Latest from Arabian Business
Arabian Business
34 minutes ago
- Business
- Arabian Business
Etihad Airways expands access to 24 Greek islands via new codeshare deal with SKY express
Etihad Airways has announced a new codeshare agreement with Greek regional airline SKY express, unlocking access to 24 popular Greek island destinations and three additional Eastern Mediterranean cities for travellers connecting through Athens. Effective from July 14, the partnership builds on the existing interline cooperation between the two carriers and significantly expands Etihad's footprint in Greece. Under the agreement, Etihad will place its flight code on SKY express-operated services beyond Athens, offering customers seamless connectivity to Greece's most iconic island getaways including: Crete Mykonos Santorini Rhodes Kos Corfu Paros Thessaloniki Etihad boosts Greece network The destinations are now accessible through a single booking with streamlined check-in and automatic baggage transfer. The move strengthens the UAE carrier's daily service to Athens by positioning the Greek capital as a strategic hub for onward travel to the Aegean and Eastern Mediterranean regions. Arik De, Chief Revenue and Commercial Officer at Etihad Airways, said: 'This partnership with SKY express opens exciting new possibilities for our customers to discover Greece beyond Athens. 'SKY express's comprehensive island network perfectly complements our Athens service, giving travellers seamless access to some of the Mediterranean's most beautiful destinations through a single booking.' Gerasimos Skaltsas, Chief Commercial Officer at SKY express, said: 'The collaboration is a strong vote of confidence in SKY express, reinforcing our position as a reliable partner and significantly enhancing our connectivity. 'Passengers can now enjoy seamless access to the largest network of Greek destinations, served by the youngest fleet in Greece. Together, we are dedicated to making Greece a sought-after, year-round destination for visitors from around the world.' Customers can book flights to the extended Greek network online, the Etihad mobile app, or through their preferred travel agents.
Arabian Business
34 minutes ago
- Business
- Arabian Business
IHC acquires UAE fintech eFunder, rebrands it as Zelo to tackle $250bn SME funding gap
International Holding Company (IHC) has completed the acquisition of eFunder, the UAE's pioneering private SME financing platform, and announced its rebrand as Zelo. The move signals a major strategic push to close the region's $250bn SME funding gap through technology-driven financial solutions. Fully licensed and regulated by the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA), Zelo has been operating since August 2020. The platform delivers fast, receivables-based working capital to small and medium-sized enterprises (SMEs) by converting approved invoices into liquidity within 24 to 48 hours. Zelo to offer UAE SME funding To date, Zelo has facilitated more than 9,000 transactions and deployed more than AED735m ($200m) in funding, offering SMEs a powerful alternative to traditional financing and reducing the impact of delayed payments. Following the acquisition, Zelo will operate as part of IHC's broader fintech and future-economy portfolio, with a mandate to scale impact across key sectors such as: Construction Logistics Healthcare Industrial services Oil and gas Syed Basar Shueb, CEO of IHC, said: 'SMEs are the backbone of a diversified and future-ready economy. Through our strategic acquisition of Zelo, we are proud to support a platform that solves one of the most fundamental barriers facing SMEs, access to timely working capital. 'This rebrand signals a confident new chapter, one that is fully aligned with IHC's long-term vision of building smart, scalable solutions and dynamic value networks that deliver real and lasting economic impact.' The UAE's SMEs represent over 95 per cent of registered businesses and generate more than 50 per cent of GDP, yet many face payment delays of 60 to 120 days. Zelo's platform eliminates that friction through fully digital onboarding, automated funding decisions, and near-instant capital access. It also dynamically scales funding limits based on business performance. Dhanush Arjun, CEO of Zelo, said: 'Zelo exists to eliminate the wait. The wait for payments, the wait for growth, the wait for opportunity. Our rebrand signals not just a new name, but a renewed commitment to SMEs in the UAE who deserve faster, smarter access to capital. With IHC's strategic backing, we're accelerating that future.' With strong regulatory backing, proven impact, and the strategic support of IHC, Zelo is poised to become a cornerstone of the UAE's SME ecosystem—enabling faster growth, stronger cash flow, and smarter financial agility for thousands of businesses across the region.
Arabian Business
6 hours ago
- Business
- Arabian Business
Saudi inflation holds steady at 2.3% in June 2025 as consumer and wholesale prices stabilise
Saudi Arabia's inflation rate remained stable at 2.3 per cent in June 2025 compared to the same month in 2024, according to the latest data released by the General Authority for Statistics (GASTAT). On a monthly basis, the Consumer Price Index (CPI) also showed no significant movement, holding steady with a 0.2 per cent increase from May 2025. The CPI tracks changes in the prices paid by consumers for a basket of 490 goods and services, compiled using data from the 2018 Household Income and Expenditure Survey. Saudi inflation 2025 The Wholesale Price Index (WPI), which measures changes in prices at the producer level, remained relatively stable at 2.1 per cent year-on-year. However, it saw a slight monthly decline of 0.1 per cent in June. Annual CPI (June 2025 vs June 2024): 2.3 per cent Monthly CPI (June 2025 vs May 2025): 0.2 per cent Annual WPI: 2.1 per cent Monthly WPI change: -0.1 per cent The stability in both consumer and wholesale prices suggests that the Kingdom is maintaining effective inflation control measures, even as other global economies continue to grapple with price volatility and cost-of-living concerns.
Arabian Business
6 hours ago
- Health
- Arabian Business
UAE ranks among world's top 20 for mental health in over-55s, but younger adults face growing wellbeing crisis: report
The UAE has been ranked among the top 20 countries globally for mental wellbeing in adults aged 55 and over, according to the newly released 2024 Mental State of the World Report by Sapien Labs. With a Mind Health Quotient (MHQ) of 112.5, the UAE leads the Middle East and North Africa (MENA) region for older adult mental health, placing it in the top global tier alongside nations such as Finland, Singapore, and Malaysia. The UAE and Finland are the only Arab and European nations in this elite MHQ range. UAE mental health report The annual report, released by Sapien Labs, surveys internet-enabled populations. Participants from the UAE began contributing to the report in 2021, with their numbers increasing by 57 per cent in this survey compared to last. The country joined nine other Arab countries whose combined input accounted for 10% of more than 1 million responses captured in 2023 and 2024 across 82 countries. Key UAE mental health findings: The data on mind health status is measured using the MHQ, which reflects the ability to navigate life's challenges and function productively. MHQ for adults aged 55+: 112.5 — among the healthiest globally MHQ for adults aged 35–44: 70 — 21% higher than global average MHQ for younger adults (18–34): 44.4 — 16.8% above global average, but still low Overall national MHQ: 65.7 — 4.6% above global average Youth distress level in UAE: 36.9% vs only 9% in over-55s These figures highlight a 2.5 to 4-fold generational disparity in mental health within the UAE — a trend echoed globally across 82 surveyed countries. Dr Tara Thiagarajan, Founder and Chief Scientist at Sapien Labs, said: 'The UAE shows one of the healthiest global mental states for 55+ adults, joining peers in Africa, Central and South America, Europe, and Southeast Asia. 'It is the only Arab country scoring above 110 and the first in MENA. While older adults fared well with an MHQ of 112.5 and a distress level of just 9 per cent, the participating younger adults scored an MHQ of 44.4 with a distress level of 36.9 per cent, reflecting a considerable 2.5-fold and 4-fold generational disparity, respectively. 'The youth distress average across Arab countries reached 36.3%, with a generational gap of nearly 3.8-fold.' The MHQ measures not just happiness or depression but core mental functioning, including emotional regulation, social connection, and cognitive capacity — all essential to navigating life and work. While the UAE's mid-senior adult population is thriving, the report paints a stark picture for younger adults across the world. The global youth MHQ average is just 38, and 41 per cent of those under 35 are considered 'struggling or distressed.' In the UAE, the distress rate among youth is 36.9 per cent, compared to 9 per cent among seniors. Contributing factors include: Early smartphone use Increasing ultra-processed food consumption Weakening family and social bonds Higher digital dependency Exposure to environmental toxins In Arab countries, 74 per cent of older adults reported feeling close to family — compared to just 45 per cent of youth — marking a shift away from traditional social structures that once protected mental resilience. Implications for the UAE workforce With 88 per cent of the UAE population made up of expatriates, many of them younger professionals, the country faces a pivotal challenge: safeguarding youth mental health to ensure long-term workforce productivity, innovation, and economic adaptability. Dr Thiagarajan said: 'The UAE's vision for both wellbeing and sustainability includes promoting mental health and wellbeing and ensuring environmental responsibility and resource efficiency. 'This is ensuring people enjoy high living standards and long, healthy lives which is clearly reflected in the surveyed 55+ adults and helping protect youth from environmental toxins. 'For younger adults, the country's demographic structure and diversity could be contributing to changing family dynamics. Other global drivers of generational mental health decline that may apply to the UAE include the consumption of ultra-processed foods which is still lower than global averages but rising fast and the early smartphone use, which needs addressing, especially in childhood.' The report warns that if these underlying factors are not addressed, global and regional societies may struggle to maintain stability in the years ahead. Experts at Sapien Labs call for a radical shift in global and local mental health approaches: Later exposure to smartphones in childhood Healthier diets and reduced chemical additives Stronger community ties and family support Less screen time, more face-to-face interaction Research focused on causes, not just treatment As the UAE builds towards a knowledge-based economy and advances its Vision 2030 goals, supporting the mental health of its young and diverse population will be essential to long-term resilience and sustainable growth.
Arabian Business
6 hours ago
- Business
- Arabian Business
Meta to invest ‘hundreds of billions' of dollars in advanced AI
Meta Platforms plans to invest hundreds of billions of dollars in computing infrastructure to advance its superintelligence ambitions in artificial intelligence (AI), according to Chief Executive Mark Zuckerberg. Writing on social media platform Threads, Zuckerberg said Meta would build one of the most 'elite and talent-dense teams in the industry' and had the capital from its business to support the plans. 'We're also going to invest hundreds of billions of dollars into compute to build superintelligence,' he said. Meta investing hundreds of billions in AI Superintelligence refers to a hypothetical AI system that is capable of outperforming the human brain. Zuckerberg unveiled plans for massive data centres to support the effort. One facility, called Prometheus, is expected to go online in 2026. Another, Hyperion, could eventually consume up to 5 gigawatts of power – enough to supply electricity to more than four million average US households, according to experts.
