy sees marked investment rise since 2020
With a 40% increase in clean energy investments since 2020 and a focus on innovative policies, the global community is...
- With a 40% increase in clean energy investments since 2020 and a focus on innovative policies, the global community is making strides towards a greener future, says an expert.
- However, challenges remain in meeting the Paris Agreement goals and ensuring all nations can participate in the transition, adds Ferdinand Varga of Boston Consulting Group.
Cloud security challenges haunt firms in UAE and KSA
Rapid cloud adoption in the two GCC countries is accompanied by increased security risks, leading to costly data breaches, reveals...
- Rapid cloud adoption in the two GCC countries is accompanied by increased security risks, leading to costly data breaches, reveals a latest study by Illumio.
- Organizations have been advised to adopt robust security measures, including Zero Trust Segmentation, to protect against emerging cyber threats.
Economy
Localization in focus as KSA raises military spending
Saudi Arabia's 2024 budget hikes military spending to $71 billion for industry localization and modernization, targeting 50% equipment spending localization...
- Saudi Arabia's 2024 budget hikes military spending to $71 billion for industry localization and modernization, targeting 50% equipment spending localization by 2030.
- The Kingdom has partnered with global defense companies, enhancing capabilities, aiming for SAMI to rank among top 25 global military industries by this decade's end.