Sharjah Economic Research Highlights

Economic News & Views on the GCC

Gulf countries explore e-sports as part of diversification plans

As Gulf countries implement plans to diversify their economies and create jobs, they are increasingly investing in the growing industry around competitive video games known as electronic sports (e-sports). In February the gaming unit of Saudi Arabia’s Public Investment Fund, Savvy Games Group, purchased a $265m stake in China’s Tencent Holdings-backed e-sports company VSPO, becoming its largest equity holder. Savvy Games Group also increased its share of Japanese gaming giant Nintendo...

Emerging economies aim to maximise resources with a four-day work week

With the Covid-19 pandemic having changed how people learn, shop and do business, many markets and companies are experimenting with new ways to unlock potential productivity while improving workforce well-being. A recent study organised in the UK by non-profit 4 Day Week Global looked at the effects of a four-day work week at 61 companies with a total of around 2900 workers from June to December 2022. The pilot programme included both non-profit and private firms in sectors including recruiting...

The GCC’s latest efforts to bolster cybersecurity

With global geopolitical instability elevating the threat of cyberattacks against businesses and government agencies, the six countries of the GCC are rapidly building more robust and comprehensive cybersecurity strategies to respond to the evolving nature of cyberthreats. In a January 2023 survey of 117 global leaders from 32 countries and 22 industries, 91% of respondents believed that a far-reaching, catastrophic cyber-event was at least somewhat likely in the next two years, while 43% believed that a cyberattack would materially...

Safa Sharif Khaleq, CEO, Export Bahrain

On boosting local added value and building a global brand through enhanced export capacities

Can MENA capture a share of the green steel market?

As the global industrial sector seeks to shrink its carbon footprint, a number of MENA countries are investing in green steel production to capture market share and help meet emissions targets. Despite generating 20% of global greenhouse gas emissions, industry has been slow in adopting carbon-efficient manufacturing technologies. Steel is the manufacturing segment with the largest emissions, accounting for 7% of global emissions annually due in part to a reliance on coal to heat smelting furnaces...

Marco de Leo, Managing Partner, BonelliErede

On corporate governance in the GCC and business opportunities in Africa

Middle East: Year in Review 2022

In a year of global economic uncertainty fuelled by inflation, geopolitical crises and supply chain insecurity, the Middle East witnessed a second consecutive year of economic growth, with countries in the region investing in new technologies and projects that could herald greater integration in the years ahead. Whereas global GDP expansion is projected to slow from 6% in 2021 to 3.2% in 2022, sustained high oil prices are set to push GDP growth in the Middle East from 4.1% in 2021 to 5% in 2022, according to an October forecast...

Abdullah Ibrahim Alkhorayef, CEO, Alkhorayef Commercial Company

On collaborating with the private sector to diversify Saudi Arabia’s economy