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Analysis

Insurance companies prepare for changes to global accounting standards
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Insurance companies worldwide have been preparing for the most significant change in global accounting standards in almost two decades. On January 1, 2023 the International Financial Reporting Standard (IFRS) 17 came into effect. Replacing the previous standard, IFRS 4, which was issued in 2004, IFRS 17 aims to standardise insurance accounting globally through a uniform approach in order to improve…

Analysis

Health tech innovation improves patient outcomes in emerging markets
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After a surge in uptake during the Covid-19 pandemic, the telehealth industry is courting new investment to further innovation and increase access to care in emerging markets. Digital health companies raised a record $57.2bn in global venture capital funding in 2021, a 79% jump from the $32bn raised in 2020, with 30% of the total directed towards telehealth. An estimated $140bn in private sector finance…

Analysis

Higher education driving innovation
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In terms of the filing of international patents, 2021 was a record-breaking year, with higher education playinga significant role in driving innovation and expanding intellectual property (IP). According to the UNWorld Intellectual Property Organisation (WIPO), 277,500 international patents were filed in 2021, a 0.9% increase from 2020 andrepresenting the 12th consecutive year of…

Analysis

How institutions of higher learning are embracing the metaverse
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In a bid to expand access and widen their reach, educational institutions are exploring the possibilities of the metaverse and associated extended-reality (XR) approaches. The metaverse comprises a range of technologies that immerse users in a virtual environment. It denotes a 3D medium that combines virtual reality (VR) and augmented reality (AR) into a new digital realm, sometimes known as XR. These…

Analysis

How the rollout of 5G in the GCC is creating efficiencies
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With connectivity widely recognised as a key driver of the post-Covid-19 economic recovery, the GCC countries are poised to expand their 5G networks and in turn increase the value of the region’s ICT industry. 5G in the GCC Kuwait’s 5G strategy is part of the wider digital ambitions laid out in New Kuwait 2035 of accelerating digital development to attract foreign investment, laying the foundations…

Analysis

Cloud solutions central to Kuwait's digital transformation
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Advanced technologies are being adopted across the business landscape, bringing innovation and disruption and driving growth. Cloud services have helped businesses transform their processes across a broad range of sectors in recent years. As such, cloud solutions have emerged to form a dynamic and growing industry. Cloud services have become central to corporate digital transformation processes in…

Analysis

How governments are responding to rising cyberthreats
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Russia’s invasion of Ukraine in February 2022 caused disruptions across the global economy, prompting an increase in the number and sophistication of cyberattacks. According to a poll of 800 chief audit executives conducted by the UK-based Chartered Institute of Internal Auditors, 77% of respondents thought the war in Ukraine had elevated cybersecurity and data-security risks. Senior cybersecurity…

Analysis

Accelerating public-private partnerships in Kuwait's health care system
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As GCC countries look to rationalise public spending and stimulate private enterprise, public-private partnership (PPP) opportunities are opening up across a range of industries. After the Gulf’s health care systems coped relatively well with the Covid-19 pandemic, attention has returned to finding the most efficient ways to provide coverage to the region’s growing population. In Kuwait, the Health…

Analysis

Digital technologies foster sustainable development in Kuwait
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Since the beginning of the Covid-19 pandemic, mobile networks have provided the reliable connectivity needed to sustain economic and social activities. As MENA countries gradually brought the pandemic under control, their governments have sought to drive economic recovery and foster sustainable development. Digital services and technologies have been instrumental in achieving this goal, spurring economic…

Analysis

How Kuwait is expanding downstream value in hydrocarbons industry
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Kuwait’s Clean Fuels Project (CFP) is among the most important endeavours associated with the country’s downstream energy segment, and it is expected to help boost Kuwait’s global position in oil refining. The project’s main objective was to expand and upgrade the Mina Al Ahmadi and Mina Abdullah refineries – owned and operated by the Kuwait National Petroleum Company (KNPC) – into an integrated…