AJEX and Widect Partner to Boost E-Commerce Logistics in Turkey and the Middle East

Bitget has introduced the GMCI indices to its futures market, offering traders secure access to a diverse range of assets. The GMCI indices are meticulously curated to provide a reliable snapshot of the market, based on strict inclusion criteria.

To be part of the GMCI Indices, a coin must be actively traded on at least one of eight major centralized exchanges (CEXs) and meet minimum trading volume requirements. Additionally, each coin must be backed by at least one of three custodians, ensuring asset security and integrity. The indices prioritize coins with transparent circulating market capitalizations, with data sourced from CoinMarketCap and CoinGecko, and live pricing provided by Coin Metrics, which also acts as the third-party index calculation agent for GMCI.

The GMCI 30 index stands out by featuring the top 30 coins within the GMCI asset universe, excluding stablecoins, wrapped assets, and staked assets such as USDC, WBTC, and stETH. This index provides traders with exposure to a comprehensive set of the leading digital assets, capturing the broader market’s movements while maintaining diversification and reducing over-concentration in any single asset.

“At Bitget we prioritize the security of our users while delivering world-class innovation. This aligns with Bitget’s broader strategy of accelerating utility and mass adoption of crypto within a safe and secure ecosystem,” said Gracy Chen, CEO at Bitget. “By providing a curated set of assets backed by trusted custodians, we aim to empower traders with informed, diversified options to enhance the ease of managing wealth,” she added.

Rebalancing occurs monthly, on the last Friday of each month, with adjustments made according to the circulating market capitalization of the coins. This process ensures the indices remain up to date with market fluctuations, allowing them to reflect current trends and price movements accurately. While individual token positions are capped at 25% during rebalancing, they can float based on price performance, offering a dynamic representation of the market’s momentum throughout the month.

The GMCI Meme index, caters to the growing interest in meme coins, a segment that has garnered significant attention and trading volume within the crypto community. This index includes the top meme coins traded across selected exchanges, allowing users to hop on emerging memecoin trends securely.

“Our collaboration with Bitget to launch a perpetual contract on the GMCI 30 index is a significant step in expanding the accessibility of our index solutions to a broader market. As a leading crypto exchange in terms of trading volume and innovation, Bitget shares our vision of delivering cutting-edge, reliable products to the trading community. This marks the beginning of further partnerships that will see GMCI indices used as the benchmark of choice for innovative trading products across leading platforms,” said Maarten Botman, CEO at GMCI.

Offering exposure to a range of assets, GMCI indices help traders navigate diverse market segments. GMCI indices provide the robustness and transparency investors are accustomed to on the traditional financial markets while tapping into expertise in crypto much like Bitget. With this, Bitget users can now access GMCI indices including memecoins indices on the platform.

Facilio has announced a major new deployment with Berkeley Services Group, a well-established integrated facilities management (IFM) company based in Dubai. This partnership aims to utilize Facilio’s advanced Connected CaFM platform to optimize Berkeley FM’s service offerings and boost operational efficiency across the UAE.

Founded in Dubai in 1984, Berkeley Services Group (BSG) has been a leader in the industry, offering a wide range of services such as building maintenance, soft services, smart solutions, landscaping, and security. Known for its strategic collaborations and technology-driven approach, BSG has become a trusted leader in IFM, setting new standards for client-focused and people-centric management solutions.

Speaking about the deployment, Fayaz Mohammad, Head of Facilities Management, Berkeley Services said, “Facilio’s platform-led approach to operations & maintenance aligns perfectly with our needs. Its scalable infrastructure, robust automation and real-time KPI reporting capabilities stand out – it not just improves our operational capabilities but also helps boost growth and profitability across verticals. By leveraging this innovative technology, we can position ourselves at the forefront of technology-driven integrated facilities management, delivering exceptional experiences to our clients across diverse industries.

“Our Connected CaFM solution will enable Berkeley to deploy services swiftly while meeting demands for high-quality service, rapid response times, and zero downtime. It is a solution that is purpose-built to solve for IFM firms such as Berkeley. Being a no-code/low-code adaptable self-serve platform, it allows them to onboard customers and expand usage to cover everything from asset management to audit and compliance management seamlessly. It not only elevates their operational capabilities but also enhances customer satisfaction and retention, drives business expansion across verticals and ensures they continue to stay at the forefront of innovation,” said Prabhu Ramachandran, CEO of Facilio.

With Facilio‘s Connected CaFM platform, Berkeley Services can now streamline their operations through a single, centralized platform, allowing them to manage all facilities and operational tasks efficiently. The platform enables cost optimization by tracking expenses and identifying potential savings, while providing 360-degree visibility into operations, allowing the team to monitor tickets raised and resolved to improve service response times and overall efficiency.

Compliance is assured with automated reporting and health, safety, and environmental (HSE) management, ensuring regulatory standards are consistently met. Additionally, the platform accelerates deployment by templatizing onboarding workflows, leading to a faster return on investment. It also holds vendors accountable by monitoring their adherence to service level agreements (SLAs), ensuring high performance and reliability. The platform’s scalable infrastructure further allows Berkeley Services to easily add new service lines through customizable modules without the need for coding or extensive IT efforts.

This deployment echoes Facilio’s success stories with other prominent FM Service providers such as Musanadah and CIT Group in Saudi Arabia, Quality FM in the UAE, and Q3 Services in the UK.

Oman achieved significant growth in investments across its special economic zones, free zones, and industrial cities during the first half of 2024, with a 20% increase compared to the same period in 2023.

A report published early October 2024 by the Public Authority for Special Economic Zones and Free Zones (OPAZ), revealed that total investments reached over RO20.1 billion, an increase of RO3.4 billion from the previous year.

These investments span various regions overseen by OPAZ. The Special Economic Zone at Duqm (SEZAD) saw a notable surge, with a 55% increase in cumulative investment compared to last year. New investments in SEZAD amounted to RO2.1 billion, bringing total investments there to over RO6 billion.

In Oman’s industrial cities, total investments reached RO7.5 billion, while the Salalah Free Zone secured RO4.6 billion by mid-2024. Investments in the Sohar Free Zone stood at RO1.3 billion, and the Al Mazyunah Free Zone surpassed RO139 million. Additionally, Khazaen Economic City reported a cumulative committed investment of RO459.5 million.

The report also noted a rise in new business registrations, with 1,885 registered within OPAZ-supervised areas in the first half of 2024. During this time, OPAZ issued 735 public service licenses, 740 activity licenses, 156 building permits, and 5,466 work and investor licenses, while conducting over 15,000 inspection and supervision visits. A total of 191 environmental permits were also granted.

Employment in these economic zones, free zones, and industrial cities grew to 71,684 by the middle of 2024. The Omanisation rate reached 35%, with industrial cities leading with an Omanisation rate of 38%.

To encourage further strategic investments, OPAZ introduced a project tracking system through Odoo, which streamlines project monitoring and documentation. By mid-2024, there were 160 projects under execution registered in the system. OPAZ also launched an awareness initiative, with 145 companies applying and 20 following up.

Currently, OPAZ oversees 15 established zones, which include two economic zones, three free zones (Sohar, Salalah, and Al Mazyunah), and 10 industrial cities. There are also eight new zones under development, such as the integrated economic zone in Ibri, Dhahirah Governorate; an economic zone in Al Rawda, Buraimi Governorate; a free zone at Muscat International Airport; and five more industrial cities. This brings the total number of operational and developing areas under OPAZ to 23.

Dell Technologies and Alinma Bank today signed a Memorandum of Understanding (MoU) to accelerate the Saudi-based bank’s digital transformation initiatives.

The MoU signed during the 24 Fintech Summit in Riyadh by Mohammed Talaat, VP, KSA & Egypt at Dell Technologies and Yaser Alofi, Chief Information Officer (CIO) at Alinma bank marks a significant step forward in the Shariah-compliant bank’s digital transformation strategy.

The agreement outlines a collaborative framework for both parties to jointly develop and deliver innovative data center transformation solutions. This includes Dell’s IT infrastructure and workload migration solutions, the Dell AI Factory models and frameworks, cybersecurity enhancements, as well as client, edge, and multicloud solutions delivered with flexibility through Dell APEX.

Dell APEX is an end-to-end portfolio of as-a-Service and subscription services where customers pay only for the services consumed. It helps customers scale resources based on their needs and simplifies IT management through consistent performance, predictable costs, and on-demand access to Dell’s infrastructure and services.

Alinma Bank, established in 2006, has earned a reputation for its innovative offerings, customer-focused approach, and pioneering efforts in digital banking.

Mohammed Talaat, VP, KSA & Egypt at Dell Technologies said: “The Saudi banking sector is at a pivotal stage of growth spurred by technological advancements and an increased focus on innovation. We are happy to contribute to this evolution and support Alinma Bank in its digital transformation journey. By combining our strengths, we can deliver innovative and scalable solutions that address the evolving needs of the bank while delivering even greater value to their customers.”

Yaser Alofi, Chief Information Officer (CIO) at Alinma Bank said:“We are excited to deepen our relationship with Dell and leverage their expertise in delivering cutting-edge technology solutions. This collaboration aligns perfectly with our long-term growth strategy and our commitment to raising benchmarks and setting new standards for the financial industry.”

Bayt.com announced its collaboration with Oracle to elevate the experience for both employers and job seekers. Bayt.com‘s integration with Oracle enables employers to quickly and easily publish their job openings – created with Oracle Fusion Cloud Recruiting – on the Bayt.com platform to access to a broader pool of talent and help ensure they reach a diverse and highly qualified audience.

Employers using Oracle Recruiting now benefit from a streamlined recruitment process that eliminates the need for repetitive data entry and minimizes the risk of application drop-offs by job seekers. Candidates can use their existing Bayt.com CVs to apply for opportunities directly, without needing to re-enter information or leave the platform, saving valuable time in the application process. With Bayt.com’s reach and Oracle’s robust infrastructure, organizations can efficiently connect with candidates, enhancing the speed and success of their hiring efforts.

Another key feature of this collaboration is the integration of Bayt.com’s Evalufy, an advanced applicant video assessment tool with AI-powered transcription and translation capabilities. This tool is now available to Oracle Recruiting users, enabling employers to assess candidates more effectively, reduce time-to-hire, and help ensure a better match between candidates and job requirements.

Akram Assaf, Co-founder and Chief Technology Officer at Bayt.com, said, “Our collaboration with Oracle underscores our commitment to enhancing the recruitment ecosystem in the Middle East. Leveraging Oracle Recruiting not only amplifies our capacity to connect employers with their ideal candidates, but reaffirms our commitment to stand at the forefront of recruitment innovation. This collaboration ultimately underscores a shared dedication to leveraging technology in fostering more efficient, accessible, and engaging recruitment experiences.”

The collaboration between Bayt.com and Oracle introduces a series of benefits aimed at streamlining the recruitment process for both job seekers and employers. Job seekers can now enjoy a near-seamless application process through Bayt.com, enhancing the efficiency of application completion due to its simplicity and ease of use. This highlights Bayt.com’s commitment to enhancing the job seeker experience and providing tools that empower them to build a lifestyle of their choice. Employers, on the other hand, are poised to benefit from unparalleled access to an extensive database of over 52 million professionals across the Middle East. This access not only expands their talent pools, but it also increases the visibility and diversity of potential candidates.

“Our collaboration with Bayt.com further highlights the commitment of both entities to deliver cutting-edge solutions tailored to meet the dynamic needs of the global workforce. Employers can now benefit from a near-seamless job posting process and automatic status updates, helping ensure a smooth experience for both recruiters and candidates,” said Nagaraj Nadendla, senior vice president of HCM product development at Oracle. “The easy apply application process enriches the job seeker experience, helping them remain engaged and well-informed throughout their application journey.”

Bayt.com’s collaboration with Oracle Recruiting exemplifies a shared vision of leveraging technology to simplify the hiring process, expand access to quality talent, and elevate the overall candidate experience. As this partnership continues to evolve, Bayt.com and Oracle are set to redefine talent acquisition dynamics, setting new benchmarks for efficiency and engagement in the competitive job market.

Further highlighting the organization’s commitment to its people and practices, VFS Global has been Great Place To Work® Certified™ in the UAE and KSA (from September 2024 to September 2025). The company has also secured the certification in India, China and Philippines this year, truly highlighting the company’s focus on creating a welcoming and supportive professional environment.

Nirbhik Goel, Chief Human Resources Officer, VFS Global said, “Being certified a Great Place to Work here in the Middle East is a truly special accolade. It acknowledges our tireless efforts towards ensuring that all our employees feel valued and have the support and tools required to excel in their professional endeavors. I would like to thank all our employees who contributed to this survey. Needless to say, we would not be a Great Place to Work without a great workforce driving us to success every day.”

VFS Global employees in the UAE and KSA ranked the company highly on employee value creation, with a strong majority agreeing that the organization makes employees feel safe, welcome, and equipped to succeed. A large majority showed faith in the way the Management runs the company and feel proud to tell people they work at VFS Global.

VFS Global has remained committed to the Saudi Vision 2030, with 72% of its employee strength being Saudi nationals, and 40% of the employees being women.

Dedicated to the career development of Saudi nationals, VFS Global has a slew of initiatives for employee empowerment and professional growth. Their Global Resource Pool program deploys Saudi employees in VFS Global offices abroad, providing international exposure and experience. Their Leaders of Tomorrow program identifies and upskills promising employees for leadership positions.

Dedicated to investing in Saudi talent, the organization also actively participates in the Employment Support Programs in the Kingdom. The Human Resource Development Fund (HRDF)-run Tamheer program saw 25 employees enrolled in trainings across VFS Global offices in Saudi Arabia. The organization also aligned with the Tawteen Program, aimed at enhancing employment opportunities for the Saudi Youth. Between the two initiatives, VFS Global employed 71 and 121 Saudi nationals respectively over the last two years.

Most recently, the organization launched its Alumni program, to connect former VFS Global employees with current staff members, offering networking, mentorship, and career development support.

Great Place To Work is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Their employee survey platform empowers leaders with the feedback, real-time reporting, and insights they need to make strategic people decisions.

Phoenix Venture Partners Ltd. (“PVP”), a leading venture capital firm based in the Abu Dhabi Global Market (ADGM), has announced the first close of its private placement for the Phoenix Venture Partners Innovation Fund CEIC Ltd. (“PVPIF” or the “Fund”). The Fund has successfully secured its initial capital from a diverse array of professional investors, including family offices and high-net-worth individuals.

PVP plans to deploy the newly raised capital to invest in promising early-stage technology startups across the MENA region and G20 economies. The Fund focuses on seven key sectors: (i) Fintech, (ii) Healthtech, (iii) Edtech, (iv) Agrifoodtech, (v) Logtech & Mobility Tech, (vi) Enertech & Sustainability, and (vii) Consumer Tech. Its strategy emphasizes identifying and supporting visionary entrepreneurs who are spearheading transformative innovation in their industries.

“We are thrilled to achieve this significant milestone,” said Mr. Steve Khayat– Founder, Managing Director & CEO at PVP. “The strong interest and commitment from our investors underscore the confidence in our investment strategy and our ability to identify and nurture the next generation of industry leaders.”

Faris Al-Obaid, Co-Founder & Non-Executive Director at Phoenix Venture Partners, added, “This successful capital raise is a testament to our team’s ability to identify and attract high-potential investments. We are excited to leverage this capital to support the next generation of tech founders and drive innovation in the region.”

Dr. Mussaad Al Razouki, Co-Founder and Executive Director at Phoenix Venture Partners, commented, “With the influx of capital, we are well-positioned to capitalize on the growing opportunities in the MENA tech ecosystem. We are committed to investing in startups that have the potential to disrupt their industries and create a positive impact on society.”

The first close marks a pivotal step in PVPIF’s journey, enabling the firm to begin deploying capital and supporting its portfolio companies. The fund will continue to raise additional capital in subsequent closes, with a target of reaching $50 million by March 31st, 2026.

The founding partners bolster a 60-year collective experience in investing and investment management, and a deep understanding of the venture capital landscape. The firm is committed to creating long-term value for its investors and portfolio companies through strategic guidance, operational support, and access to a robust network of industry experts.

For the fourth year in a row, Boursa Kuwait joined more than 100 stock exchanges globally to highlight the importance of financial literacy as part of World Investor Week (WIW) 2024. This week-long initiative, spearheaded by the International Organization of Securities Commissions (IOSCO) and the World Federation of Exchanges (WFE), starts on Monday, October 7th, and runs through the 13th.

The campaign’s focus is on sharing crucial messages about investor education, protection, and financial literacy, while also creating learning opportunities for investors. Beyond that, it aims to bolster cooperation among WFE and IOSCO member countries, spotlighting emerging issues that could reshape the landscape for investors everywhere.

“As a member of the World Federation of Exchanges (WFE) and an affiliate member of the International Organizations of Securities Commissions (IOSCO), Boursa Kuwait is pleased to join stock exchanges from around the world in the eighth edition of World Investor Week, marking the fourth year in a row for the Kuwaiti stock exchange. This participation stems from our commitment to promoting financial literacy in the Kuwaiti capital market and expanding the knowledge base of its participants as we firmly believe that investing in financial awareness contributes to the development of capital markets and enhances the ability of investors to make informed decisions, which is in line with Boursa Kuwait’s vision to strengthen its position as a reliable and sustainable investment destination,” said Boursa Kuwait’s Chief Executive Officer Mr. Mohammad Saud Al-Osaimi.

The principal themes for this year’s World Investor Week include Technology & Digital Finance, Crypto Assets, and Sustainable Finance, which will be complemented with discussions and workshops on Fraud and Scam Prevention, Investor Resilience, and the Basics of Investing. IOSCO’s Committee 8 agreed upon these themes, which conducts its work on retail investor education and financial literacy and includes 38 members from established and emerging markets. Participating members can choose any week in October and November to organize initiatives related to World Investor Week.

Mr. Jean-Paul Servais, Chair of IOSCO’s Board, and Chairman of the Financial Services and Markets Authority, Belgium, said: “Last year’s World Investor Week saw the involvement of 118 jurisdictions and reached almost 730 million individuals. We have to keep the ball rolling as with technological advancements and increased use of AI, new challenges arise. We also see how fractional trading, gamification and copy-trading are trending. I am confident that WIW2024 will build on the success of previous years to drive greater investor awareness of these issues and look forward to contribute to its success.”

IOSCO believes the need for investor education and financial literacy has never been greater than today. As the financial marketplace continues to evolve and innovate, investment products are becoming increasingly complex and financial services increasingly diverse. A greater understanding of key financial concepts is required on the part of retail investors to understand and evaluate the choices available to them and to avoid financial fraud. As part of World Investor Week, IOSCO is holding webinars on technology and digital finance and navigating the new economy on October 7 and 8. These webinars are available on the World Investor Week website with free registration for everyone.

“The Bell” initiative to raise financial literacy

Boursa Kuwait launched ‘The Bell’ initiative in collaboration with the Union of Investment Companies, The Kuwait Financial Center (Markaz), the CFA Society, Kuwait University, and the Kuwait Credit Information Network (CINET). This initiative reflects Boursa Kuwait’s longstanding commitment to educational programs that empower individuals and strengthen the community, ultimately contributing to Kuwait’s economic development. By fostering financial awareness and literacy, Boursa Kuwait aims to solidify its position as a leading regional and international exchange.

The initiative’s title, “The Bell,” is symbolic on multiple levels. It evokes Boursa Kuwait’s crucial role in signaling market changes and investment opportunities to investors, much like a bell announces important events. Additionally, it alludes to the bell ringing that signifies the start of trading sessions, emphasizing the importance of being prepared and knowledgeable when making investment decisions. Throughout the month, the initiative will delve into a wide array of investment trends from the growing influence of artificial intelligence to the rise of digital finance.

Al-Osaimi added: “Today, we launch “The Bell” initiative to promote financial literacy, which contains training programs, workshops, seminars, and panel discussions, organized in collaboration with experts in the capital markets industry and the financial sector. I would like to thank our partners in this initiative and look forward to more fruitful collaborations in the interest of the Kuwaiti capital market in the future.”

The initiative is packed with workshops, seminars and educational events, including a seminar for university students organized in collaboration with CINET focusing on financial management and a seminar by Dr. Fahad Waleed Al-Mudhaf, Associate Professor in the Department of Finance at the College of Business Administration at Kuwait University who will explore the intersection of technology and digital finance. Additionally, Boursa Kuwait will organize a virtual workshop with UIC which delves into the importance of sustainable development and a workshop with Markaz, which aims to provide valuable insights into the complexities of mergers and acquisitions and examine bonds and sukuk as an alternative way of financing.

In addition to these engaging events, Boursa Kuwait is also planning to revamp its Boursa Academy online financial education portal, which aims to enhance capital market knowledge for both novice and seasoned investors. Boursa Kuwait’s partners in this initiative will also be enriching Boursa Academy’s content with a whitepaper from Markaz on sustainable finance in the GCC, a podcast on utilizing artificial intelligence finance and investments from the CFA Society, and educational videos that shed light on the basics of investing from UIC.

Union of Investment Companies Chairman Mr. Abdullah Hamad Al-Terkait spoke about UIC’s involvement in “The Bell”, saying “The Union of Investment Companies (UIC) is proud to collaborate with Boursa Kuwait in this initiative, which coincides with World Investor Week. This partnership reflects the commitment of both organizations to educate Kuwaiti society, from students to financial institutions, about the importance of financial knowledge, responsible investing, and adhering to best practices within the financial market. I would like to thank Boursa Kuwait for its efforts in putting this initiative together and look forward to more collaborations in the future.”

The Union of Investment Companies was established to contribute to the development of Kuwait’s investment market. By advocating for revised economic legislation and proposing solutions tailored to the diverse needs of Kuwaiti investment companies, the Union plays a key role in driving economic growth and development in Kuwait. Its efforts are focused on fostering a thriving investment environment and creating innovative financial tools that will position Kuwait as a leading financial center in the region.

Kuwait Financial Centre “Markaz” CEO Mr. Ali Khalil also hailed Boursa Kuwait for this initiative, saying: “At Markaz, we firmly believe that financial literacy is fundamental to empowering individuals and communities, paving the way for a more sustainable society. This belief underpins our commitment to corporate social responsibility, where we prioritize sustainable economic development and good governance. By promoting financial knowledge and responsible investment practices, we aim to equip investors with the tools to make responsible investment decisions based on fundamental factors that enable the right companies to attract capital, grow and prosper, contributing to the country’s economic growth. I applaud Boursa Kuwait for their commendable initiatives and efforts aimed at building a more financially aware and empowered Kuwait.”

Established in 1974, Kuwait Financial Centre ‘Markaz’ is one of Kuwait’s leading asset management and investment banking institutions with a presence in 13 countries and a total of KD 1.38 billion in assets under management.

Additionally, CFA Society President Mrs. Aminah Abotalaf spoke about the Society’s collaboration with Boursa Kuwait, saying, “The CFA Society is proud to partner with Boursa Kuwait in all initiatives that seek to raise financial literacy levels and awareness in Kuwait. Both entities have a shared goal of empowering individuals, from students to seasoned professionals, to invest with confidence through effective and innovative financial literacy programs. Together, we are committed to building a more financially aware future for Kuwait.”

The CFA Society Kuwait is an association of local investment professionals, consisting of portfolio managers, security analysts, investment advisors and other financial practitioners, that has served CFA charter holders and CFA Program candidates locally since 2008.

Boursa Kuwait entered a Memorandum of Understanding (MoU) with the CFA Society in October 2018, aiming to educate the public on the fundamentals of investing through the Boursa Academy Online platform and collaborating to organize training programs and seminars.

“Technology has removed geographical barriers, allowing everyone to access financial services and expanding their scope, in addition to promoting financial inclusion and reducing the digital divide. Digital finance offers tremendous opportunities in a rapidly changing world, but that requires keeping pace with technological and regulatory developments. I extend my sincere thanks to Boursa Kuwait for their efforts in organizing this initiative, and I look forward to more fruitful collaborations,” said Kuwait University Associate Professor of Finance Dr. Fahad Waleed Al-Mudhaf.

Commenting on CINET’s participation, company CEO Mrs. Mai Bader AlOwaish stated, “Credit information and credit score services are among the most important indicators for improving and developing financial systems worldwide. They contribute to creating efficient systems with added value through the collection, request, and analysis of credit information, which in turn enhances the efficiency of financing operations and the granting of credit facilities in all forms. Therefore, we must raise awareness in the community and provide society with the necessary knowledge and skills to be fully aware of their credit rights and obligations. I extend my sincere thanks to Boursa Kuwait for this initiative and look forward to further cooperation in the future.”

The Kuwait Credit Information Network (CINET) is the sole and leading provider of credit information and credit scores in the State of Kuwait, operating under the supervision of the Central Bank of Kuwait. The company aims to assist the financial and banking sectors in making informed and sound decisions, helping the entities it serves facilitate financing processes, increase the collection rates of customer loans, and reduce non-performing loans. Additionally, CINET contributes to facilitating individual transactions and reducing credit and financing risks.

“The Bell” initiative forms part of Boursa Kuwait’s efforts to develop and educate market participants as well as create a lasting meaningful impact on the communities where it operates. Part of the company’s Corporate Sustainability (CS) strategy, they are in line with Goal 4 – Quality Education – and Goal 17 – Partnership for the Goals – of the UN’s Sustainable Development Goals (SDGs).

Boursa Kuwait’s support of World Investor Week comes from the company’s Corporate Sustainability (CS) strategy, which stipulates ensuring initiatives apply and fall in line with the company’s corporate social responsibility (CSR), industry best practice standards and investor expectations, creating strong and sustainable partnerships that ultimately achieve success and allow it to leverage the capabilities and strengths of other companies or organizations that have experience in different fields, and integrating sustainability efforts with the company culture, in order to achieve longevity and an ongoing impact that is carried on and instilled in the day-to-day operations of the stock exchange.

Qatar Islamic Bank (QIB) has unveiled the Auto Marketplace on its QIB Mobile App—a cutting-edge platform that directly connects car dealers with QIB customers. This innovative marketplace provides a seamless, end-to-end car purchasing experience, allowing users to browse vehicles, book test drives, and secure auto financing, all within the award-winning QIB Mobile App.

Recognizing the growing demand for enhanced customer experiences in today’s digital age, QIB’s new Auto Marketplace is a significant leap in convenience. From browsing vehicle details to securing real-time financing, QIB customers can now enjoy a smooth and simplified car-buying journey.

The Auto Marketplace currently features a wide range of well-known car brands, including Mercedes, GMC, Cadillac, Chery, Ford, Kia, BYD, JAC, Lincoln, and Subaru, with additional dealers and brands to be added in the coming weeks. This broad selection ensures that customers have access to diverse options that meet various preferences and budgets, all in one location.

The introduction of the innovative Auto Marketplace is aligned with QIB’s ongoing commitment to innovation, providing customers with an efficient and accessible way to purchase cars and get instant financing. This platform builds on the trusted relationships QIB has fostered with several car dealers and leverages its existing digital ecosystem to offer a complete automotive shopping experience.

Mr. D. Anand, QIB’s General Manager – Personal Banking Group, commented: “The Auto Marketplace launch highlights QIB’s focus on adapting to our customers’ changing needs. We see a rising demand for quicker and more convenient digital solutions in the automotive industry. We have partnered with a specialized fintech company and are working alongside our partner car dealers to ensure that we will make the experience of buying a car more enjoyable and efficient for our customers.  By providing a comprehensive solution, we are empowering our customers to make the right decision for them and complete their car purchases effortlessly.”

QIB has consistently led the market in digital innovation. The Bank has invested heavily in enhancing its digital channels, resulting in the QIB Mobile App becoming Qatar’s top-rated banking application. The app boasts over 280 features, more than 4 million monthly logins, and is responsible for 95% of the bank’s retail financial transactions.

Available on “App Store”, “Google Play”, and “Huawei AppGallery”, customers can download the QIB Mobile App and easily self-register using their Debit Card details.  The App offers customers the ability to have full control of their accounts, cards, and transactions, and to fulfill all their banking requirements remotely. New customers can open their first banking account with QIB instantly. Existing QIB customers can open additional accounts, instantly get personal financing or a Credit Card, all via the QIB Mobile App.

Falling interest rates and recovering real wages will help drive a slight pickup in global economic growth this year and next, while recent falls in oil prices could aid the final push to tame inflation, the Organization for Economic Cooperation and Development said Wednesday.

However, the Paris-based research body warned that “comparatively benign” projections may not come to pass, with uncertainties remaining about how large an impact high interest rates will have on demand in the months ahead, while an escalation of the conflicts in the Middle East could push oil prices sharply higher.

In its quarterly report on the economic outlook, the OECD said it now expects global output to increase by 3.2% in 2024 and again in 2025, having grown by 3.1% last year. That was a slight upgrade from the 3.1% growth it forecast in May, and a sizable revision from the 2.7% expansion it expected to see when it published forecasts at the end of 2023.

The U.S. is largely responsible for that better performance, but India and Brazil are also growing more rapidly than expected, as is the U.K. By contrast, Germany and Japan have disappointed, with the former now forecast to hover on the brink of stagnation this year, and the latter to experience a small contraction.

However, despite the improved outlook for growth, and inflation rates that the OECD expects to fall to central-bank targets by the end of next year, consumer confidence has yet to pick up significantly, which would give a further boost to growth.

The OECD said that persistent dissatisfaction with economic performance, which is not limited to the U.S., is likely linked to the fact that food prices remain well above their pre-pandemic levels.

“There is a disconnect between how the economy is perceived and how the economy is doing,” said Alvaro Pereira , the OECD’s chief economist. “For people who go to the supermarket, food prices relative to wages are still higher.”

In the U.S., the gap between food-price and wage inflation between the end of 2019 and the second quarter of this year was roughly four percentage points. But that gap was much wider in large European economies, and above 15 percentage points in Germany. In South Africa, it was above 20 points.

The recent fall in oil prices may help offset some of that dissatisfaction, and boost a global fight to tame inflation that appears to be in its final stages. The OECD estimated that the 10% decline since July would knock half a percentage point off the global rate of inflation, if it were to be sustained. But it is far from certain that it will be.

“If the conflict in the Middle East escalates, this will have an impact on energy prices,” Pereira said.

Should escalation be avoided, the OECD said further falls in oil prices could allow for a faster reduction in central-bank interest rates than it currently expects, and boost growth in countries that don’t produce oil.

With inflation rates set to fall further, the OECD said central banks should lower their key interest rates, but in a manner that is “carefully judged” to ensure price rises continue to slow. It expects the Federal Reserve’s key rate to fall by a further 1.5 percentage points by the end of 2025, while the European Central Bank’s key rate is forecast to fall by 1.25 percentage points.

The Paris-based body said the interest-rate rises that central banks announced in 2022 and 2023 to counter a surge in inflation continue to weigh on growth, although with diminishing force.

But it noted that many households and businesses continue to see the interest rates they pay rise as their debts mature and they enter into new contracts. The OECD estimated that almost a third of rich-country corporate debt is due to mature in 2026, with new debt issued to replace it likely paying a higher rate of interest.

The OECD left its forecast for U.S. growth in 2024 unchanged at 2.6%, and also retained its 4.9% projection for China. Pereira said the package of stimulus measures announced by the Chinese government Tuesday could lead to a “slight” upward revision when the OECD next releases growth forecasts in early December.

A big raise provides significant boosts in happiness even at household incomes of $500,000, according to a new research report.

A wealth of research has long shown that more money makes a big difference to people with low pay, moving them from insecurity to stability. Above that level, the effect is often assumed to be much smaller.

But according to a paper by Matt Killingsworth , a senior fellow at the University of Pennsylvania’s Wharton School, the bonuses and leaps in income high earners reap are so large that they keep adding to well-being in the same way that smaller pay bumps do at lower tiers of earnings.

“I think of this as a ladder across society. The rungs are separated by more and more dollars, but exactly the same amount of happiness,” said Killingsworth, who published his report on his Happiness Science website.

An academic paper in 2010 popularised $75,000 as the salary threshold beyond which earning more money didn’t make people any happier. More recent research indicates that there is no such plateau.

Killingsworth and other researchers stress that many things influence human happiness, including your relationships, your job and the country you live in.

“No single factor, including money, dominates the equation,” Killingsworth said.

Previous studies on money and happiness have consistently demonstrated two things: that richer people are happier, and that it takes progressively more money to keep generating a well-being boost of a given size.

Killingsworth says that many people draw the wrong conclusion from that latter finding. They assume that money makes the biggest difference on Americans’ happiness at lower levels of income.

His paper suggests this assumption is wrong. That is because earnings surge exponentially across the income distribution, offsetting money’s diminishing returns on happiness even at the high end.

The lowest-earning 20% of U.S. households on average brought in about $23,000 before taxes in 2021, and the middle 20% earned about $87,000, according to the latest data from the Congressional Budget Office. The top 20% averaged roughly $418,000, with the very highest earners making significantly more than that.

“It could be entirely reasonable for an individual to continue aspiring to climb one more rung in the income ladder” to pursue happiness, Killingsworth writes in his paper.

Even Americans earning a lot of money wish they could do just that. Last year, survey respondents with incomes of $200,000 or more said that the median income they would need to be happy and less stressed was $350,000, according to data from the financial-services company Empower.

More money doesn’t guarantee more happiness. The side effects vary. Some who receive big raises later report big letdowns. Others who voluntarily take a pay cut say they are glad they did.

LIKE MARVEL VILLAINS, most fashion writers have origin stories. Mine began with a navy nylon Prada purse, salvaged from a Boston thrift store when I was a teen in the 1990s. Scuffed with black streaks and sagging, it was terribly beat-up. But I saw it as a golden ticket to a future, chicer self. No longer a screechy suburban theatre kid, I would revamp myself as sophisticated, arch, even aloof. The bag, I reasoned, would lead the way.

That fall, I slung it against my shoulder like a shotgun and marched into school, where a girl far more interesting than I was called out, “Hey, cool bag.” After feigning apathy —“I don’t know, you could use a Sharpie on a lunch bag and it would look the same”—we became friends. She introduced me to a former classmate who worked at a magazine. That woman helped me get an internship, which led to a job.

Twenty years later, I still wonder how big of a role that Prada purse played in my future—and whether designer bags can function as a silent partner in our success. Branded luxury bags took off in 1957, when Grace Kelly posed with an Hermès bag in Life magazine. (Hermès renamed that bag “the Kelly” in 1973.) The term “status bag” was popularised in 1990 by Gaile Robinson in the Los Angeles Times, describing any purse that projects social or economic power. Not surprisingly, these accessories are costly. Kelly bags cost over $10,000; ditto Chanel’s 11.22 handbag. Some bags by Louis Vuitton and Dior command similar price points. The cost isn’t repelling customers—both brands reported revenue surges in 2023. But isn’t there something dusty about the idea that a branded bag carries meaning along with your phone and wallet? How much status can a status bag deliver in 2024?

Quite a lot, said Daniel Langer, a business professor at Pepperdine University and the CEO of Équité, a Swiss luxury consulting firm. Beginning in 2007, Langer showed a series of photo portraits to hundreds of people across Europe, Asia and the U.S., then asked them 60 questions. Those pictured carrying a luxury handbag were seen as “more attractive, more intelligent, more interesting,” he said. The conclusion was “so ridiculous” to Langer that he repeated the studies several times over the next decade and a half. The results were always the same: “Purchasing a ‘status bag’ will prepare you to be more successful in your social actions. That is the data.”

Intrigued, I gathered various Very Important Purses—I borrowed some from friends, and others from brands—to see if they could elevate my station with the same unspoken oomph as a “Pride and Prejudice” suitor.

First, I took Alaïa’s Le Teckel bag—a narrow purse resembling an elegant flute case and carried by actress Margot Robbie—to New York’s Carlyle Hotel on a Saturday night. The line for the famous Bemelmans Bar stretched to the fire exit. “Can I get a table right away?” I asked the host, holding out my bag like a passport before an international flight. “It’s very busy,” he said in hushed tones. “But come sit. A table should open soon.” I sank into one of the Carlyle’s lush red sofas and sipped a martini while waiting—a much nicer way to kill 30 minutes than slumped against a lobby wall.

Wondering if this was a one-time thing, I called up Desta, the mononymous “culture director” (read: gatekeeper) who has worked for Manhattan celebrity hide-outs like Chapel Bar and Boom, the Standard Hotel bar that hosts the Met Gala’s official after party. “Sure, we pay attention to bags,” he said. “Not too long ago at Veronika,” the Park Avenue restaurant where Desta also steered the social ship, “we had one table left. A woman had a Saint Laurent bag from the Hedi Era,” he said, referencing Hedi Slimane , the brand’s revered designer from 2012 to 2016. “I said, ‘Give her the table. She appreciates style. She’ll appreciate this place.’”

Some say a status bag can open professional doors, too. Cleo Capital founder Sarah Kunst, who lives between San Francisco and London, notes that in private-equity circles, these accessories can act as a quick head-nod in introductory situations. Kunst says that especially as a Black woman, she found a designer bag to be “almost like armour” at the beginning of her career. “You put it on, and if you’re walking into a work event or a happy hour where you need to network, it can help you fit in immediately.” She cites Chanel flap bags made from the brand’s signature quilted leather and stamped with a double-C logo as an industry favourite. “People love to talk about them. They’ll say, ‘Ohhh, I love your bag,’ in a low voice.” They talk to you, said Kunst, “like you’re a tiger.”

For high-stakes jobs that rely on commissions—sports agents or sales reps, for instance—a fancy handbag can help establish credibility. “It says, ‘I’m succeeding at my job,’” said Mary Bonnet, vice president of the Oppenheim Group, the California real-estate firm at the centre of Netflix reality show “Selling Sunset.” As a new real-estate agent in her 20s, Bonnet brought a fake designer bag to a meeting. To her horror, a potential buyer had the real thing. “I work in an industry where trust is important, and there I was being inauthentic. That was a real lesson.” Now Bonnet rotates several (real) Saint Laurent and Chanel bags, but notes that a super-expensive purse could alienate some clients. “I don’t think I’d walk into [some client homes] with a giant Hermès bag.”

Hermès bags are supposedly the apex predator of purses. But I didn’t feel invincible when I strapped a Kelly bag around my chest like a pebbled-leather ammo belt. The dun-brown purse cost $11,800, a sum that prompted my boyfriend to ask if I needed a bodyguard. Shaking with “is this insured?” anxiety, I walked into a showing for an $8.5 million apartment steps from Central Park. I made it through the door but was soon stopped by a gruff real-estate agent asking if I had an appointment. No, but I had an Hermès bag? Alas, it wasn’t enough. The gleaming black door closed in my face.

“What went wrong?” I asked Dafna Goor, a London Business School professor who studies the psychology behind luxury purchases. “You felt nervous,” she replied. “That always makes others uncomfortable, especially in a high stakes situation,” like an open house with jittery agents. Goor said recognisable bags from Louis Vuitton and Christian Dior are also often faked, which can lead to suspicion if not paired with “other signals of wealth.”

“You can’t just treat a bag as a backstage pass,” said Jess Graves, who runs the shopping Substack the Love List. Graves says bags are more of a secret code shared between potential connections. “I’ve been in line for coffee and a woman will see my Margaux [from the Row] and go, ‘Oh, I know that bag.’ Then we’ll chat.” Graves moved from Atlanta to Manhattan in 2023, and says she’s made some new, local friends thanks to these “bag chats.”

I had my own bag chat that night, when I brought Khaite’s Olivia—a slim crescent of shiny maroon leather—to a house party thrown by a rock star I’d never met. In fact I knew hardly any guests, but as I stood in the kitchen, a woman in vintage Chanel pointed to my bag and asked, “How did you get that colour? It’s sold out!” Before I could tell her my name, she told me the make and model of my purse. Then she laughed about her ex-boss, a tech billionaire, and encouraged me to buy some cryptocurrency. The token I picked surged nearly 30% in about a week. Now I was onto something—a status bag that might bring not just status, but an actual market return.

Thanks to their prominence on social media, certain bags have gained favour among Gen Zers. “TikTok and Instagram make some luxury items even more visible and more desirable to young people,” said Goor. I experienced this firsthand on a stormy Saturday morning, when a girl in a college hoodie pointed at my Miu Miu Wander bag as I puddle-hopped through downtown New York. The piglet-pink purse is a TikTok favourite seen on young stars like Sydney Sweeney and Hailey Bieber. “Your bag is everything!” yelled the girl from the crosswalk. “Thanks, can I have your umbrella?” I shouted back. She laughed and left. My Wander had made a splash—but it couldn’t keep me dry. I ran to the subway, soaked. The bag looked even better wet.

Changing the Status Bag Quo

Everyone loves an ingénue—fashion insiders included. Perhaps that’s why at Paris Fashion Week in September, newer handbags from Bottega Veneta and Loewe jostled for space and street-style flashbulbs.

“These bags, especially ones by independent labels like Khaite, are quieter signals of cultural access,” explained Goor. “Everyone knows what an Hermès Kelly bag is. So now there need to be new signals” beyond traditional status bags to convey power.

Sasha Bikoff Cooper, a Manhattan interior designer, says there’s a less cynical explanation for why these bags have captured celebrity fans—and more important, paying customers. “They’re fresh and also beautiful,” she said. “Hermès is always classic. It’s like a first love. But you want newness, too.”

The Wall Street Journal is not compensated by retailers listed in its articles as outlets for products. Listed retailers frequently are not the sole retail outlets.

The Ministry of Tourism announced that Saudi Arabia saw an 8.2 percent increase in inbound visitor spending, reaching approximately SR92.6 billion in the first half of 2024 compared to the same period in 2023. Additionally, the Kingdom recorded a travel account surplus of around SR41.6 billion.

The rise in spending by international visitors highlights the significant advancements within Saudi Arabia’s tourism sector.

The ministry also cited data from UN Tourism, which showed that Saudi Arabia led G20 nations in both international tourist arrivals and the growth rate of tourism receipts during the first seven months of 2024, compared to the same period in 2019.

These achievements reflect the success of the Kingdom’s tourism ecosystem in positioning the sector as a global leader, thanks to the adoption of best practices, improvements in tourism services and products, and strong collaboration with government bodies.

The statement emphasized that these efforts continue to strengthen the tourism sector’s contribution to the Kingdom’s economic growth and global standing.

American Express Middle East has entered into a partnership with the online payment gateway, Telr, to broaden its acceptance across Telr’s merchant network. This collaboration positions American Express as one of Telr’s aggregation payment service providers in the MENA region.

As a result of this agreement, American Express Card Members will be able to use their cards at thousands of Telr’s online merchants, significantly increasing the number of locations where their cards are accepted. Merchants working with Telr for American Express acceptance will now have the opportunity to attract customers globally, including from the Middle East and beyond.

These merchants will also benefit from Telr’s versatile payment gateway, offering transactions in over 120 currencies and supporting 30 languages through various payment methods, including pay-by-link services.

Commenting on the agreement, Graziela Martins, Vice President Merchant Business of American Express Middle East, said: “We are proud to sign the partnership with Telr to expand our merchant acceptance network and enable our Card Members to use their Cards more and more for everyday spend. At American Express, we’re proud to see more businesses accepting American Express in the Middle East region and globally.”

Khalil Alami, Founder & CEO of Telr, said: “Our agreement with Amex enables our merchants to increase their global market reach, connecting with millions of consumers and businesses worldwide. Becoming American Express Middle East’s first aggregation payment service provider in the MENA region is a great honor and will enable us to offer swift onboarding with just a click of a button.”

Alami added, “At Telr, we’re dedicated to providing merchants with top-notch technology and the best payment methods to boost their competitiveness and simplify online shopping for customers.”

Globally, American Express has tripled the number of accepting merchants since 2017, with more than 89 million locations worldwide.

Amaar Holding Company has announced the start of a strategic alliance with Maheshwari, an Indian company recognized as a leader in the mining sector. The purpose of this partnership is to form a new company specializing in mining and providing advanced geological and mining services in Saudi Arabia. This initiative aligns with the goals of Saudi Vision 2030.

In a statement, Abdulhadi bin Fahd Al-Qahtani, Chairman of Amaar Holding Company, confirmed that this alliance will contribute to developing the mining sector and achieving the goals of Vision 2030. He said: “Through our local expertise and the capabilities of our Indian partner, our company, which specializes in mining services, will provide high-quality services that meet market needs and support the sustainable development process.”

Al-Qahtani added: “This alliance comes within the framework of our continuous efforts to expand into new markets, seize promising investment opportunities, benefit from the natural resources in the Kingdom, and contribute to building a promising future.”

He continued: “Through our mining services company, we aspire to be at the forefront of geological and mining services companies in the Kingdom by 2030 through adhering to the highest quality, safety, and sustainability standards.”

Notably, the Kingdom’s Vision 2030 aims to increase the mining sector’s contribution to the GDP from $17 billion in 2019 to $75 billion by 2030 through increasing exploration and infrastructure investments and attracting the private sector.