Covid-19

Saudi Arabia eases regulation to support SMEs and Entrepreneurs

Saudi Arabia will exempt small and medium enterprises (SMEs) from commerce fees register for three years as the country plans to boost the number of start-ups in the economy. Fees will start in the fourth and fifth year, but at a reduced rate of SAR 500 (USD 133) for entrepreneurs and SAR 200 for entrepreneurs with a capital of less than SAR 375,000 and whose employees do not exceed five in number. This initiative was taken to support and reduce...

Following a year of distress, Saudi Arabia economy back on growth path

Saudi Arabia economic growth as evidenced by its real GDP grew by 1.5% in Q2 2021 as compared with the same period last year, registering its first quarterly economic expansion since the start of COVID-19 pandemic early last year. Economic growth in Saudi Arabia was led by 10% increase in the non-oil sector (Q2, 2021 yoy basis), according to data from the General Authority for Statistics. While the government sector saw 0.7% growth, the oil sector recorded a decline of...

COVID-19 accelerates Saudi Arabia’s push towards cashless society

Event Youth between the ages 16 and 22 in Saudi Arabia are using less cash compared to other age groups, indicating that the country’s transition towards a cashless society is on track. Analysis Saudi Arabia set a goal of gradually transforming into a cashless society by increasing the number of non-cash transactions to 70% by 2025 as part of its Saudi Vision 2030. Saudi Arabia has been taking huge strides in this regard during recent years, supported by the Government...

Economic recovery post COVID-19: How they stack up for GCC economies?

GCC economies were hit hard by the pandemic last year with the cumulative GDP of the region falling by 5% in 2020 over that of 2019. However, the IMF estimates all the GCC economies to show positive growth in 2021 with Saudi Arabia expected to grow 2.9%, UAE by 3.1%, Qatar by 2.4%, Kuwait by 0.7%, Oman GDP Growth in % from 2020-2022 Source: IMF 2021 MECA Regional Outlook Macro indicators have improved in the GCC The improved projections are...

Why business and market intelligence important for GCC corporates?

Interview with Mr. M.R.Raghu, CEO, Marmore MENA Intelligence Do GCC companies actively seek market intelligence? Private organizations in the GCC often find themselves in a situation where they need to make decisions of considerable importance with substantial consequences under uncertainty. In such scenarios, they seek out more information to enhance their understanding and take calculated risks. The foremost procurers and users of market intelligence, the private sector, obtains research for a wide variety of reasons, ranging from strategic, economic, industry,...

‘COVID-19’ a catalyst for EdTech industry in GCC region

The EdTech industry is transforming traditional learning methods by blending digital capabilities and the widespread penetration of digital devices within the general population. EdTech platforms have mushroomed to encompass adaptive learning, animated content, gamification, etc (Khaleej Times). The global EdTech market size was valued at USD 89.49 billion in 2020 and is expected to reach USD 106.04 billion in 2021. Which is expected to witness a compound annual growth rate (CAGR) of 19.9% from 2021 to 2028 to reach USD...

GCC retail sector in the post-covid world: Bound for a “K” shaped recovery

The pandemic has changed the lives of billions of global citizens. Businesses have been forced to adopt new ways of functioning. The post pandemic world is expected to be never like before and experts have christened it as the “new-normal”. The GCC retail sector is no exemption to this. Being one of the region’s important sector for the economy, the retail sector has witnessed one of its worst performance in 2020. GCC retail sector, unlike in other regions, is not...

Importance of Fintech amid COVID-19

Interview with Mr. M.R.Raghu, CEO, Marmore MENA Intelligence Has the role of Fintech become more critical, given the pandemic? With the subsequent waves of the COVID-19 in place, it might take longer than expected for the situation to get back to absolute normalcy. This puts a spotlight on the increasing need for digitisation with Fintech. COVID-19 has certainly fast tracked Fintech adoption, which is very much evident from the data points. According to Mastercard, in MEA region contactless payments has...

UAE’s 100% foreign ownership will boost investor confidence, cut cost of operations

The UAE’s announcement of 100 per cent foreign ownership across the board effective June 1, is touted as game changing and a master stroke. This was the biggest demand from various business councils for decades. The current system requires 51 per cent local sponsorship along with majority representation in the board with the Chair being Emirati. In a country where more than 80 per cent of the population are expats and where the economy is fairly better diversified than their...

Oil Price Move yet to lift Saudi Aramco’s Share Price

Saudi Aramco the blue chip of Saudi Arabia and the world’s largest oil company took a drop in its stride last year post Covid-19 as oil demand slumped and OPEC+ which is led by Saudi Arabia agreed to sharp cut in oil exports by 9.7mmbpd effective May 2020 from an October 2018 baseline (with Saudi output cut from 12.3 mmbpd in March 2020 to 8.5 mmbpd) to shore up and stabilize the oil prices in the international market. In line...