GCC MAJOR SOURCE MARKET FOR OUTBOUND MICE TRAVEL SAYS REGIONAL EXPERT MICEMINDS
WINS ‘BEST INCENTIVE PROGRAM IN AN INTERNATIONAL DESTINATION’ ACCOLADE AT
THE MALT EXCELLENCE AWARDS 2020
Dubai, United Arab Emirates: The global MICE industry is anticipated to reach over $1.4 billion in the next five years and the Middle East remains at the forefront as one of the fastest-growing tourism generators globally and an important source market for any destination.
According to the team at MiceMinds, the UAE is the second biggest source market for outbound travel from the Middle East, surpassed only by Saudi Arabia. This growth has been buoyed by the growth of the regional airlines as well as the game-changing mindset of companies like MiceMinds who create bespoke incentive travel experiences that are personalized and designed to lead positive business results.
An ITL World Company, MiceMinds was lauded for their ‘out of the box’ thinking where they won the ‘Best Incentive program in an International Destination’ award at the MALT Excellence Awards last night. The official award show of the renowned Mice Arabia and Luxury Travel Congress (MALT), the MALT Excellence Awards highlight, honor and celebrate path-breaking achievements of top organizations and individuals, who have demonstrated exemplary initiatives in the field of Meetings, Incentives, Conferences, Events (Mice), Business and Luxury Travel from the GCC.
This particular award recognized this unique organization within the ITL World portfolio that uses incentive trips as a tool to stimulate and motivate employees and partners and reward those who have achieved certain goals in the company.
“When we won the TMC of the Year award last year we didn’t rest on our laurels so to be rewarded for a 2nd year in a row is a real honor especially for a part of our business that usually goes unrecognized. The core objective of MiceMinds is to help organizations strengthen their team and overall performance through one-of-a-kind travel and event experiences, and this unique accolade underscores our steadfast commitment to excellence in making the MICE industry bigger, better with more customization and innovation across the board,” said Rafeeq Mohammed, CEO of ITL World.
“Awards such as this are a wonderful endorsement of our unique approach to delivering exceptional experiences to our MICE clients and the resolute commitment and expertise of our team,” he added.
Since its official launch in 1998, ITL World has been assisting companies across the globe to make the most of what they spend on business and incentive travel.
source: uaenews247
Badir-incubated technology startups raise SR508 million in 10 years
30 Jan 2020 Written by Admin AdminTechnology startups incubated by the Badir Program for Technology Incubators and Accelerators, one of the leading initiatives of King Abdulaziz City for Science and Technology (KACST), closed 2019 on a high note, raising a record SR236 million ($62.93 million) led by venture capital firms, individual investors, private companies, and governmental institutions.
The total funding for startups increased to SR508 million ($135.47 million) from 2010 until the end of December 2019 across 184 deals, according to a statistical report compiled by the Business Incubators and Accelerators Company (BIAC), which manages and operates the Badir Program.
The report revealed that venture capital firms were the most active in terms of funding size, investing SR 203 million into startups, equivalent to 40% of the total amount of funding and investment, while private sector companies provided SR 168 million, 33% of the total funding.
BIAC report further disclosed that the total financing by individual investors amounted to SR 104 million, 20% of the total amount of funding, followed by government institutions who invested SR 35 million, 7% of the total investment volume.
The increase in investments reflects the maturing startup environment in the Kingdom of Saudi Arabia and the continued and growing interest of local and international investors.
Furthermore, the number of startups incubated in the Badir Program rose to 655 companies since inception until the end of the third quarter of 2019.
The Badir Program offers one of the most important national and innovative environments in the field of entrepreneurship.
The Program was established in 2007 by the King Abdulaziz City for Science and Technology, to support and provide opportunities for technology- and innovation-based business enterprises.
Nawaf Al Sahhaf, the Chief Executive Officer of BIAC, said: “As the startup environment is thriving in Saudi Arabia, we have seen more of the startups succeed in receiving significant investments from several investors.
The success of startups provides an incentive for encouraging and enhancing the entrepreneurship environment in the market."
When the Badir Program incubates a technological startup company, it facilitates funding by providing a platform by connecting investors and entrepreneurs through its annually-held "Projects Presentation Day" program.
A state-owned subsidiary of the Saudi Technology Development and Investment Company (TAQNIA) – owned by the Public Investment Fund (PIF) – BIAC operates and manages entrepreneurship support platforms, innovation and technology transfer programs.
It also offers project management and business support with specialized consultancy and training services.
Offering an array of services in over nine different cities in the Kingdom, BIAC operates and manages 10 incubators and 8 accelerators in various fields, most notably the Badir Program's 8 incubators in 7 regions.
In addition, BIAC manages and operates the Saudi Innovation Center for Water Technology Program; the Fast Track to Innovation Program; the Innovation Center for Industry 4.0; the KAMIN Program for raising industrial capabilities and enhancing the capabilities of small- and medium-sized industrial enterprises; the Industrial Establishments Accelerator; Haramein Technology Accelerator; Badir Accelerator, and the Inventions Transfer Accelerator.
source: saudigazette
At a time when economic tensions are never far from the world’s headlines, the role of trade as a tool for promoting mutual growth can seem a distant memory.
And yet amidst this increasingly competitive and inward-looking landscape, some respite can be found in the Middle East, an innovative and fresh region of nations racing to diversify their economies away from hydrocarbons.
The diversification of the region helps boost the Middle East market and make it an emerging champion for trade.
Stronger together
Boosting non-oil exports and foreign investments are essential steps for diversification. Over the last two decades, Gulf nations have sought to forge closer ties with one another, removing non-tariff barriers and entering into international trade agreements as an integrated group. As well as a GCC-wide Free Trade Agreement (FTA) and the broader Greater Arab Free Trade Area to promote intraregional trade, the Gulf Cooperation Council (GCC) currently holds FTAs with Singapore and the EFTA states of Norway, Iceland and Switzerland. The cooperation council is collectively negotiating several more, including with:
- China
- Australia
- Japan
- Korea
- New Zealand
- The European Union
First of its kind FTA
As well as entering into international Free Trade Agreements collectively, GCC members have also forged new partnerships independently. Of particular note is Bahrain’s FTA with the US – the first US FTA with any GCC country. Last year saw USD 1.2 billion total in imports and USD 683 million in exports from this trade agreement alone. Furthermore, it has been a boon to Bahrain’s rapidly growing manufacturing sector, attracting international companies seeking to benefit from the Kingdom’s low-cost business environment, advanced infrastructure, supportive regulation, highly skilled workforce and access to both the US and growing USD 1.5 trillion Gulf markets.
Tariff-free competitive edge
Take Confectionary giant Mondelez, which chose the Bahrain International Investment Park for its sixth global mega-plant – a ‘Factory of the Future’ the size of 300 football fields. According to Plant Director Omar Nassef, “The US FTA grants the Bahraini business a competitive edge of having tariff-free access to the giant economy of the US.” Every year Mondelez produces some 60 million Oreo cookies – around 72 metric tonnes – and is generating some USD 70 million of revenue coming from the Middle East market and its tariff-free edge.
Skilled workforce
Or take 205-year-old US home textiles producer WestPoint Home. According to COO Steven Burns, most of the company’s competitors are in countries like Pakistan, China and India. Having set up in Bahrain to take advantage of the ease of doing business, access to decision-makers and skilled workforce (they employ more than 160 Bahrainis) they now export 90 percent of their production, duty-free, to the US.
Supportive infrastructure
Take the example of Bell Racing Helmets, which according to Executive Director & Chairman Stephane Cohen set up in Bahrain to take advantage of the supportive infrastructure for entrepreneurs and businesses and the high quality of life. They have been benefiting from the US FTA ever since.
Bucking the global trend
The results of attracting these international businesses are starting to show. The latest World Investment Report (WIR 2019) from the UN Conference on Trade and Development found that global flows of foreign direct investment (FDI) had sunk to their lowest level since the global financial crisis. Despite this, the West Asian subregion, which includes the Middle East, bucked the global trend, seeing a three percent rise in FDI to a total of USD 29 billion. The report singled out Bahrain, which saw a 6 percent increase in FDI inflows, attributed in large part to growing interest in its manufacturing sector.
Strengthening relations at home and abroad
The Middle East has long been seen as one of the world’s most fractious regions. Yet the need to evolve and adapt to a rapidly changing world has brought many Middle Eastern countries closer together, boosting the Middle East market. It is an irony of the digital era that while we are more connected than ever before, there is a growing trend towards nationalism and protectionism. In such a climate, there may be lessons to learn from the Middle East, which is strengthening relations at home while forging new alliances and visits across the world. And growing stronger because of it.
source: bahrainedb
عقد اجتماع مجلس ادارة اتحاد غرف دول مجلس التعاون الخليجي (52 ) في العاصمة العمانية مسقط مؤخراً ، بحضور ومشاركة أصحاب السعاده رؤساء الاتحادات وغرف دول مجلس التعاون الخليجي .
وتم خلال الإجتماع مناقشة المواضيع المُدرجة على جدول أعمال الإجتماع وهي التصديق على محضر الإجتماع (51) لمجلس الإتحاد الذي عقد بدولة الكويت بتاريخ 19 يونيه 2019 ومتابعة تنفيذ القرارات الصادرة عنه، وإنتقال رئاسة الإتحاد للدورة (21) إلى غرفة تجارة وصناعة البحرين بدءاً من 10 فبراير 2020 ولغاية 10 فبراير 2022، ومناقشة التوصيات الصادرة عن الإجتماعين (45)، (46) للجنة القيادات التنفيذية، ومناقشة التعديلات المقترحة على النظامين الأساسي والداخلي للإتحاد، وإعتماد التقرير السنوي للأمانة العامة للإتحاد لعام 2018، ومناقشة مشروع البرنامج السنوي للأمانة العامة للإتحاد لعام 2020، ومناقشة مشروع الموازنة التقديرية للأمانة العامة للإتحاد لعام 2020، ومتابعة تطورات تشييد المقر الجديد للأمانة العامة للإتحاد.
كما تم على هامش الإجتماع التوقيع على مذكرة تفاهم للتعاون والتنسيق في التعليم الخاص بين غرفة تجارة وصناعة البحرين ومجلس الغرف السعودية، حيث وقعها من جانب غرفة تجارة وصناعة البحرين رئيسها السيد سمير عبدالله ناس بينما وقعها من جانب مجلس الغرف السعودية الدكتور سامي بن عبدالله العبيدي رئيس المجلس، ويأتي التوقيع على مذكرة التفاهم في اطار التعاون والتنسيق في التعليم الخاص بين اللجنة الوطنية للتعليم الخاص والتدريب بمجلس الغرف السعودية، ولجنة التعليم بغرفة تجارة وصناعة البحرين للتأكيد على الدور المهم لقطاع التعليم الخاص بكافة مراحله في منظومة التعليم بدول مجلس التعاون الخليجي وتعزيز اسهاماته في رفع نسبة الإستثمار في الإقتصاد المعرفي الخليجي وتطويره للوصول الى المنافسة المعرفية العالمية، انطلاقاً من مبدأ التكامل الإقتصادي بين الغرف التجارية الأعضاء في اتحاد غرف دول مجلس التعاون الخليجي .
Arab Bank Switzerland Launches BTC and ETH Trading and Storage Services
29 Sep 2019 Written by Admin AdminThe Swiss subsidiary of Arab Bank, a banking giant in the Middle East, is starting to provide trade and storage services for BTC and ETH.
Thanks to this initiative, large-capital clients serviced by Arab Bank Switzerland, including business leaders and family entrepreneurs, can now access digital assets.
“We strongly believe that the blockchain will dramatically change the financial industry, and we intend to be one of the first banks to offer digital asset services for customers in a safe and regulated environment,” said Arab Robin CEO Serge Robin .
Regarding custodial services, the bank has partnered with Taurus Group, which has integrated its cold storage solution called TAURUS-PROTECT with the bank’s infrastructure.
Taurus notes that the solution uses the Federal Information Processing Standard (FIPS) 140-2, Certified Equipment Security Modules (HSM) Level 3, and “some of the safest hardware in the world”
“We now have a fully regulated and scalable infrastructure that we will use to provide our clients with institutional-grade digital asset services in addition to our traditional asset and credit management solutions,” said Rani Jabban, a member Board of Arab Bank Switzerland.
In February this year, the Swiss bank Julius Baer and SEBA, with the participation of the cryptocurrency company SEBA Crypto AG, began offering digital asset services.
source: omnia
Dialing the future: Road ahead for telecom firms in UAE and Saudi Arabia
29 Aug 2019 Written by Admin AdminThe sector is the second largest in terms of market capitalisation on the Dubai and Abu Dhabi stock markets and is the third largest on the Saudi market
A mature telecom sector in the UAE and Saudi Arabia faces different challenges and growth opportunities in both countries.
A slowdown in the UAE markets has weighed on telecoms, but analysts told Zawya that they are optimistic about the second half of 2019, as the government increases spending ahead of Expo 2020.
In the Kingdom, market saturation could dent growth, but government initiatives and a decline in the number of expats leaving the country are positives for the sector.
The sector is the second largest in terms of market capitalisation on the Dubai and Abu Dhabi stock markets and is the third largest on the Saudi market.
Earlier in August, the UAE has been ranked first in the Arab region in Government Electronic and Mobile Services (GEMS) Maturity Index, according to a report issued by the United Nations Economic and Social Commission for Western Asia (ESCWA). (Read more here).
Here we take a look at how the leading telecoms in the UAE and Saudi Arabia performed in the last two quarters and the pointers that could prompt growth for the rest of the year.
UAE
Du and Etisalat are the two listed telecom companies in the UAE. A slowdown in the economy has affected the performance of both the companies.
“The local market has been very challenging due to a slowdown in the economy and a telecom sector that is already matured, seeing population growth and high demand drivers in the last couple of years,” Omar Maher, vice president of equity research at EFG Hermes told Zawya during a phone interview.
“However, in the past 6 months demand has been slowing,” he added.
Dubai’s Du posted a 5.4 percent drop in net profit after Royalty payments for the first half (H1) of 2019.
The company’s revenue fell 5.3 percent during the period.
Abu Dhabi-based Etisalat, the UAE’s biggest telecom operator, posted a 3.1 percent increase in consolidated net profit for H1 2019 and a 1.27 percent drop in revenue.
“Du has been more affected than Etisalat. Etisalat managed to protect its subscriber base better and has been more proactive on the commercial side in the last couple of years,” Maher said.
Etisalat Group’s subscriber base reached 143 million at the end of June 2019, a year-on-year (y-o-y) increase of 2 percent compared to H1 2018.
Du’s mobile subscriber base dropped 8.9 percent to 7.22 million at the end of June 2019, compared to 7.92 million at the end of H1 2018.
The company’s fixed line subscribers reached 773 thousands at the end of H1 2019, a 2.38 percent increase from H1 2018’s subscribers number.
“Etisalat has core operations in the UAE, Morocco, Egypt, Pakistan and KSA.
Performance in Egypt has been better and Maroc Telecom (owned by Etisalat) as a group has done much better in the past six months.
Also Saudi Mobily (owned by Etisalat) is doing much better due to a recovery in demand in Saudi Arabia as well as support from the regulator and the government,” Maher noted.
“We might see an uptick for both UAE telecom players in the second half of 2019 because of the additional spending by the government ahead of the expo 2020,” he ended.
Saudi Arabia
Saudi Telecom Company (STC), Etihad Etisalat Company (Mobily), Mobile Telecommunications Company Saudi Arabia (Zain) and Etihad Atheeb Telecom constitute the telecom sector on Tadawul, with a total market capitalisation of 12.34 percent in the index.
Al Rajhi Capital that tracks telecoms in the kingdom said market saturation and pricing regulations could dent growth going forward.
“Sector growth may be unlikely to revise upwards because of already high penetration and firm regulatory control over prices,” Pritish Devassy, head of equity research at Al Rajhi Capital told Zawya in an email statement
“Impact of reversal of royalty fee, IFRS 16 impact and high top-line y-o-y growth were the key notables in H1 2019 results,” he added.
At the end of 2018, Zain, STC and Mobily reached an agreement with the Kingdom’s ministries of finance, communications and communication and information technology to reduce the annual royalty fee that each company pays to 10 percent, from 15 percent, retrospectively from January 2018.
The trio also reached a deal with the government to settle all old disputes in connection to royalties up to the end of 2017.
“All the companies reported healthy top-line growth rates coming from a low base with STC up 8.4 percent y-o-y as compared to Mobily’s 13.0 percent and Zain’s 24.2 percent,” Devassy said.
“While the new calculation for royalty fees was expected to deliver a negative set of results for Mobily and a positive set for Zain, it was the other way round with better than expected results for Mobily and a lower gross margin for Zain KSA,” he added.
Zain reported a net profit after zakat and tax of 260 million Saudi Riyals for H1 2019, while Mobily recorded a net profit of 105.02 million riyals for the period and STC saw a net profit of 5,598 million riyals for H1 2019.
According to Al Rajhi’s Devassy, the key drivers for the sector continue to be data pricing and promotional offers.
“Pricing is tightly controlled by the regulator and hence a material increase is not easy in our view,” he said.
“On the positive side of things, rate of decline in expats could decline as already a large chunk of expats have left. Lifting of ban on Voice over Internet Protocol (VoIP), being in existence for more than one and half year could also lower the cannibalization on an annual basis especially now as data contributes to a large part of earnings for companies,” Devassy added.
source:zawya
تعتبر القدرة على الوصول الى خدمة الانترنت من اهم محددات التحول الرقمي، اذ لا يمكن الحديث عن نمو الاقتصاد الرقمي دون التوسع في انتشار خدمة الانترنت، اي انه يوجد ارتباط رئيسي بين مدى انتشار خدمة الانترنت وامكانية التحول الرقمي. ولقد شهد العالم العربي في السنوات الاخيرة نموا كبيرا في معدلات انتشار الانترنت وتدفق البيانات. كما وصلت كل من قطر والامارات العربية المتحدة إلى قائمة أفضل عشرة دول من حيث سرعة الانترنت.
يوضح الجدول التالي اعداد مستخدمي الانترنت في العالم عام 2019 ونسبة المستخدمين الى عدد السكان، ومستخدمي موقع "الفيسبوك" الذي يتصدر مواقع التواصل الاجتماعي من حيث الانتشار في العالم العربي.
تعد نسبة انتشار خدمة الانترنت في العالم العربي الى اجمالي عدد السكان مرتفعة لاسيما اذا ما قورنت باقاليم اخرى، كدول افريقيا جنوب الصحراء، فيما تعتبر نسبة انتشار الانترنت في دول الخليج العربي من اعلى النسب في العالم، فهي توزاي تلك النسبة الموجودة في اكثر الدول تقدما، كالولايات المتحدة الامريكية (96%) وفرنسا (92 ٪) وألمانيا (96 ٪) وغيرها من الدول المتقدمة. إلا أن انتشار الخدمة الانترنت لا يعني بالضرورة ازدهار الاقتصاد الرقمي، فالامر مرتبط بمجموعة من المحددات المتصلة بهذه الخدمة، كمدى جودة خدمة الانترنت نفسها، ومدى تفعيل الخدمات الحكومية الرقمية في الصحة والتعليم والخدمات العامة، والى اي حد تنتشر ثقافة التعامل الرقمي بين المنتجين والمستهلكين، كل تلك المحددات وغيرها تلعب دورا في ادخال عملية انتشار خدمة الانترنت في اطار التحول الرقمي، اي تجعل منها عملية اقتصادية.
يمكن العودة إلى سلسلة " العالم العربي خطوات نحو التحول الرقمي" لمعرفة المزيد من الاحصاءات والمعلومات حول واقع الاقتصاد الرقمي في العالم العربي وخطوات التحول.
Mashreq 2.0 Boosting growth & creating jobs through digital transformation
01 Jul 2019 Written by Admin AdminThe force of digitalization is driving the global economy, creating distinct groups of leaders and laggards. Through institutional reform that leverages the advantages of digitalization, the Mashreq can become a vital hub in international data networks.
Furthermore, digital transformation can assuage pressing challenges. It can deliver higher transparency, accelerate lackluster productivity and increase economic opportunities for all, especially the youth of this region. A new report, Mashreq 2.0, charts the roadmap for the region to capitalize on this rapidly emerging opportunity, and assesses the prospect of a digitally integrated regional market.
Outside the dominant paradigms that portray the region in popular media, the Mashreq is the epicenter of the world’s fastest growing data transit market. Data traffic growth within the region will increase at a precipitous 42% compounded annual growth rate from 2016 to 2021.
Influenced by historically intertwined geographic and cultural ties, MENA-Europe data exchange grows at over 50% per year.
The Mashreq’s potential in the digital economy is also evidenced by the many unicorns that have been incubated in the Arab region. Hallmark cases include Maktoub and Souk.com, born in Jordan’s capital, Amman. These digital platforms indicate an evolution in consumer behavior, embracing digital consumption. Another example is Magnitt, an Iraqi startup now hosted in Dubai, which is a marketplace for investors that links 5,500 startup firms with investors across the region.
These examples signal a bright future for the region, but crucially, broadband internet infrastructure is not yet equipped with the capacity to realize this potential. While mobile phones are ubiquitous in the Mashreq, broadband internet paints a different picture. Mashreq countries have a similarly stark disparity between mobile and broadband penetration: Iraq has 95% mobile penetration but only 28% for broadband; Lebanon is less glaring, with 75% mobile penetration and 71% for broadband. Mobile access is also rather uneven in the region: The gender gap in mobile ownership is 11% in Iraq and 21% in Jordan, but only 2% in Egypt or Turkey. Creating a significant bottleneck, all countries in the Mashreq also have a lower fixed download speed than the global average of 55Mbps: Jordan is at 29 Mbps, Iraq at 13 Mbps, and Lebanon at 7Mbps. Mobile download speed is relatively better off: the global average is 25Mbps, and Lebanon is at 40Mbps, Jordan at 15Mbps and Iraq at 6Mbps. Even so, they fall behind best in class examples such as Romania, that has successfully introduced competition and market contestability to achieve 131Mbps (fixed download speed) and 34Mbps (mobile download speed).
The ability to absorb new communications technology is another source of disparity: 4G connectivity is only available to 25% of Iraq’s population, though present in 95% of the population in Jordan and Lebanon. Internet Exchange Points (IXPs) also present a largely untapped opportunity.
To provide Internet connectivity that can augment the data economy, significant investments in key areas of the infrastructure value chain are necessary.
In Iraq, it is estimated that a total of IQD 660.5 billion (US$558.8 million) will be needed to build a robust fixed network in areas afflicted by conflict.
Investment in the ”last mile” broadband infrastructure is also lagging more generally.
Investments to bring high speed broadband access to 30% of the population of the Mashreq (about 13 million households) through fiber access is estimated to be between US$ 4 billion and US$ 5.2 billion. A large part of the investment needed for this fiber buildup can be provided by the private sector, through competitive entrants, or strategically using Private Private Partnerships (PPPs). A good example is Jordan’s planned PPP on the National Broadband Network (NBN), which may crowd in at least $100 million of additional private investment leveraging an existing government fiber network. Considering the significant potential in the region, unlocking such a high quantum of investment is not beyond possibility. In addition to “last mile” broadband infrastructure, improving IXPs in the region can strengthen regional data exchange networks, and unleash at least US $200 million in investment.
Digital ecosystems can leverage high level of education in the region, including digital literacy, and a strategic geographic position as a central node in advanced service trade. Boosting broadband penetration alone by 10% would have a significant impact on GDP growth, estimated to be as high as 1.4%. This could give a significant boost to economic growth and trade integration in the region. However, this is only one piece of the puzzle.
Where the Mashreq’s regional and backbone broadband infrastructure is extensive, it remains sub-optimally used, due to intricacies in the political economy context, and lack of credible rules and institutions. Institutional reform to increase contestability is essential. Compelling priorities include: a) deepening competition to eliminate rents; b) strengthening regulatory institutions; c) creating regulatory incentives, including a Fiber Regulatory Package (FRP), to facilitate fiber investment; and d) ensuring universal access to broadband through proactive use of the public sector, and fast-track a timetable towards frontier technologies such as 5G.
Implementing these reforms would position the Mashreq to become a digital hub for the region, leveraging the full potential of the new digital economy for MENA, fully embracing innovation and entrepreneurship, creating opportunities for its technology savvy youth.
source: .worldbank
ACCA and IMA expect 3.5 per cent economic growth in Middle East in 2019
31 May 2019 Written by Admin AdminThe Global Economic Conditions Survey (GECS) shows that global economic confidence remained low in Q1 2019, despite rising for the first time in a year.
The Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA) said that they expect a 3.5 per cent economic growth in the Middle East in 2019.
Fazeela Gopalani, the Head of ACCA Middle East, said, “While confidence was especially weak in our region at the end of last year, we are seeing a really positive start to 2019 and in the first quarter confidence has rebounded abruptly.”
Economic growth in the region will be supported by the regulatory and fiscal landscape, especially in the UAE and Saudi Arabia markets, which continue to attract foreign direct investment (FDI) and have recently seen an increase in international acquisition such as the merger between UAE-based Careem and Uber.
“With the regional visions of Saudi Arabia and the UAE now in their implementation phases, the Middle East economy is set to grow at a positive rate after a general slowdown,” said Hanadi Khalife, Director, MEA and India operations at IMA.
GECS stated that the significant bounce in 2019 will be aided by the strong recovery in oil prices, however it remains to be seen how sustainable the rise in oil prices is given the slowing global economy, which is likely to exert downward pressure on prices.
Source: bankerme
Middle East financial industry accelerates digital transformation
25 May 2019 Written by Admin AdminUK-based Jupiter Asset Management said that the Middle East financial services industry is ready to adopt technology disruptions as rapid developments in financial technology, new regulations to improve transparency and the rise of digital savvy millennials support an irreversible global trend towards financial innovation.
Banks and financial institutions in the GCC region are showing considerable promise in adopting financial innovation as well as collaborating with fintech firms to digitalise operations and provide new solutions to customers.
Guy de Blonay, the Fund Manager at Jupiter Asset Management, said, “Across the Middle East, and particularly in the GCC, financial services providers are demonstrating a commitment to innovation, securing a number of partnerships with fintech providers as well as adopting the latest technologies from cybersecurity tools to payment platforms and working with regulators to increase access to new technologies.
Jupiter Asset Management stated that financial innovators in the UAE, Saudi Arabia and Bahrain, receives support from a Sandbox regulatory environment to facilitate the impact of new technologies as well as supporting firms in testing innovative solutions.
The establishment of fintech incubation programmes such as Dubai International Financial Centre’s (DIFC) FinTech Hive and the Saudi Arabian Monetary Authority’s (SAMA) Fintech Saudi, demonstrates the GCC bloc’s readiness to provide an environment for growth of emerging technology companies, added Jupiter Asset Management.
Additionally, the recent London IPO of Network International and Careem’s merger with Uber further highlights the region’s capacity to provide a fintech ecosystem for growth of world-leading technology firms.
Source: bankerme
