A glimpse into GCC’s financial evolution
As the winds of change blow, three major forces—regulation, consolidation, and digitization—are shaping the trajectory. These elements intertwine, creating a...
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GCC banking’s tech shift saves time, money
GCC banks started adopting online and mobile banking, and ATMs, in the 1990s and 2000s. More recently, they've integrated advanced...
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Middle East battles rising data breach costs
Most of the data breaches reportedly happen within the organization, but the silver lining is that organizations are handling these...
- Data breach costs in the Middle East are the second highest in the world after the US.
- In an IBM report based on data breach experienced by 550 organizations, 33 are from the Middle East region.
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Top tourist destinations in Dubai
Dubai tourism recovered fast after the easing of Covid-19 restrictions, registering a 203 percent increase in the number of visitors...
- The increased flow of tourists helped improve hotel occupancy across the emirate, which reached 76 per cent during the period, the highest globally in Q1.
- Dubai was rated the third safest city to travel for solo female travelers.
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Ways of digital banking in Middle East
The establishment of over 40 financial free zones in the UAE has encouraged innovation in digital banking. The fintech market...
- Banking that is done through the digital platform without any paperwork is referred to as digital banking.
- Increased efficiency, cost reduction and increased accuracy are some of the advantages of digital banking.
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Dubai makes rental payment hassle free
An agreement between Dubai Land Department and Emirates NBD eliminates the need for manually managing postdated cheques submitted to landlords.
- Dubai has one of world’s most competitive real estate markets. Rents have increased dramatically in the emirate: In May, the average monthly apartment rent was $7,500.
- Real estate is an important part of the UAE’s economy, responsible for around 5 percent of the gross domestic product.
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Nothing should hold Arab women back: Suzy Kanoo
Not only Arab women but all women should not be fettered by anything in pursuit of their goals, the Bahrainian...
- Kanoo is CEO and President of the  Khalil bin Ebrahim Kanoo Company and International Motor Trading Agency in Bahrain.
- She is the author of ‘Hear Us Speak’, which encouraged many women to tell their stories.
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UAE set to lead MENA metaverse
Firms in the region are now offering better participation, levels of cooperation and communication to their staff through productive workspaces...
- At its broadest, metaverse combines elements of social media, augmented reality, virtual reality, video games, cryptocurrencies and other advanced technologies.
- As the next big market opportunity, the metaverse could provide nearly US$800 billion in revenue by 2024, Bloomberg Intelligence estimates show.
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High taxes on tobacco in MENA weans users off habit
The use of tobacco by people across the world has gone down, and the Middle East has been no exception,...
- The World Health Organization (WHO) said tobacco users have decreased from 1.32 billion 2015 to 1.30 billion in 2021
- In the UAE, the trade in tobacco went down from Dh410 million to Dh62.4 million
Economy
Unemployment insurance to cut UAE business risk
The insurance is being hailed as a step in increasing the attractiveness of the UAE labor market and its ability...
- The employees who lose their jobs will receive cash support for a period of time until the employee finds another job.Â
- The decision is significant given the fact that unemployment rate in the country is one of the lowest in the world.
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UAE and Egypt home to leading startups in 2021
The UAE eyes around 20 unicorns, the start-ups valued at $1 billion-plus each, by 2031. These high-value startups will be...
- Dubai has set up a $100 million venture capital fund in order to provide financial support to fintech startup companies.
- Startups affiliated with Hub71, Abu Dhabi’s global tech ecosystem, have bagged AED1.5 billion in investments since its inception in 2019 and created about 1,000 jobs.
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Middle East: What are the most influential values?
Different values are given different magnitudes of priority across the world. Here are the ones that the Middle East is...
- Different values can become an influence for any number of reasons
- These could be range from geography to climate to even religion
A glimpse into GCC’s financial evolution
As the winds of change blow, three major forces—regulation, consolidation, and digitization—are shaping the trajectory. These elements intertwine, creating a...
Videos
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WEF-supported TTI to fuel UAE growth spurt
The initiative is a crucial step in modernizing global trade, using the tools of the Fourth Industrial Revolution, said Dr...
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Resilient UAE health sector attracts job seekers
At G20's first Health Working Group meeting in India, UAE affirmed its commitment to play an active role in addressing...
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Two UAE cities among best expat destinations
Expat Essentials Index ranks cities on the basis of quality of life, ease of settling in, working abroad, personal finance...
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Saudi-China relations warm up with strategic deals
A recently reached Comprehensive Strategic Partnership Agreement has further enhanced the historical friendly relations between Saudi Arabia and China.
- A recently reached Comprehensive Strategic Partnership Agreement has further enhanced the historical friendly relations between Saudi Arabia and China.
- The two sides had recently signed several agreements and MoUs to enhance bilateral ties to serve the interests of the two countries and their people.
Economy
35.6% rise in Saudi women’s economic participation makes TOP CEO Conference’s May predictions true
The confirmation of an increased participation of women in workplace comes months after the TOP CEO Conference held in May...
- The confirmation of an increased participation of women in workplace comes months after the TOP CEO Conference held in May 2022 had highlighted its economic justifications
- Saudi Khaled Almaeena had stressed on how the private and public sectors were essential in encouraging women to work and took measures like having nurseries in the offices
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Is GCC insurance industry ready for the change?
Industry experts stress the need for harnessing the momentum the industry has gained after the recovery from Covid setbacks.
- PwC Middle East advises insurers, as they look to 2025 post Covid recovery, to harness "the momentum they have gained" to meet new challenges.
- "Regardless of how insurers capitalize on these trends, they will need to reassess the future and reimagine their place in the world," says Sanjay Jain of PwC.