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Analysis

GCC looks to space-related scientific and commercial opportunities
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In the push to embrace emerging technologies and leverage their potential commercial opportunities, Gulf countries have been launching new initiatives to bolster their growing domestic space industries. In June 2023 Saudi Arabia’s Council of Ministers approved the transformation of the Saudi Space Commission into a full government agency with the new heading of the Saudi Space Agency (SSA), underscoring…

Analysis

How Saudi Arabia is working to boost industrial production
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Launched in October 2022, the National Industry Strategy (NIS) aims to promote non-oil exports and attract investment, using advanced technologies along with value-added manufacturing to drive sustainable growth and development. These are expected to supplement the traditional drivers of the Saudi industrial landscape, such as oil, basic manufacturing and petrochemicals. The NIS targets 12 industrial…

Analysis

Why desalination could be solution to water shortages
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Desalination is considered an expensive and energy-intensive process. However, mega-projects are seeking to tap renewable resources to limit the cost and environmental concerns associated with this crucial process. In June 2022 ENOWA, the energy, water and hydrogen subsidiary of Saudi Arabia’s NEOM mega-project, signed a memorandum of understanding with French energy company Veolia and Japanese trading…

Analysis

Saudi Arabia develops green hydrogen capacity at NEOM
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With more than 1000 projects – nearly 800 of which are set to be commissioned by 2030 – requiring $320bn in investment having been announced globally, the hydrogen market’s growth is aligned with ongoing decarbonisation endeavours. Saudi Arabia, where oil revenue contributed an average of 75% of total budget revenue between 2010 and 2022, is at the forefront of this process. Guided by Vision…

Analysis

How emerging markets are navigating the rising cost of solar energy
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With high energy prices and supply chain disruptions creating shortages of key renewable energy components and materials, emerging markets are reassessing how to build out utility-scale solar power to accelerate their energy transitions. After more than a decade of decline, the cost of solar photovoltaic (PV) panels has risen around the world, due primarily to the increasing cost of solar-grade polysilicon…

Analysis

How the global insurance sector aims to mitigate environmental risk
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With the launch of a new joint initiative to support the countries that are most vulnerable to climate change, the global insurance industry is evolving in ways that could carry important implications for business in emerging markets. One such initiative, the Global Shield against Climate Risks (GSCR) was announced by the ministers of finance of the so-called Vulnerable Twenty Group (V20) and the…

Analysis

Why the GCC is primed for an expansion in initial public offerings
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The GCC saw a rise in initial public offerings (IPOs) in 2022 despite volatility in secondary markets, surpassing the previous year’s record high. The total number of IPOs in the region increased from 20 in 2021 to 48 in 2022, marking a 140% rise, and proceeds from GCC issuers increased by 211% from $7.5bn to almost $23bn over the same period. The growing number of successful IPOs in the region…

Analysis

Global ESG funds could be key to the energy transition, disaster relief
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Amid significant headwinds in 2022, environmental, social and governance (ESG) funds saw their first net outflow since 2011. However, the energy transition, climate-related threats to food security and the search for long-term value could prompt a resurgence of sustainable investment in emerging markets. Global ESG funds enjoyed a record run from 2019 to 2021, growing by 98% and seeing net inflows…

Analysis

Why social banking is key to financial inclusion in Saudi Arabia
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Financial inclusion is a pivotal concept in the evolving financial landscape. The term refers to the process of ensuring that vulnerable demographics gain access to financial services, as well as including the provision of timely and adequate credit at an affordable cost from mainstream institutions. A significant component of the financial inclusion paradigm is microfinance, which allows vulnerable…

Analysis

Why decentralised finance could be key to GCC economic diversification
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As GCC countries look to harness new forms of financial technology (fintech), expand their services and improve financial inclusion, governments are embracing decentralised finance (DeFi) and working to attract cryptocurrency companies. DeFi – peer-to-peer financial services with no central authority or intermediary involved in trading, lending and investing – is seen by GCC countries as an opportunity…