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
European Union and Qatar finally signed a Comprehensive Air Transport Agreement (CATA)
29 Mar 2019 Written by Admin AdminThe European Commission and the State of Qatar initialed today an aviation agreement, the first such agreement between the EU and a partner from the Gulf region.
The agreement will upgrade the rules and standards for flights between Qatar and the EU, and will set a new global benchmark by committing to strong, fair competition mechanisms, and including provisions not normally covered by bilateral air transport agreements, such as social or environmental matters.
Commissioner for Transport Violeta Bulc said: “We delivered! Qatar was the first partner with whom we launched negotiations following our adoption of the Aviation Strategy for Europe – now it is also the first one to cross the finish line! More than that – the agreement sets out ambitious standards for fair competition, transparency or social issues. It will provide a level playing field and raise the bar globally for air transport agreements. This is a major upgrade compared to the existing framework, and our joint contribution to making aviation more sustainable!”
Going far beyond traffic rights, the EU-Qatar agreement will provide a single set of rules, high standards and a platform for future cooperation on a wide range of aviation issues, such as safety, security or air traffic management. The agreement also commits both parties to improve social and labour policies – an achievement which existing agreements between Qatar and individual EU Member States have not provided so far.
In particular, the agreement includes the following elements:
- A gradual market opening over a period of five years to those EU Member States which have not yet fully liberalized direct connections for passengers: Belgium, Germany, France, Italy and the Netherlands.
- Provisions on fair competition with strong enforcement mechanisms to avoid distortions of competition and abuses negatively affecting the operations of EU airlines in the EU or in third countries.
- Transparency provisions in line with international reporting and accounting standards to ensure obligations are fully respected.
- Provisions on social matters committing the Parties to improve social and labour policies.
- A forum for meetings addressing all issues, and any potential differences at an early stage, plus mechanisms to quickly resolve any disputes.
- Provisions facilitating business transactions, including the removal of existing obligations for EU airlines to work through a local sponsor.
The agreement will benefit all stakeholders by improving connectivity through a fair and transparent competitive environment, and create strong foundations for a long-term aviation relationship.
According to an independent economic study undertaken on behalf of the Commission, the agreement, with its robust fair competition provisions, could generate economic benefits of nearly €3 billion over the period 2019-2025 and create around 2000 new jobs by 2025.
The European Commission negotiated the agreement on behalf of the European Member States as part of its Aviation Strategy for Europe – a milestone initiative to give a new boost to European aviation and provide business opportunities. The negotiations were successfully concluded on 5 February 2019.
Next steps
Following today’s initialling, both parties will prepare the signature of the agreement following their respective internal procedures. The agreement will enter into force once both internal procedures will be finalised.
Background
Qatar is a close aviation partner for the European Union, with more than 7 million passengers travelling between the EU and Qatar per year under the existing 27 bilateral air transport agreements with EU Member States. While direct flights between most EU Member States and Qatar have already been liberalised by those bilateral agreements, none of them include provisions on fair competition and other elements, such as social issues, that the Commission considers essential elements of a modern aviation agreement.
In 2016, the European Commission therefore obtained authorisation from the Council to negotiate an EU-level aviation agreement with Qatar. Since September 2016, the negotiators have met for five formal rounds of negotiations, in the presence of observers from EU Member States and stakeholders.
This agreement is part of the EU’s concerted efforts to ensure open, fair competition and high standards for global aviation, in line with the ambitious external agenda put forward with the Aviation Strategy for Europe. Parallel negotiations with ASEAN are at an advanced stage, and negotiations are also ongoing with Turkey. The Commission also has a negotiating mandate for aviation agreements with the United Arab Emirates and Oman. EU negotiations with Ukraine, Armenia and Tunisia have been finalised and the agreements are pending signature.
source: Eturbonewsturbonews
Cleartrip and Flyin 2018 Travel Insights Report finds 110% increase in mobile bookings in GCC
29 Mar 2019 Written by Admin AdminWith the high smartphone penetration rates and large young population, the GCC region continued to experience strong growth in mobile transactions in 2018, according to the 2018 Travel Insights Report jointly released today by Cleartrip and Flyin. The market recorded a 110% increase in mobile bookings as they represented one-third of all transactions.
The 2018 Travel Insights Report provides a comprehensive overview of the online travel sector in the GCC, as well as highlights significant shifts in the market dynamics and consumer behavior.
The market saw variations in average airfares as well as travelers' preferences in destinations, trip duration, and payment methods. Key findings of the report covering the January-December period include the sustained expansion of the industry, the rising trend of mobile traffic in major cities, and the growing popularity of travel coupons among travelers.
Sameer Bagul, Executive Vice President & Managing Director, Cleartrip Middle East, said: “We are excited to launch the fourth edition of the Travel Insights Report on the region’s online travel sector. Offering an exclusive and deeper understanding of the underlying trends in the market and consumer behavior, our report has established itself as one of the most respected and trusted sources for insights into the industry. The actionable data we provide will help travellers to plan and book their trips efficiently and enable businesses to develop solutions that cater to the evolving needs and expectations of customers. We will continue to explore new ways to further enhance our comprehensive survey and look forward to releasing our H1 2019 Travel Insights Report.”
“With advancements in mobile technology making travel more accessible to the region’s growing population, the online travel industry is headed for a new phase of growth. As reflected in our study, travelers' preferences are constantly changing, and therefore, it has become imperative for online travel agents to make investments into newer technologies such as machine learning and utilizing block chain capabilities to drive bespoke personalization and superior user experience. When we launched our mobile Progressive Web App (PWA) in 2018 our conversion rates increased by 67% as we continue to help consumers seamlessly make their travel bookings,” Mr. Bagul added.
Changing payment method preferences
Even though credit card still remains the dominant payment method in the online travel market, debit card transactions are on the rise. In the Kingdom, which has seen a spike in the adoption and usage of debit card after its central bank, Saudi Arabian Monetary Authority (SAMA), enabled the country’s made cardholders for online shopping last year, travel bookings using debit cards surged 280% year-on-year (Y-o-Y) to account for 45% of all bookings. In the UAE credit card transactions dipped to 72% from 81% in the previous year and debit cards usage increased from 19% to 28%.
Growing mobile penetration
Owing to the rising popularity of digital wallets and mobile apps, mobile transactions are quickly gaining traction among travelers. In Saudi Arabia, which had the highest rate of Mobile Booking Penetration (MBP) in the region, mobile bookings accounted for 38% with a massive rise of 233% from the previous year. Meanwhile, the number of transactions made on mobile devices increased by 56% in the UAE, whereas Oman recorded the second highest MBP in the region at 34%. Among mobile bookings in the Kingdom iOS share was higher at 71% compared to Android devices share of 29%. The company expects this number to grow in 2019 as ApplePay™ was launched in Saudi Arabia earlier this year.
Mobile has become a popular channel for travel planning and booking in major cities in the region. Kuwait City and Riyadh had the highest rates of mobile traffic and bookings at 81% and 40% respectively. Bahrain, Muscat and Dubai were also among the leading markets for mobile visitors in the 2018 Travel Insights Report.
Trending destinations
Reflecting their growing appetite for novel experiences, the region’s discerning travellers made trips to a wide variety of destinations within the GCC and overseas. Islamabad, Lahore and Brussels topped the list of trending international destinations for travellers in the UAE, while domestic travellers in Saudi Arabia favoured Gizan, Abha and Ha’il. Meanwhile, Istanbul remained among the leading family travel destinations during both summer and winter seasons.
Airfares in a flux
As crude oil prices continued to fluctuate in 2018, the region’s leading markets saw significant changes in airfare pricing. Average ticket prices were 10% and 6% higher in Bahrain and Kuwait respectively, while Saudi Arabia experienced an overall price decline of 7% due to growth of low-cost carriers such as flyadeal. As some of the large airlines reduced capacity from Kuwait, it recorded the highest average fare per person at USD 281, while Oman had the lowest in the region at USD 192.
Some routes originating from the region have seen fluctuations in airfares last year. While Jeddah-Dubai recorded the highest increase at 25%, the Jeddah-Cairo route witnessed the greatest decline in airfares at 19%. In addition, micro-trips have taken off as a new trend in the region’s travel industry. Ha’il and Kuwait appeared to be the cheapest getaways from Riyadh and Dubai respectively last year.
The report also indicates that Sunday is the cheapest day for travel, whereas prices increase on Thursday. Furthermore, February is the ideal month for budget travellers with average fares falling 16%.
Sustained market growth
With lower airfares, increased connectivity and fewer travel barriers, the GCC continues to witness an increase in the number of travellers. In 2018, the industry posted a robust Y-o-Y growth of 7%, while Saudi Arabia emerged as the fastest growing market with a solid 10% expansion.
Source: menaherald
Qatar fast tracking policies to tap more fdis
Qatar has begun fast-tracking the implementation of “progressive policies” to further attract foreign direct investments (FDIs), HE the Minister of Commerce and Industry Ali bin Ahmed al-Kuwari has said.
FDIs increased by 4% ($7.8bn) to $186bn at the end of the first quarter of 2018 from $178bn in end-2017, al-Kuwari said at a session at the World Economic Forum in Davos, Switzerland.
This increase is driven by Qatar’s “revised legislations and regulations” to provide further incentives to foreign investors and allow up to 100% ownership in all sectors, which benefit from income tax exemptions as well as exemptions from customs duties on the import of goods for production.
Qatar is also allocating lands by way of rent for up to 50 years to foreign investors to establish their projects while allowing foreign companies to transfer their investment returns to their home countries in any convertible currency and investors to transfer the ownership of their companies to a Qatari or foreign investor in accordance with applicable laws.
Qatar now allows investors up to 100% ownership in free zones and offers tax exemptions for up to 20 years without restrictions on the repatriation of capital, the minister said.
Investors in these areas can export to local markets, tap investment funds and enter into joint ventures with local state-backed companies.
Al-Kuwari said Qatar was also in the process of drafting a public and private partnership law to pave the way for the launch of major new projects as the government bolstered spending on state-of-the-art infrastructure and logistics conforming to the highest international standards.
atar’s 2018 annual budget allocated $25.5bn for spending on major projects, the minister said, noting that these include projects related to the 2022 FIFA World Cup as well as sustainable development projects implemented within the framework of the Qatar National Vision 2030.
These projects will further promote Qatar’s tourism sector and realise plans to attract 5.6mn visitors annually by 2023 - double the number the country welcomed in 2016.
Al-Kuwari noted Qatar’s GDP increased to $222bn in 2017 compared to $218bn in 2016, growing at an annual rate of 1.6%, and expanding by over 5% in the first six months of 2018 compared to the same period in the previous year.
Quoting the World Bank, the minister said growth was estimated at 2.3% in 2018 and expected to increase to 2.7% in 2019 and 3% in 2020, mainly driven by Qatar’s “attractive” business-friendly environment.
This is evident in the ranking of Qatar on the World Economic Forum’s Global Competitiveness Report 2018, he said.
Globally, Qatar ranks first in terms of low inflation rates, sixth in terms of the effect of taxes on competition, eighth in terms of venture capital availability, ninth in terms of financing small and medium enterprises (SMEs), and tenth for growth of innovative companies while regionally the country ranks first on the Global Entrepreneurship Index, al-Kuwari added.
Source: gulf times
4 Ecommerce Trends to Watch Carefully for in 2019
As the online retail space grows ever more competitive, entrepreneurs will need to adapt.
Ecommerce enjoyed a record-breaking year in 2018, with global sales revenues estimated to have reached $2.8 trillion, according to Statista. This year, this figure is expected to rise to $3.5 trillion. To put this in perspective, if the ecommerce industry were a country, it would slot into the fifth spot, ahead of the United Kingdom, whose GDP as of April 2018 was $2.61 trillion.
With such eye-opening figures, it’s little wonder there’s so much excitement surrounding the future of online retail. Amid all the hype about ecommerce, it’s easy to forget that this segment accounts for just 11.9 percent of the total retail sales around the world. Therefore, the market holds an extraordinary capacity for growth over the next decade.
Below, I identify the four trends that ecommerce entrepreneurs should pay the closest attention to:
1. Smaller businesses using big data
Yes, we’ve heard quite a lot about big data over the past two years, but it’s not going away. As more people come to grips with this new resource, this effort will increasingly separate the successful from the less successful ecommerce businesses. And this division will not be limited to behemoth ecommerce businesses either, because mid-range competitors too are now using their data reserves to mine unique insights.
Big data, in fact, helps entrepreneurs analyze shopping behavior, trends and what products it is that are selling. It's been proven to help ecommerce businesses make improvements in customer service, security and mobile commerce. It also powers the AI which is revolutionizing the industry (more on this below).
In short, big data is likely to power future developments in your ecommerce business. If you are planning on staying in the industry long term, you would be wise to study the latest developments.
2. Excellent customer service
Shoppers are growing used to the convenience of ecommerce, and entrepreneurs need to ensure that the customer experience meets those people's growing expectations. The purchasing journey needs to be smooth, reassuring and secure. Stores also need to be quick to respond to queries and resolve issues.
One American Express study has found that more than half of Americans surveyed had canceled a purchase due to bad service. But take heart; you needn't be the entrepreneur on the other end of that type of transaction. Instead, there are a number of ways you can deliver outstanding customer service:
Ensure a smooth checkout: Too many ecommerce stores still have unnecessarily drawn-out checkouts. Consider whether you need any more than two stages, i.e., you can fill in the details on one page; then confirm those details and items on the next.
Be responsive: Whether it’s on social media or your website or via email or phone, your business should respond to any queries in a timely and professional manner. An increasing number of stores offer live chat on their sites, and the response of customers has been overwhelmingly positive.
Deliver a personalized experience: Use your customer’s browsing and purchase history to deliver a personalized shopping experience. This is something Amazon has turned into an art form in recent years, directing its customers to the products that are most relevant to them and that they are more likely to buy.
Listen to your customers: Be proactive in looking for feedback and asking your customers about their experience. By asking for feedback, you’ll shape a more holistic view of your business and how it is perceived. Don’t be afraid to address criticism, either, even if it’s in public. In this way, you'll identify your weaknesses and prove to customers that you take complaints seriously.
Above all, understand that providing excellent customer service is no longer a bonus for an ecommerce business. It’s now the norm.
3. Enhanced AI
Without good, well-ordered data, you will not be able to embrace the latest technologies that can drive revenue to your ecommerce store. AI is already evident in many ecommerce stores. Those automated live chatbots, advanced data analytics and inventory management tools? They are all powered by AI.
However, there are examples of stores taking it to the next level to deliver a highly personalized experience. Outdoor wear brand, The North Face, has recently unveiled a digitalized personal shopper which can guide customers to products. There are also voice search and mobile shopping, which enable people to shop on the move.
4. Improved personalization
One of the factors behind Amazon’s success is its advanced product recommendations algorithm, which drives up to 35 percent of the company’s total sales. Using the buyer’s shopping habits, interests and even browsing history, the ecommerce giant is able to promote the products the buyer is most likely to purchase.
Looking beyond Amazon, product recommendation engines have proven effective at delivering a personalized shopping experience and driving up revenue for stores. The key is to place those recommendations at optimum points in the purchasing process.
First, ensure you have recommended products visible to your shoppers on the home page or after the point that they sign in. Then, once they have added items to their basket, ensure you have suggested complementary items. You can also suggest items at checkout.
Final thoughts
Entrepreneurs who take the proactive approach, embrace the latest advances in tech and make use of data will reap the rewards in ecommerce. As AI becomes more mainstream, it is essential that ecommerce business owners take personalization to the next level. Simply having a product recommendation plugin is no longer enough; you need to be proactive and utilize tools in the right way, with well-curated data, to maximize their potential.
Source: entrepreneur
Qatar Investment Authority, to buy London's most famous hotels, the Grosvenor House
04 Dec 2018 Written by Admin SAEQatar has agreed to buy one of London's most famous hotels, the Grosvenor House, as energy revenue enables the wealthy Gulf state to go on a buying spree despite a blockade by its neighbors.
A source with knowledge of the deal said the acquisition of Grosvenor House - located on Park Lane in London's swanky Mayfair district - had been agreed on Tuesday with the vendor, private U.S. real estate investment firm Ashkenazy Acquisition Corp. The price was not disclosed.
Ashkenazy Acquisition did not respond to a request for comment and nor did the Qatar Investment Authority, which is buying the hotel via its Katara Hospitality holding.
Qatar has already bought of one of New York’s most iconic buildings, the Plaza Hotel, for around $600 million.
"There is another hotel acquisition in the works in Europe coming soon as well," the source said.
Qatar has been buying top hotels and luxury properties in the West over the past decade as part of a drive by its $300 billion-plus sovereign wealth fund to diversify the wealth it accumulates from gas and oil exports. (read more)
Swiss Business Council celebrates 20 years of trade cooperation with the UAE
01 Oct 2016 Written by Admin SAE
Translation from Middle East Business Magazine (Original text)
- UAE leads Gulf countries in terms of the value of Swiss imports
- Trade volume between Switzerland and the UAE reached up to nearly 33.6 billion dirhams in 2015
- Prestigious award for UAE nationals who have contributed to Swiss Business Council's support
Print baggage tags from home, travelling is even easier with Qatar Airways
26 Mar 2016 Written by Admin SAESince the beginning of the year, travelling with Qatar Airways from Genève Aéroport is even easier and more practical: in combination with the online registration, passengers can now print their baggage tag at home, at the same time as their boarding pass.
This service was already available for SWISS, Brussels Airlines and Iberia airlines. It complements the offer of services and comfort departing from Geneva.
Passengers have several possibilities to check their baggage at Genève Aéroport, allowing them to organise their departure depending on their preferences and needs.
Source: Genève Aireport
Qatar Airways will deploy a Boeing 787-8 «Dreamliner» between Doha and Geneva
26 Mar 2016 Written by Admin SAEStarting on July 1st, 2016, Qatar Airways will deploy a Boeing 787-8 «Dreamliner» between Doha and Geneva.
This aircraft will replace the previously operated Airbus A320 on the daily rotation between its base at Hamad International Airport and Geneva Airport.
The 787-8 has a total capacity of 254 seats, in 2-class configuration: 22 passengers in Business class and 232 in Economy.
For Geneva Airport, this route is first regular one with the long-awaited B787, the new benchmark in aeronautical technology.
The timetable remains almost unchanged with respect to the current situation, offering an evening flight eastbound and a morning service westbound. The Geneva departure takes place at 18:00 with a night landing in Doha at 1:10. On the way back, the plane leaves Qatar at 7:25 to reach Switzerland at 13:30 local time, on a daily basis.
The national carrier of Qatar operates to Geneva since 2007. Qatar Airways is member of the Oneworld alliance, already represented in Genva by such airlines as BA, Iberia, Finnair, etc. Doha, the capital of Qatar, is also a major hub for connections to Asia and Australia (new flights to Sydney since March 1st, 2016).
Source: Genève Aireport
(Arabianbusiness) Qatar’s government has allocated more than QR 3 billion ($825m) for small and medium size enterprises, according to arabianbusiness web site.
Prime Minister and Interior Minister HE Sheikh Abdullah bin Nasser bin Khalifa Al Thani said that the SME sector in Qatar enjoyed the support of Emir HH Sheikh Tamim bin Hamad Al Thani, adding that various governmental institutions worked on amending the necessary legislation, enacting supporting laws and providing necessary information and services, or establishing economic zones and finding financing solutions.
HH Prime Minister was speaking at the first Government Procurement and Contracting Conference & Exhibition (Moushtarayat), a three-day conference and exhibition organised by the Ministry of Finance and Qatar Development Bank (QDB) at Qatar National Convention Centre, 8th of March.
HE Sheikh Abdullah bin Saud Al Thani, who is also the chairman of the Board of Directors of QDB, also said that around 25 governmental and quasi-governmental entities were participating in the exhibition that should provide more than 450 real opportunities for the SME sector with a total value exceeding QR3 billion.
QDB launched the single window to make all information available to SMEs under one roof, in addition to providing direct financing to SMEs in excess of QR4.3 billion – its ‘Al Dhameen’ programme invested more than QR800 million and ‘Tasdeer’ program more than QR600m.
