Latest news with #SajjadAhmad
Telegraph
18-07-2025
- Politics
- Telegraph
Labour hands councils powers to secretly inspect landlords' properties
'Powers of entry are intrusive by their nature. If they are to be exercised without prior warning, there must be rigorous justification, robust checks and balances and explicit limits to prevent overreach. That bar has not been met. 'These amendments risk tipping the balance too far, undermining transparency and weakening the very safeguards that protect landlords and tenants alike,' he added. It means landlords may be hit with fines from inspections they didn't know were happening. It could leave them footing the bill for tenants' negligence, such as failing to properly ventilate a property to prevent mould. The maximum penalty that a council can issue to a landlord without needing to go to court is £30,000. If the Renters' Rights Bill becomes law, this will increase to £40,000. The British Landlords' Association welcomed the changes as 'in everyone's best interests'. But Sajjad Ahmad, its chief executive, warned against 'sneaky inspections'. He said: 'Inspections should not be done without landlords present. Everyone should be there, as well as the tenants and council officers. This means you can more easily get a solution, rather than issues going on and on.' When the bill passes, Awaab's law will also be applied to the private rental sector. The law forces landlords to take immediate action to remove mould and damp, after two-year-old Awaab Ishak died from respiratory issues caused by exposure to black mould. Baroness Taylor of Stevenage, parliamentary under-secretary of state for housing, told members of the House of Lords that giving notice can lead to 'unscrupulous landlords hiding evidence of breaches'. The Chartered Institute of Environmental Health, which called for the removal of the 24-hour period, has welcomed the news. Mark Elliott, the institute's president said: 'We are delighted that the Government has recognised the need to remove this requirement, which has long been a barrier to effective enforcement of housing legislation. 'The current requirement provides an opportunity for the landlord to appear at the inspection, which can be an intimidating experience for the tenant making the complaint. 'Local authorities should be able to conduct such visits without giving the landlord 24 hours' notice, permitting private conversations with the tenant before the local authority contacts the landlord to notify them if works are required.' Changes for landlords The renters' rights amendments also need to be passed in the House of Commons. The bill – due to come into force this autumn – will also abolish so-called 'no fault' evictions, introduce an ombudsman for the private rental sector and make enforcement against rogue landlords stronger. It also means landlords will be forced to wait three months before taking action against non-paying tenants. Rentals that fall short of energy efficiency standards will be banned by 2030, costing landlords an average bill of £10,000 to bring their properties up to code. The increasingly hostile business environment under Labour is forcing landlords to sell up. The number of UK properties available to let has hit an all-time low of 284,000, falling 18pc in the year to March, according to analytics firm TwentyCi. The National Residential Landlords' Association (NRLA) said that 'the majority of responsible landlords must not be treated as though they are part of the problem'. A spokesman said: 'The amendment passed in the House of Lords raises concerns. The NRLA is supportive of effective enforcement, but it is important that actions taken by enforcement bodies are proportionate to the issue being investigated and seek to work with all involved to achieve the best possible outcome. 'We urge the Government to ensure that any new enforcement measures are applied in a targeted and proportionate way.'
Gulf Today
26-06-2025
- Business
- Gulf Today
'Techno Meet' sheds light on role of technology in financial sector
Sajjad Ahmad, Deputy Business Editor The global remittance market has been growing steadily year on year by 5-6%, and breached the $900 billion mark last year, said Osama Al Rahma, Chairman of Foreign Exchange and Remittance Group (FERG). He said, "The UAE is the second largest country of remittances exports after the United States and its remittance sector is growing as the country is attracting new global talent and visitors." Speaking on the sidelines of 'Techno Meet' event, Al Rahma explained," The UAE remittances industry has shown remarkable growth in recent past and the sector is adopting latest technologies and introducing various solutions for its customers." About the event, he said," This event is a platform for the exchange houses to discuss the upgraded solutions and compliance in the light of the Central Bank of the UAE's digital transformation initiatives to enable them to align with the government strategy. The event also aims to create more awareness for financial inclusion." The Foreign Exchange and Remittance Group (FERG) successfully concluded the third edition of its flagship event, 'Techno Meet', held at the Shangri-La Hotel, Dubai. The day-long event created space for strategic dialogue on the intersection of technology, compliance, and financial operations, emphasising on the critical role of collaboration between exchange houses, banks, regulators, and fintechs in navigating the rapidly evolving digital economy. The event kick-started with a keynote address by Jan Pilbauer, CEO of Al Etihad Payments, who highlighted the transformative potential of digital innovation within the UAE's financial landscape. He outlined both the opportunities and responsibilities that come with accelerating digital transformation, emphasising the need for agile collaboration between institutions, regulators, and technology providers to build a future-ready financial ecosystem. Speaking about the event, Osama Al Rahma said, 'TECHNO MEET reflects FERG's ongoing commitment to advancing financial innovation, regulatory dialogue, and sector-wide collaboration. With every edition, we strengthen our collective capacity to adapt, innovate and grow. I would like to thank all the speakers, partners, and participants who have made this gathering a catalyst for progress.' The event featured panel discussions, technical presentations, networking sessions and live demonstrations, during which participants examined and discussed emerging solutions that are redefining cross-border payments, digital assets, and financial infrastructure. Senior executives and experts from organisations such as Al Etihad Payments, Al Ansari Exchange, Lulu Exchange, Al Fardan Exchange, Fils, McKinsey & Company, EY, Thought Box, Zigram, HODL Consulting, BitOasis, Encryptus and Abhi shared practical insights and case studies, reinforcing the importance of data-driven decision-making, agile innovation, and a compliance-first approach to transformation. Attendees further explored how technology can improve operational efficiency, strengthen governance, and drive customer-centric service models. The event concluded with an awards ceremony recognising key contributors, and a call to continue building bridges between tradition and technology through meaningful dialogue, policy alignment, and innovation partnerships. The Foreign Exchange and Remittance Group (FERG) is a non-profit organisation based on the initiative of the Central Bank of UAE. FERG comprises companies engaged in the business of money exchange and remittances, from large sized companies in the UAE with over 100 branches, to single-branch outlets to join a common platform and work towards mutual benefits. FERG, as an organisation through its members, not only complies with the UAE's financial regulations, but also plays a significant role in providing information to the entire industry and works closely with most of its members to ensure all requirements and implementation are being promoted. The Group has also taken up issues that have led to favourable policy amendments by the Central Bank of the UAE, promoted Emiratisation, and supported the implementation of the Wage Protection System. FERG regularly liaises with national police departments to combat dubious financial transactions and works with the Central Bank to implement strict AML policies.
Gulf Today
01-05-2025
- Business
- Gulf Today
MoF hosts forum to explore future of UAE financial sector
Sajjad Ahmad, Deputy Business Editor The Ministry of Finance (MoF) on Thursday organised the 2nd edition of the Financial Media Forum under the theme 'Shaping the Future of the Financial Sector: The Balance Between Influence and Responsibility'. Held in Dubai, the event brought together high-profile government and media leaders as well as over 100 professionals, students, and financial and economic experts. The forum comes at a time when the world is experiencing rapid transformations in the global economy, highlighting the growing importance of the media in supporting financial transparency and transmitting and analysing economic data. It aimed to enhance financial awareness across all segments of society, in line with the country's vision for sustainable economic development. The event also aimed to strengthen collaboration with media entities, emphasising the importance of developing impactful financial content that promotes awareness and helps achieve the country's financial goals. Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, said: 'The Ministry of Finance is committed to establishing a strategic financial approach that enhances resource management efficiency, in line with global economic developments, as well as to formulating flexible, sustainable financial policies that support the country's development goals. 'We are also working to build an integrated financial system driven by transparency, digital transformation, and robust partnerships between the public and private sectors to drive economic growth and ensure long-term financial stability,' the Minister added. He stated: 'The second edition of the Financial Media Forum is one of the key strategic initiatives aiming to strengthen the relationship between the financial system and national media. We strongly believe that the media plays an essential role in enhancing financial literacy and effectively communicating government policies to the public.' Al Hussaini went on to say: 'The forum provides an ideal platform for exchanging insights and expertise, foreseeing the future of the financial sector, and building a deeper understanding of the challenges and opportunities ahead. It operates within a framework of transparency and professionalism that aligns with the UAE's vision for financial and economic leadership. The event also reaffirms our commitment to promoting financial awareness across all segments of society, which has become a foundational pillar for building responsible financial behaviour that can help drive sustainability, and inclusive growth forward.' The gathering was attended by Younis Haji AlKhoori, Undersecretary of the Ministry of Finance; Mohammed Saeed Al Shehhi, Secretary-General of the UAE Media Council; and Mohammed Al Hammadi, Director-General of the Emirates News Agency (WAM), as well as several finance department directors from local governments and senior officials from local universities and media agencies. In his opening speech, Younis Haji AlKhoori emphasised that the Ministry of Finance is committed to promoting financial transparency and strengthening cooperation with various sectors to achieve sustainable economic growth in the UAE. AlKhoori highlighted that hosting the forum amidst rapid global economic transformations reflects the government's keenness to enhance its tools and forecast the financial future based on clear, scientific foundations, in line with the wise leadership's vision and the country's long-term aspirations. He stated, 'The Ministry of Finance is forging ahead based on a comprehensive strategic vision aimed at achieving financial sustainability, enhancing government spending efficiency, promoting financial integration, and developing flexible legislation.' He explained that striking a balance between stimulating growth and ensuring sound financial management is a top priority for the Ministry, which is why the Ministry is adopting modern tools and accelerating digital transformation within the financial sector. He also stressed the importance of collaborating with the private sector and empowering national talents to participate in international financial organisations. He concluded by reaffirming that the Financial Media Forum has become a platform for promoting dialogue on the future of the financial sector, adding, 'The media has evolved into a vital partner in supporting transparency and educating the public on financial policies.' He emphasised that the media plays a pivotal role not only in reinforcing the country's efforts to achieve financial transparency but also in providing the public with objective, professional insights into financial trends and policies. AlKhoori voiced his hopes that the discussions during the forum will help strengthen the stability and growth of the national financial sector and solidify transparency and sustainability as key pillars in the UAE's ambitious journey toward building a prosperous and sustainable economic future.
Gulf Today
30-04-2025
- Business
- Gulf Today
Innovation drives regional sustainable tourism growth
Sajjad Ahmad, Deputy Business Editor The global travel landscape is increasingly complex, influenced by climate change, environmental concerns, and changing traveller expectations. In the Middle East, destinations are proactively adapting their tourism strategies to tackle these challenges by focusing on resilience, innovation, and long-term value. The region is addressing issues such as extreme weather, shifting consumer behaviours, and geopolitical pressures with agility and ambition. According to UN Tourism, international tourist arrivals reached 1.4 billion in 2024, marking a 99% recovery to pre-pandemic levels and an 11% increase compared to 2023. The Middle East led this rebound, recording arrivals that were 32% higher than in 2019, making it the fastest-recovering region worldwide. At Arabian Travel Market (ATM) 2025, panellists at the session on 'Redefining Tourism Products in Uncertain Times', held in partnership with the Global Travel & Tourism Resilience Council, discussed how the Middle East is innovating to ensure traveller safety, preserve cultural and environmental assets, and enhance its appeal as a trusted, forward-thinking destination. Ghada Shalaby, Executive Director, Egyptian Hotel Association, said: 'Over the past decade, Egypt has faced several challenges, and we wanted to tailor make our approach to the tour operators and to the end consumer as well... especially during the COVID-19 pandemic when we communicated our health and safety procedures. By the end of 2023, we had reached our big figures for tourist arrivals, which continued into 2024.' During the high-level session on the ATM 2025 Global Stage, cruise industry experts emphasised the sector's advancements in sustainability. They noted that modern ships now operate under some of the strictest environmental regulations in tourism, especially in sensitive areas like the Red Sea. The discussion also addressed how perceptions, more generally, influenced by media coverage and travel advisories, can misrepresent conditions on the ground and impact travel decisions. Ibrahim Osta, Global Tourism Lead, Chemonics International, commented: 'So we have travel media, but you also have the general media. What the media reports has an implication on the interest in that market and the willingness for [tourists] to come [and visit]; this makes the job of the tourism authorities much more difficult.' During the session, delegates heard how perceptions of instability, which are often amplified by social media and outdated advisories, can impact demand for insurance. They emphasised the importance of collaborative storytelling, investing in green infrastructure, and engaging new source markets by offering diverse experiences and cross-border itineraries. Danielle Curtis, Exhibition Director ME, Arabian Travel Market, said: 'ATM serves as an essential platform for cross-sector dialogue, particularly on issues that affect the future of travel in complex environments. By bringing together representatives from insurance, hospitality, development, and the cruise industry, we are contributing to creating a more connected and resilient tourism ecosystem in the Middle East and beyond.' SLTPB expands partnership: the Sri Lanka Tourism Promotion Bureau (SLTPB) hosted a press conference on the sidelines of Arabian Travel Market (ATM) 2025 in Dubai, reaffirming its commitment to expanding tourism partnerships and boosting arrivals from the Gulf Cooperation Council (GCC), the broader Middle East, and international markets. The conference highlighted key developments across Sri Lanka's tourism sector, including infrastructure upgrades, market trends, and evolving traveler experiences. Addressing a packed media room, Sampath Nishshanka, Managing Director of SLTPB, outlined the country's strategic focus on community-based experiences, wellness and nature travel, and premium hospitality. 'Sri Lanka is not just a destination - it is an experience shaped by warmth, culture, and meaningful connections that today's discerning travelers seek,' he said. 'We take pride in our heritage and the genuine hospitality that defines us. As we present a renewed vision for tourism, we invite the world - here at Arabian Travel Market - to rediscover Sri Lanka with fresh eyes and open hearts.' The press conference emphasized SLTPB's collaboration with GCC-based travel agencies and airlines to enhance connectivity and curate personalized experiences for travelers in GCC and the wider region. It also spotlighted efforts to strengthen media and trade engagement through authentic storytelling and by reinforcing confidence in Sri Lanka as the ideal travel destination for GCC and Middle East traveller. The Sri Lanka Pavilion at ATM 2025 features a mix of co-exhibitors - including boutique hotels, wellness retreats, and destination management companies (DMCs) - keen to forge partnerships across the region and beyond. SLTPB also unveiled initiatives targeting families, spiritual travelers, and adventure seekers, aligning with summer travel trends. Visa-free entry for GCC nationals, direct air links, and attractive luxury packages further reinforce Sri Lanka's appeal as a premier holiday destination. Emirates and AEME deal: Emirates and American Express Middle East (AEME) have signed a Memorandum of Understanding (MoU) at Arabian Travel Market (ATM) that intends to expand their collaboration to explore new offerings for small and medium-sized enterprises (SMEs) in select countries across the Middle East and North Africa. Together, Emirates and American Express Middle East will explore ways to reach and engage with SMEs through differentiated offers and value driven initiatives. Mazin Khoury, Chief Executive Officer at AEME, noted, 'SMEs are the pulse of the economy across the region and at American Express Middle East we are deeply committed to their success. Through this MoU, we aim to expand our collaboration with Emirates to create meaningful value for small businesses.' Adnan Kazim, Deputy President & Chief Commercial Officer at Emirates, added, 'Emirates recognises the pivotal role SMEs play in driving innovation, creating jobs, and fostering economic growth, and we're committed to providing them with flexible solutions and a unique value proposition for their travel needs. The MoU between Emirates and American Express Middle East brings together two strong brands committed to delivering support to SMEs, empowering them to scale up and thrive in today's economy. We look forward to a successful collaboration.' Shaza Hotels debuts in Bahrain: Shaza Hotels, a leading hotel management company, has announced its entry into the Kingdom of Bahrain with the signing of a management agreement for Mysk Al Fateh Bahrain with Nuzul Masaken Real Estate Development Co., a prominent Bahraini investment company. The agreement was formalised between Simon Coombs, President & CEO of Shaza Hotels, and Ghazi Abdulla Nass, Chairman, Nuzul Masaken Real Estate Development Co in Bahrain. The partnership was unveiled during an exclusive ceremony held at the Shaza Hotels stand at the Arabian Travel Market by Simon Coombs and Faisal Ali Al Farsi, Board Member of Nuzul Holdings. The event was attended by senior leaders from both organisations, including Shaji Abu Salih, Vice President – Business Development and Growth, and Franck Descat, Vice President – Asset Management at Shaza Hotels; as well as Islam Abdelhakim Abo Alam, Board Member of Nuzul Masaken Real Estate Development Co., and Ms Mona Ahmed Al Musallam, Board Member at Nuzul Masaken Real Estate Development Co. Speaking on the occasion, Simon Coombs, President & CEO of Shaza Hotels, stated: 'We are delighted to mark our entry into the Kingdom of Bahrain with such a special property. Mysk Al Fateh Bahrain is a perfect fit for our growing Mysk portfolio – combining contemporary luxury with a sense of place and purpose. Our partnership with Nuzul Holdings reflects a shared vision to bring meaningful hospitality experiences to the region, and we look forward to delivering exceptional value to our guests and stakeholders alike.' Ghazi Abdulla Nass, Chairman, Nuzul Masaken Real Estate Development Co., commented: 'This partnership with Shaza Hotels – a brand known for its cultural depth and operational excellence – reflects our long-term commitment to developing high-quality hospitality assets that meet Bahrain's evolving tourism demand. Mysk Al Fateh Bahrain is designed to cater to the increasing number of long-stay guests, executives, and families seeking a modern, serviced living environment in one of the most connected and cosmopolitan areas of Manama.' Mysk Al Fateh Bahrain, the 15-storey twin tower development, features 118 contemporary suites, including elegant one, two and three-bedroom residences and four exclusive penthouses – each thoughtfully designed for business and leisure guests. Mysk Al Fateh Bahrain will officially open its doors to guests on 1st May 2025. Digital ads: Malika Kennedy, Chief Business Development Officer from Yango Ads said, 'At Arabian Travel Market, we're contributing to the broader conversation around AI and data's role in shaping the tourism industry's future. Brands today face a critical challenge: cutting through digital noise to reach consumers with messages that matter. In the travel sector, where, according to our 2025 Tourism Industry Guide, nearly half of emerging market travellers are influenced by targeted digital ads, and 60% plan trips two to three months in advance, timing and relevance are everything. This shift demands smarter, context-driven campaigns that align with user intent, whether they're actively searching or simply considering a getaway. Travel businesses can tap into advanced advertising tools designed to reach the right audience at the right time.' Qashio's solutions: Armin Moradi, Co-Founder and CEO of Qashio said, 'The Middle East's travel sector is rapidly expanding, with international visitor spending expected to reach $194 billion in 2025. As businesses in this fast-moving space scale, they face growing pressure to manage costs, increase transparency, and improve operational efficiency. At Arabian Travel Market 2025, Qashio is highlighting how our spend management solutions help companies overcome these challenges by digitising payments and offering granular control over spend. We enable travel businesses to reduce fraud risk, cut unnecessary fees, and automate time-consuming reconciliation processes. As the region's travel ecosystem grows more complex, tools like Qashio play a key role in building a scalable, resilient market without slowing down.' Ascott eyes 20%: The Ascott Limited (Ascott), a leading global hospitality operator, announced plans to achieve a 20% annual growth rate over the next five years in the Middle East, Africa, and Turkey (MEAT) region — setting a bold pace for expansion as the region's hospitality and tourism sectors undergo rapid transformation. Unveiled at the Arabian Travel Market 2025, Ascott's growth ambitions align with the region's mega-development programmes such as Saudi Vision 2030 and the UAE's D33 Economic Agenda. The company aims to steadily grow its regional presence toward 15,000 units in operation or under development by 2030, leveraging its flexible living portfolio and experience-led hospitality models. 'We are targeting sustainable, robust growth of 20% year-on-year, guided by a flexible living philosophy and a focus on future-ready cities,' said Vincent Miccolis, Managing Director, Middle East, Africa, and Türkiye, The Ascott Limited. 'As tourism, urban living, and work patterns evolve, Ascott is uniquely positioned to meet the region's demand for hybrid hospitality solutions that blend living, working, and community experiences.' Ascott's expansion plans are anchored by strategic growth in Saudi Arabia and the United Arab Emirates. In Saudi Arabia, the company intends scaling operations across Riyadh, Jeddah, Makkah, Madinah, and key secondary cities, supported by upcoming openings such as Ascott Villas Riyadh, an upper-upscale living concept set to launch in Q3 2025 and the recent signing of a The Crest Collection hotel located on King Fahd Road in Riyadh. In the UAE, Ascott is deepening its presence in Dubai and entering Abu Dhabi, targeting both tourism and business demand. New projects include The Crest Collection Ras Al Khaimah on Marjan Island, bringing bespoke, story-driven hospitality to one of the UAE's fastest-growing leisure destinations. Looking ahead, Ascott sees a significant opportunity to introduce its highly successful experience-led social living concept, lyf, to the Middle East for the first time. Currently thriving in global cities like Singapore, Bangkok, London, Tokyo, and soon Paris, lyf properties are purposefully designed to foster organic social interactions through shared spaces, community-driven programming, and a tech-enabled, flexible guest experience. From co-working lounges to communal kitchens and curated local collaborations, lyf creates environments that go beyond traditional accommodation — offering a new way of living, working, and connecting. 'The Middle East is undergoing one of the most dynamic urban transformations globally, with young business travelers, digital nomads, and long-stay residents increasingly looking for more than just a place to stay,' said Miccolis. 'The lyf concept is a perfect fit for the region's future cities — blending social living, flexible design, and operational agility in ways that appeal to next-generation travelers and forward-thinking investors alike. The brand has gained a lot of traction in the co-living space over the past three years. We are targeting to sign 150 lyf properties globally by 2030 and we see great potential for many of these to be in the MEAT region.'
Gulf Today
19-03-2025
- Business
- Gulf Today
Report highlights cybersecurity challenges in the Middle East
Sajjad Ahmad, Deputy Business Editor State-sponsored cyber threats, including Advanced Persistent Attacks (APTs) and Hacktivism surged in the Middle East in 2024, with GCC countries emerging as primary targets. These attacks are largely fuelled by geopolitical conflicts, according to a report released by Group-IB, a leading creator of cybersecurity technologies to investigate, prevent, and fight digital crime. Released recently, Group-IB's High-Tech Crime Trends Report 2025 provides a comprehensive analysis on the interconnectivity of cybercrime, and the evolving cyber threat landscape in the Middle East and Africa region. The report offers valuable intelligence on advanced persistent threats, hacktivism, and emerging cyber threats, empowering businesses, cybersecurity professionals, and law enforcement in the Middle East with the insights needed to enhance their cybersecurity strategies. The report said that though APTs in the region saw a 4.27 per cent increase compared to a 58 per cent surge globally, 27.5 per cent of these threats from state-backed espionage groups were actively targeted at GCC countries. Commenting on the release of the report, Ashraf Koheil, Regional Sales Director MEA at Group-IB, said: 'Our report captures the dynamic and complex nature of cyber threats faced by the Middle East today. It shows that cybercrime is not a collection of isolated incidents, but an evolving ecosystem where one attack fuels the next. From sophisticated state-sponsored attacks to rapidly evolving hacktivism and phishing campaigns, the insights presented in this report are essential for organizations seeking to strengthen their cybersecurity defences.' While GCC countries were the most targeted due to their strategic economic and political importance, other significant targets included Egypt (13.2%) and Turkey (9.9%), reflecting their geopolitical roles, while countries like Jordan (7.7%), Iraq (6.6%), as well as Nigeria, South Africa, Morocco, and Ethiopia also face growing cyber threats. In 2024, the Middle East and Africa (MEA) ranked third globally in hacktivist attacks, accounting for 16.54% of incidents, trailing behind Europe (35.98%) and Asia-Pacific (39.19%). According to the report, the primary industries affected included government and military sectors (22.1%), financial services (10.9%), education (8%), and media and entertainment (5.2%) sectors were also targeted, with attacks aimed at disrupting critical infrastructure and essential services. This uptick is driven by ongoing geopolitical tensions, where cyberattacks are used for ideological expression or political retaliation. The report also shed light on other pressing cybersecurity challenges including the persistent threat of phishing and data breaches across the GCC and the wider MEA region. As the region continues its rapid digital transformation, it has become a prime target for increasingly sophisticated scams targeting the energy, oil and gas industry (24.9%), financial services (20.2%) highlighting the economic motives behind cybercrime. Phishing attacks also remain a major threat, with internet services (32.8%), telecommunications (20.7%), and financial services (18.8%) being the top targeted sectors in the META region. 'We must embrace a collective defence strategy that unites financial institutions, telecommunications providers, and law enforcement agencies. By sharing intelligence, coordinating proactive security measures, and executing joint actions, we can disrupt fraudulent activities before they cause harm. This collaborative approach not only enhances our ability to detect and prevent fraud but also strengthens the resilience of our critical infrastructure, protects our national security,' added Ashraf Koheil. The report highlighted that ransomware attacks remained relatively low in the MEA region, with only 184 incidents (the lowest globally). It also highlights ongoing concerns regarding Initial Access Brokers (IABs) and the broader vulnerabilities they exploit. In 2024, IAB activity was significant in the region, with GCC countries (23.2%) and Turkey (20.5%) emerging as the most targeted jurisdictions. Meanwhile, the figures for compromised hosts—which represent credentials and sensitive data from compromised devices, often sold on the dark web—were highest in Egypt (88,951), followed by Turkey (79,789) and Algeria (49,173) exposing significant cybersecurity gaps. Dark web economy: Stolen credentials and sensitive corporate data sold on the dark web served as critical entry points for ransomware operators, state-sponsored attackers, and other cybercriminals. The report disclosed that over 6.5 billion leaked data entries included email addresses, with nearly 2.5 billion being unique. Additionally, 3.3 billion leaked entries contained phone numbers, with approximately 631 million unique numbers. A staggering 460 million passwords were exposed globally in 2024, with 162 million of them being unique. This surge in exposed data continues to fuel cybercriminal activities within the dark web economy, amplifying the risk to organizations and individuals alike. Dmitry Volkov, CEO of Group-IB emphasizes the company's role in global cybercrime prevention: 'Group-IB played an intensified role in its global fight against cybercrime and contributed to eight major law enforcement operations across 60+ countries, leading to 1,221 cybercriminal arrests and the dismantling of over 207,000 malicious infrastructures. These efforts disrupted large-scale cybercriminal networks, highlighting the critical role of collaboration between private cybersecurity firms and international law enforcement.' The report said threat actors employed advanced tactics, techniques, and procedures (TTPs), including social engineering, ransomware, and credential theft. New techniques such as the Extended Attributes Attack, Facial-Recognition Trojan ( and ClickFix infection chain showcase the evolving sophistication of cyber threats in the region.
