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
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
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
Arts & Culture
Art Dubai 2022 embraces digital art, NFTs
Art Dubai 2022, the art fair's largest edition and one of the few major international art events to take place,...
- This year's event is unique as it will demonstrate that Dubai has become a big part of the discussion about modern art.
- Dubai is a global crypto hub with a diverse group of collectors and entrepreneurs.
Analysis
GCC turbulence mires Airbus rise
Airbus has been mired in controversy despite its best efforts to increase its customer base, across the world in general...
- Qatar Airways and Airbus have tussled for months over the deterioration of aircraft paint and lightning protection
- Kuwait plans to announce an agreement to restructure the national airline fleet of Airbus aircraft
Interview
UAE banks on Instant Payments to shake up sector
The UAE Instant Payments Platform (IPP) is set to go live in Q4 2022, with participation mandatory for all banks...
- The UAE IPP is set to go live in Q4 2022, with participation mandatory for all banks and financial institutions
- Being part of the IPP scheme will allow banks to leverage real-time payments to target new customer segments
Analysis
GCC eyes floating hotels, eateries to buoy tourism
Floating restaurants and hotels could be a significant supporting player as the GCC region aspires to increase its footprint as...
- The UAE is well known for its floating restaurants and five-star floating hotels
- Qatar aims to construct 16 floating hotels for 2022 FIFA World Cup visitors
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
Company News
Latest News
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...
Market Report
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.
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...
Business
Most Read
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