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    Global Agrifood Systems Require $1.1 Trillion Annually to Achieve Sustainability Goals by 2030

    Global Agrifood Systems Require $1.1 Trillion Annually to Achieve Sustainability Goals by 2030

    FAO Report Highlights Severe Agricultural Land Degradation Across the Arab Region

    FAO Report Highlights Severe Agricultural Land Degradation Across the Arab Region

    Oman: Over 250 Model Farms Drive Fruit Production Growth in Dhahirah

    Oman: Over 250 Model Farms Drive Fruit Production Growth in Dhahirah

    Africa: From Food Importer to Global Powerhouse

    Africa: From Food Importer to Global Powerhouse

    Oman Eyes Boost in Grape Production Through Smart Farming and Model Farms

    Oman Eyes Boost in Grape Production Through Smart Farming and Model Farms

    Oman Launches Integrated Agriculture Hub in Dhofar’s Najd Region

    Oman Launches Integrated Agriculture Hub in Dhofar’s Najd Region

    Citrus and Potatoes Lead Egypt’s H1 Agricultural Exports, Reaching 5.2 Million Tonnes

    Citrus and Potatoes Lead Egypt’s H1 Agricultural Exports, Reaching 5.2 Million Tonnes

    Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

    Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

    GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

    GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

    Trending Tags

    • Business & Economy
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      • Business
      • Economy
      • Finance
      • Industry
      • Trade
      Oman Signs $520 Million Salt Mining Deal as Part of Mining Sector Expansion

      Oman Signs $520 Million Salt Mining Deal as Part of Mining Sector Expansion

      Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

      Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

      Oman Advances Vision 2040 with 95% of Strategic Programs Underway

      Oman Advances Vision 2040 with 95% of Strategic Programs Underway

      Saudi Arabia Launches Second Phase of Industrial Incentives to Attract High-Value Investment

      Saudi Arabia Launches Second Phase of Industrial Incentives to Attract High-Value Investment

      Qatar’s Economy to Grow 6.5% by 2027 on LNG Expansion – World Bank

      Qatar’s Economy to Grow 6.5% by 2027 on LNG Expansion – World Bank

      GCC Economic Growth Revised Upward to 4.4% in 2025 Despite Global Trade Tensions

      GCC Economic Growth Revised Upward to 4.4% in 2025 Despite Global Trade Tensions

      UAE Economy Poised to Grow 5.1% in 2025 — ICAEW

      UAE Economy Poised to Grow 5.1% in 2025 — ICAEW

      Iraq Plans Major Cement Industry Expansion with New Plants Producing 52 Million Tons Annually

      Iraq Plans Major Cement Industry Expansion with New Plants Producing 52 Million Tons Annually

      UAE’s GDP Reaches $483 Billion in 2024, Fueled by Non-Oil Expansion

      UAE’s GDP Reaches $483 Billion in 2024, Fueled by Non-Oil Expansion

      Trending Tags

      • Construction
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        Saudi Arabia’s Construction Market Set to Hit $96 Billion by 2030

        Saudi Arabia’s Construction Market Set to Hit $96 Billion by 2030

        New Aerial Images Showcase the Monumental Scale of Baghdad’s $1 Billion+ Landmark Project

        New Aerial Images Showcase the Monumental Scale of Baghdad’s $1 Billion+ Landmark Project

        Iraq Pushes Ahead with Full Infrastructure Rollout for New Al-Sadr City

        Iraq Pushes Ahead with Full Infrastructure Rollout for New Al-Sadr City

        Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

        Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

        Global Modular Construction Market to Hit USD 157.9 Billion by 2032

        Global Modular Construction Market to Hit USD 157.9 Billion by 2032

        GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

        GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

        GCC Cement Market Forecasted to Reach 142.8 Million Tons by 2033, Growing at a 4.7% CAGR

        GCC Cement Market Forecasted to Reach 142.8 Million Tons by 2033, Growing at a 4.7% CAGR

        Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

        Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

        Ashghal to Launch 10 New Drainage Projects in Q4 2025

        Ashghal to Launch 10 New Drainage Projects in Q4 2025

        Trending Tags

        • Energy
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          Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

          Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

          Oman Seeks Bids for Two Major Substation Projects

          Oman Seeks Bids for Two Major Substation Projects

          Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

          Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

          Qatar 2025: From Energy Powerhouse to Innovation Leader

          Qatar 2025: From Energy Powerhouse to Innovation Leader

          Iraq Aims for 12 GW of Renewable Energy by 2030

          Iraq Aims for 12 GW of Renewable Energy by 2030

          Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

          Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

          Iraq and Power China International Sign Deal to Strengthen National Power Grid

          Iraq and Power China International Sign Deal to Strengthen National Power Grid

          Qatar Adds 875 MW in Solar Power, Boosts Renewable Energy Push

          Qatar Adds 875 MW in Solar Power, Boosts Renewable Energy Push

          Oman Breaks Ground on $1.6 Billion Marsa LNG Project in Suhar

          Oman Breaks Ground on $1.6 Billion Marsa LNG Project in Suhar

          Trending Tags

          • Healthcare
            Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

            Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

            Qatar’s Health Spending Set to Climb 14% by 2029

            Qatar’s Health Spending Set to Climb 14% by 2029

            Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

            Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

            Qatar and the UK Explore Deeper Cooperation in Healthcare

            Qatar and the UK Explore Deeper Cooperation in Healthcare

            The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

            The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

            Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

            Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

            Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

            Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

            Hamad Medical Corporation Receives Global Recognition with JCI Accreditation

            Hamad Medical Corporation Receives Global Recognition with JCI Accreditation

            Daewoong Pharmaceutical Debuts Nabotah Botulinum Toxin in Qatar

            Daewoong Pharmaceutical Debuts Nabotah Botulinum Toxin in Qatar

            Trending Tags

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              Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

              Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

              Oman Secures $6.7 Billion in Tourism Investments Toward $7.8 Billion Goal by 2025

              Oman Secures $6.7 Billion in Tourism Investments Toward $7.8 Billion Goal by 2025

              Oman Unveils 3-Kilometer Tourist Walkway in Nakhal: A Transformative Step for Local Tourism

              Oman Unveils 3-Kilometer Tourist Walkway in Nakhal: A Transformative Step for Local Tourism

              Middle East’s Schengen Style GCC Tourist Visa Approved, to be Rolled Out ‘Soon’

              Middle East’s Schengen Style GCC Tourist Visa Approved, to be Rolled Out ‘Soon’

              Oman’s Hotel Sector Sees Strong Growth in Revenues and International Guests

              Oman’s Hotel Sector Sees Strong Growth in Revenues and International Guests

              Middle East Tourism Spending Set to Reach $350 Billion by 2030, Driven by Luxury, Sports, and Business Travel Boom

              Middle East Tourism Spending Set to Reach $350 Billion by 2030, Driven by Luxury, Sports, and Business Travel Boom

              Qatar’s Evolving Culinary Landscape Gains Global Attention as a Tourism Driver

              Qatar’s Evolving Culinary Landscape Gains Global Attention as a Tourism Driver

              Qatar’s Tourism Sector Adds $14.9 Billion to GDP in 2024, Marks 14% Growth

              Qatar’s Tourism Sector Adds $14.9 Billion to GDP in 2024, Marks 14% Growth

              Qatar Launches AI-Driven Health Tourism Strategy to Position Doha as a Global Medical Travel Destination

              Qatar Launches AI-Driven Health Tourism Strategy to Position Doha as a Global Medical Travel Destination

              Trending Tags

              • Manufacturing
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                Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

                Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

                Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

                Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

                Qatar Strengthens Circular Economy with Expansion of Recycling Facilities

                Qatar Strengthens Circular Economy with Expansion of Recycling Facilities

                Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

                Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

                Packaging Becomes Lifeline for Struggling Print Industry

                Packaging Becomes Lifeline for Struggling Print Industry

                MENA’s Coated Printing and Writing Paper Market Forecast to Grow 1.6% Annually Through 2035

                MENA’s Coated Printing and Writing Paper Market Forecast to Grow 1.6% Annually Through 2035

                Oman Recycles 2.4 Million Tonnes of Construction Waste in 2024

                Oman Recycles 2.4 Million Tonnes of Construction Waste in 2024

                Printed Packaging Labels & Release Liners Set for Strong Global Growth

                Printed Packaging Labels & Release Liners Set for Strong Global Growth

                How 3D printing is changing packaging

                How 3D printing is changing packaging

                Trending Tags

                • Technology
                  • All
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                  GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

                  GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

                  Empowering Oman’s Future: Turning AI Vision into Practical Impact

                  Empowering Oman’s Future: Turning AI Vision into Practical Impact

                  Qatar’s Thriving Tech Sector Boosts GDP and Attracts Global Talent

                  Qatar’s Thriving Tech Sector Boosts GDP and Attracts Global Talent

                  Cisco VP: GCC Must Bridge AI Readiness Gap with Investment in Infrastructure, Skills, and Security

                  Cisco VP: GCC Must Bridge AI Readiness Gap with Investment in Infrastructure, Skills, and Security

                  How AI Is Shaping the Workforce of Tomorrow

                  How AI Is Shaping the Workforce of Tomorrow

                  How AI and Digital Labour Are Reshaping the Future of Work in the Middle East

                  How AI and Digital Labour Are Reshaping the Future of Work in the Middle East

                  Why the Middle East’s AI Strategy Needs More Than Just Large Language Models

                  Why the Middle East’s AI Strategy Needs More Than Just Large Language Models

                  Middle East Businesses Ramp Up AI Investments as 91% Expect Productivity Gains

                  Middle East Businesses Ramp Up AI Investments as 91% Expect Productivity Gains

                  Driving Middle East Growth: Accelerating AI and Cloud Adoption for Smarter Governance

                  Driving Middle East Growth: Accelerating AI and Cloud Adoption for Smarter Governance

                  Trending Tags

                  • Transport & Logistics
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                    Iraq Launches New US$930 Million Railway Project to Strengthen Connectivity and Drive Economic Growth

                    Iraq Launches New US$930 Million Railway Project to Strengthen Connectivity and Drive Economic Growth

                    Iraq Pushes Ahead with Full Infrastructure Rollout for New Al-Sadr City

                    Iraq Pushes Ahead with Full Infrastructure Rollout for New Al-Sadr City

                    GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

                    GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

                    Saudi Arabia Unveils $7 Billion Cross-Kingdom Rail Corridor

                    Saudi Arabia Unveils $7 Billion Cross-Kingdom Rail Corridor

                    Riyadh Unveils Final Master Plan for Expo 2030

                    Riyadh Unveils Final Master Plan for Expo 2030

                    Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

                    Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

                    Saudi Arabia Unveils New Unified Road Code to Transform National Transport

                    Saudi Arabia Unveils New Unified Road Code to Transform National Transport

                    Oman: A Strategic Logistics Hub with World-Class Infrastructure

                    Oman: A Strategic Logistics Hub with World-Class Infrastructure

                    Building resilience in Africa’s agrifood supply chains

                    Building resilience in Africa’s agrifood supply chains

                    Trending Tags

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                      Global Agrifood Systems Require $1.1 Trillion Annually to Achieve Sustainability Goals by 2030

                      Global Agrifood Systems Require $1.1 Trillion Annually to Achieve Sustainability Goals by 2030

                      FAO Report Highlights Severe Agricultural Land Degradation Across the Arab Region

                      FAO Report Highlights Severe Agricultural Land Degradation Across the Arab Region

                      Oman: Over 250 Model Farms Drive Fruit Production Growth in Dhahirah

                      Oman: Over 250 Model Farms Drive Fruit Production Growth in Dhahirah

                      Africa: From Food Importer to Global Powerhouse

                      Africa: From Food Importer to Global Powerhouse

                      Oman Eyes Boost in Grape Production Through Smart Farming and Model Farms

                      Oman Eyes Boost in Grape Production Through Smart Farming and Model Farms

                      Oman Launches Integrated Agriculture Hub in Dhofar’s Najd Region

                      Oman Launches Integrated Agriculture Hub in Dhofar’s Najd Region

                      Citrus and Potatoes Lead Egypt’s H1 Agricultural Exports, Reaching 5.2 Million Tonnes

                      Citrus and Potatoes Lead Egypt’s H1 Agricultural Exports, Reaching 5.2 Million Tonnes

                      Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

                      Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

                      GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

                      GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

                      Trending Tags

                      • Business & Economy
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                        • Business
                        • Economy
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                        Oman Signs $520 Million Salt Mining Deal as Part of Mining Sector Expansion

                        Oman Signs $520 Million Salt Mining Deal as Part of Mining Sector Expansion

                        Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

                        Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

                        Oman Advances Vision 2040 with 95% of Strategic Programs Underway

                        Oman Advances Vision 2040 with 95% of Strategic Programs Underway

                        Saudi Arabia Launches Second Phase of Industrial Incentives to Attract High-Value Investment

                        Saudi Arabia Launches Second Phase of Industrial Incentives to Attract High-Value Investment

                        Qatar’s Economy to Grow 6.5% by 2027 on LNG Expansion – World Bank

                        Qatar’s Economy to Grow 6.5% by 2027 on LNG Expansion – World Bank

                        GCC Economic Growth Revised Upward to 4.4% in 2025 Despite Global Trade Tensions

                        GCC Economic Growth Revised Upward to 4.4% in 2025 Despite Global Trade Tensions

                        UAE Economy Poised to Grow 5.1% in 2025 — ICAEW

                        UAE Economy Poised to Grow 5.1% in 2025 — ICAEW

                        Iraq Plans Major Cement Industry Expansion with New Plants Producing 52 Million Tons Annually

                        Iraq Plans Major Cement Industry Expansion with New Plants Producing 52 Million Tons Annually

                        UAE’s GDP Reaches $483 Billion in 2024, Fueled by Non-Oil Expansion

                        UAE’s GDP Reaches $483 Billion in 2024, Fueled by Non-Oil Expansion

                        Trending Tags

                        • Construction
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                          Saudi Arabia’s Construction Market Set to Hit $96 Billion by 2030

                          Saudi Arabia’s Construction Market Set to Hit $96 Billion by 2030

                          New Aerial Images Showcase the Monumental Scale of Baghdad’s $1 Billion+ Landmark Project

                          New Aerial Images Showcase the Monumental Scale of Baghdad’s $1 Billion+ Landmark Project

                          Iraq Pushes Ahead with Full Infrastructure Rollout for New Al-Sadr City

                          Iraq Pushes Ahead with Full Infrastructure Rollout for New Al-Sadr City

                          Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

                          Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

                          Global Modular Construction Market to Hit USD 157.9 Billion by 2032

                          Global Modular Construction Market to Hit USD 157.9 Billion by 2032

                          GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

                          GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

                          GCC Cement Market Forecasted to Reach 142.8 Million Tons by 2033, Growing at a 4.7% CAGR

                          GCC Cement Market Forecasted to Reach 142.8 Million Tons by 2033, Growing at a 4.7% CAGR

                          Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

                          Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

                          Ashghal to Launch 10 New Drainage Projects in Q4 2025

                          Ashghal to Launch 10 New Drainage Projects in Q4 2025

                          Trending Tags

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                            Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

                            Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

                            Oman Seeks Bids for Two Major Substation Projects

                            Oman Seeks Bids for Two Major Substation Projects

                            Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

                            Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

                            Qatar 2025: From Energy Powerhouse to Innovation Leader

                            Qatar 2025: From Energy Powerhouse to Innovation Leader

                            Iraq Aims for 12 GW of Renewable Energy by 2030

                            Iraq Aims for 12 GW of Renewable Energy by 2030

                            Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

                            Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

                            Iraq and Power China International Sign Deal to Strengthen National Power Grid

                            Iraq and Power China International Sign Deal to Strengthen National Power Grid

                            Qatar Adds 875 MW in Solar Power, Boosts Renewable Energy Push

                            Qatar Adds 875 MW in Solar Power, Boosts Renewable Energy Push

                            Oman Breaks Ground on $1.6 Billion Marsa LNG Project in Suhar

                            Oman Breaks Ground on $1.6 Billion Marsa LNG Project in Suhar

                            Trending Tags

                            • Healthcare
                              Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

                              Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

                              Qatar’s Health Spending Set to Climb 14% by 2029

                              Qatar’s Health Spending Set to Climb 14% by 2029

                              Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

                              Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

                              Qatar and the UK Explore Deeper Cooperation in Healthcare

                              Qatar and the UK Explore Deeper Cooperation in Healthcare

                              The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

                              The View Hospital Becomes Qatar’s First Private Facility with a Dedicated Dialysis Unit

                              Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

                              Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

                              Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

                              Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

                              Hamad Medical Corporation Receives Global Recognition with JCI Accreditation

                              Hamad Medical Corporation Receives Global Recognition with JCI Accreditation

                              Daewoong Pharmaceutical Debuts Nabotah Botulinum Toxin in Qatar

                              Daewoong Pharmaceutical Debuts Nabotah Botulinum Toxin in Qatar

                              Trending Tags

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                                Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

                                Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

                                Oman Secures $6.7 Billion in Tourism Investments Toward $7.8 Billion Goal by 2025

                                Oman Secures $6.7 Billion in Tourism Investments Toward $7.8 Billion Goal by 2025

                                Oman Unveils 3-Kilometer Tourist Walkway in Nakhal: A Transformative Step for Local Tourism

                                Oman Unveils 3-Kilometer Tourist Walkway in Nakhal: A Transformative Step for Local Tourism

                                Middle East’s Schengen Style GCC Tourist Visa Approved, to be Rolled Out ‘Soon’

                                Middle East’s Schengen Style GCC Tourist Visa Approved, to be Rolled Out ‘Soon’

                                Oman’s Hotel Sector Sees Strong Growth in Revenues and International Guests

                                Oman’s Hotel Sector Sees Strong Growth in Revenues and International Guests

                                Middle East Tourism Spending Set to Reach $350 Billion by 2030, Driven by Luxury, Sports, and Business Travel Boom

                                Middle East Tourism Spending Set to Reach $350 Billion by 2030, Driven by Luxury, Sports, and Business Travel Boom

                                Qatar’s Evolving Culinary Landscape Gains Global Attention as a Tourism Driver

                                Qatar’s Evolving Culinary Landscape Gains Global Attention as a Tourism Driver

                                Qatar’s Tourism Sector Adds $14.9 Billion to GDP in 2024, Marks 14% Growth

                                Qatar’s Tourism Sector Adds $14.9 Billion to GDP in 2024, Marks 14% Growth

                                Qatar Launches AI-Driven Health Tourism Strategy to Position Doha as a Global Medical Travel Destination

                                Qatar Launches AI-Driven Health Tourism Strategy to Position Doha as a Global Medical Travel Destination

                                Trending Tags

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                                  Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

                                  Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

                                  Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

                                  Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

                                  Qatar Strengthens Circular Economy with Expansion of Recycling Facilities

                                  Qatar Strengthens Circular Economy with Expansion of Recycling Facilities

                                  Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

                                  Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

                                  Packaging Becomes Lifeline for Struggling Print Industry

                                  Packaging Becomes Lifeline for Struggling Print Industry

                                  MENA’s Coated Printing and Writing Paper Market Forecast to Grow 1.6% Annually Through 2035

                                  MENA’s Coated Printing and Writing Paper Market Forecast to Grow 1.6% Annually Through 2035

                                  Oman Recycles 2.4 Million Tonnes of Construction Waste in 2024

                                  Oman Recycles 2.4 Million Tonnes of Construction Waste in 2024

                                  Printed Packaging Labels & Release Liners Set for Strong Global Growth

                                  Printed Packaging Labels & Release Liners Set for Strong Global Growth

                                  How 3D printing is changing packaging

                                  How 3D printing is changing packaging

                                  Trending Tags

                                  • Technology
                                    • All
                                    • Business Tech
                                    • IT & Telecom
                                    GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

                                    GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

                                    Empowering Oman’s Future: Turning AI Vision into Practical Impact

                                    Empowering Oman’s Future: Turning AI Vision into Practical Impact

                                    Qatar’s Thriving Tech Sector Boosts GDP and Attracts Global Talent

                                    Qatar’s Thriving Tech Sector Boosts GDP and Attracts Global Talent

                                    Cisco VP: GCC Must Bridge AI Readiness Gap with Investment in Infrastructure, Skills, and Security

                                    Cisco VP: GCC Must Bridge AI Readiness Gap with Investment in Infrastructure, Skills, and Security

                                    How AI Is Shaping the Workforce of Tomorrow

                                    How AI Is Shaping the Workforce of Tomorrow

                                    How AI and Digital Labour Are Reshaping the Future of Work in the Middle East

                                    How AI and Digital Labour Are Reshaping the Future of Work in the Middle East

                                    Why the Middle East’s AI Strategy Needs More Than Just Large Language Models

                                    Why the Middle East’s AI Strategy Needs More Than Just Large Language Models

                                    Middle East Businesses Ramp Up AI Investments as 91% Expect Productivity Gains

                                    Middle East Businesses Ramp Up AI Investments as 91% Expect Productivity Gains

                                    Driving Middle East Growth: Accelerating AI and Cloud Adoption for Smarter Governance

                                    Driving Middle East Growth: Accelerating AI and Cloud Adoption for Smarter Governance

                                    Trending Tags

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                                      Iraq Launches New US$930 Million Railway Project to Strengthen Connectivity and Drive Economic Growth

                                      Iraq Launches New US$930 Million Railway Project to Strengthen Connectivity and Drive Economic Growth

                                      Iraq Pushes Ahead with Full Infrastructure Rollout for New Al-Sadr City

                                      Iraq Pushes Ahead with Full Infrastructure Rollout for New Al-Sadr City

                                      GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

                                      GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

                                      Saudi Arabia Unveils $7 Billion Cross-Kingdom Rail Corridor

                                      Saudi Arabia Unveils $7 Billion Cross-Kingdom Rail Corridor

                                      Riyadh Unveils Final Master Plan for Expo 2030

                                      Riyadh Unveils Final Master Plan for Expo 2030

                                      Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

                                      Qatar’s Infrastructure Sector Set for Robust Growth and Investment Opportunities

                                      Saudi Arabia Unveils New Unified Road Code to Transform National Transport

                                      Saudi Arabia Unveils New Unified Road Code to Transform National Transport

                                      Oman: A Strategic Logistics Hub with World-Class Infrastructure

                                      Oman: A Strategic Logistics Hub with World-Class Infrastructure

                                      Building resilience in Africa’s agrifood supply chains

                                      Building resilience in Africa’s agrifood supply chains

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                                      Home Business & Economy Finance

                                      Abu Dhabi’s banks eye new pastures

                                      Oxford Business Group

                                      January 15, 2015
                                      in Finance
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                                      The banking sector performed strongly in 2014, led by Abu Dhabi’s raft of big-ticket projects, which have proved to be a key driver of growth for larger lenders. However, signs that the market is becoming increasingly crowded, particularly in the retail segment, are prompting several players to look beyond the UAE’s borders for new business.

                                      After a solid performance in 2013, the group of banks often referred to collectively as Abu Dhabi’s ‘big five’ began 2014 in similar vein, with each lender posting a net profit in the first six months of the year. Data shows that the combined assets of the five banks – National Bank of Abu Dhabi (NBAD), Abu Dhabi Islamic Bank (ADIB), First Gulf Bank (FGB), Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) – totaled AED942.4bn ($256.5bn) at the end of the first half, up from AED893bn ($243.1bn) at the end of 2013.

                                      NBAD recorded the largest profit in absolute terms, up 7.7% year-on-year to AED2.83bn ($770m), while the highest percentage gain for the period was posted by ADIB, with a 34.4% jump in net profits to AED855m ($232.7m).

                                      Ratings agency Moody’s estimates that growth at NBAD − among the top 5% of banks rated by Moody’s globally − will be strong for the year as it nears double digits, driven by high public spending that is stimulating growth in the non-oil economy. The government of Abu Dhabi, for which NBAD is the primary banker, has budgeted projects of around $90bn for 2013-17, which will create business opportunities for the bank, the ratings agency noted.

                                      However, dropping oil prices may add pressure to the outlook for GCC economies and their banks. A recent report by the IMF noted that banks in the region might struggle to diversify their credit portfolios due to the structure of the economies and with the non-oil sectors significantly linked to oil.

                                      Outward bound
                                      NBAD’s CEO Alex Thursby used the UAE Global Investment Forum in November as a platform to outline the bank’s plans to seek growth within a “West-East corridor” spanning Western Africa, the MENA region and the Far East.

                                      Thursby told OBG that markets located throughout the corridor, which include both established cities and expanding hubs, were of huge importance. “This region represents vast potential with unlimited resources, growing economic activities, and an emerging middle class,” he said, as the bank looks to establish five international bank franchises within the most rapidly-growing countries. “Trade and foreign direct investment flows across the corridor are growing, in some cases more than 10%,” he told OBG.

                                      NBAD expects trade and investment levels across the corridor to grow in double figures in most areas. According to the bank’s data, intra-Asian FDI reached $213bn in 2011 and is expected to triple to $614bn by 2020. Markets where FDI has run at lower levels to date, show an even greater potential for expansion. Intra-African FDI is expected to reach $15bn by 2020, up from $2bn in 2011and signaling a CAGR of around 25%.

                                       

                                      Extending the reach
                                      Several of Abu Dhabi’s other lenders are eyeing opportunities further afield, including FGB, which made a significant advance into the Asia Pacific Market this year when it opened a representative office in South Korea and added a Global Wealth Management unit to its Singapore branch. The bank has also announced plans to open an office in China.

                                      UNB has a presence in the sizeable Egyptian market as a result of its acquisition of Alexandria Commercial and Maritime Bank, now called the Union National Bank of Egypt. Egypt is also the location for ADIB’s foreign expansion drive, following its acquisition of a 49% stake in the National Bank of Development. It has since opened branches in Iraq, Sudan and Qatar.

                                      International expansion comes as the domestic market is becoming increasingly crowded, particularly at the retail end. In the UAE, 23 local banks and 28 foreign institutions, which hold commercial banking licenses from the Central Bank, representing a banking density of 11.9 branches per thousand of the population, according to the World Bank, compared to Egypt’s 4.7 per thousand and Saudi Arabia’s 8.6.

                                      For now, a number of industry giants with strong capital ratios are capable of financing large-scale projects as individual institutions or as part of consortia, and the rapid growth of the nation has provided sufficient business for them to expand their balance sheets. However, all players are looking to harness the country’s strategic location as they gear up to tap into some of the world’s fastest growing economies and trade routes.
                                      Oxford Business Group
                                      15 January

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