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
Gulf countries eye global metal recycling hub status
Amidst an electric vehicle market boom, a looming global shortage of crucial minerals such as lithium and cobalt threatens to...
Economy
Interview
AI/ML boosts efficiency of GCC frontline workers
The Gulf region leads in adoption of artificial intelligence or machine learning to boost productivity, says Rami Darwish, CEO of...
- The pandemic has highlighted the importance of making digital solutions available for field staff
- Frontline and back-office must be on the same platform to facilitate information flow
Business
Saudi Arabia turns to PIF to transform its economy
The Saudi decision to transfer 4% of Saudi Aramco shares worth $80 billion to the kingdom’s Public Investment Fund is...
- The transfer of Aramco's shares to PIF is part of the kingdom's long-term goal to promote the restructuring of the national economy, says Saudi Crown Prince
- The move is likely to enhance Aramco's position and help it garner good credit rating in the medium term
Interview
TikTok eyes a bigger slice of Arab social media
TikTok is among top ten most downloaded apps in the region, particularly in Saudi Arabia, UAE, and Qatar, says Hany...
- The cumulative follower total of the top 10 GCC TikTok personalities grew from 24.6 million at the beginning of 2020 to 54.6 million in February 2021
- Food, sports and comedy are among the most popular content pillar on TikTok
Business
Gourmet meals spawn $59bn Saudi food industry
More than 50,000 coffee shops and restaurants scattered all over the kingdom help Saudi economy relish growth on the back...
- Last November, the Saudi Central Bank said that consumers in the kingdom spent more than $320 million on F&B, followed by $320 million on cafes and restaurants
- According to the Saudi Ministry of Commerce statement, the ministry granted 7,322 business licenses in the restaurant and cafe activities alone last year
Business
Saudi Arabia scouts markets for non-oil exports
While initiatives like Made in Saudi Arabia are helping ramp up production, Saudi Exports is looking to rope in government...
- Saudi Arabia intends to increase the amount of non-oil exports from 16 percent to 50 percent of the total GDP
- The Made in Saudi Arabia program helps create a unified identity for exports and improve their reliability
Economy
KSA eyes big role in Fourth Industrial Revolution
Saudi Arabia plans an Industrial Fund to assist investors in the sector shifting to 4IR technologies with the help of...
- Saudi Arabia's advanced digital government, according to an official report, will help the country's in speeding up the implementation of 4IR strategy
- The 4IR strategy aims to support the localization of new and advanced industries in the kingdom and also boost competitiveness of the existing industries
Analysis
Wynn Resorts-RAK deal raises a few eyebrows
Legal experts weigh in on what lies ahead for the UAE when it comes to gaming entertainment in various forms.
- The announcement comes after rumors circulated about legalizing gambling clubs and permitting casinos in the UAE
- Gambling is prohibited in Chapter VI of the UAE Federal Penal Code, with those found guilty facing imprisonment and hefty fines
Economy
On credit rating meter, GCC economies score big
The GCC countries are among the most notable ones that credit rating agencies frequently recognize since they are the center...
- The GCC countries are among the most notable ones that credit rating agencies frequently recognize since they are the center of investors' attention
- Fitch evaluates Saudi Arabia at level (A), with a negative outlook to stable, while Moody's classifies UAE's credit rating by (AA2), with a stable outlook
Economy
Policy reforms help Saudi FDI inflow rise 326%
The Kingdom seeks to increase its net FDI inflow by 1,816 percent between 2021 and 2030, raising it to $103.5...
- The Kingdom is likely to witness an increase in net FDI by 1,816 percent between 2021 and 2030
- The country’s wholesale and retail sectors issued more than 44 percent of new FDI licenses in Q4, 2021
Analysis
Oil prices help GCC economies script revival story
GCC countries appear to be reaping the benefits of their efforts this year, with all indications pointing to the economies...
- According to the IMF, the region’s oil GDP will rise 5.3 percent in 2022
- Saudi Arabia’s non-oil GDP is expected to grow by 4.9 percent in 2022
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
Company News
Latest News
GCC shows economic resilience as inflation hits globe
GCC countries consistently maintain inflation rates below the global average, with the Food and Beverages CPI subcategory showing moderate growth...
Economy
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...
Arts & Culture
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...
Economy
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Economy
GCC steps up to diversify Europe’s natural gas supply
Amid Russian-Ukrainian war, Europe aims to diversify its energy sources, with Gulf countries like Qatar, UAE, Oman, and Saudi Arabia...
- Amid the Russian-Ukrainian war, Europe aims to diversify its energy sources, with Gulf countries like Qatar, UAE, Oman, and Saudi Arabia offering alternative natural gas options
- These countries have signed several long-term agreements to supply Europe with liquefied natural gas, helping to diversify Europe's energy sources and enhance energy security
Business
Business travel in MEA likely to bounce back by 2024
Business travel spending hit $23bn in 2022, nearing pre-pandemic levels as post-pandemic business trips get longer, supported by UAE's digital...
- Business travel spending hit $23bn in 2022, nearing pre-Covid levels as post-pandemic business trips get longer, supported by UAE's digital nomad and freelancer programs
- The UAE's technological advancements and evolving legal framework make it more appealing and open to business travelers, says Ali Haider, Regional Director of Nomadic
Economy
Oil price, COVID-19 spur Arab world’s public finance
Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term growth.
- Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term economic growth
- In 2022, global, regional, and local inflation led to a decline in public revenues and expenditures in the Arab world, while the public budget deficit fell from 6.7% to 2.1%