Saudi startups soar amid surge in venture investments
Saudi Arabia, which secured over 50 percent of MENA's total venture investments in 2023, strategically focuses on financial technology to...
Economy
Arab region faces soaring youth unemployment crisis
The region, with the world's highest youth unemployment rate, requires the creation of 33.3 million jobs by 2030 to accommodate...
Economy
Business
Fun sector: Leisure puts UAE economy at ease
Estimations by the Middle East and North Africa Attraction and Leisure Council (MENALAC) put the number of leisure centers in...
- The leisure and entertainment sector in the UAE is considered to be one of the most dynamic markets in MENA
- Around 400 leisure centers operate in the UAE, employing more than15,000 workers
Business
New initiatives help Saudi Arabia shine on tourism map
Notable achievements of the kingdom include establishment of Global Center for Tourism Sustainability and its selection to host World Travel...
- Local overnight trips surpassed 60 million in 2021, adding an estimated spending worth $21.3 billion to the country's economy
- Promotion of tourism spots locally and globally, after being hampered by the pandemic, may help Saudi Arabia woo 50 million tourists this year
Business
Trade, investments bring Saudi Arabia, Iraq closer
Saudi Arabia and Iraq are looking to build a wide-ranging economic partnership as they sign electrical interconnection deal on the...
- The Saudi-Iraqi Joint Forum seeks to begin a new chapter in the history of comprehensive cooperation between the two countries at all levels
- The volume of trade exchange between the two countries during 2016-2021 stood at SAR 20 billion
Business
New business deals bring KSA, South Korea closer
The two countries are working on a broader strategy to strengthen collaboration in health care, science, technology, hydrogen, public health,...
- The visit was part of a broader strategy to strengthen bilateral collaboration in health care, science, technology, hydrogen, public health, and artificial intelligence
- The two countries signed 15 agreements totaling $8.2bn in 2019
Economy
Fixes and flaws of new UAE labor laws
The United Arab Emirates has set itself on a new course to completely overhaul the labor laws in order to...
- The Covid-19 pandemic has led to rapid changes in working patterns
- The UAE's new labor law may provide it a competitive advantage by giving expat workers better rights
Analysis
Online learning booms in GCC during pandemic
"While online learning is a supplement to a broader educational experience, course enrollment statistics strongly imply that it is a...
- Online education is a valuable addition to a greater educational experience for many, especially busy professionals
- The number of educational providers will expand, as will student adoption of more flexible options
Business
Saudi, UAE and Egypt gaming to reach $3.14bn
A young population, increased user spending, robust govt backing for games and e-sports and new players are poised to push...
- Around half of the Middle East's population is reported to be under the age of 25, and electronic games constitute an integral component of their entertainment.
- Saudi Arabia, the UAE, and Egypt attained a total gaming revenue of US$1.76 billion in 2021.
Business
Saudi Arabia seeks to be regional mining force
Saudi authorities seek to promote mining investments and increase its contribution to the GDP to meet the Saudi Vision 2030...
- Saudi Arabia aims to achieve 75 percent localization in the energy sector by 2030
- Saudi mineral wealth value is more than $1.3 trillion, including phosphate and bauxite minerals
Interview
Despite culture, MENA coffee business still nascent
The region’s coffee market growing rapidly creates new business opportunities, says Ali Al-Ebrahim, founder and CEO of COFE.
- Coffee consumption in MENA has experienced a massive shift, with sales growing at twice the global average
- Coffee has been at the heart of Middle Eastern culture for centuries
Economy
Gulf watch: Sectors that will grow most in 2022
The business environment in the region will experience a transformation that will have a far-reaching impact on economic trends and...
- The GCC’s non-oil sectors will continue to dominate the economy, creating future opportunities
- The region’s economy may benefit greatly from ecommerce, logistics, and delivery services
Saudi startups soar amid surge in venture investments
Saudi Arabia, which secured over 50 percent of MENA's total venture investments in 2023, strategically focuses on financial technology to...
Economy
Company News
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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...
Economy
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
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.
Economy
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Economy
UAE takes lead in advancing global climate action
Through the COP28 Summit, the UAE aims to facilitate discussions, build consensus, and catalyze transformative actions to address the escalating...
- Through the COP28 Summit, the UAE aims to facilitate discussions, build consensus, and catalyze transformative actions to address the escalating global climate crisis
- The world sees more frequent and direct impacts of the crisis, exemplified by record-breaking heatwaves wreaking havoc on ecosystems and communities, says an expert
Economy
GCC deals with rice shortage amid Russia-Ukraine war
The Russian-Ukrainian war heightens global food crisis fears as India, followed by the UAE and Russia, sequentially impose rice export...
- The Russian-Ukrainian war heightens global food crisis fears as India, followed by the UAE and Russia, sequentially impose rice export bans, disrupting global supply chains
- Saudi Arabia experiences an increase in rice consumption, overtaking wheat, while experts emphasize the potential for local rice cultivation in the country.
Economy
Global inflationary waves may hit Arab world’s growth
Rising rates and global slowdown pose challenges for economic growth and investment in Arab countries, which expect to expand at...
- Rising rates and global slowdown pose challenges for economic growth and investment in Arab countries, which expect to expand at 3.4% in 2023, down from 5.6% in 2022
- Diversified Arab economies are better equipped against economic shocks, says Arab Monetary Fund, adding that the regional inflation may hover around 6.8% for 2023