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According to recent estimates the global Takaful business will reach USD 20 billion by 2017. The GCC market contributes more than 62 percent of the world’s gross Takaful premiums. Saudi Arabia maintained the largest share of contributions, growing 17 percent to USD 5.7 billion during 2010. A recent Deloitte report aims to address...
Despite facing challenges of a weak global economy and volatile domestic politics, the MENA region is showing robust economic performance. According to the QNB Group, the region’s economy will grow by 3.5 to 4 percent this year. Further improvements are expected in 2014 along with growth rates of 4.5 to...
Kuwait will spend USD 100 billion on the nation’s domestic energy sector over the next 5 years – and for the first time, some of that investment is earmarked for renewable energy. By 2030, 15% of Kuwait’s total energy mix will be powered by renewable energy according to a new government policy....
India and Oman explore B2B links. India, with an estimated GDP CAGR of over 14.46% by the year 2017, is easily one of the fastest growing economies in the world. Attempting to further its growth, India needs to focus on effectively expanding and managing its supply chain, but also exploring global...
Deloitte Middle East Whitepaper; ‘Forensic Data Collection in the GCC: Ensuring your electronic review doesn’t fall at the first hurdle’. When a company’s management takes the serious decision to commission a forensic data collection, it usually involves sensitive, stressful and potentially risky circumstances such as fraud, litigation or a regulatory...
Government of Turkey tunes laws to attract more FDI. Repeals the ‘Law of Reciprocity’ act. Foreign owners of Turkish property can now get their resident permits extended. UAE buyers snap up Luxury residential projects in Turkey. Luxury residential project ‘The Residences at Mandarin Oriental, Bodrum’ draws the attention of UAE...
According to a recent report released by the technology consultants, Arthur D. Little, governments and regulatory bodies should undertake decisive National Fibre-optic strategies in their attempts to boost future economic growth. The report titled, ‘National Fiber Strategies: National economic imperative or just another private industry task?’ identifies Saudi Arabia as among the least-developed...
Over the past few years, data centre services in the Gulf Cooperation Council (GCC) countries have risen to the forefront as part of a general trend towards outsourcing and the need to control business costs. Organisations looking to cut down on the capital expenditures involved in setting up information technology...
Gas-rich Qatar has the highest density of millionaires in the world, where 143 out of every 1,000 households have private wealth of at least $1 million, followed by Switzerland (116), Kuwait (115), Hong Kong (94), and Singapore (82). The U.S. had the largest number of billionaires in 2012, but the...
A new report has revealed the Saudi government’s intentions to completely fill all medical jobs in the kingdom with Saudi nationals within the next five years. The Saudi government is aggressively working on plans to complete Saudization of the medical sector, while factoring in the availability of qualified staff and...
E-commerce in the Middle East is booming, with seemingly unprecedented growth just on the horizon. If your business is active or if you are considering doing business in the GCC region, this infographic has plenty of practical e-commerce information for you. The GCC has 90 million internet users, and in...
The recently released report by A.M. Best Company, titled “Kuwait’s Insurance Sector Faces Regulatory Uncertainty and Volatile Growth”, highlights the current uncertainty prevalent in the sector owing to volatile premium growth over the last few years. The report states that while Kuwait’s total gross premium written (GPW) is expected to increase at...
GCC gas contracts worth over USD 68 billion have been awarded to spur production over the next five years. Deloitte’s 8th edition white paper, ‘Middle East Energy and Resources: Managing scarcity for the future’ says despite the growing focus on renewable energy, oil and gas will supply more of the...
According to the Institute of International Finance (IIF), the average growth projected to be registered by the GCC (Gulf Cooperation Council) countries, is expected to moderate to 3.8% in 2013, compared to the 2012 5.8% growth rate. The dip in the projected growth can be attributed to stagnating crude oil...
A survey says that GCC family businesses need to focus on developing a proper governance structure in order to ensure business continuity and sustainable growth. In the absence of a governance structure, these businesses face a heightened risk of fragmentation due to conflicting interests among family shareholders. The PwC survey...
The government of Brazil is keen to attract greater investment from the UAE and other GCC countries to boost the huge potential offered by it’s economy and it’s rapidly growing population. Brazil is currently seeking investments of up to USD 500 billion for projects in various sectors in the Brazilian...
According to the recently released Deloitte Technology, Media and Telecommunications (TMT) Predictions 2013 report: A record one billion smartphones will be shipped in 2013 Mobile advertising will split into two categories (tablets and smartphones) Several LTE Networks are expected to launch in the MENA region throughout 2013 More than 90 percent...
The innovative buzzword is explored at GFF with the founder of Aflamnah, the first Crowdfunding site dedicated to the Arab World On the night of April 13, the Gulf Film Festival (GFF) will offer a thorough exploration of ‘Crowdfunding’ — the latest opportunity to bring creative projects to life. Aflamnah...
A GCC Healthcare Report by Kuwait Financial Centre (Markaz) highlights that healthcare expenditures in the region are expected to surge to USD 79 billion in 2015. Currently, five major healthcare projects are under completion in the six Gulf countries. Public health expenditure spending is expected to equal about 64 percent...
One in two top pharma company managers expect share of revenues coming from emerging markets to exceed 30% by 2018 We are witnessing an influx of global pharma manufacturers focusing on optimising their Middle East operations and setting up joint ventures and with regional public and private sector players, with...
According to International Air Transport Association (IATA), Middle East airports are expected to be handling nearly 400 million passengers per year by 2020 and constant development and upgrades to the security system are needed to deliver a better travellers’ experience. The six Gulf Cooperation Council (GCC) states are doing just...
The latest MasterCard Index of Consumer Confidence highlights that consumers in the GCC countries are gaining confidence in their national economies and are optimistic about the future trends. The index measured consumer confidence in five indicators, namely regular income, employment, economy, stock market and quality of life. Consumer confidence...
As the world economy slows down to a halt and there is a lack of ideas on how to stimulate it, UAE still seems to be an investor’s playing ground. There is renewed belief that as the whole world economy succumbs to the pressures of the global financial crisis, UAE...
Last year was plagued by the talks of Eurozone crisis. The need to save and protect the Euro with the creditworthiness of many of its fellow states was required, and even though some form of aid was provided the crisis has still not been averted. On the other hand, a...
Money, it’s a gas Grab that cash with both hands and make a stash New car, caviar, four star daydream Think I’ll buy me a football team -Pink Floyd As the wealth of countries of the GCC matures, a new kind of market is being established. These markets have been...
US secretary of state, John Kerry, has emphasised that in order to get any sort of aid from the IMF, Egypt needs to get its tattered economy back on track. Even though it seems like the first priority for Egypt would be to get its political house in order, there...
There seems to be an overheating going on in the Saudi economy as the country is primarily depending on a limited sources of income. The dependence on oil primarily does mean that the rising commodity prices can lead to unwanted and uncontrollable inflation. The spending plans underway is based on...
The political implications of the Arab Spring of 2011 are well documented. The repercussions are still being felt with the prolonged effect of the Egyptian crisis on the markets. There has always been a certain amount of uncertainty in investing in the MENA region and even though the doors have...
The Economic Insight, which provides an outlook on the economic performance of the GCC members as well as Egypt, Iran, Iraq, Jordan and Lebanon, has published a report which shows that the population in the region has grown 52% from 1990 levels and this is expected to reach 102%...
The Gulf Cooperation Council (GCC) Governments are to face unprecedented demands in healthcare in the coming decades, partly owing to the high prevalence of chronic diseases like diabetes.The current model where most of the direct healthcare costs are taken up by the state seems to be unsustainable in the long run. A...
Are you the kind of person, who waits for February 14th to happen every year, with bated breath? Someone who gushes over chocolates & flowers and all that jazz or spend your entire month’s earning on that diamond ring you had saved for that special moment on the D-day?...
Global utilities, energy players line up at Middle East Electricity 2013 as GCC power demand growth gets set to triple in next 25 years Dubai, UAE, 9 December: A fresh flow of GCC construction contractor awards for new power and water projects are on the grid and expected to be...
Alfalak focuses on delivering end-to-end solutions that secure information assets at every layer of the Open Systems Interconnection model Alfalak Electronic Equipment & Supplies Co., a leading provider of technology-based end-to-end solutions in theMiddle East, has reported a significant increase in demand for information security solutions in the GCC, driven...
Booz & Company Andrew Horncastle Asheesh Sastry Rebalancing Global Petrochemicals Markets following Shale Gas and Technology Developments Booz & Company examines the need for GCC states to develop ‘on-purpose’ production technologies in order to better tackle feedstock disruptions across the petrochemicals industry Dubai, UAE, 20 November 2012: With shorter gas...
Today’s top business and economy news from the Middle East and North Africa: UAE invests $200 million in Azerbaijan projects The UAE Deputy Economy Minister Mohammed Ahmed Bin Abdul Aziz Al Shihhi said during a joint business forum in Baku on Wednesday his country’s investments in Azerbaijan’s economy exceeded $200 million....
Today’s top business and economy news from the Middle East and North Africa: UAE’s First Gulf Bank inks $900m loan deal First Gulf Bank, the second-largest lender by market value in the UAE, has signed a three-year $900m loan with a group of international lenders, the bank said in a...
Today’s top business and economy news from the Middle East and North Africa: ADNOC to retain current UAE oil concession structure Abu Dhabi National Oil Co (ADNOC) director general announced on Sunday the company will present the current structure of its oil and gas concessions in the United Arab Emirates...
The YouGov and McGill Consulting Group GCC Business Confidence Index gives insights into what the future might have in store. Dubai, United Arab Emirates, November 11, 2012: The Q3 BCI report reveals Bahrain having the highest increment in confidence by 2.3 points in this quarter followed by Kuwait and Oman....
Today’s top business and economy news from the Middle East and North Africa: Emirates inks deal for 2014 Glasgow Games Emirates Airline was unveiled on Wednesday as an Official Partner of the Glasgow 2014 Commonwealth Games and the Official Airline of the Queen’s Baton Relay. The partnership strengthens the Dubai-based...
Today’s top business and economy news from the Middle East and North Africa: Britain, UAE enter defence partnership, discuss other deals Britain and the United Arab Emirates announced on Tuesday they have agreed a defence deal which will see boosting of the British military presence in the Gulf state. The...
