Saudi Arabia leads GCC in project awards this year
The 2024 outlook for the MENA region's project market is exceptional, with an anticipated surpassing of $270 billion in value,...
Business
GCC at the forefront of 2024 sukuk market expansion
This year, emerging markets, led by the UAE, issued record bonds against declining yields and expected rate cuts by major...
Market Report
Economy
Services assist Saudi economy recover, diversify fast
The Kingdom's service sector is expected to grow rapidly once the major Vision 2030 tourism and entertainment projects - Qiddiya,...
- The sector is expected to grow rapidly once the major tourism and entertainment projects are completed
- The Saudi service sector is one of the most labor-intensive industries, so its development helps tide over the unemployment
Economy
Halal tourism eyes recovery as COVID-19 norms ease
The recovery process of the sector remains fragile and could be disrupted by the ongoing war in Ukraine, fuel price...
- The recovery process of the sector may get disrupted by the ongoing Ukraine war, fuel price rise, and other potential health threats, say experts.
- The pre-pandemic projection of 230 million arrivals by 2026 will now be reached in 2028 with an estimated expenditure of USD$225 billion, they add.
Business
GCC eyes unified payment system to strengthen banks
Aiming to strengthen the financial sector and achieve economic unity by 2025, the regional governments are working on an agreement...
- The Unified Payment System Agreement is part of the GCC's commitment to boost the region's financial markets
- The participation of the GCC countries in the unified payment system is optional and also based on their readiness
Business
Discoveries give Saudi geotourism an edge in region
Aside from fossil discoveries, one of the unique geological phenomena discovered in Saudi Arabia is basalt columns. These one-of-a-kind columns...
- On 1 June 2022, the Saudi Geological Survey and the Red Sea Development Company (TRSDC) announced the discovery of 80-million-year-old fossil sites along the Red Sea coast.
- Saudi distinguished by its exceptional geological diversity that serve as tourism attractions, says Dr. Muhammad Yusuf Ali, professor of geology at King Saud University.
Business
Cloud migration: A distant dream in Middle East
Security and lack of IT skills have cast a shadow over the pursuit of digital transformation in the Middle East,...
- The lack of awareness around IT security, access control, and compliance is a challenge for organizations looking to migrate to the cloud
- Connectivity is another issue hindering the migration and one quite specific to the region
Business
More sectors adapt to crypto payments in the UAE
As the number of people in UAE who deal in cryptocurrency rises, sectors like real estate, hospitality and travel have...
- As the number of people in UAE who trade in cryptocurrency rises, several sectors including real estate, hospitality and travel have started accepting cryptocurrencies for payments
- In the UAE, over 54 percent of 18-35-year-old consumers either hold or plan to have crypto assets in the next 12 months
Business
More MENA businesses now swipe virtual credit cards
Local lenders are offering more services online to cater to a young, tech-savvy consumer base, speeding up the transition of...
- The region's digital payments business has been booming as local lenders move more services online to serve tech-savvy youthful consumers
- MENA's high concentration of fintech and digital payments technology has increased the use of virtual cards
Science
UAE blazes a trail with AI, leads Europe and MENA
The Gulf country leads EMEA in the leverage of data, data science, and AI for the purposes of decision making...
- The UAE has established itself as a world leader in AI, having been the first nation to appoint a minister of state for AI
- Data science and AI are advancing, yet managers and non-managers in the UAE have different perceptions about data utility and AI's role
Business
Air bridge set to help airlines fly Fifa fans to Qatar
Many GCC airlines have teamed up to create an air bridge to fly the fans to watch World Cup games...
- Various airlines from Qatar, Kuwait, Saudi Arabia, Oman, and Dubai announced the establishment of a daily air bridge between Doha and the GCC countries during the World Cup
- The World Cup will draw a massive crowd with the International Football Association stating that it had received more than 23.5 million requests to purchase tickets
Business
UAE, Saudi Arabia set new halal economy goals for GCC
Beside halal food business, Islamic banking holds the largest share of the Sharia-compliant industry, says Nik Joharris Nik Ahmad, country...
- The expansion of the global halal industry has resulted in a steady increase in its market size from $3.2 trillion in 2014 to $5.6 trillion in 2021
- Stringent regulatory norms, including mandatory halal labeling and certification rules for food and beverages, are propelling the market growth
Saudi Arabia leads GCC in project awards this year
The 2024 outlook for the MENA region's project market is exceptional, with an anticipated surpassing of $270 billion in value,...
Business
Company News
Latest News
Social aspects of ESG put some firms in a tight spot
While companies are increasing their investments in social initiatives, many grapple with effective execution and evaluation, highlights a new study...
Economy
Archaeology talks unravel past’s influence on future
Insights from the recently held archaeology summit highlight AlUla's prominence as an archaeological epicenter, helping to bridge historical gaps and...
Arts & Culture
Innovation steers Middle East through tourism swings
Facing tourism seasonality challenges, the region diversifies offerings, enhances infrastructure, and collaborates, for year-round success despite temperature fluctuations.
Economy
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Business
Cash transactions dominate Dubai’s property market
This trend, driven by affluent investors and global rate hikes, underscores the city's robust economic allure and the confidence investors...
- This trend, driven by affluent investors and global rate hikes, underscores the city's robust economic allure and the confidence investors place in its property market
- Dubai's elite neighborhoods see a 49% annual growth in prime values, with current cash purchase rates at historic highs, surpassing even pre-2008-09 levels
Arts & Culture
Sports shift economic goalposts for Middle East
In a bid to diversify their economies, Middle Eastern nations are turning to the sports industry, marked by significant investments...
- In a bid to diversify their economies, Middle Eastern nations are turning to the sports industry, marked by significant investments in global tournaments and infrastructure
- Danube Group Managing Director Adel Sajan highlights Dubai's innovative spirit and the role of entities like Danube Sports World in shaping the region's sports future
Economy
AI and LLMs poised to transform global job landscape
About 23% of global jobs will transform within five years due to LLMs and AI advancements, according to the World...
- About 23% of global jobs will transform within five years due to LLMs and AI advancements, according to the World Economic Forum's 'Future of Jobs Report 2023'
- Jobs like Credit Authorizers, Management Analysts, and Telemarketers face high automation risks, while Insurance Underwriters and Bioengineers offer brighter future