Economist magazine describes Kuwait as the sick man in the gulf
Because of the demand to cancel or reschedule loans, The Economist magazine described Kuwait as the sick man in the Gulf. It may take a long time to explain the details of the problem, but let’s focus on some basics, according to Mohammad Ramadan, economic writer and researcher, reports Al-Qabas daily. Before oil, Kuwait was a poor and backward country, as our culture that defines our identity has many advantages, and it also has many defects. Social and family relations in Kuwait and the countries of the region are much better than social and family relations in developed countries, but instead of the state spending on developing educational attainment, raising the level of education outputs and achieving economic development, we are now spending on education to obtain academic qualifications regardless of educational attainment.
UAE’s digital economy expected to hit $140bn by 2031
Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has issued a recent report detailing plans to drive the emirate’s digital economy ambitions, as part of its efforts to strengthen the digital economy ecosystem in Dubai and achieve the goals of the Dubai Economic Agenda (D33). The report estimates the national digital economy will grow to well over US$140 billion in 2031, up from today’s nearly US$38 billion. The study underlined the importance of Dubai Chamber of Digital Economy’s efforts, and the collaboration between various stakeholders and digital startups, to firmly position Dubai as the next digital economy capital of the world. Published in collaboration with Entrepreneur Middle East and titled ‘Dubai’s Digital Economy and its Thriving Startup Ecosystem’, the report explains the fundamental role of the Chamber in supporting digital economy strategies and achieving the wise leadership’s objectives to cement Dubai’s position as a global capital of the digital economy.
With KSA and UAE competing, where does Pakistan stand?
Since the launch of war on terror, the Middle East (ME) has been undergoing rapid changes. The unprovoked attacked on Iraq unleashed a series of crises and introduced complicated problems. The Syrian war, which has shattered the dream of sustainable peace, is still going on. The Arab spring changed the dynamics of the region; it challenged the status quo. Western countries are now trying to use the Arab spring to pressurise traditional allies of the West in the region. The western media jumped in to facilitate their rulers in exploiting the situation by launching malicious campaigns in the name of terrorism, human rights, and democracy against selected countries from the region. On other hand, some experts believe that the ME countries could not comprehend the changing dynamics.
Leveraging digital transformation for Saudi Arabia’s economic growth
The Kingdom of Saudi Arabia is ushering in a new era of digitalization, guided by the ambitious goals outlined in Vision 2030 to drive modernization, diversification, and a brighter future through technology. With Vision 2030 aiming to increase non-oil GDP to 50percent this decade, the nation has been making significant investments to improve its digital landscape and create a conducive environment for growth. The upcoming LEAP 23 tech convention serves as a testament to the country’s dedication to digitalization and its efforts to stay at the forefront of technological advancements. With the advent of the digital era, the Kingdom stands at the cusp of a new economic revolution, and I believe that three key factors will be instrumental in unlocking potential and creating a more connected and prosperous future for the Kingdom.
Qatar’s economy can withstand recession in west: official
President of the US-Qatari Business Council (USQBC) Scott Taylor (pictured) affirmed the strength of the Qatari economy to withstand any expected recession in the West, whose impact would extend to other parts of the world. Speaking to Qatar News Agency (QNA), Taylor said that with suitable energy prices and a dynamic economy, Qatar is strong enough to withstand the recession that may occur, which also provides a huge opportunity to invest in companies, real estate, or other investments. Qatari investors will be able to invest capital and reap profits through low-cost deals that will bring them a lot of returns when the world gets out of the potential recess.
Bahrain backs SMEs and entrepreneurs
Industry and Commerce Minister Abdulla bin Adel Fakhro affirmed Bahrain’s support to entrepreneurs and SMEs development. This came as the minister inaugurated the two-day Global Entrepreneurship Conference, organised by the Bahrain Entrepreneurship Foundation. The kingdom is keen to keep pace with latest developments in the field of entrepreneurship, and to strengthen partnership between the public and private sectors to achieve the goals of Bahrain’s Economic Vision 2030, he said. He Indicated that the SMEs development council was formed with a plan based on five main pillars that facilitate the access of startups and SMEs to the necessary support and access to markets, by simplifying the business environment, developing skills, and promoting innovation with a total of 43 approved initiatives, up to 20 initiatives of which have been implemented so far.
Oman economy ranks fifth in the Arab world
The Sultanate of Oman ranked fifth in the Arab world in terms of the highest economic growth rates for the year 2023, according to a new classification prepared by the ‘American Visual Capitalist’ magazine. In its report titled ‘GDP Growth Forecasts by Country, in 2023,’ the ‘American Visual Capitalist’ magazine indicated that the expected economic growth rate for the Sultanate of Oman this year is 4.1 percent , which places it at the fifth spot in the Arab world.