Dubai’s family businesses get practical guidance with new toolkits
Dubai, UAE -- Three toolkits have been developed for family-owned businesses, which make up approximately 90 percent of the UAE’s private sector, by the Dubai Centre for Family Businesses.The toolkits – Succession Planning for Family Businesses, Family Office and Fostering Productivity through Streamlined Family Communication-- focus on key areas impacting...
Saudi minister says 6,225 industrial firms from Kingdom invest US$30bn in Egypt
RIYADH, SAUDI ARABIA - A total of 6,225 Saudi industrial businesses are operating in Egypt with US$30 billion worth of investments, Abdulrahman Altawil, the Kingdom’s Deputy Minister, Developmental Housing, Municipal and Rural Affairs and Housing said here.This reflects their confidence in the Egyptian market, he said.In a speech at the...
Prominent firms in DIFC to tap into wealth across region
DUBAI, UAE - Over 300 prominent wealth and asset management (WAM) firms have established themselves in Dubai International Financial Center (DIFC).This milestone reinforces DIFC's position as the leading financial center for WAM companies in the Middle East Africa South Asia (MEASA) region.With an industry size of US$450 billion, DIFC's 300...
Dubai Customs, Dubai Chambers discuss support for private sector
DUBAI, UAE - Dubai Customs and Dubai Chambers discussed supporting businesses and the private sector and enhance the emirate’s competitiveness following Dubai's strategic plans and vision.These were the highlights of the meeting between Ahmed Mahboob Musabih, Director-General of Dubai Customs, CEO of Ports, Customs and Free Zone Corporation and Mohammad...
Saudi Arabia, Clarity AI ink MoU to develop sustainability in private sector
Under the MoU terms, the Ministry of Economy and Planning and Clarity AI will work together to explore potential areas of cooperation, such as using big data.
Industrial manufacturers need to be proactive amidst rising rates, skilled labor crunch and fewer subsidies
Organizations that decide not to or are unable to act will continue to find themselves patching together reactive solutions to problems. If 2023 is a year of slowdown, instead of battening down the hatches, firms should use the opportunity to move toward smarter manufacturing, he adds.Online identity remains key concern as Middle East and Africa rank third in digital trust, data security
Banks come second after governments in terms of digital trust since over 60% believe they keep consumers' data confidential, while only 50% trust retailers in the region.Fuel crisis cripples life in Syria as authorities ramp up prices
Damascus, Syria-- Syrian student Ziad al-Ezz can no longer get to university as severe fuel shortages cripple the capital Damascus, pushing residents to seek alternatives for heating and shuttering businesses.With the country's economy battered by more than a decade of war, authorities have announced four fuel price hikes since the start...
Adaptability now top priority for hiring in GCC
Post Covid, professionals are reviewing and updating their skills to stay competitive in the job market where remote work ha becoming increasingly popular, says a report.
‘Ambush marketing’ may spoil the game as businesses across GCC get ready to gain from Qatar World Cup
As the world gears up for the FIFA World Cup 2022 in Qatar, the positive ripple effect is being felt in the business fraternity across the Gulf region, especially in the UAE.
How the Middle East can promote agritech
The region’s agriculture suffers from a variety of economic and policy problems. There is a lack of agricultural labor. The sector’s capabilities are underdeveloped, yields are low, soil salinity is an issue, and there are shortages of arable land, feed resources, and water, he adds.Video: TOP CEO Conference discusses fake news in May, months later social media giants take action
Facebook, Instagram, Twitter and other social media platforms have reportedly blocked campaigns aimed at influencing opinion in Central Asia and the Middle East.Automation poised to transform GCC labor market
About 42.6 percent of jobs in the region will be automated by 2030, ahead of the global average of 32 percent, predicts a McKinsey report.
Digital payments help Middle East businesses recover
Widespread availability of cashless payment methods and universal access to affordable internet services are major facilitators of digital transformation in the region.Russia sanctions not working, says Italy far-right leader
The leader of Italy's far-right League party, Matteo Salvini, has sparked debate by saying that the unprecedented sanctions the West had imposed on Russia over the Ukraine invasion weren't working. "Several months have passed and people are paying two, three, even four times more for their bills," he told Rtl...Taming inflation will inflict ‘pain’ on Americans: Fed’s Powell
Addressing the annual gathering of central bankers in Jackson Hole, Wyoming, Powell did not hold back or leave room for doubt about the Fed's plans, pledging to act "forcefully." He warned that the world's largest economy is likely to slow for a sustained period, and the strong US job market...Policies, infra make Dubai hub for talent, innovation
For decades, the emirate has been a global player with a plethora of capital, talent, corporate tax incentives and ground-breaking technologies, says the latest BCG report.Pandemic-spurred digital transformation is not enough
Remote work seems to be here to stay, and digital transformation will continue to facilitate it. For companies that haven’t embraced it, now is the time to invest in the digital transformation strategies that enable remote work, and in the technologies that spur digital transformation, Kazak points out.Electronic payments overtake cash in Saudi Arabia in 2021
The Saudi Central Bank (SAMA) said a study revealed that electronic payments increased from 44 percent in 2019 to 62 percent of all payments by volume in 2021.There’s light at the end of the tunnel for tech stocks
However, there are numerous economic sectors where tech penetration remains in its infancy, such as in logistics, e-commerce and supply chains, which retain enormous growth potential irrespective of recession risks, and in many cases can be accelerated by cost concerns, Deschamps adds.Goal vs strategy: Aim remains same, mode may modify
The most successful active owners keep a ‘Plan B’ ready. Many real-life structural and organizational conditions need to be in place to enable strategy optimization. A constructive board of directors, including vocal independent members and experts, is an indispensable ally of the active owner, he adds.Australian businesses in UAE grew six fold since 2004: Governor General
Australian businesses in the UAE grew six fold and the number of Australians in the Emirates nearly four fold since the country’s diplomatic mission was opened in 2004, Australia’s Governor-General David Hurley said. "Australia had a diplomatic presence in the UAE since 2004. Since then, until 2022, diplomatic relationship has...
Alpha Dhabi to invest $2.5 bn in Chimera
The fund will target investments in tech-enabled businesses.
76.5% of firms in Dubai recorded growth during Expo 2020: Report
Dubai Chamber of Commerce facilitated 1,500 bilateral business meetings between UAE investors and their global counterparts, and received 1,746 visiting delegations from over 60 countries during the mega event, which were joined by 3,350 government and business leaders. Seven new economic and professional bodies were licensed by the Dubai Association...
Humanity vs Technology
Artificial intelligence and machine learning are stirring as much of a concern about job security as they are steering efficient outcome strategies.Cloud tech gains strength in GCC
Cloud market in UAE is at emerging stage and is likely to witness rapid growth in the coming years due to high adoption rate among SME’s and the digital transformation agenda.
Marka: From a star UAE retailer to a bankrupt firm
Flouting norms, massive mismanagement and lack of transparency and corporate governance have potential to take any company the Marka Holding wayExpo 2020 promises a productive Q4
The sale of tickets, easing of travel restrictions and positive investment projections point to a surge in economic activity in the run-up to the mega event.
Fujairah Chamber keen to foster ties with Iraqi businesses
Businessmen on both sides to exchange knowledge and ideas to create opportunities for collaboration.
Gulf workers’ top data skills least utilized by employers
A survey says making full use of the analytic expertise core requirement for the Gulf to continue competing globally.PMI: Saudi non-oil economy expands but challenges ahead
PMI falls for the first time in four months in July. The downgrade driven by weaker growth in output, new orders and employment.
Beneficial Owner data: Dubai Economy to fine violators
Beneficial Owner refers to individuals and entities that benefit from owning a registered business in UAE. Data required include nationality, passport number
Saudi Arabia gets tougher on shadow economy
Following the introduction of an anti-concealment law early this year, Saudi Arabia has stepped up its efforts to crack down on the shadow economy.Saudi Arabia allows businesses to remain open during prayers
Saudi Arabia has officially allowed businesses to remain open during the five daily Muslim prayers. The decision is said to be part of the fight against the coronavirus pandemic.
Saudi Arabia to support small Egyptian businesses with $17.25m
The funding to Egyptian businesses is expected to boost job creation The funding will also go towards purchasing factory machinery and medical equipment Small and medium-size enterprises in Egypt will receive a big boost from Saudi Arabia in more than $17.25 million funding, allowing them to stay afloat. This was...
Emirates Dev. Bank, Beehive in pact to provide finance to small enterprises
Under the deal, Beehive will provide $8.16 million as loans to qualified businesses Beehive uses crowdfunding to connect small businesses to retail investors Emirates Development Bank (EDB) has signed a deal with a Dubai-based peer-to-peer platform to give small to medium-sized enterprises (SMEs) more funding options. Under the deal, Dubai’s...
