Wednesday 1 February 2023

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SECTOR STAYS STRONG
GCC banks' lending growth likely to decline: S&P

Tighter local monetary policy conditions and lower economic growth will lead to a decline in lending growth for Gulf Cooperation Council (GCC) banks, S&P Global Ratings has said in a report.

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1

DUBAI TARGETS 300 STARTUPS
UAE’s digital economy to hit $140bn by 2031

The UAE's national digital economy will grow to over $140 billion in 2031, up from today’s nearly $38 billion, according to a report by Dubai Chamber of Digital Economy.

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2

ECONOMY GROWING AT FAST PACE
Saudi 2022 real GDP up 8.7pc on robust non-oil activities

Saudi Arabia’s real gross domestic product (GDP) for 2022 grew by 8.7% compared to the previous year, driven by a jump in non-oil sector activities, which grew at the fastest pace in more than a year, according to the General Authority for Statistics.

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3

ANALYSIS
Mideast CEOs confident of economic growth in 2023: PwC

CEOs in the Middle East are confident in regional growth and are transforming their businesses embracing new technologies, investing, driving cost efficiencies, moving on deal activity and mitigating the risk of climate change, a report said.

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4

FOCUS
Revving up the EV market in the Middle East

Although the electric vehicle (EV) market in the Middle East region is still in its infancy, it is showing promising signs of growth.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Saudi group launches operations to boost AlUla development

AlUla Development, a unit of Saudi wealth fund PIF, is set to launch its operations to support the development of AlUla. From inception to completion, the company will help deliver a range of hospitality, residential, retail and infrastructure projects.

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Energy, Oil & Gas

Aramco signs $7.2bn deals to boost digital transformation

Saudi oil giant Aramco signed over 100 agreements and MoUs worth around $7.2 billion to help advance a diverse, sustainable and globally competitive industrial ecosystem at the ongoing In-Kingdom Total Value Add (iktva) Forum and Exhibition in Dammam.

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Finance & Capital Market

Mashreq profit surges to $1bn; deposits up 12%

Mashreq, one of the leading financial institutions in MENA, today reported a strong net profit of AED3.7 billion ($1 billion) for FY 2022, a growth of 267% compared to AED1 billion in 2021.

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Analysis, Interviews, Opinions

Revving up the EV market in the Middle East

Although the electric vehicle (EV) market in the Middle East region is still in its infancy, it is showing promising signs of growth.

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Industry, Logistics & Shipping

Marubeni, Ajlan, UDEI to set up district cooling JV in KSA

Japan's Marubeni Corporation has partnered with two key regional players in the utility sector - Ajlan & Bros of Saudi Arabia and Qatar's United District Energy International (UDEI) - to set up a new venture in KSA to provide district cooling services.

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Travel, Tourism & Hospitality

Saudi Arabia launches 96-hour free stopover visa

Saudi Arabia's Ministry of Foreign Affairs (MOFA) has announced the launch of a new Stopover Visa, open to a wider number of countries than the historic tourism eVisa and is the kingdom's latest move to make the destination more accessible.

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IT & Telecommunications

BNET signs deal with Mazad to manage electronic auctions

Bahrain Network (BNET) has signed a deal with Mazad, a portfolio firm of Bahrain Mumtalakat Holding Company, to organise and manage electronic auctions in collaboration with BNET, with the aim of selling BNET’s electronic devices.

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Lifestyle

Nissan launches all-new 2023 Nissan X-Trail in Jordan

Nissan has launched the All-New 2023 Nissan X-Trail in Jordan, developed as a Premium Urban Crossover offering customers class-leading versatility, elevated exterior and interior designs, advanced safety, and improved capability.

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Motoring

Alyemni Motors unveils Forthing’s new T5 Evo model

Alyemni Motors Company, the authorized dealership for Forthing cars in Saudi Arabia, has revealed the all new T5 Evo 2023, set to be the next competitor in the “crossover” small utility vehicles (SUV) market in the country.

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Health & Environment

Healthcare spending in GCC to hit $99.6bn in 2023: DHCA

Healthcare spending in the GCC will grow at a CAGR of 4.9% to $99.6 billion in 2023 from $86.2 billion in 2020, with the UAE and Saudi Arabia commanding approximately 80% share of the total spending, said a whitepaper.

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Media & Promotion

Opera maestro Andrea Bocelli returns to AlUla

Some of the most popular names on the regional and international music scene -- Italian opera tenor Andrea Bocelli, Lebanese pianist Guy Manoukian and Spanish violinist Ara Malikian -- will performance at AlUla this weekend.

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Education, HR & Training

World’s first university for AI graduates first cohort of students

The world’s first graduate research university in artificial intelligence (AI), the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), has graduated its first cohort of students.

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Miscellaneous

KBR unveils Next-Gen asset management framework

KBR, a leading US company operating in the fields of science, technology and engineering, has launched its Next-Gen asset management framework - Asset Ikigai - at the group's customer sites across Europe, Africa, and the Middle East.

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