Latest news with #ESCWA
Gulf Insider
25-05-2025
- Business
- Gulf Insider
Bitcoin to $1 Million by 2028? Arthur Hayes Says It's Inevitable.
Arthur Hayes, the outspoken co-founder and former CEO of BitMEX, is no stranger to volatility, be it in markets or in politics. But when he predicts that Bitcoin will hit $1 million by 2028, it is a macroeconomic thesis grounded in decades of monetary policy missteps, geopolitical recalibration, and the slow-motion collapse of the fiat system born in 1971. A System Built On Sand Hayes sees Bitcoin's price action as a structural response to the erosion of financial sovereignty. When the U.S. decoupled the dollar from gold in 1971, it created a global financial system reliant on credit issuance, massive debt accumulation, and central bank intervention. 'The people who benefited the most are those who issue credit – commercial banks,' Hayes explains. 'And anyone who challenges their dominance tends to fall afoul of regulators.' From his perspective, Bitcoin's rise is not a random fluke, it's a very clear reaction. A decentralized, scarce, programmable asset stands in stark contrast to the highly centralized, inflationary fiat model. The Trump Factor And The Strategic Reserve Illusion Hayes is less impressed by politicians claiming to embrace Bitcoin, especially when it is there to serve a populist narrative. Take President Trump's Executive order on the Bitcoin Strategic Reserve, while the move grabbed headlines and delighted many in the Bitcoin and crypto community, Hayes remains sceptical. 'Governments buy assets for political reasons and sell them for political reasons,' he warns. 'Why tether your financial future to the whim of politics?' He doesn't see this as actual adoption, but only as a tactical appeal to voters disillusioned by deindustrialization, wage stagnation, and the rise of big finance. Still, the political interest in Bitcoin, no matter how superficial, signals a shift in how governments perceive the role of digital assets in a post-dollar world. Stablecoins Will Lead, But Bitcoin Will Reclaim The Narrative In the short term, Hayes argues that stablecoins, particularly USD-backed ones like USDT, will see greater real-world adoption, especially in regions with limited banking access. 'People want dollars, not volatility,' he notes, citing the Middle East, as a major growth market for stablecoins. Afterall, the Arab region's population is only approximately 40% banked according to the ESCWA Annual SDG Review 2025. But that doesn't mean Bitcoin loses its edge in the stablecoin game. Quite the opposite. Hayes predicts Bitcoin dominance will rise to 70% just before we will see unprecedented price action to $1 million. Why $1 Million Bitcoin Isn't As Wild As It Sounds At the heart of Hayes' forecast is one simple principle: the fiat system must inflate or collapse. Either path fuels Bitcoin's rise. 'The amount of money that will need to be printed just to maintain the current economic structure is staggering,' he explains. 'That's what's going to propel Bitcoin.' Whether or not governments buy Bitcoin is secondary. Their policies of debt expansion, currency debasement, and geopolitical fragmentation will drive more capital into decentralized stores of value. In other words, Bitcoin doesn't need the Government's buy-in or permission to win. We just let governments do their thing, and this leads to Bitcoin winning. Beyond Price: A New Financial Era Hayes' prediction of $1 million isn't rooted in hype. It's based on deep scepticism about the longevity of the current financial order and belief that a decentralized alternative is not only possible but necessary. 'This isn't just about crypto,' Hayes concludes. 'It's about dismantling a system that no longer works and building something better.' Whether Bitcoin reaches $1 million by 2028 remains to be seen. But the conditions that could make it happen are already here.
El Chorouk
20-05-2025
- Politics
- El Chorouk
Arab Vision 2045 Project to Support and Enhance National Plans
The Arab Summit, held in the Iraqi capital, Baghdad, earlier this week, adopted the 'Arab Vision 2045' document, a roadmap prepared by the United Nations Economic and Social Commission for Western Asia (ESCWA) and the League of Arab States, under the supervision of ESCWA Executive Secretary Rola Dashti and Arab League Secretary-General Ahmed Aboul Gheit. Arab Vision 2045 represents a strategic vision for the future of the Arab region, based on six pillars: security and safety, justice and fairness, innovation and creativity, prosperity and balanced development, diversity and vitality, and cultural and civilizational renewal. Following the adoption of the vision by Arab leaders gathered in Baghdad, Secretary-General of the League of Arab States, Ahmed Aboul Gheit, emphasized that 'Arab Vision 2045 constitutes an ambitious framework for establishing a clear, long-term development path that offers hope to the region's youth for a brighter and more stable future, and reflects a collective awareness that development is the foundation of security and stability in the Arab region.' Regarding how to keep pace with the implementation of this strategy at the country level, especially in light of the developmental and political disparities within the region, ESCWA's Commission and information Secretary, Karim Khalil told Echorouk: 'Arab Vision 2045 does not seek to replace existing national plans, but rather aims to support and enhance them by providing a guiding regional framework that facilitates coordination between Arab countries and stimulates the exchange of expertise'. He explained that 'the vision was formulated using a flexible methodology that considers developmental and political differences between countries, allowing each country to draw on it in line with its priorities and local realities. The document also stipulates the establishment of monitoring and evaluation mechanisms based on measurable performance indicators, developed in collaboration between governments, the League of Arab States, and ESCWA. Through joint task forces, periodic progress reviews will be conducted, and implementation will be adapted to the national context, allowing for intelligent interaction with challenges without imposing a single model on all'. Regarding ensuring that the initiatives proposed in the document, such as the shift to AI-based education, are feasible and not merely theoretical aspirations, Karim Khalil added, 'The vision does not merely present ambitious ideas, but is based on a solid institutional foundation. A large number of the initiatives included in it have already undergone extensive discussions within specialised ministerial councils within the Joint Arab Action Framework, such as the Ministers of Communications and others, giving them political momentum and initial technical consensus. These initiatives have received their due scrutiny and review. They are not theoretical proposals, but rather a natural evolution of paths already being implemented or previously proposed.' 'In contrast, the vision also includes a set of new initiatives built on in-depth analytical studies conducted by ESCWA, think tanks, and academic partners in the region, enhancing its credibility and applicability. For example, the transition to Education 4.0 is presented as a gradual process that begins with developing digital infrastructure, updating curricula, and training personnel, rather than implementing pre-existing models that do not take into account the differences in capabilities between countries. The vision also calls for activating partnerships with the private sector and research institutions to secure the required resources and technology, within the framework of a monitoring system that ensures feasibility and adaptability,' he added. Regarding issues of social and economic justice, such as bridging gaps between marginalised groups and ensuring inclusiveness, Karim Khalil emphasised that 'social justice is one of the six fundamental pillars of the Arab Vision 2045, and the document devotes significant space to proposing policies and initiatives aimed at bridging economic and social gaps. These policies include enhancing social protection, expanding educational and employment opportunities for marginalised groups, empowering women and youth, and achieving equitable wealth distribution. The vision emphasises the need to adopt a comprehensive development model based on equity and equal opportunity, while asserting that there can be no sustainable development without integrating all segments of society into the decision-making process and benefiting from the fruits of development.'
Observer
16-05-2025
- Business
- Observer
60% of adults in Arab region still unbanked: ESCWA
MUSCAT: Nearly 60 per cent of adults in the Arab region remain excluded from formal financial systems, according to a new report by the United Nations Economic and Social Commission for Western Asia (ESCWA). The Annual SDG Review 2025 paints a sobering picture of persistent financial exclusion that is undermining the region's ability to meet the Sustainable Development Goals (SDGs) by the 2030 deadline. The report, which focuses on financial inclusion as a cross-cutting enabler of sustainable development, reveals those inequalities continue to lock millions out of economic opportunity. 'The Arab region cannot afford to treat financial services as a luxury,' said Economic Affairs Officer at ESCWA Mario Jales, the lead author of the report. 'Without inclusive finance, we cannot hope to lift people out of poverty, support small businesses, or achieve equitable growth.' Women remain among the most excluded, with only 29 per cent having access to bank accounts or mobile money — making the Arab region the worst-performing globally on women's financial inclusion. The gender gap stands at a staggering 13 percentage points. Persons with disabilities fare no better: just 21 per cent have access to financial services, often due to discriminatory practices, inaccessible infrastructure, or lack of supportive regulation. The data also show sharp rural-urban divides. In many countries, rural populations are up to twice as likely to be unbanked compared to urban residents. Youth, informal workers and refugees face additional barriers, compounding cycles of vulnerability. Mobile finance has seen rapid growth, with mobile money accounts doubling between 2020 and 2023. Yet, the report warns of a 'digital divide within the divide': poor connectivity, limited smartphone access and weak digital literacy prevent the most marginalised from benefitting. In conflict-affected countries, mobile services are often disrupted or unavailable. Access to credit also remains a major challenge. Fewer than one in five adults in the region have borrowed from a formal financial institution. For micro-, small- and medium-sized enterprises (MSMEs), this financing gap restricts innovation and job creation. ESCWA calls for urgent reforms. These include strengthening consumer protection, promoting financial literacy, integrating gender and disability perspectives into financial regulation; and improving digital infrastructure. It also advocates for interoperable digital ID systems to facilitate safe and inclusive access to services. The report places financial inclusion within the broader SDG context. With only 18 per cent of global targets on track — and stagnation or regression in several Arab countries — ESCWA emphasises that inclusive finance is essential for progress on poverty, education, gender equality and decent work.
Scoop
15-05-2025
- Business
- Scoop
Over 60 Per Cent Of The Arab World Still Outside The Banking System
15 May 2025 Even more impressively, the number of Egyptian women with an account increased by 260 per cent, though gender gaps do remain. But how you widen financial inclusion overall is a question the Arab region is currently grappling with. A new report from the UN Economic and Social Commission in Western Asia (UNESCWA) published on Thursday highlights the challenge. Nearly 64 per cent of adults in the 22 countries in the Arab region are still without an account – or 'unbanked' – a higher number than all other regions of the world and significantly higher than the 24 per cent global average. The report warns that this level of financial exclusion will negatively impact economic opportunities and the region's ability to meet Sustainable Development Goals (SDGs) by 2030. 'The Arab region cannot afford to treat financial services as a luxury. Without inclusive finance, we cannot hope to lift people out of poverty, support small businesses, or achieve equitable growth,' said ESCWA's Mario Jales, lead author of the report. 'The digital divide within the divide' The report finds that women and disabled people have even less access to financial services – only 29 per cent of women and 21 per cent of disabled people in the region have an account. Similarly, rural communities and younger and older people also experience lower rates of inclusion in the banking system. The report also highlighted that access to loans for small and medium-sized businesses is worryingly low, reducing entrepreneurial and other income-producing activities. In addition to gender disparities, there are variations within the Arab region – 81 per cent of people in low-income countries do not have access to an account in comparison to 67 per cent in middle-income countries and 23 per cent in the high-income bracket. Models of success Given that regional rates of financial inclusion remain so low, how do countries work to improve them? The basis of Egypt's success was the implementation of a comprehensive national strategy to promote financial inclusion, a strategy which actively worked to target underserved communities, ESCWA points out. For example, in Egypt, 22 per cent of ATMs in the country have now been equipped with accessibility features including brighter lighting and Braille keyboards. Other countries in the region have also implemented national strategies which include targeted initiatives. Jordan, which has the second widest gender gap in the region, implemented a Microfund for Women to provide loans for income-generating activities. There are now 60 branches across the country, serving 133,000 borrowers, 95 per cent of whom are women. Moreover, some banks in the region have worked to implement financial literacy classes and others have worked to tailor their services to underserved communities including by lowering minimum deposits. The report concludes that an expansion of all these activities – national policymaking which targets underserved communities and private bank activities which lower barriers to entry and support financial literacy – will be essential in improving financial inclusion. ' The path forward exists, but it requires political will, targeted investment and a whole-of-society approach,' the report concludes.
Zawya
08-05-2025
- Business
- Zawya
Oman improves ranking in UN index of digital governance
Muscat – Oman has improved its ranking in the 2024 Government Electronic and Mobile Services Maturity Index (GEMS) with a score of 72%, compared to 66% in 2023, according to a report released by the United Nations Economic and Social Commission for Western Asia (ESCWA) on Monday. The report covers 17 Arab countries and assesses digital government performance across three key dimensions – service availability and development, service uptake and satisfaction, and government outreach and engagement. Saudi Arabia and United Arab Emirates led the index with scores of 96% and 95%, respectively, reflecting strong progress in national digital transformation. The index covers a wide range of sectors, including health, education, transportation, finance, justice, trade, tourism and social affairs. The index highlighted gains in Oman's performance across the key pillars of digital maturity. The sultanate's score in the service availability and development pillar rose to 80%, up from 76.64% in 2023. Service uptake and satisfaction increased to 63%, compared to 51.95% last year, while the score for government outreach and engagement rose from 73.78% to 78%. The index also showed a sharp rise in Oman's evaluation indicators. The level of service development for electronic portals improved to 94% from 84.45% in 2023. User satisfaction with these portals was 89%, up from 76.44%. Mobile application availability also improved to 60%, compared to 49.97% last year, while user satisfaction of mobile platforms increased to 62%, up from 47.76%. Nawar al Awa, ESCWA's GEMS project lead, noted that despite overall progress in the region, a significant digital divide remains between countries with advanced digital infrastructure and those in the early stages of digital development. This gap widened from 91% in 2023 to 95% in 2024, largely due to disparities in resources and challenges in adopting emerging technologies. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
