Ajman has emerged as a strategic centre for non-oil economic growth, leveraging its free zones, infrastructure investments and cultural heritage. The emirate’s GDP reached Dh36bn ($9.8bn) in 2023, with key contributions from manufacturing, construction and trade. Ajman Vision 2030 outlines a roadmap for sustainable, inclusive development, prioritising smart governance, environmental protection,
Bahrain has seen its economy expand through diversification efforts, with a focus on finance, industry and technology. Projects in infrastructure, digital transformation and tourism aim to drive growth and attract foreign investment. The kingdom is committed to sustainability, targeting a 30% reduction in carbon emissions by 2035. The financial sector is a key contributor with innovation in financ
Saudi Arabia, the region’s largest economy, is progressing towards diversification under Vision 2030. The digital economy is a standout performer, contributing 14% of GDP, while government-led giga-projects open long-term opportunities across various sectors. Despite a dip in oil activities that reduced the current account surplus to 3.2% in 2023, tourism income surged by 38%, boosting the servi
Interview:Shane Eldstrom To what extent are consumer trends fuelling growth in Qatar’s luxury retail market? SHANE ELDSTROM: Growth in the luxury retail market is reflecting the desire for personalised experiences and sustainable, high-quality products. Qatar’s evolving demographics, characterised by a young and affluent population and a large expatriate community, provide an ideal environment…
Building on the momentum seen in the e-commerce space during the Covid-19 pandemic, the buy now/ pay later (BNPL) model is one of the fastest-growing segments in consumer finance, particularly in emerging markets. BNPL providers offer point-of-sale loans that consumers can repay in instalments over the course of weeks or even months. Charging little to no interest, these microcredit providers make…
Through Qatar National Vision 2030, Qatar has looked to diversify its economy away from oil and gas and develop new income streams, particularly in the service sector. This diversification effort culminated in the hosting of the 2022 FIFA World Cup, which demonstrated Qatar’s advancements in infrastructure and its ability to organise global events. At the same time, it catalysed growth in the retail…
Qatar is looking to diversify its economy away from oil and gas, and develop new income streams – particularly in the service sector. The 2022 FIFA World Cup demonstrated the country’s advancements in infrastructure and its ability to organise global events. At the same time, the tournament catalysed growth in the retail sector by boosting tourism and consumer spending. The sector is expected to…
Saudi Arabia is undergoing a period of sweeping social transformation and economic diversification underpinned by Vision 2030. This is creating a fertile environment for private businesses to expand into emerging market segments to meet rapidly rising demand from the Kingdom’s relatively young and aspirational consumer class, particularly in areas such as entertainment, hospitality, sport…
While known primarily for its vast gas reserves prior to 2010, Qatar’s global profile received a major boost that year when it was chosen to host the 2022 FIFA World Cup, leading to a significant increase in infrastructure development throughout the country. Qatar is now leveraging its natural resources to become a knowledge-based, diversified economy, and it is looking to attract greater foreig
