While Islamic banks emerged relatively unscathed from the 2008 global financial crisis, Covid-19 is having a deeper impact. Compared to conventional financial institutions, Islamic banks are more exposed to small and medium-sized enterprises (SMEs), microfinance and retail lending – particularly in Asia. The industry was on track for strong growth in 2020, but due both to the...
Various governments in the region are looking to new, alternative tourism models to drive their pandemic recoveries, with an emphasis on ecological options and “staycations”. Both in order to reboot its tourism industry and as part of its drive to diversify the economy away from hydrocarbons, Saudi Arabia is developing several major ecological tourism projects. In April 2021...
Prior to the outbreak of Covid-19, medical and wellness tourism was a significant growth industry in many emerging economies. The last decade saw a boom in medical tourism: by 2018 the global market was generating $58.6bn annually, and in 2019 it was forecast to grow at a compound annual growth rate of 11.7% to reach more than $142.2bn by 2026. While the pandemic represents a...
The initial wave of lockdowns in early 2020 prompted education entities to rapidly move to teaching online. While this broad-based shift towards digital learning has largely been reactive, in many cases it accelerated an existing transition to a more blended and technologically oriented approach. However, further investment and policy initiatives are required – including...
As one of the most diversified emirates in the UAE, Sharjah is less reliant on hydrocarbons than many of its neighbours, and has a strong foundation in industry and manufacturing. Indeed, hydrocarbons account for around 4% of GDP, and no individual sector contributes more than 25% of the total. Given that it has shores on both the Gulf and the...
Facing the twin challenges of a sharp reduction in trade and a steep drop in the price of oil as a result of the Covid-19 pandemic, countries in the Middle East weathered a particularly difficult 2020. While circumstances have been challenging, the region has looked to digital innovation as a path to recovery, and a number of governments have accelerated their existing plans...
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