MENA brief Jun 13: Prince Salman to skip G7 meet, OpenAI in funds talks with PIF
In the financial sector, Fitch Ratings has projected a notable uptick in mergers and acquisitions within Saudi Arabia’s insurance industry. In Jordan, tourism revenue rose 17.5% in May to $630 million, bringing total earnings for the first five months of 2025 to $3.06 billion.
Growth picks up as MENA drives into EV market
Rising prices of metals, elements, and compounds used in EVs could be a headache, but the MENA region and the world are already working to offset it. A few right policy moves will help economies like the UAE and Saudi Arabia to diversify their economy, especially away from oil and...Transformation will propel MENA economy: IMF
Major economies in the MENA region have already got the ball rolling when it comes to diversifying their economies.Disney takes on OTT platforms with MENA expansion
Netflix currently rules the roost in the Middle East. Therefore, the Disney+ expansion should be a clarion call for regional OTT platforms.Jordan’s ISSF to invest $1.5 million in Dubai-based Global Ventures
The Innovative Startups and SMEs Fund (ISSF) will invest $1.5 million in Global VenturesGulf 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 social dynamics.GCC must heed IMF take on emerging economies
The IMF's warning that developing nations are about to face what it called “economic turbulence” is bad news for the GCC as it may hamper the revival of regional economies.Biggest MENA steel event begins at Expo Centre Sharjah
The exhibition highlights state-of-the-art innovations of more than 400 world-leading brands from 30 countriesSaudi Arabia GDP to gain in 2022: Kuwait Financial Center
Government spending on infrastructure projects as part of the Vision 2030 program is expected to boost non-oil GDP growth.Mumzworld CEO says committed to supporting Mideast businesswomen
Mumzworld has over 350 staff, with over 6,000 brands and more than 300,000 products for sale on the website, and a business that has created momentum for other women to succeed and create more jobs in the regionAbu Dhabi National Aquarium is the largest in Mideast
An estimated one million people a year are expected to visit the aquarium housing marine animals in ten distinct habitats under the supervision of marine life experts.Top company leaders highlight priorities for MENA governments at CEO Dialogue
Top company leaders highlight priorities for MENA governments at CEO Dialogue Leaders of top regional and international companies in the Middle East and North Africa region highlighted crucial priorities for governments and the cooperation needed with international organizations and the private sector for promoting a sustainable economy. They were speaking...The UAE joins SESAME as a member with observer status
Minister Al Kaabi indicated that the achievement will enhance the nation’s scientific capabilities and enable its scientific and industrial organizations to develop more creative solutions to challenges.Emaar Properties tops Forbes list of 50 Middle East real estate firms
Forbes Middle East also unveiled a ranking of the "Top 10 Construction Companies in MENA 2021".Mubadala and AD Gaming sign MoU
Both will cooperate to build a gaming and esports ecosystem in UAE.Omicron batters indices across MENA
Stock markets across the MENA region suffered losses on Sunday as dip in oil prices and mounting concern over ‘Omicron’ weighed heavily on investors’ minds.Qatar is first MENA country to host POW! WOW! Festival
The POW! WOW! international mural festival is being hosted by Qatar Museums under the umbrella of the JEDARIART initiative.Schneider Electric says electricity use in Iraq rising annually by 10 percent
Consumption of electrical energy is increasing by 10 percent annually in Iraq, which necessitates a robust distribution network, said the French company Schneider Electric. Schneider has signed an MoU with Iraq's Ministry of Electricity for the development of the electric power distribution network in the country, local media reports said....Fintech fuels MENA startup scene
It is vital for the economic development of the Middle East by fostering innovation, entrepreneurship and creating large-scale employment opportunities in the region, says an expert.Meta launches MENA campaign against child abuse
In the eye of the storm of allegations that it did not act against child abuse, Meta said the campaign will prevent exactly those things.Mena students in US are a changing demographic
The factors that draw students to the US include the learning environment, a global perspective, and better employment prospects.VentureSouq launches FinTech Fund
The fund invests in early stage FinTech and SaaS companies.Etisalat to acquire elGrocer DMCC
The acquisition will support the telecom giant's digital ambitions.Saudi Arabia sets up $187m solar panel factory in Tabuk
Saudi Arabia has set up a $186.6 million worth solar panel factory in the Tabuk Industrial City to cater to growing demand for solar panels in the MENA region.UK pledges $68 million for Middle East North Africa green transition
LONDON: The United Kingdom will provide $68 million in funding to help the Middle East and North African countries' energy transition and development of green infrastructure, British Minister for the MENA region James Cleverly said. Cleverly made the announcement on the second day of the UN Climate Change Conference (COP26)...NEOM Tech and OneWeb team up for $200m high-speed satellite
NEOM Tech & Digital Holding Company and OneWeb have signed a $200 million joint venture agreement to bring high-speed satellite connectivity to NEOM, Saudi Arabia and beyond in the MENA region.DP World reports container volume growth of nearly 12 percent in Q3
The gross volume growth was mainly driven by Asia Pacific, India, Australia, and the MENA region.Egypt looks to raise renewable energies share to 42% by 2035
Egypt is looking to increase the share of renewable energies to over 42 percent by 2035, after the country reached 2022’s target for boosting renewables to 20 percent early this year.Boeing says MENA will need 3,000 new aircraft in 20 years
The MENA region will need some 3,000 new aircraft worth $700 billion in the next 20 years to cater to the demand for air travel. The conclusion was drawn by Boeing in its Commercial Outlook for 2021.Zoomcar enters Egypt market
Zoomcar targets 5,000 cars in Egypt by March 2022.Deficit to surplus: GCC economies on growth track
The combined current account balance of oil exporters in the GCC region is likely to shift from a deficit of $6 billion in 2020 to surpluses of $165 billion in 2021.Social unrest may spoil Mideast recovery: IMF
The fund also warned that the longer-term risk of the uneven recovery could permanently widen wealth, income, and social gaps.OTO gets $3m from MEVP and Derayah
It is the 'largest seed' raised by a MENA SaaS firm.GDP of Arab economies down 3.8 percent: World Bank
The region’s average real GDP per capita is forecast to increase by only 1.1 percent in 2021 after declining an estimated 5.4 percent in 2020.UN official lauds UAE for resolve to cut carbon emissions to zero by 2050
The United Arab Emirates will aim to achieve net-zero emissions by 2050, a plan commensurate with the country’s 2050 Strategic Initiative. It will make the UAE the first country in the whole of MENA region to take such action.World Bank sees ‘uneven, tenuous’ Mideast recovery
The region’s per-capita GDP is forecast to grow by only 1.1 percent this year after declining by about 5 percent in 2020.UAE announces Net Zero by 2050 strategic initiative
The national drive aims to achieve net-zero emissions by 2050, making the UAE the first MENA to do so.BitOasis, UAE-based crypto trading platform, raises $30m to fund MENA expansion
BitOasis, the UAE-based crypto trading platform, has obtained $30 million in funding, and intends to use the capital to expand its footprint across the MENA region.Saudi Arabia contactless payments highest in MENA region
Saudi Arabia had achieved contactless payment adoption of 94 percent, which is higher than even the EU.Saudi Arabia digitizes 50m realty papers under National Transformation Program
Saudi Arabia has managed to digitize some 50 million real estate documents under the Real Estate Title Digitization Initiative. It is one of the initiatives of the Ministry of Justice in the National Transformation Program.Al-Nefaie named Seera Group CEO
He was appointed acting CEO of the group in AprilWhat to Expect at Expo 2020 Dubai?
Expo 2020 Dubai is the first world expo in the Middle East, Africa, and South Asia region.MENA startups raise $1.2 bn in H1
A Dubai-based think-tank has said that as many as 254 start-ups, mostly from the UAE, Saudi Arabia, and Egypt, have attracted a record-breaking funding in 2021.Apicorp to allot $1bn for green energy
The bank will make the investment over the next two years.Jordan’s gaming app Jawaker sold for $205m to Stillfront Group
The popular Jordanian online card game studio, Jawaker, was bought by global gaming company Stillfront Group in a $205 million deal. Stillfront has previously marketed games published by Babil Games, an international mobile games publisher in the MENA region.Jazeera Paints to offer ‘cold plastic’ paint
Centrecoat Methyl Methacrylate (MMA) is recommended for marking traffic signs and signals on public and private roads as well as parking areasMENA firms: The public-private games go on
Two key Dubai firms — Dubai parks operator DXB Entertainments and Dubai ports operator DP World — have de-listed from the DFM and Nasdaq Dubai since the start of 2020.Meat grown in lab to be on menu in MENA
An American startup Eat Just has tied up with Doha Venture Capital (DVC) and Qatar Free Zones Authority (QFZ) to build the first-ever cultivated meat facility in the region.Majid Al Futtaim secures $1.5bn SLL
Women to form 30 percent of board members under agreement.Mena region needs water resilience: World Bank
Without water resilience, the MENA region may see a loss of 6-14 percent of the collective GDP by 2050, says the latest World Bank report.UAE, Israel ink deal for digital health solutions
DHI 2048 organisation launched in UAE is the part of latest cooperation to strengthen the ties between the UAE and Israel