Economy

Dubai Launches New Destination Island ‘La Mer’ at Cityscape Global 2014

Dubai Launches New Destination Island ‘La Mer’ at Cityscape Global 2014

Dubai-based real estate development company, Meraas Holding, today launched ‘La Mer’, a mixed-use development that will take shape in Dubai’s exclusive beachfront district Jumeirah in the vicinity of Pearl Jumeirah Island. Construction of “La Mer” is set to commence in Q4 2014. Conceptualized to integrate a minimalist and contemporary design, […]

 
 

MENA Visa Cardholders spend nearly $4 Billion during Ramadan and Eid

MENA Visa Cardholders spend nearly $4 Billion during Ramadan and Eid

Cardholders across Middle East and North Africa spent nearly US$4 billion on their Visa debit, prepaid and credit cards during the Holy month of Ramadan and Eid – says VISA in their latest report. Supermarkets, Financial institutions, Jewellery, Clothing Stores and Government Services emerge as top 5 categories for Visa […]

 
 

UAE retail sector surges with 33 percent growth forecast for 2015

UAE retail sector surges with 33 percent growth forecast for 2015

Retail construction will increase to meet demand and other GCC countries benefit from retail ripple effect, says new report The United Arab Emirates retail sector is expected to grow over 33 percent by 2015, according to a September 2014 report by Ventures Middle East released in conjunction with The Big […]

 
 

Government IT Spending Fuels Saudi Arabia’s Innovation Economy

Government IT Spending Fuels Saudi Arabia’s Innovation Economy

Massive Government ICT investments transforming Saudi Arabia’s innovation economy, enhancing development, business growth and productivity. Saudi IT Market Set to Top USD 14 Billion by 2017with Government Sector Fastest-Growing Industry Vertical: IDC More than 500 of Kingdom’s Organisations Set to Attend GITEX Technology Week 2014 Government ICT investment is transforming Kingdom […]

 
 

UAE Expats prefer saving money outside the country

UAE Expats prefer saving money outside the country

Poll highlights untapped opportunity for UAE banks to attract savers AED1.4 trillion (USD 381 billion) is the total bank deposits in UAE banks. Almost half of UAE residents surveyed by compareit4me.com, a UAE-based finance comparison website, said they choose to save their money in bank accounts outside their country of residence. […]

 
 

First All-Female Business Process Services Center Opened in Saudi Arabia

First All-Female Business Process Services Center Opened in Saudi Arabia

Saudi Aramco, GE and TCS inaugurate Saudi Arabia’s first all-female business process services center   Center will create 3,000 local jobs for Saudi women with the first batch of recruits commencing work 3,200 square meter center in Riyadh provides new business model, offering improved operational efficiency for customers. Saudi Aramco […]

 
 

GCC Still Reliant on Oil Revenues despite Efforts to Diversify

GCC Still Reliant on Oil Revenues despite Efforts to Diversify

Hydrocarbon revenues in KSA and Kuwait make up to 90% plus of total Revenues Leading GCC economies remain susceptible to fluctuations in global energy prices Alkhabeer Capital, an asset management and investment firm based in Saudi Arabia, has published its latest report on GCC budget analysis and government spending behaviors […]

 
 

Dubai Parks & Resorts to open in 2016

Dubai Parks & Resorts to open in 2016

Dubai-based development company Meraas Holding today unveiled the blueprint for Dubai Parks & Resorts project that is set to take shape in Jebel Ali. Phase 1 to Feature Three Theme Parks – Motiongate Dubai, Bollywood Parks Dubai, and LEGOLAND Dubai, Themed Family Hotel, Retail and Dining District Slated to Open in […]

 
 

Massive growth potential for Sukuk market in Gulf region: report

Massive growth potential for Sukuk market in Gulf region: report

Massive growth potential for Sukuk market in Gulf region, states Dubai Chamber report The global Sukuk industry is expected to be one of the fastest growing segments of the Islamic finance industry with huge growth potential in the Gulf Cooperation Council (GCC) region; particularly in Dubai where Sukuks are expected […]

 
 

The Expat Debt Trap

The Expat Debt Trap

Debt accumulating amongst expats in the UAE seems to be, yet again on the increase. Moving to a new location can be an expensive process and it can be all too easy to start spending beyond your means. All too often expats live like they are on a constant holiday. […]

 
 

MidEast investors to spend $180 billion in Global Real Estate markets

MidEast investors to spend $180 billion in Global Real Estate markets

Middle East Investors to Spend US$180 Billion in Global Real Estate Markets Over Next Decade: CBRE – Sovereign Wealth Funds Poised for Major Impact on Global Property Markets – Europe Clear Favorite with 80% of Expected Allocation – $85bn to Flow into UK; Italy Germany, France, Spain also Key Targets […]

 
 

World Cup boost Dubai’s Food Retail Sector

World Cup boost Dubai’s Food Retail Sector

Findings Confirm Positive Impact of Soccer World Cup on Dubai’s Food Retail Sector Soccer World Cup has kick started in Brazil and the next one month will keep billions of fan across the globe shuttle to and fro between high waves of enthrallments and disappointments.  Nevertheless, this mega event of […]

 
 

Middle East to Drive Global Energy Security for the Next 30 Years

Middle East to Drive Global Energy Security for the Next 30 Years

As Global Energy Consumption is Set to Rise 41 Percent by 2035, ADIPEC 2014’s Theme is “Challenges and Opportunities for the Next 30 Years” The 17th edition of the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC 2014) will kick off from 10 to 13 of November. RELATED: UAE-World’s Renewable Energy […]

 
 

Cybercrime in the Middle East: A Peep Into Future

Cybercrime in the Middle East: A Peep Into Future

Cybercrime appears to be the second most common form of economic crime in the Middle East; Read on to find out how the cyber-security services and laws help you brace against cybercrimes. A study by Cisco’s Middle East ICT Security Study 2014 noted strong adoption of smart devices in the […]

 
 

Saudi eCommerce rise 43% in Q1 of 2014, highest growth rate in the MENA region

Saudi eCommerce rise 43% in Q1 of 2014, highest growth rate in the MENA region

The Kingdom of Saudi Arabia (KSA) has registered a record overall growth of 43% in eCommerce in Q1 of 2014 compared to the same period last year, making it the highest growth rate in the MENA region, according to estimates by Visa. The overall growth was driven by increases in […]

 
 

The Growth of The Hospitality Sector, Courtesy Dubai Expo 2020

The Growth of The Hospitality Sector, Courtesy Dubai Expo 2020

The ongoing excitement for Dubai Expo 2020 has had numerous positive effects on the economy of the UAE, especially on the hospitality industry. With the anticipated arrival of 25 million visitors during the six-month period of the convention, Dubai Government is expecting a spike in the demand for hotel rooms, […]

 
 

Interview: Rich Pearson, SVP, Elance-oDesk

Interview: Rich Pearson, SVP, Elance-oDesk

Freelancing, specifically online freelancing, is still a tiny part of the global staffing industry, which is estimated to be $422 billion. Last year the combined online staffing industry was $1.5 billion and this number is expected to grow to $25 billion in the next 5 years. A Bayt.com survey has […]

 
 

European Football Market to Exceed $25bn For The First Time

European Football Market to Exceed $25bn For The First Time

European football market grows again, to exceed $25bn for the first time, with the ‘big five’ leagues surpassing the $12bn mark. Middle East remains a key source and stimulator of revenue growth.   The European football market grew in 2012/13, to exceed $25bn in revenue for the first time.  It […]

 
 

ArabNET Digital Summit Keynote Speech puts Spotlight on Entrepreneurship Ecosystem

ArabNET Digital Summit Keynote Speech puts Spotlight on Entrepreneurship Ecosystem

ArabNET Digital Summit 2014 today opened with a keynote address by the CEO of twofour54, the commercial arm of the Media Zone Authority – Abu Dhabi. The speech spotlighted the creation of a thriving entrepreneurship ecosystem. “Despite good progress SMEs still face significant challenges in our region” - Noura Al Kaabi, […]

 
 

GCC urged to reduce dependence on commodities

GCC urged to reduce dependence on commodities

GCC economies must invest in exports to reduce dependence on commodities Falling oil prices will pose a challenge to GCC hydrocarbon exporters unless governments step up their diversification efforts and develop more export industries, according to a new report by ICAEW. In its latest quarterly Economic Insight report, produced by its partner, […]

 
 

Philippines to become trillion dollar economy by 2030

Philippines to become trillion dollar economy by 2030

Philippines economy to more than double over next decade, says IHS research. According to the World Bank, Philippines has been among the emerging markets in the region given its sound economic fundamentals and highly-skilled workforce. The economy of the Philippines is the 4th largest economy in South East Asia and the […]

 
 

Work Less Play More is Key to Achieving Business Success: Research

Work Less Play More is Key to Achieving Business Success: Research

New report by Cielo, a global strategic recruitment & talent management partner, quantifies the impact of talent management on business output. Encouraging employees to spend less time at work is one of the most important ways to get more out of a Middle East workforce, reveals research released today by […]

 
 

Abu Dhabi government owned IPIC posts $2.15bn profit in 2013

Abu Dhabi government owned IPIC posts $2.15bn profit in 2013

IPIC reports AED 7.9 billion (US$ 2.15 billion) of net profit for the year 2013 International Petroleum Investment Company (IPIC), the public joint stock company wholly owned by the Government of the Emirate of Abu Dhabi, released today the highlights of its full-year, consolidated financial statements for 2013. Key financial […]

 
 

IHS Forum Identifies Key Points for Middle East Economic Growth

IHS Forum Identifies Key Points for Middle East Economic Growth

As far as economic prosperity is concerned, one doesn’t have to look towards the otherwise conventional Western countries nor towards the Far East, in China. It’s in the Middle East that the treasure trove of economic prosperity lies with new highs being expected in the forthcoming two decades. Scott Key, […]

 
 

Gulf Focusing on Cruise Tourism with Infrastructure Development

Gulf Focusing on Cruise Tourism with Infrastructure Development

- Dubai to attract 450,000 cruise tourists by 2016. – Bahrain restarts US$80 million worth of mixed-use projects at the Muharraq coastal site and King Faisal cornice. – Oman plans a new 100 berth marina project. – Mina Zayed port in Abu Dhabi is currently undergoing major redevelopment. Cruise pavilion […]

 
 

Can Dubai make it?

Can Dubai make it?

Are we missing the trees by looking at the forest? Given all the fanfare, regarding Dubai’s mission to position itself as the Islamic economic centre, there is a pressing need for substantial action plans that focus on key deliverables involving people or talent & knowledge. Joy Abdullah explores —“Can Dubai […]

 
 

How Lebanese Politicians Nullified UDHR’s “ Right to Housing ”

How Lebanese Politicians Nullified UDHR’s “ Right to Housing ”

The fall of the Soviet Union in 1991 have demoted communism and socialism to the least importance upon which capitalistic notions flourished all around the world. Since then, the dominant economic trends revolve around the economic theory of deregulation of the markets and noninterference of governments, theorized as the Free […]

 
 

Dubai Canal to Catapult City’s Real Estate and Tourism Landscape

Dubai Canal to Catapult City’s Real Estate and Tourism Landscape

The Dubai Canal project will transform the city through Real Estate and Tourism Innovation The Dubai Canal Project, a 14-million square feet mega development extending the Dubai creek water way into the Arabian Gulf offers a fresh perspective to waterfront leisure activities and is set to become a major tourist […]

 
 

Dubai Expo 2020 to have positive impact on MENA region

Dubai Expo 2020 to have positive impact on MENA region

Dubai’s successful bid to host Expo 2020 may herald a transformation phase not just for the country but also for the MENA region. Deloitte, a well-known UK-based audit, tax, consulting, and financial advisory services company, has analysed the impact of Expo 2020 win on Dubai and its implications for the […]

 
 

Iran’s economy recovering amid sanctions relief

Iran’s economy recovering amid sanctions relief

Iran’s economy to grow between 6% and 8% Iran’s economy will show signs of recovery in 2014 as the West provide conditional sanction relief. Iran’s economy could grow between 6% and 8% in an optimistic scenario, according to a global information company report. IHS, the leading global source of critical […]

 
 

Defence Outlays Decrease Globally, Spike in Middle East: SIPRI Survey

Defence Outlays Decrease Globally, Spike in Middle East: SIPRI Survey

Defence expenditure forms one of the core fiscal expenditures of countries with millions of dollars being spent by governments to ensure that their defence system is up-to date and bolstered with highly refined arsenal. Defence expenditures aren’t however mindlessly carried out, but are carefully applied strategies that are subject to […]

 
 

Halal Food, Lifestyle Sectors to be worth $2.47 Trillion by 2018

Halal Food, Lifestyle Sectors to be worth $2.47 Trillion by 2018

Growing Muslim population propel a huge demand and potential for the halal food and lifestyle sector in the coming years. Halal food and lifestyle, products manufactured or produced as per the Islamic laws, sectors are expected to grow phenomenally as Muslim population continues to grow and the companies hoping to […]

 
 

Five IPOs in MENA raise US$1.3 bn in Q1 2014: EY

Five IPOs in MENA raise US$1.3 bn in Q1 2014: EY

Although MENA IPO market is off to a slower start in the first quarter compared to the same period last year, experts deem Q1 2014 has been one of the best performing quarters. The largest IPO value was Mesaieed Petrochemical Holding Company in Qatar raising US$905 million Oil and gas […]

 
 

UAE, Saudi Arabia Economies Shining

UAE, Saudi Arabia Economies Shining

Bright economic growth prospects for the UAE and Saudi Arabia, according to the latest Macro report from Crédit Agricole Private Banking   Q1 2014 ended with bright economic growth prospects for the UAE and Saudi Arabia Arab countries in the Middle East are in the mode of two-speed economies again […]

 
 

MENA economic growth “does not automatically” lead to social advancement

MENA economic growth “does not automatically” lead to social advancement

  -Eight MENA countries included in the Social Progress Index ranking for 2014 -Social Progress Index enables better understanding of worldwide progress and growth Economic growth does not always result in social progress, according to a major new global index, the Social Progress Index, published by the nonprofit Social Progress […]

 
 

Middle East Nations Capitalise on Liquidity and Stock Sizes to Attract More Foreign Investors

Middle East Nations Capitalise on Liquidity and Stock Sizes to Attract More Foreign Investors

The economic boost in the Middle East has also extended to the stock market and stock market indices in the region. Most significant in this context are the stock markets in the UAE and Qatar which have gone up substantially since the provisional list of stocks was released by MSCI […]

 
 

The African Economic Safari: Booming Onwards

The African Economic Safari: Booming Onwards

African economy is gearing up for unprecedented boosts thanks to boosts in the form of vital FDI, PEs and SWFs. The National Bureau of Statistics quite recently published the report on the Nigerian economic rebasing endeavour which put the West African country’s GDP ahead of South Africa, making it the […]

 
 

The Yakutian Advantage: Investing in the Far-East Singularity

The Yakutian Advantage: Investing in the Far-East Singularity

8th April 2014 will see the commencement of the Annual Investment Meeting (AIM) in Dubai which will see delegates from all over the world, including the Sakha Republic of Russia, for whom this meeting is an inaugural participation. Otherwise colloquially known as Yakutia, the Sakha Republic is located in far-east […]

 
 

The Bigger Picture: Nigeria pips South Africa to become Africa’s Biggest Economy

The Bigger Picture: Nigeria pips South Africa to become Africa’s Biggest Economy

Nigeria has pipped South Africa as the largest economy in Africa in terms of GDP figures as per the recently published report of the National Bureau of Statistics carried out after the rebasing exercise of the Nigerian economy. As per the released report, the Nigerian GDP for 2013 stands at […]

 
 

Arab Youth ‘Likes’ UAE

Arab Youth ‘Likes’ UAE

-UAE is the most preferred country to live -Most Arab youth sees UAE as their role model country For the third consecutive year, the United Arab Emirates has been named as the country in which most Arab youth would like to live as well as the country they would most […]

 
 
 
 
 

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