GCC-listed companies' net profit dropped to US$ 57.9 billion in Q2-2023. While retail, capital goods, and utilities sectors faced profit declines, the banking sector thrived.

Saudi Arabia's smart homes market is growing due to government backing, tech advancements, and evolving consumer tastes. As the Kingdom advances toward its Vision 2030 goals, the smart homes sector is poised to play an important role in shaping the country’s future urban landscape.

The financial landscape of Saudi Arabia and the UAE is undergoing a significant transformation, with most adults in the region experiencing an increase in their wealth.

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.

With an estimated IT spending of $175.5 billion in 2023, the region is embracing digital solutions, leveraging advanced technologies, and investing in flagship projects.

Dubai's off-plan sales rose 38% in value, while Abu Dhabi's doubled to $1 billion, as the market saw the addition of 7,300 new units in the former and 1,000 in the latter.

Favoring CBDCs for efficiency, convenience, and security, 63% of MENA residents believe central banks should introduce them, and 73% are ready to use them, says a survey.

The Kingdom's exports of dates and their derivatives increased by 5.4 percent annually in 2022, reaching a value of US$ 340 million.

Egypt's economy is grappling with a myriad of challenges, including rising inflation, currency depreciation and high debt. TRENDS delves into the depths of the crisis.

Despite international scrutiny over labor practices, Qatar and the UAE continue to attract job seekers with attractive policies like tax-free income, a recent study points out.

The law will apply to a wide array of “illegal content” including, but not limited to, false and fake news, disinformation campaigns, and actions that systematically influence democratic electoral processes.

The Kingdom emphasizes the Riyadh Expo's potential in enhancing global collaborations and reinforcing actions on impactful projects.

While the startup ecosystem flourishes in the Middle East and North Africa region, concerns arise over the durability of investments and the ability of banks to sustain SME support amidst a global banking crisis.

Despite global economic challenges such as the crisis, inflation, and high interest rates, the GCC banking sector has shown impressive growth and adaptability. Utilizing technology and responding to evolving market dynamics, it continues to thrive. According to Elham Mahfouz, CEO of the Commercial Bank of Kuwait, the region's banks remain...

Continued economic recovery, ease of travel restrictions, and the growing popularity of the region as a tourist destination have been credited for the sector's resilience.

The UAE's strategic allure for global talent through enticing policies clashes with Saudi Arabia's ambitious Vision 2030, diversifying economy and broadening talent avenues.

The Gulf countries are playing an important role as the estimated cost of providing the necessary aid has surged to around US$51.5 billion, marking a 25% increase, says a report.

The Gulf country, according to reports, ranks first in the MENA region and fifth globally in entrepreneurship education and training at university and vocational levels.

The Arab League Summit, which concluded on an optimistic note in Jeddah, highlighted the need for unified Arab positions and effective strategies to confront current challenges.

The Monaco prince commends the Saudi Green Initiative, Middle East Green Initiative and the upcoming COP in Dubai as "remarkable projects and initiatives of the region".

The bloc's foreign ministers unanimously agree to allow government delegations from Syria to resume their participation in meetings ahead of a key summit in Jeddah on May 19.

More than 10,500 Emiratis have joined the private sector since the beginning of 2023, bringing the total number of Emiratis employed in the private sector to over 66,000.

The move is likely to help regulate supply, bridge the gap between supply and demand, and create more demand for further development in the Kingdom, an expert tells TRENDS.

Saudi Arabia and US tech firms have numerous partnerships and investments, with the PIF investing over US$7bn in American companies and banks, with key focus on tech sector.

The expansion of infrastructure investment and medical insurance coverage will continue to drive premiums in 2023, albeit at a slower pace than in 2022, reports suggest.

Shares in ADNOC Gas were heavily oversubscribed even after the offering was expanded from 4.0 to 5.0 percent of issued share capital in response to strong interest.

The FDIC on Friday took over SVB, a major lender to the tech world, in the second-largest bank failure in US history. The bank is expected to reopen on Monday under a new name.

Austin's talks with his hosts were centred on the changing geopolitics of the region, which is currently roiled by rising threat from Iran and the ongoing war in Ukraine.

Lack of relevant skills, constant innovation in a highly disruptive world while keeping in mind budget constraints and cybersecurity remain their key concerns, says an expert.

Property markets benefit as an increased demand for tourists and the rise in government spending on infrastructure projects drive the post-pandemic recovery in the region.

Driven by Saudi Arabia's construction sector, near-term forecast remains positive for the GCC with more than $110bn worth of projects in the tender stage.

The Gulf International Laboratory aims to localize industries, enhance local content and build capabilities to boost competitiveness of the Kingdom's economy.

Israeli premier Benjamin Netanyahu says the 'reform', which will give Israel's parliament the power to override court decisions with a bare majority, won't impact the economy.

More dams are being built in the region to shield the residents against floods, offer a lifeline during drought and work towards food sufficiency by enhancing agriculture output.

The region remains cautious as it takes a strategic approach to invest in the technology by focusing on experimentation and finding suitable business use cases, says an expert.

Agile brands, especially luxury ones with sizeable marketing budgets, have readily tapped into the metaverse, creating exclusive NFTs and new revenue streams, says an expert.

More than 50% of the countries with voting rights have pledged public support for the Saudi city’s bid, Fahd Al-Rasheed, the CEO of the Royal Commission of Riyadh City, tells TRENDS.

Moratinos has also been designated by the United Nations Secretary-General as the UN Focal Point to monitor anti-Semitism and enhance a system-wide response.

Goldman Sachs has recently projected that the supply of Lithium will begin to outpace demand from 2023 onward.

Across the region, parents struggle to shield children from unsavory elements prowling the cyber world, as risks grow with the spread of the internet.

The world, according to the latest World Bank report, may be edging toward a global recession this year. Here is the GDP growth forecast for the GCC countries.

Speculations are rife that the decision by Tehran could have been taken in retaliation to India's suspension of the import of fruits like kiwis and peaches from Iran.

Through Dubai Metaverse Strategy, the emirate looks to create 40,000 virtual jobs and add $4 billion to the economy over the next five years.

The introduction of new laws regarding the ownership structure of mainland companies may boost the Gulf country's economy in 2023 as it is expected to attract more investors.

The Palestinian govt has no money to support would-be entrepreneurs, environment for foreign investors is too risky and the Israeli occupation makes condition worse, say experts.

The proposed bilateral business council, aimed at developing joint projects and exchange expertise, is likely to be formed by the first quarter of 2023.

The swift recovery from the effects of Covid-19 is expected to contribute to a rise in demand for luxury real estate units in the UAE by more than 30 percent next year, says a report.

At the 38th Ministerial Session of COMCEC, leaders of Islamic countries discuss ways to enhance bilateral and trade relations to help region and the world evade recession.

Beside approving various programmes and joint projects, the region's information ministers discuss strategic plan for joint media cooperation between the GCC countries.

The two countries agree to set up Saudi-Thai Coordination Council, vow to enhance investments and cooperation in sectors such as energy and tourism and fight corruption.