أعد اتحاد الغرف الخليجية تقريرا يوصي بإيجاد آلية بين القطاعين العام والخاص للرصد والمتابعة على مستوى كل دولة من دول مجلس التعاون الخليجي. ويوضح أهم مصادر التأثير الاقتصادي العالمي على القطاع الخاص الخليجي في ظل أزمة كورونا.
اتحاد الغرف الخليجية -17مايو 2020: خلص تقرير أعدته الأمانة العامة لاتحاد غرف دول مجلس التعاون الخليجي حول "تداعيات تفشي وباء كورونا على انشطة القطاع الخاص الخليجي" أن الحكومات الخليجية بادرت إلى اتخاذ حزمة من إجراءات الدعم المالي والاقتصادي الفاعلة والتي واكبت في أهدافها ونطاقها كافة الحزم الاحتوائية والانقادية التي أعلنت عنها دول العالم، وخاصة الدول المتقدمة، مما أسهم بشكل فاعل في حماية الاقتصاد، والعمالة وانشطة القطاع الخاص، ولاسيما أصحاب المهن والمؤسسات الصغيرة والمتوسطة من تداعيات تفشي الوباء إلى حد كبير خلال الفترة الراهنة.
ولفت التقرير إلى أن تفشي وباء كورونا له انعكاسات تختلف عن التداعيات التي تنجم عادة عن الأزمات المالية والاقتصادية التي شهدها العالم خلال العقود الماضية، وكان آخرها الأزمة العالمية عام 2008م، من حيث اتساع رقعت تأثيرها وطبيعة هذا التأثير وطول أمده مما يتوجب معه عدم اكتفاء الحكومات في العالم، بما في ذلك الحكومات الخليجية، بما تم اتخاذه حتى الآن. لذلك، قد يستدعي الأمر التدخل بمزيد من التدابير التي تفرضها طبيعة التداعيات الخاصة من جراء الوباء. كما أن الإجراءات المتخذة في الوقت الحاضر قد تتطلب المراجعة والتحديث والتطوير في كل مرحلة من مراحل الوباء.
لذلك، فقد أوصى التقرير بإيجاد آلية منسقة بين القطاعين العام والخاص للرصد والمتابعة على كل من مستوى كل دولة خليجية وعلى مستوى مجلس التعاون الخليجي ككل تنصب أهدافها على العمل و مراجعة كافة الإجراءات والخطوات المتخذة لدعم منشآت القطاع الخاص بصورة مستمرة والتقدم بالتوصيات اللازمة للعمل على تحديثها وتطويرها وفقا لمراحل انتشار الفايروس وتداعياته. كذلك وضع المقترحات لمرحلة الخروج من مرحلة مكافحة الفايروس إلى مرحلة الانعاش لمنشآت القطاع الخاص وما هي الإجراءات المطلوبة وفقا لنوع النشاط وحجم المنشأة.
وقد تناولت مقدمة التقرير تداعيات فايروس كورونا على الاقتصاد العالمي، حيث من المتوقع أن يشهد الاقتصاد العالمي انكماشا حادا بواقع -3% في عام 2020م، وهو أسوأ بكثير مما ترتب على الأزمة المالية العالمية في 2008م – 2009م. وفي أحد السيناريوهات الأساسية، الذي يفترض انحسار الجائحة في النصف الثاني من عام 2020م وإمكانية تخفيف جهود الاحتواء بالتدريج، من المتوقع أن ينمو الاقتصاد العالمي بمعدل 5,8% في 2021م مع عودة النشاط الاقتصادي إلى طبيعته، بمساعدة الدعم المقدم من متخذي السياسات الاقتصادية.
كما كرس التقرير فصل خاص لدراسة تداعيات تفشي وباء كورونا على الاقتصاديات الخليجية، حيث تبين آخر التقديرات الدولية إلى تعرض دول مجلس التعاون، كغيرها من بلدان العالم، إلى اضطراب اقتصادي كبير من خلال صدمات العرض والطلب المتزامنة. ومما فاقم من الآثار السلبية هو هبوط أسعار النفط بأكثر من 60% خاصة بعد عدم اتفاق اوبك بلس على تخفيض الإنتاج في بداية الأزمة. ويتوقع صندوق النقد الدولي أن يكون الأثر الاقتصادي لتفشي وباء كورونا بالغا على اقتصاديات دول التعاون، حيث ستشهد انكماشا بنسبة 2.7% في العام 2020م. كما سوف تتعرض دول التعاون لصدمة مزدوجة تتمثل في انخفاض الطلب العالمي على النفط وانخفاض أسعاره، حيث يتوقع الصندوق تراجع الصادرات النفطية بأكثر من 250 مليار دولار في أنحاء المنطقة. ونتيجة لذلك، من المتوقع أن تتحول أرصدة المالية العامة إلى السالب، متجاوزة 10% من إجمالي الناتج المحلي في معظم البلدان.
في المرحلة القادمة، وبعد الانحسار التدريجي للوباء، ينبغي أن يتمثل الهدف المنشود في وضع الاقتصاد الخليجي على مسار تحقيق النمو المستدام: وسيتطلب هذا استعادة الثقة، عن طريق توفير دعم واسع النطاق على مستوى المالية العامة والسياسة النقدية حيثما توافر الحيز اللازم. كما لا ينبغي إلغاء هذا الدعم إلا إذا كان الاقتصاد ماضيا بالفعل على مسار التعافي. ويدعم قدرة دول التعاون في تطبيق خطط انعاشية شاملة بعد انحسار وباء كورونا امتلاكها احتياطيات مالية تقدر بنحو تريليوني دولار.
ثم انتقل التقرير لتحليل تداعيات تفشي مرض كورونا على القطاع الخاص الخليجي، حيث تناول في البداية أهم مؤشرات دور القطاع الخاص في التنمية على صعيد الناتج المحلي الاجمالي والانفاق القومي والصادرات السلعية والتوظيف، حيث يتضح أن الاقتصاد الخليجي وخاصة خلال السنوات الماضية بعد تراجع أسعار النفط بات يعتمد بصورة متزايدة على القطاعات غير النفطية كمحرك للنمو، حيث يبلغ متوسط مساهمتها في الناتج الإجمالي نحو 73.6% عام 2018م، وهي تعكس نجاح خطط الحكومات الخليجية في برامج التنويع الاقتصادي والمشاركة المتزايدة للقطاع الخاص في التنمية. وما قبل أزمة كورونا، كان القطاع الخاص الخليجي يسعى للعب دور أكبر في المرحلة المقبلة في ظل التوجهات الحالية للحكومات الخليجية الرامية إلى تفعيل الشراكة الحقيقية بين القطاعين العام والخاص لتنفيذ البرامج التنموية والاقتصادية استنادا إلى رؤى التنمية الطويلة الأجل التي تنفذها.
ثم تناول التقرير بالتحليل مصادر التأثير الاقتصادي العالمية على القطاع الخاص الخليجي في ظل أزمة كورونا، واهمها أسعار النفط وتراجع النشاط الاقتصادي العالمي والتجارة العالمية وحجم العلاقة مع الصين و بيئة الاستثمار وفرص الأعمال والبورصات العالمية وسلسلة إمدادات السلع والخدمات وأسعار الفائدة والدولار الأمريكي، حيث اتضح من عرض هذه العوامل أن مصادر التأثير العالمية على انشطة القطاع الخاص الخليجي ترتبط ارتباطا وثيقا بالاقتصاد الخليجي ككل، الذي يعتمد اعتمادا كبيرا على الإيرادات النفطية، وتجارته مع العالم، وخاصة الصين، وكذلك ارتباط عملاته بالدولار الأمريكي وبسعر الفائدة الأمريكية، مما يولد عليه نفس الضغوط التي يتعرض لها الاقتصاد الخليجي ككل.
كما عرض التقرير بصورة مفصلة المبادرات التي اتخذتها الحكومات الخليجية لدعم الاقتصاديات الخليجية والعمالة، وانشطة القطاع الخاص، ولا سيما الأنشطة الأكثر تضررا، مشيدة بشمولية هذه المبادرات ومساهماتها الفاعلة في حماية القطاع الخاص بصورة كبيرة من تداعيات تفشي وباء كورونا، وتوفير حماية كبيرة للعمالة، ومكنت القطاع الخاص من مواصلة تقديم خدماته الأساسية، وهو بدوره ساهم في استدامة حماية المجتمع من تداعيات تفشي الوباء.
وقد كرس التقرير جانب كبير منه لتحليل تداعيات تفشي وباء كورونا على أنشطة القطاع الخاص، حيث تناول كل على حدة 15 قطاع ونشاط هي الصناعة والاستيراد والتصدير والبنوك والمؤسسات المالية والبورصات الخليجية والسفر والسياحة والمؤتمرات والفنادق والغذاء والخدمات اللوجستية والعقار والتطوير العقاري والتوظيف والعمالة الوافدة والتجارة الالكترونية وتجارة التجزئة وقطاع الخدمات والرعاية الصحية وقطاع التعليم الخاص وصناعة الترفيه المنزلي، حيث خرج التقرير بنتائج أولية أن معظم أنشطة القطاع الخاص تأثرت سلبا بتفشي هذا الوباء، وهذه مسألة طبيعية، وذلك بسبب توقف عجلة الإنتاج والخدمات على مختلف أنواعها بسبب إجراءات الحظر الاجتماعي والاقتصادي، حيث اعطيت الأولوية للحفاظ على أرواح البشر. لكن من اللافت أيضا أن تفشي الوباء خلق أنماط مختلفة من السلوك الاستهلاكي لدى الفرد، كما حفز الطلب على خدمات معينة واكبت نمط الاستهلاك ونمط حياة التباعد الاجتماعي، مما جعل بعض الأنشطة تستفيد من الأزمة مثل التجارة الالكترونية والتسوق عبر البوابات الالكترونية وتجارة الأغذية والتعليم عن بعد وتقديم الخدمات الصحية عن بعد وكذلك صناعات المعقمات والرعاية الصحية والأدوية وصناعة الترفيه العائلي.
ونوه التقرير إلى أن القطاع الخاص الخليجي بات يواجه في الوقت الراهن تحديات غير مسبوقة في تاريخه ويجب التصدي لها ومعالجتها بدرجة عالية من المسئولية والشمولية وبما يحافظ على محورية دوره في الاستدامة الاقتصادية، وأن أي ضرر يلحق بهذا الدور سيولد أضرار كثيرة للاقتصاد الخليجي ككل. لذلك لا بد من متابعة دراسة تداعيات تفشي وباء كورونا على القطاع الخاص الخليجي خلال المرحلة المقبلة، خاصة أن الأزمة لا تزال مستمرة، وابعاد التداعيات لا تزال قيد التبلور وبحاجة إلى تكاتف كافة جهود الجهات الرسمية مع القطاع الخاص من أجل العمل سوية لوضع الحلول المناسبة لمواجهتها، وإعادة الاقتصاد إلى مساره السليم.
Total gross deposits of private sector in UAE banks hit AED1.076 trillion in March
02 May 2020 Written by Admin AdminThe total gross deposits of the private sector in the UAE banks amounted to circa AED1.076 trillion by the end of March 2020, a 1.7 percent growth of AED18 billion from AED1.058 trillion in December 2019, figures by the Central Bank of the United Arab Emirates have shown.
These deposits account for around 58 percent of the total gross deposits held by the UAE banks, which stood at around AED1.852 trillion by the end of the same month.
In the meantime, the domestic credit to private sector amounted to AED1.149 trillion, a growth of 1.3 percent from AED1.134.6 trillion in December 2019.
The growth in private sector credit is a significant indicator of its contribution to economic activity and reflects increase in the sector's investment activity.
source: wam.ae
Dubai Startup Hub Launches Weekly Digital Meetup Series To Support Entrepreneurs
02 May 2020 Written by Admin AdminThe move is in line with its support of business continuity and commitments towards fostering entrepreneurship in the Emirate following the global novel coronavirus (COVID-19) outbreak.
Dubai Startup Hub, an entrepreneurship initiative of Dubai Chamber of Commerce and Industry, has taken its events online to support new members, as well as continue delivery of all its programs and activities digitally.
The move is in line with its support of business continuity and commitments towards fostering entrepreneurship in the Emirate following the global novel coronavirus (COVID-19) outbreak.
The digital initiatives are also geared towards helping startups sustain and grow amid challenging market conditions as a result of the ongoing pandemic.
Dubai Startup Hub will also launch an additional service to support startups with online mentorship during these extraordinary circumstances. The mentorship will include specialized entrepreneurship guidance and support with reviewing business models, improving and rehearsing investor pitches, and navigating the current business environment.
Natalia Sycheva, Manager of Entrepreneurship, at Dubai Chamber of Commerce and Industry, said in a statement that the smart transformation of services has become an urgent necessity for all institutions who serve innovators and entrepreneurs today.
“Organizing a digital networking platform and delivering educational and acceleration programs online is an important step that allows us to continue serving entrepreneurs at all times and enhances Dubai’s position as a global destination for entrepreneurship,” she said.
Sycheva added that entrepreneurs have been keen to use modern technology in exploring new business ideas and finding solutions to address current business challenges.
“The live interaction of participants with the moderators and among each other encourages them to explore new features and formats of this kind of webinars, which save time and effort, and facilitate a positive competitive environment,” Sycheva noted..
Dubai Startup Hub, launched by Dubai Chamber in 2016, embodies the value of public-private partnership to encourage innovation and entrepreneurship, and is a valuable resource for entrepreneurs in Dubai.
Being a part of the Dubai Startup Hub provides a multi-program platform for entrepreneurs from around the world to explore business opportunities in Dubai, while benefiting from a variety of programs and services.
source: entrepreneur
Dubai Chamber Launches 10 Weeks Online Pitch Bootchamp for Smartprenuer 5.0 Competition Finalists
02 May 2020 Written by Admin Admin50 startup finalists who qualified for the second phase of the Dubai Smartpreneur Competition have enrolled in 10-week online bootcamp
Dubai Startup Hub, the entrepreneur initiative by Dubai Chamber of Commerce & Industry, has launched the Smartpreneur 5.0 Online Pitch Bootcamp.
This, first-of-its-kind 10 week training program is for the 50 finalists who qualified for the second phase of the fifth Dubai Smartpreneur competition.
The specialized online training program will run from April 19 to June 30, 2020. This program has replaced the traditional two day training to ensure that these promising ventures are supported in the current difficult times, and that they are able to sustain and grow their business in 2020.
Entrepreneurs will benefit from more than 100 individual and group online training workshops, which will be organized throughout the two and a half month program.
On the sidelines of the training program, Dubai Startup Hub also launched the Startup Pitch Guide 2020 on how to deliver an impactful investor pitch.. Dubai Chamber has prepared this guide based on global best practices that are compatible with the business environment in the emirate. Participants in the competition and other entrepreneurs can benefit from the guide to achieve positive, encouraging results when presenting their ideas to investors.
The training program includes a diverse mix of activities, including working on pitches by using the Chamber’s guide, participating in a series of online training workshops and webinars with winners and previous participants of the Dubai Smartpreneur Competition.
The training program also includes 4 weeks of one-to-one work with startup business coaches to improve business and financial models of the startups and running a simulation of the contest with the finalists as judges.
Natalia Sycheva, Manager of Entrepreneurship at Dubai Chamber pointed out that this training program is the first of its kind, innovative training model that takes into account the exceptional circumstances we are in and how to enhance the capabilities and skills of the entrepreneurs and startups to sustain and grow in such situations.
It also demonstrates the pioneering role of Dubai Chamber in providing innovative support for entrepreneurs in uncertain times rather than stopping these services.
She stressed that the Smartpreneur entrepreneurs are different as they are vetted, well-trained, and are guided to build a real business.
Sycheva also remarked on the launch of the Guide which is prepared by experts and is a training and educational tool for entrepreneurs and startups on how to present their ideas.
The Smartpreneur competition aims to assist technologyentrepreneurs to be part of Dubai’s strategic initiatives, in addition to enhancing the role of these entrepreneurs in the evolving business ecosystem of the Emirate and its position as the global hub for innovation.
More than 1,600 participants have gone through the Dubai Smartpreneur Competition over the last four years, which is reflective of its effectiveness and influence in attracting an increasing number of international startups.
Dubai Chamber launched Dubai Startup Hub in 2016 as an online platform for startups, entrepreneurs, developers, venture capitalists and students, enabling them to learn about new opportunities and create new partnerships that stimulate economic growth.
Dubai Startup Hub provides a multi-program platform for entrepreneurs from around the world to explore business opportunities in Dubai, while benefiting from a set of programs and services such as Market Access Program, Emirati Development Program, Dubai Smartpreneur Competition and Co-Founder Dubai Program, among others.
source: dubaichamber
UAE, Saudi central banks roll out $40 billion stimulus for virus-hit economies
01 Apr 2020 Written by Admin AdminThe central banks of the United Arab Emirates (UAE) and Saudi Arabia, the two largest Arab economies, on Saturday announced stimulus plans worth a combined $40 billion to ease the impact of the coronavirus outbreak in their respective countries.
The UAE regulator plans to support banks and businesses in the country, where the outbreak is affecting major economic sectors such as tourism and transport, with a 100 billion dirham ($27 billion) economic plan, it said on Saturday.
In a separate statement, the Saudi Arabian Monetary Authority said it had prepared a 50 billion riyal ($13.32 billion) package to help small and medium-sized enterprises (SMEs) cope with the economic impacts of coronavirus.
The disease has so far infected 85 people in the UAE and 105 in Saudi Arabia.
The Saudi funding aims to grant SMEs six-month deferrals on bank payments, concessional financing and exemptions from the costs of a loan guarantee program, SAMA said.
Concerts, sporting events and industry conferences have been canceled or postponed in the past few weeks in the UAE to contain the spreading of the new coronavirus.
In Dubai, the Middle East’s trade, finance, tourism and transportation hub, some businesses have started to feel the pain from the global travel slowdown caused by the outbreak.
Saudi Arabia, which has already suspended the Umrah pilgrimage and locked down its eastern Qatif region where many infections are located, plans to halt all international flights for two weeks from Sunday.
The UAE central bank said it will provide 50 billion dirhams through collateralized loans at zero cost to all banks operating in the UAE while an additional 50 billion dirhams will be freed up from lenders’ capital buffers.
“The CBUAE is allowing banks to free-up their regulatory capital buffers to boost lending capacity and support the UAE economy,” it said in a statement.
It said the scheme offers banks relief for up to six months from the payments of principal and interest on outstanding loans for affected private sector companies and retail customers.
Committed to peg
Adding to a likely economic slowdown caused by the virus, Saudi Arabia and the UAE are also expected to face wider fiscal deficits this year because of lower oil prices, due to an oil price war between Riyadh and Moscow.
The Gulf states’ currencies, which are pegged to the U.S. dollar, weakened in the forwards market last week.
The UAE regulator said on Saturday it maintained its commitment to the peg for the dirham, and said foreign currency reserves amounting to 405 billion dirhams as of March 10 were “adequate” to safeguard the stability of the currency.
Other measures introduced by the UAE central bank on Saturday include reducing by 15-25% the amount of capital banks have to hold for loans to SMEs, and better terms for first-time home buyers.
Importantly for the local real estate sector - which has been struggling in Dubai for the past decade - banks will be allowed to increase their exposure to real estate loans.
“When the exposure reaches 20% of the banks’ loan portfolio (measured by risk-weighted assets), banks will be allowed to increase it to 30%, but will be required to hold more capital,” it said.
The central bank also introduced regulations which reduce banking fees for small companies.
The Dubai and Abu Dhabi stock exchange indices dropped last week amid coronavirus concerns and because of tumbling oil prices.
To contain volatility in the markets, the central bank said it plans to issue guidelines on margin calls, asking banks to request additional collateral before liquidating stocks in the event of a market downfall.
source: cnbc
If there is one pastime that people in the Middle East are unlikely to give up, it is watching television. In 2018, the daily time spent watching TV per capita in the region was 6 hours and 20 minutes according to Statista, more than double the global time of 2 hours and 48 minutes.
But this is set to decline to 6 hours this year as users in the region switch from watching their shows on traditional television sets to streaming them online.
Between 2013 and 2019, the number of people watching television offline dropped from 98 per cent to 86 per cent in the Middle East and North Africa (Mena) according to the Media Use in the Middle East report.
This drop has been driven by cheaper and faster internet connectivity and the rise of video on demand (VOD) and streaming services, also known as over-the-top (OTT) players.
As a result, the space has become more competitive, but the penetration of these services in the region pales in comparison to other parts of the world.
Starzplay, a UAE-based subscription VOD service partly owned by Lionsgate, launched in 2014 in response to rising demand for good quality content. Now, the company has the biggest market share in the subscriptions market with 29 per cent compared to US-based Netflix which has the second largest share in Mena with Wit24 per cent, according to the IHS Markit in its Pay TV & Online Video Report Mena 2019.
Netflix arrived in the Middle East in 2016, giving the industry a boost and bringing with it a sense of credibility and awareness of subscription-based streaming services.
Telecommunication and pay TV operators like OSN have launched their own OTT services as a way to maintain market share, while the parallel launch of Apple TV+ and Disney+ into the streaming television space last November in the US poses the threat of even more competition once they are launched in Mena.
“It is not a ‘one player wins it all’ business, different providers complement each other. OTT subscription prices allow customers to have more than one service.
It is a great time to watch content,” says Danny Bates, co-founder and chief commercial officer at Starzplay.
The online subscription video market is pursuing the same growth pattern that the pay TV market had followed in the region.
By 2023, online video subscriptions will reach almost five million, while revenues will reach $416 million according to the IHS Markit report.
Much of the demand for streaming services is coming from the UAE and Saudi Arabia which together account for 49 per cent of the total subscriptions in Mena. The demand for online streaming subscriptions is likely to overtake pay TV subscriptions like OSN and beIN by 2025.
However, streaming services need to have premium content from the biggest studios in the world in order to stand a chance to compete and bring customers on board, and content remains an expensive product.
Additionally, the significance of telling relevant stories catering to Mena audiences is becoming key, hence the surge in investment in original content production.
Earlier this year, Shahid, MBC Group’s streaming platform relaunched, announcing a partnership with Disney and Fox to bring more than 3,000 hours of content to the biggest streaming library of Arabic content.
“Over the next two years, we aim to substantially increase the size of our investment into drama productions, thus increasing them fourfold, of which the majority will be original and exclusive content,” says Marc Antoine d’Halluin, group chief executive at MBC Group.
Netflix has also increased its original content offerings for Arab audiences while Starzplay recently announced a partnership with Academy Award-winning media and entertainment company, Image Nation Abu Dhabi, to create its first original content series.
Jawwy TV, an OTT platform launched in 2018 for the Mena region through Intigral, a digital provider of sports and entertainment, is seeking to make an impact in the way content is consumed in the region.
“Our roadmap is very intense, and we are trying to develop a product in order to match all the major OTT players in the world, but it will be dedicated for Mena content,” said Tony Saab, vice-president of products and content at Intigral.
The service continues to explore agreements with numerous players, in addition to creating original content and acquiring Arabic content.
As more users begin to consume content online, competition will no doubt intensify. One casualty of this growing competition was Malaysia-based iFlix, which pulled out of the Mena region two years after its launch in 2017, unable to replicate the success of its core market in South East Asia.
“Streaming services have just scratched the surface of the market in Mena, despite all the [high] numbers,” says Bates who believes that the market is still establishing itself, and businesses will have to continue to evolve and strengthen their product to meet the rising demand.
According to Bates, “iFlix never really came into the region, they had success in Asia, but they came to Mena with the exact model, while it is a different territory, people, culture and ways of doing business”.
For him, it was not about lack of market demand that caused iFlix to exit, it was unfit execution, something that every OTT player should bear in mind.
source: wamda
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
Dubai Chamber Launches Fifth Cycle Of Dubai Smartpreneur Competition
30 Jan 2020 Written by Admin AdminDubai Startup Hub has launched the fifth cycle of its Dubai Smartpreneur Competition that seeks submissions from startups offering solutions related to the Expo 2020 Dubai.
Dubai Startup Hub, the entrepreneurship arm of Dubai Chamber of Commerce and Industry, has launched the fifth cycle of its Dubai Smartpreneur Competition that seeks submissions from startups offering solutions related to the Expo 2020 Dubai sub-themes of Opportunity, Mobility and Sustainability.
Open to all entrepreneurs in the UAE and abroad, the competition gives founders an opportunity to become part of Dubai Government’s strategy to elevate the city into a global platform for innovative startups. This year’s edition is also in line with the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to transform the emirate into one of the world’s smartest cities.
The Dubai Smartpreneur Competition awards the top three winners a combined total of AED150,000 in cash prizes, in addition to a startup support package, mentorship opportunities, access to overseas trade missions, and Dubai Chamber events and trainings.
To be eligible to participate, a startup company’s product or service must have launched no earlier than 2017 and either be based in, or operate in, the UAE. The startup needs to have a minimum viable product and applicants must be 21 years of age or older. Startups must submit their entries in English through the Dubai Startup Hub website by the February 26 deadline.
His Excellency Hisham Al Shirawi, 2nd Vice Chairman of Dubai Chamber, said in a statement that the annual competition has been one of Dubai Startup Hub’s most successful initiatives to date, which has supported Dubai Chamber’s comprehensive entrepreneurship strategy of empowering entrepreneurs and providing them with the knowledge and tools they need to thrive and grow.
More than 1,600 smart business ideas have been submitted over the last four cycles of the competition with an increasing number of international submissions, he said, reflecting Dubai’s status as a magnet from promising startups.
- E. Al Shirawi added: “Startups are a key source of innovation in Dubai as they bring cutting-edge solutions to the market. By aligning this year’s competition with Expo 2020 Dubai, we are creating more opportunities and benefits for participating startups and positioning Dubai as innovation leader.”
This year’s edition of the competition was launched on Sunday at a ceremony attended by Dubai Chamber officials, previous competition winners and contestants, members of the local startup community, and representatives from Expo 2020 Dubai and DP World.
Following the submission deadline, entries will be evaluated and shortlisted with the selected candidates then qualifying for the training phase of the competition. The top 50 startups will also get to participate in a four-day bootcamp, and the top 10 startups will have the opportunity to exhibit at Expo 2020 Dubai to meet with potential investors and business partners. Winners will be announced at an awards ceremony in April 2020.
Last year’s winners included Denarii Cash, a mobile application helping overseas workers to send money claimed the first place prize, Arabee, a high specification platform providing an online multi-format Arabic language programme, and Xpence, a digital-only intelligent business bank account designed by entrepreneurs for entrepreneurs.
Dubai Chamber launched Dubai Startup Hub in 2016 as an online platform to connect startups, entrepreneurs, developers, venture capitalists and students, enabling them to learn about new opportunities and create new partnerships that stimulate economic growth.
souece: entrepreneur
Leadership determined to scale new heights by boosting all sectors
UAE - Rapid economic diversification underpinned by a string of bold reforms and a series of government stimulus measures are set to drive UAE growth at a steady pace as its gross domestic product (GDP) remains on track to surpass the $500 billion mark over the next few years.
The latest projections by the International Monetary Fund (IMF) show that the UAE's non-oil sector, pivotal to this all-round growth, will surge from 1.3 per cent in 2018 to 1.6 per cent in 2019 and 3 per cent in 2020.
As a result, oil GDP growth is forecast to slow down from 2.8 per cent in 2018 to 1.5 per cent this year and 1.4 per cent next year when non-oil sectors such as tourism, aviation, retail, hospitality, real estate and construction will spur the expansion as the World Expo gives an added momentum to the pace of growth.
According to the Institute of Chartered Accountants in England and Wales (ICAEW), Expo 2020 Dubai and the government's Dh50 billion fiscal stimulus would be quite pivotal to the rebound that is expected to boost the country's non-oil GDP growth to about 2.8 per cent.
In its Economic Update: Middle East Q4 2019, produced in partnership with Oxford Economics, the ICAEW says Expo 2020, which is anticipated to attract 25 million visitors - 14 million from overseas - is forecast to contribute up to 1.5 per cent of the UAE's overall GDP in 2020.
According to economists, the expansion in non-oil activity is slowly beginning to translate into stronger job creation, although at a modest rate. Total employment in the private sector increased by one per cent year-on-year in the second quarter 2019, up from just 0.1 per cent year on year in first quarter.
Although the legacy of Expo 2020 is hard to estimate, the investment climate remains positive with infrastructure upgrades.
In 2019, the UAE has attracted $12.7 billion in foreign direct investment in the first half, an increase of 135 per cent year-on-year, while tourist arrivals rose 3 per cent in the same period to reach 8.4 million.
The IMF predicts that the UAE's oil output will continue to increase from 3.02 million barrels per day (bpd) last year to 3.10 million bpd in 2019 and 3.17 million bpd next year.
Jihad Azour, director for the Middle East and Central Asia Department at the IMF, said in the current context, the encouraging signs is that despite the volatility in crude prices, non-oil growth is growing steadily but it has not reached the level of first five years of this decade.
"We expect non-hydrocarbon real GDP growth to pick up to 1.7 per cent in 2019 and 2.2 per cent in 2020, supported by Abu Dhabi's three-year stimulus package and Dubai's spending linked to Expo 2020," said Garbis Iradian, chief economist for the Middle East and North Africa at the Institute of International Finance (IIF).
With a GDP of $414 billion in 2018, the UAE has been successfully diversifying away from oil, which accounted for more than 85 per cent of the economy in 2009.
The UAE Ministry of Economy has predicted that the share of the non-oil sector in the GDP to rise to 80 per cent by 2021, compared to 70 per cent in 2017.
A massive construction boom, an expanding manufacturing base and a thriving services sector are helping the UAE diversify its economy while tourism continues to be a key non-oil source of revenue with some of the world's most luxurious hotels being based in the UAE.
Nationwide, there is currently $350 billion worth of active construction projects underway.
The IMF has also predicted that a negative inflation in UAE this year at minus-1.1 per cent and 2.2 per cent for 2020.
While the Emirates' nominal GDP is expected to slip from $414.2 billion in 2018 to $405.8 billion this year, it will recover again next year to $414 billion in 2020 on the back of non-oil sector growth.
Another growth driver of the UAE economy is the aviation market that is poised to grow 170 per cent by 2037 while supporting 1.4 million jobs and contribute $128 billion to the nation's economy, according to the International Air Transport Association, or Iata, said on Tuesday.
In its latest study on the importance of air transport to the UAE, the International Air Transport Association said the domestic aviation industry at present supports nearly 800,000 jobs and contributes $47.4 billion to the economy, accounting for 13.3 per cent of the UAE's GDP.
However, given the ongoing prioritisation of aviation by the UAE government as a key strategic asset, the sector could generate an additional 620,000 jobs and an extra $80 billion in GDP for the nation's economy by 2037, the trade body of 290 airlines across the world said.
According to Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy and Industry, the UAE is reviewing a new strategy that seeks to raise the industrial sector's contribution to GDP and boost economic growth.
The goal is to build a diversified and sustainable knowledge-based economy in which the industrial sector plays a pivotal role led by qualified national cadres, according to Al Mazrouei.
The new national strategy aims to achieve sustainable development through several pillars, including supporting innovation, efforts to reduce carbon emissions, stress on small and medium enterprises, adoption of Fourth Industrial Revolution (4IR) technologies, sustainable manufacturing, developing advanced skills and establishing partnerships to integrate local businesses into global value chains in order to increase our export prospects, the minister said.
Already, the UAE's economy is moving towards greater diversification and a future-based on leadership in non-oil sectors. Currently, the contribution of the industrial sector to the UAE's GDP is around 9 per cent and is poised to grow further.
Industrial activity, which increased by 4.8 per cent during 2017 alone, is certainly one of the main engines of our economic development and plays a pivotal role in boosting the country's GDP.
The steady growth witnessed over the past five years demonstrates the success of the state in establishing a strong manufacturing base and its contribution to economic diversification.
According to figures revealed by the Federal Competitiveness and Statistics Authority, the manufacturing sector's contribution to the UAE's non-oil GDP grew 2.5 per cent to Dh122 billion in real prices in 2018 from Dh119.7 billion in 2017.
The fast diversifying and innovation-driven industrial sector, a key driver of economic growth, is expected to account for 20 per cent of the nation's gross domestic product by 2030.
The UAE's advancement in economic diversification has been demonstrated by a number of international indicators. The nation has advanced 13 places in eight years on the Unido's Industrial Competitiveness Index.
The UAE ranked 41st on the Index in 2018, compared to 54th in 2010. The UAE also ranked first regionally and fifth globally among the most competitive countries in the world in the IMD World Competitiveness ranking 2019 report. And the UAE is ranked third globally in the Economic Diversity Index in the same report.
The UAE Centennial 2071 project stresses the importance of building an economy equipped to compete with the world's best as the nation sustains efforts to establish itself as a global platform and open laboratory for the applications of 4IR, given that the Arab world's second-largest economy has made the adoption of innovative technologies central to its economic development through the UAE Strategy for the Fourth Industrial Revolution.
According to analysts, achieving this objective will involve raising the level of productivity in the national economy, supporting national companies to gain access to international markets, investing in research and development in important sectors, focusing on innovation and entrepreneurship, and improving the professional level of Emiratis and providing them with a new working culture.
The outlook for the industrial sector in the UAE is very bright indeed, especially considering the success of some of its national industrial companies in establishing themselves as major contributors to global value chains in a variety of advanced industrial sectors, such as aviation and defence, aluminium and other leading industries.
Over the next 10 years, UAE's specialised industrial zones are on track to play an important role in attracting local and international capital to invest in the industrial sector. The UAE also seeks to attract international companies to launch pioneering projects in this country and to develop strong partnerships with industrial companies at both the local and international level.
Adding to this, the UAE is giving strong emphasis to the SME sector, expect them to enter the advanced industrial sector and contribute to global value chains. The government also expects homegrown companies to eventually play a major role in driving innovation and employing new technologies within the national industrial sector.
The federal government has stressed that education will remain a priority and the nation's path to the future. The new year's federal budget has allocated a large proportion to funding federal schools and development projects. The UAE views Emiratisation as a true measure for success.
The Cabinet has approved a national fund to support and train Emirati jobseekers and made legal amendments to ensure Emiratis in the private sector receive a pension as they would in the public sector.
The Emiratisation plan includes issuing regulations and setting new targets to provide 20,000 job opportunities for Emiratis in strategic sectors over the next three years, with an average of 6,700 jobs annually.
Under the plan, a Dh300 million fund will be established to create specialised training programmes for Emiratis as well as a new system will be adopted to train 8,000 Emirati graduates annually in government, semi-government and private entities for 6-12 months.
A string of recent reforms and new liberal rules will see that the UAE sustain its growth momentum to become a $500 billion economy in the not too distant future. The government's move to allow up to 100 per cent foreign ownership of some companies operating in 13 sectors is one of such bold recent initiatives, according to analysts.
KPMG's 2019 Growth Promise Indicators (GPI) report said the UAE offers the best growth prospects among the Arab countries, even better than bigger economies such as China, India and South Korea. The country has jumped three places to 22nd position among 180 countries, thanks to infrastructure development, particularly in transport and human development.
source: zawya
