Business Chief Magazine: Economic growth in the Middle East

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Economic growth in the Middle East

The economic outlook for the Middle East stays positive despite a worsening global backdrop. In Saudi Arabia, the oil windfall leaves the economy booming.

At 5.5% (GDP), the 2022 growth forecast for the Middle East is slightly up on 3 months ago, underpinned by solid projections for activity in the GCC economies where we now see GDP growing by 6.7% this year. Many of the other major players e.g. America and Great Britain are forecast to go into recession for the next two years.

Travel and tourism activity has increased, in-bound travel to the Middle East is outpacing global trends, for example, the FIFA World Cup Qatar 2022 is set to attract up in 1.5 millions visitors, leading to a 19% increase in visitor numbers.

Continued strong oil revenue is expected to enable higher government spend to provide a buffer for the non oil economy, according to The Cooperation Council for the Arab States of the Gulf (GCC) .

News Stories

Rise of the Chief Information Security Officer

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the new age of the CISO.

Cybersecurity issues have evolved from being a business disruption to potential destruction.

Where are the risks? Who are the stakeholders involved? Why are these happening? How are we going to address these risks???Read more

Why Wipro has chosen Dubai for its APMEA headquarters

Indian multinational 维布络 , a leader in technology services and consulting, has chosen Dubai as its headquarters for Asia Pacific, Middle East, and Africa (APMEA).

This marks the first time a global company in the technology and consulting services industry has put three vast continents – Africa, Asia, and Oceania – under a unified leadership, and comes as business exchanges between Africa and Asia are “increasing significantly” creating “major opportunities for Wipro”, according to Anis Chenchah, CEO, Wipro APMEA.

From these new headquarters at the Dubai World Trade Centre, the Indian multinational – which has 250,000 employees and business partners across 66 countries – plans to leverage its global capabilities, local expertise, as well as its global partner ecosystem to co-create solutions for customers in the region.

The company, which has more than 75 years of experience under its global belt, began its operations in the Middle East in the UAE more than 20 years ago and today has a presence spread across several countries in the region.

The APMEA strategic market unit generates around US$1.5 billion in revenue for Wipro and boasts more than 30,000 employees. Read more

IPO deals to watch as Middle East region bucks global slump

When Dubai-based Empower began trading on the Dubai Financial Market this week, it became the world’s largest district cooling services provider listed on a stock exchange.

It also became a bright spot in what is an otherwise gloomy market for new share sales – raising US$724m in an oversubscribed IPO and achieving a market value of US$3.6bn at listing.

This comes as the global IPO market continues to plummet, with year-to-date 2022 IPO raises decreasing 57% YOY – as IPO companies and investors face mountain macroeconomic challenges, market uncertainties, increasing volatility and falling global equity prices.

But the Middle East is bucking the IPO activity slump on the back of high crude prices and strong investor demand - here’s 8 to watch in 2023

Top 10 largest listed banks in Saudi Arabia

As Saudi Arabia records the highest rate of growth in the past decade, the Kingdom’s top 10 banks report a jump in profit of 9.3%.

Read more to find out about the 10 largest Tadawul-listed banks in the Kingdom.

Exclusive interview: His Excellency Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government

He shares a bold vision for creating the cybersecurity leaders of the future – from the UAE, for the world.?Read more

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