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  • Lebanese businesses pay steep price for standoff with Saudis

    Remittances from more than 350,000 Lebanese working and living in the Gulf have been essential, particularly as the meltdown drives up inflation and unemployment in the once middle-income country. The World Bank said remittances of over $6.2 billion, mostly from Gulf countries, made up 18.9% of Lebanon’s GDP in 2020, one of the highest in the world.

  • Three steps for setting up a Saudi business from outside the Kingdom

    Investors previously were required to visit the Kingdom and deal with various government entities in a process involving redundant requests and stacks of paperwork. Now, better connectivity between ministries has allowed the process to be simplified.

  • Setting up a Saudi business from outside the Kingdom made easier

    Those wishing to start a business in Saudi Arabia while outside the Kingdom will find the task easier following the streamlining of the licensing procedure. Setting up a business in the Arab world’s biggest economy now will require only three steps, reducing the legwork that investors have to go through.

  • World Bank aims to replace canceled ‘Doing Business’ report in two years

    The World Bank plans to unveil in about two years a replacement for its flagship ‘Doing Business’ report on countries’ business climate, that was canceled after a data-rigging scandal, the bank’s chief economist, Carmen Reinhart, told Reuters. Reinhart, who was elevated to senior management as part of the bank’s bid to rebuild its credibility after the ethics concerns, said some key concepts for the new product were already clear.

  • Middle East needs another business hub, Knight Frank’s regional head says

    Faisal Durrani, head of research for Middle East at the firm, said: “As it stands, the only global hub city between Cairo and Mumbai is Dubai, so it would be in the region’s interest to see another complimentary hub, be it Riyadh or another city in Saudi Arabia. History shows us that regional hub cities often compliment and support one another’s growth, rather than ‘rival’ each other.

  • Dubai’s Expo Spurs Tourism, Boosting UAE Business Activity

    Business activity in the United Arab Emirates rose to the highest level in more than two years last month, helped in part by an influx of tourists drawn to Dubai’s Expo 2020 event. A Purchasing Managers’ Index compiled by IHS Markit rose to 55.7 in October from 53.3 in September, above the 50-mark separating growth from contraction and signaling a significant expansion in the Gulf country’s non-oil private sector. The increase was driven by faster increase in output and new orders.

  • Saudi Arabia wants businesses and families to pick Riyadh

    Upon arrival at Dubai’s international airport, travelers can pick up a free guide to the city’s top attractions and events. Curiously, the cover of this month’s “Time Out -DXB” beckons visitors to Saudi Arabia. Emblazoned with an image of the kingdom’s ancient Diriyah fort near the Saudi capital, it reads: “Welcome to Arabia. A Journey You’ve Never Imagined”.

  • Net zero is a booming business for consulting firms

    Today, net-zero is the new standard to beat. Any plan that doesn’t aim toward that target doesn’t go far enough. At least 965 companies and 63 countries have publicly committed to net-zero targets. Turning those plans into reality will be an unprecedented undertaking—and will generate huge profits for the consulting firms that have the know-how to make it happen.

  • Dubai expects to have more than 1,000 cryptocurrency businesses by 2022

    Interest in cryptocurrencies and blockchain is growing, especially in the UAE, as consumers and investors flock to digital assets with online payments gaining pace. A growing number of institutional investors and wealth managers in the UAE plan to increase their exposure to cryptocurrency assets between now and 2023, according to a survey by Nickel Digital Asset Management, based in London.

  • Will Business Travel Ever Return to Normal?

    The end of business travel as we know it might have more to do with the innovations developed to replace it rather than any longstanding fears of contagion (the current Delta variant notwithstanding). Yes, we are talking about Zoom, but also the many other videoconferencing tools that business travelers have adopted in the past 18 months to replicate the interpersonal dynamic as much as possible.