Oil sees fluctuating prices, shifting output trends
The crude oil market experienced significant volatility in the year 2023, with prices swinging dramatically, influenced by various global factors.
Business
Demand for lifestyle experiences in GCC has increased: SHG CEO
Dubai, UAE -- Sunset Hospitality Group (SHG) is more than just a collection of hotels, restaurants, and beach clubs. Renowned...
Business
Business
Saudi fintech cashes in on startups, investments
Saudi Arabia witnesses a 37 percent rise in the number of fintech startups and a $181 million increase in venture...
- Saudi Arabia witnesses a 37 percent increase in the number of fintech startups entering the market
- Saudi fintech sector is mostly driven by young entrepreneurs who compete with the country's top financial institutions
Economy
Dubai leads region in innovation, fintech
The emirate, which boasts a thriving community of startup incubators and accelerators, tops the list for foreign direct investment and...
- Dubai is developing an environment that encourages firms from all industries to innovate.
- The city has been able to leverage its strengths as a world-class city to attract global blockchain entrepreneurs.
Economy
Is Gulf luxury sector immune from inflation?
However, just because there is inflation doesn't mean that people aren't spending, but they are spending differently. The that sales...
- The luxury industry in the GCC, is experiencing strong growth and closed 2021 above pre-pandemic levels
- Changes in tourism flows significantly impacted the luxury market in 2020 and the first few months of 2021
Business
Technology makes Saudi farms more sustainable
The Kingdom's startup Red Sea Farms woos regional and global investors with a technology that grows crops without using freshwater...
- The Kingdom's Red Sea Farms woos regional and global investors with a technology that grows crops without using freshwater in humidity-controlled greenhouses
- The firm seeks to break the food water-energy nexus by leveraging saltwater, novel humidity control, and solar energy to lower costs and improve yields for farmers
Economy
Region needs tourism to beat inflation
Despite the global closures and economic crisis, the tourism sector in the Gulf region fared well in 2021 due to...
- Despite global closures and the economic crisis, the tourism business thrived in 2021
- The sector is likely to rebound in 2022 after faltering due to lifting travel restrictions
Economy
Inflation pinches GCC consumers’ pockets
The wave of inflation continues to put pressure on consumers not just in the United States, Europe, and the Arab...
- Wholesale costs have been rising at a significantly across the region, and that this will continue to affect consumer prices in 2022.
- Saudi Arabia contributed 0.5 percentage points to the overall GCC inflation figures in October 2021, the month for which the latest data is available.
Economy
Why and how high is inflation in the region?
The main reason for high inflation rates in the GCC is a rebound in prices in the sectors that were...
- Kuwait was the costliest country in the Gulf to live in in 2021, with an annual inflation rate of around 4.1 percent
- Only in Qatar does annual inflation exceed 5 percent, owing to a high increase in the cost of’ recreation and culture
Economy
Saudi job market to stay upbeat in 2022
During the past four years, the kingdom has created 555,000 new jobs as part of its plan to develop $1...
- Slump in other job markets makes candidates open to moving the kingdom for employment.
- Working on infrastructure projects underway in the kingdom will demonstrate future companies' capacity to work within different cultures and adapt to different cultures.
Business
Innovations boost comfort level in hot Gulf cities
More than 400 cities are impacted by the urban heat island effect and increasing energy consumption that makes cities less...
- Cooling cities will save energy, enhance road durability and improve human health, says Abu Dhabi-based FortyGuard
- The urban heat island effect increases energy consumption in more than 400 cities, adds the clean-tech startup
Economy
Ukraine-Russia war may affect Gulf food supply
The ongoing conflict will directly impact the Gulf and Arab countries since they import vast food items from the two...
- The Gulf states will be directly affected by the conflict as they depend on the two countries to meet a large proportion of their food requirements.
- Experts, however, believe a severe food shortage crisis in the Gulf countries is unlikely to happen in the short term as they can absorb rising import costs
Oil sees fluctuating prices, shifting output trends
The crude oil market experienced significant volatility in the year 2023, with prices swinging dramatically, influenced by various global factors.
Business
Company News
Latest News
Strengthening Middle East-China ties bolster trade
In recent years, the Middle East and China have fortified economic ties, with the former supplying half of latter's oil...
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,...
Geostrategy
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...
Business
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Market Report
Energy, commodity prices hurt profits of GCC firms
GCC-listed companies' net profit dropped to US$ 57.9 billion in Q2-2023. While retail, capital goods, and utilities sectors faced profit...
- GCC-listed companies' net profit dropped to US$ 57.9 billion in Q2-2023. While retail, capital goods, and utilities sectors faced profit declines, the banking sector thrived
- Energy, materials, and capital goods sectors faced y-o-y profit fell in Q2-2023 as Saudi Aramco's profits fell by 37.3%, while Dubai-listed companies saw a 28.6% profit rise
Business
Dubai’s realty builds on innovation and sustainability
Dubai's skyline epitomizes modern development, with its appeal bolstered by strong property management and developers capitalizing on increasing sales.
- Dubai's skyline epitomizes modern development, with its appeal bolstered by strong property management and developers capitalizing on increasing sales
- COVID-19 and innovations have transformed property management, with a surge in demand for larger apartments and villas, says Deyaar Development's VP
Business
GCC asset management market $500bn by 2026
Strong capital inflows, a young and growing population and growing awareness about asset management will drive the sector's growth in...
- The rise of a middle class is increasing the demand for investment products and services.
- Strategy& Middle East estimates that currently more than 70 percent of regional private wealth is in offshore accounts.