Latest news with #non-GCC
Al Etihad
15-05-2025
- Business
- Al Etihad
32 UAE companies make it to Forbes' Top 100 Arab Family Businesses for 2025
15 May 2025 22:28 MAYS IBRAHIM (ABU DHABI)Thirty-two UAE companies have been named among Forbes Middle East's Top 100 Arab Family Businesses for 2025, with countries in the Gulf Cooperation Council (GCC) dominating the annual ranking evaluated family-owned or family-run businesses based on the size and value of assets they held, revenues, diversification, geographic footprint, employee base, company legacy, and recent activity such as IPOs and new UAE firms, the list features 33 entries from Saudi Arabia and eight from Qatar. Topping the ranking is Saudi Arabia's Al Muhaidib Group, followed by Abdul Latif highest-ranking UAE firm is Al-Futtaim Group, securing the third in 1930, the group operates across the automotive, financial services, real estate, retail, and health sectors. It's currently led by Omar Al Futtaim, its Vice Chairman and group's owner, Abdulla Al Futtaim, and his family had a net worth of $4.6 billion as of April Mansour Group is the only non-GCC business to feature in the top 10, underlining the concentrated influence of Gulf family enterprises across the region."Middle Eastern family businesses are far more than commercial enterprises - they are pillars of society, deeply interwoven with the region's cultural fabric and historical legacy," the report stated."These companies, often steered by generations of the same family, have traditionally dominated sectors such as hospitality, retail, and manufacturing, reflecting the enduring influence of heritage and familial bonds."Many of these family businesses were established in the 1800s and before 1950 and have since adapted to global economic shifts, while others represent newer entrants through mergers or from financial strength, this year's list also highlights innovation and example, the UAE's AW Rostamani Group and Kuwaiti firm Alghanim Industries are among those driving the electric vehicle (EV) transition in the region, signaling a shift toward cleaner energy. UAE's Business Legacy Other notable UAE entries include DAMAC Group (fifth on the list), founded in 1982 by Hussain Sajwani, whose net worth amounted to $10.2 billion as of April 2025. With a portfolio spanning real estate, capital markets, hotels and resorts, manufacturing, catering, high-end fashion, and data centres, the group announced plans to invest $20 billion in US data Al Futtaim Holding ranks seventh, operating malls, hotels, and communities across the Middle East, Africa, and Central Asia. The UAE-based group plans to open over 30 new luxury retail stores in Ghurair, established in the UAE in 1960, is eighth on the list. As of April 2025, the group has a presence in over 50 countries, employing nearly 28,000 people. It operates across five sectors, including food, mobility, infrastructure, and asset Ghurair Group, also established in 1960, ranks 13th. In 2024, the group integrated Etihad Rail into its logistics operations, aiming to reduce carbon emissions from its packaging business, AP, by an estimated 37%.Newer yet rapidly rising UAE firms like Binghatti Holding, founded in 2008 by Muhammad Binghatti, also made it to the company has landed branded real estate partnerships with names like Mercedes-Benz and Bugatti. Its latest launch, Binghatti Skyrise, a $1.3 billion development, sold 50% of its total units on launch notable UAE entries include S.S. Lootah Group, AW Rostamani Group, Al Khayyat Investments, Mohamed & Obaid Almulla Group, HSA Group, Mazrui International, and Al Masaood companies span various sectors from education and healthcare to logistics and Saleh Al Gurg Group, GMG, Tiger Group, MAG Group Holding, and AlNowais Investments further reflect the UAE's strong family business ecosystem, operating in different industries and represented are long-standing and diversified groups such as Crescent Group, Bin Hamoodah Company, Abu Ghazaleh Investments, Ghassan Aboud Group, Chalhoub Group, and Oasis Investment Company (Al Shirawi Group).These firms have built multi-generational legacies across the energy, retail, logistics, and real estate sectors. Additional entries include Khalifa Juma Al Nabooda Group, Gargash Group, Al Nasser Holdings, Seddiqi Holding, Saeed & Mohammed Al Naboodah Holding (Al Naboodah Group), Mohammad Omar Bin Haider (MOBH) Holding Group, and The Kanoo Group.
Daily Tribune
02-05-2025
- Business
- Daily Tribune
ATM Dubai Draws 55,000 Visitors, Records 16% Growth
TDT| Dubai The Arabian Travel Market (ATM) 2025 concluded on Thursday with a record turnout of over 55,000 attendees from 166 countries, marking a 16% year-on-year increase and reinforcing the event's growing global stature. Held at Dubai World Trade Centre from April 28th to May 1st, the show featured more than 2,800 exhibiting companies—19% from the Middle East and 81% from other global markets. Organised by RX Global, this year's theme, Global Travel: Developing Tomorrow's Tourism Through Enhanced Connectivity, explored how cross-border, cross-sector collaboration is shaping the future of tourism. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, visited the show. It was officially inaugurated by His Highness Sheikh Ahmed bin Saeed Al Maktoum, while His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum toured the floor and reviewed this year 's highlights. Danielle Curtis, Exhibition Director ME at ATM, said the event delivered strong engagement across the industry: 'The outstanding turnout and record-breaking number of exhibitors are clear indicators of ATM's crucial role in shaping the future of global tourism and connectivity.' Regional growth stood out, with year-on-year exhibitor increases from the Middle East (19%), Asia (20%), Europe (17%), and Africa (21%). Asia led growth at the show, reflecting stronger regional connectivity. The top ten non-GCC international markets were India, Türkiye, UK, Egypt, USA, China, Sri Lanka, Spain, Maldives, and Pakistan. ATM Travel Tech surged 26% this year, with over 100 companies presenting innovations, including 21 showcased in a new Start-Up and Innovation Zone, plus an immersive VR experience. The hotel segment also saw 12% growth, with all major international hotel chains represented. Meanwhile, the conference programme featured 70 sessions and over 200 speakers across the Global Stage, Future Stage, and the newly introduced Business Events Stage under IBTM@ ATM, which debuted this year as a dedicated zone for business event professionals.
Express Tribune
01-05-2025
- Business
- Express Tribune
IMF sees signs of recovery in Pakistan
The International Monetary Fund (IMF) has stated that conflicts in Sudan, Gaza, Lebanon, Syria and Yemen have caused severe damage to the global economy. In its Regional Economic Outlook report for the Middle East and Central Asia, the IMF noted a significant projected decline in growth among non-GCC oil exporters in 2025. The report said the ongoing conflicts in Sudan, Gaza, Lebanon, Syria, and Yemen have severely harmed their economies. The IMF also highlighted signs of economic recovery in Pakistan, with improved agricultural output following recent floods. Among Middle Eastern oil importers, growth is expected to reach 3.4% in 2025. It said 4 million people have been displaced in Sudan due to a civil war; while over 50,000 and 4,300 people have been respectively killed in Gaza and Lebanon. According to the report, a 60% economic contraction has been witnessed in Syria while there is a persistent high inflation in Lebanon. It said in Egypt and Jordan, economic growth remains under pressure due to the regional spillover of conflicts. The report also stated that Pakistan has increased its interest rate by 550 basis points to reduce its fiscal deficit. In total, the public financing needs of Pakistan and the Middle Eastern and North African (MENA) countries are estimated at $263 billion in 2025.
Shafaq News
01-05-2025
- Business
- Shafaq News
IMF sounds alarm: Economic pressures mount on Iraq, non-Gulf oil producers
Shafaq News/ Iraq and other non-Gulf oil-exporting countries are set to face mounting economic pressure due to declining oil production and shrinking public spending, the International Monetary Fund (IMF) warned on Thursday. According to the IMF's May 2025 Regional Economic Outlook, growth prospects in the Middle East and Central Asia have been revised sharply downward, reflecting diverging performance across countries amid a weakening global outlook. The report cited heightened global trade tensions, tariff levels not seen in a century, and escalating regional conflicts as major drags on growth across the region. Real GDP growth in the Middle East and Central Asia is projected to slow to 2.6% in 2025, down from 2.9% in 2024, amid oil production slowdowns and heightened global uncertainty. For oil-exporting countries overall, growth is expected to decline to 2.4%, driven by a slower recovery in output despite the gradual easing of OPEC+ cuts, and a drop in oil prices to around $66 per barrel. While non-oil sectors remain strong in Gulf Cooperation Council (GCC) countries—supported by public investment and ongoing reforms—non-GCC exporters like Iraq, Algeria, and Iran are under twin pressures: constrained oil output due to sanctions or logistical challenges, and reduced fiscal spending. This has led to sharp downward revisions in their growth forecasts. Oil-importing countries such as Egypt, Jordan, and Tunisia are expected to see only marginal improvements, hampered by weak external demand, declining aid flows, and higher borrowing costs. In Central Asia, growth is being restrained by slowing investment and lower demand from key trade partners. Despite headwinds, the IMF noted that Saudi Arabia and Qatar are continuing to benefit from economic diversification efforts and increased foreign direct investment. Strong non-oil activity in the GCC helped offset the impact of voluntary OPEC+ production cuts, maintaining moderate growth of 2.2% in 2024. Sovereign wealth fund investments and business climate reforms also boosted consumption and private investment. However, the report warned that growth could soften in the near term due to lower oil prices and persistent global uncertainty. On the other hand, conflict-hit oil importers such as Sudan, Gaza, and Lebanon face deep economic contractions and humanitarian crises. Egypt's economy, the report noted, has been negatively affected by declining revenues from the Suez Canal and mounting debt burdens, complicating fiscal consolidation efforts. The IMF concluded that the region's economic challenges are likely to persist amid growing financial pressures and stalled structural reforms. It called for cautious but comprehensive policy responses to ensure long-term stability and sustainable growth.
Observer
30-04-2025
- Sport
- Observer
OCRF to take part in first Asian camel racing in Abu Dhabi
MUSCAT: The Oman Camel Racing Federation (OCRF) is all set to take part in the first Asian Camel Racing Championship, which will take place at Al Wathba Camel Racing Track in the UAE capital of Abu Dhabi on May 8. This landmark event is poised to become a continental celebration of heritage sport, gathering camel lovers across Asia to promote the sport's cultural legacy. The Asian Camel Racing Federation (ACRF) has announced the rules of the first edition of the Asian championship which will witness both races, human and robot riders. The traditional competitions (human rider) will feature two categories: male and female jockeys, both races will be for 2 km. Male jockeys will compete in two rounds, while female will compete in a single round. The participants must be at least 18 years old, possess valid camel jockey licenses or certified approvals from their national federations. All participants must be officially registered through their respective national federations with two jockeys per round. The participants must be at least 18 years old, possess valid camel jockey licences or certified approvals from their national federations and pass both technical and health evaluations. The championship will only allow camels of approved categories including Thanaya, five years old, and Al Hoal, above six years old. All camels must be in good health, and not prohibited in the federation race system. Camels must be equipped with electronic ID chips. The host federation will supply camels to participants from non-GCC nations. The ACRF confirmed that visas will be issued for all participants, and the host federation will bear the costs of travel expenses, accommodation and local transportation. Camels owned by institutions or royalty are not eligible and will apply anti-doping tests to ensure integrity and fairness. The championship will honour individual excellence and team performance. Gold, silver and bronze medals will be presented to the top three winners and cash prizes for the top 10. In each round, the winner's federation will receive a dedicated race cup, and the federation with the highest total points will be awarded with a championship trophy. All participants are required to wear official safety equipment and sports attire as mandated by the ACRF.
