The pandemic sparks Gulf economic diversification effortsOBGplus
While many Gulf nations were already working to diversify their economies prior to the Covid-19 pandemic, the global recession in 2020 prompted governments in the region to either reassess or accelerate their strategic plans. With economies around the world operating under capacity and global travel severely curtailed for much of 2020, there was a significant drop in demand for – and subsequently…
How will Gulf countries recover from the pandemic?OBGplus
Facing the twin challenges of a sharp reduction in trade and a steep drop in the price of oil as a result of the Covid-19 pandemic, countries in the Middle East weathered a particularly difficult 2020. While circumstances have been challenging, the region has looked to digital innovation as a path to recovery, and a number of governments have accelerated their existing plans for economic diversification. Impact…
The role of tertiary institutions in the GCC’s post-pandemic recoveryOBGplus
While higher education institutions have been effective in developing short-term solutions to some of the challenges associated with the Covid-19 pandemic, they can also play a key role in realising long-term governmental development strategies that can boost the prospects of a sustainable recovery. This is a particularly pressing issue for countries in the Gulf, many of which are deploying long-term…
How GCC education institutions changed due to the pandemicOBGplus
The initial wave of lockdowns in early 2020 prompted education entities to rapidly move to teaching online. While this broad-based shift towards digital learning has largely been reactive, in many cases it accelerated an existing transition to a more blended and technologically oriented approach. However, further investment and policy initiatives are required – including digital literacy training…
How the pandemic accelerated alternative models of tourismOBGplus
Various governments in the region are looking to new, alternative tourism models to drive their pandemic recoveries, with an emphasis on ecological options and “staycations”. Both in order to reboot its tourism industry and as part of its drive to diversify the economy away from hydrocarbons, Saudi Arabia is developing several major ecological tourism projects. In April 2021 the Red Sea Development…
Medical tourism destinations position for post-pandemic reboundOBGplus
Prior to the outbreak of Covid-19, medical and wellness tourism was a significant growth industry in many emerging economies. The last decade saw a boom in medical tourism: by 2018 the global market was generating $58.6bn annually, and in 2019 it was forecast to grow at a compound annual growth rate of 11.7% to reach more than $142.2bn by 2026. While the pandemic represents a major setback for the…
What is the post-pandemic future of global Islamic banking?OBGplus
While Islamic banks emerged relatively unscathed from the 2008 global financial crisis, Covid-19 is having a deeper impact. Compared to conventional financial institutions, Islamic banks are more exposed to small and medium-sized enterprises (SMEs), microfinance and retail lending – particularly in Asia. The industry was on track for strong growth in 2020, but due both to the pandemic and oil price…
What new financial technologies emerged during the pandemic?OBGplus
The Covid-19 pandemic has led to a significant acceleration of digital transformation. This trend is especially apparent in financial services, where the health crisis prompted an overhaul of legacy processing systems and the widespread implementation of what are known as ABCD technologies – a catch-all term that encompasses artificial intelligence (AI) and automation, blockchain and bitcoin, cloud…
How MICE tourism changed due to the pandemicOBGplus
Amid international travel restrictions, social-distancing protocols and prohibitions on mass gatherings in response to the Covid-19 pandemic, the world’s meetings, incentives, conferences and exhibitions (MICE) segment has been forced to adapt, with some events shifting online and others being deferred. Before the outbreak of the virus, MICE presented a promising growth avenue for emerging markets…
