Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

Plugged in: The widespread rollout of 5G is unlocking productivity gains

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With connectivity widely recognised as a key driver of the post-Covid-19 economic recovery, GCC countries are poised to expand their 5G networks. 5G in the GCC The UAE unveiled its Industry 4.0 initiative in October 2021 to increase innovation and productivity, lower the industrial sector’s carbon footprint and add some $6.8bn to the economy by 2031. The programme is a cornerstone of the government’s roadmap to ensure that the economy remains dynamic over the next half century. The plan will leverage Fourth Industrial Revolution technologies such as automation, additive manufacturing, blockchain, artificial intelligence (AI) and the internet of things (IoT). These technologies depend on 5G

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Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Chemical reaction: Catalysing investment in the region’s downstream chemicals and petrochemicals production and export capacity

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With Russia’s invasion of Ukraine reigniting international debate about the pace of the global energy transition and the risks of relying on oil and gas imports from countries with opposing agendas, discussion in the Gulf is largely framed around how to extract maximum benefit from the remaining hydrocarbons wealth while also playing a responsible role in global efforts to both mitigate climate change and maintain stability in international energy supply. The UAE has pledged to reach net-zero carbon emissions by 2050, while Saudi Arabia and

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George Richani-CEO-Al Ahli Bank of Kuwait

Making strides: A new strategy seeks to achieve economic growth and recovery by accelerating the expansion of key sectors

The Industrial Sector Strategy 2022-26 was launched in late December 2021 as part of the national Economic Recovery Plan to help Bahrain recover from the economic slowdown brought on by the Covid-19 pandemic. The strategy focuses on increasing the sector’s contribution to GDP, expanding domestically produced exports and creating job opportunities. It is supported by efforts to adapt to the Fourth Industrial Revolution, develop a circular carbon economy, attract investment in digitalisation and improve regional supply chains. The targeted industries under the strategy include food,

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Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Golden age: New visa programme to stimulate real estate investment

Bahrain is mounting a coordinated cross-government response to help revitalise the economy in the wake of the Covid-19 pandemic which has positive implications for the county’s real estate sector. In October 2021 the kingdom announced an Economic Recovery Plan comprising a series of five-year strategies targeting industry, logistics, tourism, financial services, the digital economy and other strategic projects of interest to real estate investors. The goal is to enable $30bn of investment and attract $2.5bn in foreign direct investment (FDI) by 2023, underpinned by annual growth of 5% in non-oil sectors in 2022. The plans are supported by regulatory reforms, including a new 10-year Golden

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Chaim Zach-Managing Director and CEO-Agric International Technology and Trade; Kabiru Rabiu-Group Executive Director-BUA Group; and Aliyu Abbati Abdulhameed-Managing Director

Sustainable by design: Innovative practices contribute to carbon-neutral building

As the construction industry redefines its priorities to ensure sustainability, there is increasing recognition of the benefits of regenerative architecture as a means of lowering emissions. According to the “2019 Global Status Report for Buildings and Construction” published by the UN Environment Programme (UNEP), the construction sector accounts for nearly 40% of global energy-related greenhouse gas emissions. In light of this, a greater emphasis has been placed on sustainable architecture. The principle generally seeks to minimise the negative environmental impact of buildings by using sustainable, low-emission materials and sitespecific designs that utilise the natural environment to improve efficiency and lower costs related to areas such

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Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Gateway to the Gulf: Modernisation projects will drive regional logistics efficiencies

Bahrain is making progress towards a long-standing goal of leveraging its geographic advantage as a gateway to the Gulf, using highly integrated port connections to become a leading regional logistics centre. In November 2021 the government unveiled the Logistics Services Sector Strategy 2022-26, which aims to lift the sector’s contribution to GDP to 10% and establish Bahrain among the top-20 logistics destinations in the world. Favourable regulations, augmented port and airport infrastructure and connectivity, and new investor incentives for local and international partners form the crux of Bahrain’s logistics thrust. Regional Landscape The country’s ambitions position it to keep pace with advancements elsewhere in the

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Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

On the right track: Long-awaited GCC Railway project gains steam as countries renew investment commitments for transport infrastructure

Following delays, the long-awaited GCC Railway looks likely to be revitalised – a move that could transform trade and connectivity across the Gulf. The project was given a significant boost in December 2021 when leaders of the six GCC countries approved the establishment of the GCC Railways Authority, the body that is expected to oversee the ongoing coordination of the project. The decision marks a potentially significant development for rail infrastructure throughout the Gulf. After being debated for decades, the GCC Railway project was initially

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George Richani-CEO-Al Ahli Bank of Kuwait

Next steps: As the country emerges from the Covid-19 pandemic, policymakers advance plans to improve socio-economic outcomes

While the current constitution dates from 2014, Egypt became a presidential republic in 1952. Under a presidential republic, the president – who serves as the head of state – selects the Cabinet and the prime minister; Mostafa Madbouly has occupied the role of the latter since 2018. The president is elected by an absolute majority of voters and initially serves a four-year term, which, conventionally, can be followed by a second term. However, a popular referendum held in April 2019 extended the presidential term to

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Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

Diversified offerings: The government turns to several new sources of financing in an effort to bridge the fiscal deficit

Despite a successful economic reform programme implemented in 2016, Egypt continues to grapple with a fiscal deficit. In FY 2019/20 Egypt recorded a deficit of LE462.8bn ($29.4bn), the highest since the start of the 2016 reform initiatives. While this figure contracted to LE432.1bn ($27.5bn) in FY 2020/21, it is forecast to expand to LE475.5bn ($30.2bn) in FY 2021/22, according to a December 20201 report from the Ministry of Finance (MoF). While the deficit has widened, as a proportion of GDP it has been on a

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George Richani-CEO-Al Ahli Bank of Kuwait

Spending power: Household consumption patterns are expected to be a driver of growth, supported by a burgeoning middle class

Egypt was one of the few economies to witness positive GDP growth in the first two years of the Covid-19 pandemic, fuelled in part by strong consumer spending. According to a November 2021 report from Fitch Solutions, real household spending expanded by around 7% in both 2020 and 2021 – despite the widespread impact of the pandemic, which hit key sectors such as tourism particularly hard. This performance was fuelled by easing inflation – with the figure falling from 23.3% in FY 2016/17 to 5%

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