Ramadan drives MENA online shopping boom, UAE takes the lead
As Eid Al-Fitr approaches, online shopping is expected to reach new heights, with anticipated growth in categories like flowers, cakes,...
Economy
Reforms help Saudi banking sector post robust growth
The financial sector plays vital role in the Kingdom's economy, with a 9.5% surge in operating income and 10.9% increase...
Business
Business
Strong economy, innovation shield GCC banks
GCC banks, which are recognized for their sophistication and maturity, have minimal exposure to the ongoing global crisis due to...
- The Gulf banking sector's resilience and adaptability position it well to navigate the current global landscape, ensuring continued growth and stability, say experts
- GCC banks, which are recognized for sophistication and maturity, have minimal exposure to the crisis due to robust regulations by regional regulators, they add
Business
GCC digital banking targets $2trn with cloud services
GCC authorities, however, acknowledge the accompanying challenges and are developing regulations to enhance digital banking experiences. A key requirement is...
- The next phase of the digital revolution in the region will see 5G services reaching two-thirds of the population by 2026, enhancing the end-to-end customer experience
- By 2025, Saudi Arabia aims to boost fintech GDP contribution to $ 1.2bn and increase the number of fintech players. UAE and Kuwait are also making strides in digital banking.
Business
Preventive care focus as GCC healthcare eyes $135bn
The region is prioritizing preventive care to alleviate strain on healthcare resources and infrastructure amidst rise in population and prevalence...
- The region is prioritizing preventive care to alleviate strain on healthcare resources and infrastructure amidst rise in population and prevalence of non-communicable diseases
- Peripheral neuropathy, particularly among those with diabetes, remains a significant concern, with a lack of awareness contributing to underdiagnosis and irreversible damage
Business
Cloud adoption may unlock $181bn for UAE economy
By 2036, cloud infrastructures in UAE could generate $11.2bn for the country's economy, supporting about 6,000 full-time jobs annually, says...
- By 2036, cloud infrastructures in UAE could generate $11.2bn for the country's economy, supporting about 6,000 full-time jobs annually, says a report by Amazon Web Services
- The UAE outpaces the MENA region in cloud computing, with a 1% increase in cloud usage potentially boosting the GDP by an average of 0.21%, or $854.7m annually, it adds
Business
Dubai properties attract affluent buyers
The Gulf emirate continues to charm the global elite as HNWIs worldwide are projected to spend an astonishing $2.5bn on...
- The emirate continues to charm the global elite as HNWIs worldwide are projected to spend an astonishing $2.5bn on luxury properties in the Gulf city this year, says a survey
- Dubai outperforms global cities like Hong Kong and New York in the luxury real estate market with Downtown and Palm Jumeirah emerging as the top picks among HNWIs, it adds.
Business
Coffee machines brew demand as global crises sip in
Key challenges faced by coffee equipment makers in the GCC include market competition, customer price sensitivity, and managing complex distribution...
- Key challenges faced by coffee equipment makers in the GCC include market competition, customer price sensitivity, and managing complex distribution and logistics networks.
- Csaba Henter, General Manager of La Marzocco in the UAE, sees a rising appreciation for specialty coffee and sustained demand for premium coffee machines in the Gulf region
Business
Local e-commerce thrives as Saudis shift preference
Government initiatives, such as the national e-commerce strategy and consumer protection regulations, are playing a key role in facilitating the...
- Government initiatives, such as the national e-commerce strategy and consumer protection regulations, are playing a key role in facilitating the shift in consumers' choice
- As part of Vision 2030, the Saudi government aims to raise e-commerce and modern commerce contribution to 80% of the retail sector, says Kearney & Mukatafa report
Business
GCC IT spending to hit $35.3bn despite economic woes
Global supply chain constraints and escalating inflation are unlikely to affect IT spending in the Middle East, Turkiye, and Africa...
- Global supply chain constraints and escalating inflation are unlikely to affect IT spending in the Middle East, Turkiye, and Africa region, which is set to reach US$233.8bn
- Adoption of AI and blockchain in GCC is faster than in other regions as firms in the bloc transition from early stages of digital transformation to managing 'digital businesses'
Business
Green initiatives, SWFs drive M&A growth across GCC
Saudi Arabia emerges as an appealing market for foreign corporations interested in M&A deals due to rising global crude oil...
- Saudi Arabia emerges as an appealing market for foreign corporations interested in M&A deals due to rising global crude oil demand, Vision 2030, and private sector development
- Digital transformation and ESG considerations are shaping businesses, leading to an upward trend in 'green' related acquisitions in the Gulf as investors get more eco-friendly
Business
Luxury markets embrace sustainability
The luxury markets in the GCC region are experiencing significant growth, driven by an increasing demand for high-end products. Despite...
- With increasing purchasing power and evolving consumer lifestyles, the luxury watches and jewelry market in the GCC region is expected to continue its upward trajectory
- The number of watch and jewelry collectors is growing in the GCC region, leading to an overall increase in luxury goods and related events, particularly in Saudi Arabia
Ramadan drives MENA online shopping boom, UAE takes the lead
As Eid Al-Fitr approaches, online shopping is expected to reach new heights, with anticipated growth in categories like flowers, cakes,...
Economy
Company News
Middle East needs strong Saudi Arabia, says kingdom’s finance minister
World Economic Forum
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UAE healthcare spending set to reach $30.6bn by 2027
The sector witnesses a shift towards personalized and precision medicine, underscored by healthcare's significant digitization and data generation, says a...
Economy
Rise of GenAI boosts phishing threats during holidays
The sophistication of GenAI-driven phishing attacks requires robust security, including advanced DDoS protection and proactive cyber resilience strategies, says an...
Business
SMEs drive economic innovation and growth in UAE
SMEs are contributing 63.5% to the UAE's non-oil GDP and are at the forefront of innovation and growth, Ayham Gorani,...
Economy
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Business
GCC’s F&B packaging industry transforms post-COVID
The F&B packaging industry in the region adapts to post-COVID consumer behaviors, emphasizing health, wellness, and sustainability, Abdelghany Eladib of...
- The F&B packaging industry in the region adapts to post-COVID consumer behaviors, emphasizing health, wellness, and sustainability, Abdelghany Eladib of SIG tells TRENDS.
- The sector is also focusing on resilient supply chains and innovative packaging solutions to meet evolving consumer demands and environmental responsibilities, he adds.
Business
Innovations, investment spur UAE lab equipment surge
Driven by a growing population, the prevalence of chronic diseases, and significant government investments, the UAE's laboratory equipment market is...
- Driven by a growing population, the prevalence of chronic diseases, and significant government investments, the UAE's laboratory equipment market is set to hit $1.5b by 2027.
- Technological innovations in diagnostics play a key role in this dynamic landscape, setting the UAE's healthcare sector on a path of transformative growth, say a latest report.
Economy
Rising costs, debt challenges grip Egypt’s economy
Egypt begins 2024 with steep increases in essential services' prices, exacerbating the economic strain on its citizens amidst a broader...
- Egypt begins 2024 with steep increases in essential services' prices, exacerbating the economic strain on its citizens amidst a broader economic crisis.
- The government seeks to stabilize the economy through IMF program renewal amid challenges like rising foreign debt and fluctuating exchange rates.