WEF24: Creative leap diversifies Nigerian economy
Nigeria is diversifying its economy, moving beyond oil to embrace the blue and digital economies, Minister of Art, Culture, and...
Interview
Crypto market sees drop in scams, stolen funds
The cryptocurrency sector recorded a promising recovery in 2023, with a significant decline in crypto scams and stolen funds revenue,...
Business
Economy
UAE expats seek extra citizenship cushion
More than ever before, wealthy expatriates in the UAE as well as the world are pursuing citizenship options elsewhere.
- Citizenship investments have become popular among foreign expatriates living in the UAE
- Having a Plan B is one of the benefits of getting a second citizenship, especially in uncertain times
Business
Saudi Arabia wants Trojena on global tourism map
Trojena is the new mountain tourism destination whose establishment was recently announced by Saudi Crown Prince Mohammed bin Salman.
- Trojena aspires to redefine visitors’ and residents’ perceptions of mountain tourism
- The project will be launched in 2026 and will be located in the heart of NEOM
Analysis
Why GCC should heed Fed rate changes
Four Gulf Arab central banks followed in the footsteps of the US Federal Reserve and raised interest rates by a...
- Any increase in US interest rates affects dollar-pegged countries, including the Gulf countries
- Four Gulf Arab central banks raised interest rates by a quarter percentage point, for the first time since 2018
Business
Friendly policies woo major crypto firms to Dubai
The emirate's Virtual Asset Regulatory Authority governs cryptocurrency trade through a comprehensive set of legislations and globally applicable policy frameworks.
- Dubai's VA Exchange License allows FTX to be the first to provide regulated trading and clearing services for crypto-specific derivatives.
- The UAE is the third-largest crypto market in the region, trailing Turkey and Lebanon.
Science
VR technology gives Arab world an edge in learning
Virtual reality experiences teach participants a lot about themselves in a concise time frame. It is preceded and followed by...
- Virtual reality tools add a new dimension to the classroom -- both virtually and physically -- enhancing all aspects of the educational process, says Ithai Stern of INSEAD
- Learners who undergo inclusive leadership training via virtual reality feel more connected to the material and are more focused, says a Price Waterhouse Coopers study
Business
GCC airfares soar as oil prices rise
The amplifying factors include sanctions against Russia’s aviation sector, which cast a global pall over the aviation industry.
- Several Arab airlines have decided to raise the prices of their tickets slightly
- Kuwait’s Jazeera Airways increased fares to all destinations from March 7
Economy
Too early to dismiss oil’s role in energy market
Saudi Arabia, the world's second-largest oil producer that produced more than 10 million barrels of crude per day before the...
- Saudi Arabia, the world's second-largest oil producer, plans to produce 13.5 million barrels by 2027, as well as 23 billion cubic feet of gas by 2030
- Despite its national policy to diversify the economy and lessen reliance on fuel, the Kingdom continues to increase its oil and natural gas production
Interview
MENA businesses are battling social media scams
Saeed Ahmad, Callsign’s Managing Director for the MENA region, explains how a single fraudulent message impersonating an entity can erode...
- Scams have targeted 66 percent of people in the UAE in recent years, and the phenomenon is spreading
- Around 50 percent of the region’s consumers lose faith in an organization whose name appears in a scam message
Business
Gulf fitness sector works out well as Covid curbs ease
As the Covid restrictions ease, gyms and fitness centers in the region are on a solid path towards recovery with...
- As pandemic restrictions ease, gyms in the region are on a solid path towards recovery with class occupancy catching up at 88 percent pre-COVID levels
- Fear of getting the virus and social isolation were at the forefront of people's minds during the pandemic, imposing a burden on mental health
Analysis
How did Saudi Arabia ensure food security?
The country has been able to overcome the hurdles that stood in the way of achieving food security by implementing...
- Saudi Arabia has enhanced its food security by adopting several strategies to ensure an excess of food supply
- It now has the largest storage capacity for wheat and flour in the Middle East, exceeding 3.3 million tons
WEF24: Creative leap diversifies Nigerian economy
Nigeria is diversifying its economy, moving beyond oil to embrace the blue and digital economies, Minister of Art, Culture, and...
Interview
Company News
Latest News
Healthcare, F&B and telecom companies spoil GCC stockmarkets’ three-month party
GCC equity markets saw their first decline in three months during August, influenced by global market performance and hawkish Fed...
Market Report
GCC real estate transactions surge on demand increase
GCC real estate hits $90.7 billion in the first half of 2023, a 9.9% year-on-year increase, with Dubai leading the...
Business
Single window offers fresh air to Qatar enterprises
This enhanced suite of services simplify registration for investors, enabling them to complete company setup steps without visiting multiple ministries...
Business
Most Read
Geostrategy
Expansion may offer limited economic boost to BRICS
The anticipated inclusion of six nations into BRICS, including Saudi Arabia and UAE, is expected to ease tensions among them,...
- The anticipated inclusion of six nations into BRICS, including Saudi Arabia and UAE, is expected to ease tensions among them, and foster increased bilateral collaboration
- After expansion, the bloc will represent 30% of global GDP, 45% of the population, control 80% of oil production, and account for 16% of global trade by next year
Business
Smart factories transform manufacturing across GCC
Saudi Arabia and UAE lead the region in rapidly embracing the Fourth Industrial Revolution, shifting from traditional factories to smart...
- Saudi Arabia and UAE lead the region in rapidly embracing the Fourth Industrial Revolution, shifting from traditional factories to smart ones.
- Bahrain's commitment to transform 300 factories by 2026 solidifies the region's dedication to technological advancements in manufacturing.
Analysis
Gulf banking sector flourishes amidst rising rates
GCC banks experienced robust lending growth during Q2-2023, despite multi-decade high rates from US hikes, with loans from GCC-listed banks...
- GCC banks experienced robust lending growth during Q2-2023, despite multi-decade high rates from US hikes, with loans from GCC-listed banks hitting a record $1.9 trn
- Customer deposits in the GCC rose 1% quarter-on-quarter to $2.3 trillion, with a loan-to-deposit ratio of 79.0%, and net income surging 3.5% to 13.7 billion in Q2-2023