Saudi Cabinet Celebrates Economic Milestones Amidst Non-Oil Sector Growth
During a recent cabinet meeting in Jeddah, led by King Salman, Saudi officials praised the nation’s economic achievements, especially noting that non-oil sectors comprised 50% of Saudi Arabia’s GDP in 2023.
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This landmark progress signifies a crucial step in the country’s path toward economic diversification, perfectly in synchronise with Vision 2030‘s goals to foster a prosperous economy by diversifying its growth avenues.
The Ministry of Economy and Planning disclosed that non-oil sectors contributed to 50 percent of the GDP, reaching an unprecedented peak. Over the last two years, non-governmental investments witnessed a remarkable surge, with a 57 percent growth rate, increasing their worth in 2023 to an all-time high of $255 billion.
Sectors such as arts and entertainment led this surge, with their value more than doubling between 2021 and 2022. Furthermore, sectors including accommodation, food services, transport, and storage also saw notable growth, with rates of 77 percent and 29 percent, respectively.
Cabinet’s Acknowledgment of Global and Local Contributions
On another note, the Cabinet praised the UN General Assembly’s recent endorsement of a resolution to combat Islamophobia, as well as the selection of a special UN envoy for this purpose.
Saudi Ministers reassured the Kingdom’s dedication to international initiatives aimed at opposing extremist beliefs, fostering peace and dialogue, and advocating for a global culture of mutual respect and coexistence.
Additionally, the ministers expressed their acceptance of the results coming from the international conference organized by the Muslim World League in Makkah, known as “Building Bridges Between Islamic Sects.”
Nationally, the cabinet commended the widespread involvement in Saudi Arabia’s fourth annual national charity campaign, which impressively gathered over a billion riyals during its inaugural night, thanks in part to significant donations from King Salman and Crown Prince Mohammed bin Salman.
Wrapping up the meeting, the ministers acknowledged the establishment of a new regional International Monetary Fund office in Riyadh and designated March 27 as the official day for the Saudi Green Initiative. This move signifies further progress towards the Kingdom’s goals for sustainable development.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The successful integration aligns with the bank’s commitment to fully complying with QCB’s latest regulatory requirements
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AlRayan Bank, in partnership with ProgressSoft, is pleased to announce its successful integration with Qatar Central Bank’s (QCB) new Real-Time Gross Settlement system (QA-RTGS).
The successful integration aligns with the bank’s commitment to fully complying with QCB’s latest regulatory requirements and adopting the latest technologies to deliver faster, more secure, and more reliable banking services for its clients, while fully supporting QCB’s visionary initiatives to strengthen Qatar’s financial ecosystem.
The integration was achieved through the implementation of ProgressSoft’s Payments Hub RTGS Module, facilitating the settlement of high-value interbank transactions in real time, and providing a secure, efficient, and scalable solution capable of managing growing transaction volumes with zero disruption to its banking services.
Mr. Fahad bin Abdullah Al Khalifa, Group CEO of AlRayan Bank stated: “By embracing advanced technologies and aligning with Qatar Central Bank’s innovative initiatives, we continue to enhance the efficiency, security, and reliability of our services. This achievement underscores our commitment to supporting Qatar’s financial ecosystem and empowering our clients with seamless, real-time banking experiences”.
The implementation is fortified with robust security standards, including ISO 20022, to safeguard transactional data and enable secure high-value payment capabilities. It also enhances customer service efficiency and the ability to meet the evolving needs of the market in a reliable and scalable approach.
“We are honored to collaborate with AlRayan Bank on the successful integration with QA-RTGS,” said Amjad Zawyani, ProgressSoft Qatar’s Country Manager. “This achievement highlights our shared commitment to innovation and excellence in advancing Qatar’s financial infrastructure.”
Together, AlRayan Bank and ProgressSoft remain committed to supporting Qatar’s ongoing financial transformation, setting new standards for efficiency, security, and reliability in the banking sector.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
33% of UAE consumers intend to increase their spending on dining experiences v/s 34% of global consumers who plan to reduce.
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The UAE is poised for a significant 13% net increase in consumer spending intentions for 2025, marking the highest growth globally. In contrast, global spending intentions show a net 12% decline, according to the 2025 Global Consumer Outlook published by AlixPartners, the global consulting firm.
The report, based on responses from more than 15,000 consumers across nine countries, highlights anticipated spending increases in the UAE, Saudi Arabia, and China. However, these gains are outweighed by expected spending restraint in the U.S. and Europe, where spending next year is projected to decline further from this year’s already-muted levels, signaling another challenging year for global consumer-facing industries.
The anticipated spending increase among UAE consumers is consistent across all income levels but is particularly pronounced among high-income shoppers. Among generational groups, shoppers under 45 (27%) are expected to lead the surge in spending across retail segments, driven by higher disposable income and the demands of starting and expanding households. In contrast, shoppers aged 45-64 are more likely to maintain their current spending habits (85%) or significantly reduce their expenditure (27%), as many in this age group transition to having financially independent dependents.
“This regional consumer optimism is driven by a more favorable macroeconomic outlook and a reduced perceived need to save,” said Hisham Abdul Khalek, Partner & Managing Director. “This confidence translates into increased anticipated spending across all sectors, particularly in groceries and clothing, driven not only by inflationary pressures but also by premium purchases and a general willingness to spend optimistically.”
AlixPartners’s report, titled Spending Disrupted, identified several key trends across spending categories and income levels, including:
- Grocery registered the highest spending increase (47%), driven by a combination of rising disposable incomes, price inflation, and premiumization among high-income shoppers.
- Clothing (41%) followed as the second-highest segment for increased spending, fueled by growing disposable incomes and the expansion of premium brand offerings.
- Despite rising grocery spending, consumers are seeking savings through better planning and switching to more affordable retailers, relying less on promotions compared to previous years.
- In non-grocery categories, consumers are saving by planning purchases more strategically and avoiding certain categories altogether.
- Dining out remains a polarizing category: while a third of UAE consumers plan to spend more on eating out, globally, 34% intend to spend less, with only 19% planning to increase dining expenditures.
- Entertainment outside the home is gaining traction, with 41% of UAE consumers intending to spend more, followed by 33% in Saudi Arabia and 28% in China.
- If consumers had more money to spend in 2025, priorities of UAE consumers would be travel/ holidays (26%) followed by save and not spend more (20%) and groceries (18%)
“Despite the region’s overall growth narrative, consumption bifurcation remains prevalent. As discount retailers increasingly penetrate the market, some consumers are trading down to more affordable retailers and value brands, particularly in groceries. There are profitability challenges for some companies in the region, coupled with reports of reduced investments and rationalized operations. While this has not yet affected consumer sentiment, it is something that may need to be monitored as the market evolves in the coming year,” Hisham Abdul Khalek concluded.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Interior designer Thomas Hamel on where it goes wrong in so many homes.
PIF acquires 23.08% stake in Saudi Reinsurance Company by way of a capital increase and subscription to new shares
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PIF announced that it has acquired a 23.08% stake in Saudi Reinsurance Company (Saudi Re) by way of a capital increase and subscription to new shares, with the suspension of preemptive rights in accordance with Capital Market Authority regulations.
PIF’s capital investment aims to enhance Saudi Re’s growth potential by adding to its financial capacity and further strengthen its credit rating. PIF’s capital investment also supports Saudi insurance firms by enabling Saudi Re to deliver high quality reinsurance, permitting Saudi insurance companies to manage risk more effectively. Insurers use reinsurance to provide adequate coverage to their policyholders and reduce earnings volatility. Saudi Re enables Saudi insurance firms to grow and innovate.
The investment is expected to contribute to more reinsurance premiums staying within Saudi Arabia while also growing the local reinsurance sector and allowing better coverage for commercial activities for both insurance firms and companies in general, making the economy as a whole more financially resilient. A better capitalized Saudi Re will be more able to meet rapid growth in demand, and devise new products, while having increased capacity to expand in domestic and global markets.
Sultan Alsheikh, Head of Financial Institutions in MENA Investments at PIF, said: “By investing in Saudi Re, PIF is reinforcing a leading regional reinsurer and strengthening Saudi Arabia’s insurance sector, which is an essential component of sustainable economic growth. This enhances access to quality financial services for insurers and their policyholders and strengthens the sector.”
Ahmed Al-Jabr, CEO of Saudi Re, commented: “We are delighted to welcome PIF as a strategic investor and look forward to its role in enabling Saudi Re’s strategy and reinforcing its position as a national reinsurer, while further strengthening its presence regionally and globally. This investment will provide us with multiple benefits, including boosting our financial position and unlocking opportunities for expansion and growth.”
Saudi Re is a leading MENA reinsurance company and holds an A-minus rating from S&P Global and an A3 rating from Moody’s. In the first nine months of 2024, Saudi Re’s total written premiums reached SAR 1.94 billion ($520 million). It achieved a compound annual growth rate of 17% over the five years up to the end of the 2023 financial year.
The transaction secured regulatory consents and was approved by Saudi Re’s shareholders at an extraordinary general meeting.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
Expectation of B2B BNPL transaction volume by 2030 is $25-$30 trillion
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Arthur D. Little (ADL) has unveiled its latest report, A Trillion-Dollar Opportunity, which explores the transformative potential of B2B Buy Now, Pay Later (BNPL) solutions in reshaping global trade. With global B2B commerce valued at $120 trillion in latest available data in 2022, the report highlights how businesses are increasingly adopting BNPL to navigate liquidity challenges, enhance supply chain efficiency, and accelerate growth in the digital economy. According to ADL, B2B BNPL is poised to capture 15%-20% of global B2B payments by 2030, unlocking $25-$30 trillion in transaction volume. With an average fee of 3%-4% per transaction, this represents a potential market value of $700 billion to $1.3 trillion.
Closer to home, we are seeing some developments in this space too. Both UAE and KSA have introduced regulatory frameworks for the BNPL sector. Foodics in KSA has launched one of the first examples of B2B BNPL for its food and beverage clients, allowing them to pay for subscriptions and hardware through BNPL. Mala the Saudi fintech announced a $7m investment for its B2B BNPL platform and Comfi in UAE announced that it has secured a $5m debt facility to expedite its B2B BNPL offering.
“B2B BNPL is not just a financial innovation—it is a catalyst for global commerce,” said Arjun Vir Singh, Partner and Global Fintech Lead at Arthur D. Little. “As businesses seek more efficient ways to manage payments and strengthen supply chains, BNPL offers unparalleled flexibility and scalability in today’s dynamic market.”
The report draws attention to the scalability of B2B BNPL solutions by citing Germany as an example. In 2022, B2B online sales in Germany reached $467 billion, accounting for 6.4% of the country’s total B2B commerce volume and representing a market five times larger than Germany’s B2C online market. This example underscores the immense potential of B2B BNPL in well-established markets with significant digital adoption.
The adoption of B2B BNPL is also being driven by the need for improved liquidity solutions among small and medium enterprises (SMEs) worldwide. Currently, 30%-50% of global B2B transactions are facilitated by trade credit, which places credit risk on suppliers and often creates inefficiencies. B2B BNPL offers a streamlined alternative by providing instant credit approvals, reducing administrative burdens, and allowing suppliers to receive immediate payment while buyers benefit from flexible repayment terms.
The report emphasizes that B2B BNPL goes beyond traditional payment methods to address persistent challenges in global trade. Its digital nature simplifies cross-border transactions by standardizing payment terms and reducing complexities in currency exchange and settlement processes. Furthermore, the high double-digit annual growth rate projected for the B2B BNPL market underscores its alignment with the ongoing digital transformation of global commerce.
“B2B BNPL is redefining the future of trade financing,” added Mohammad Nikkar, Principal at Arthur D. Little, Middle East. “With its ability to tackle liquidity challenges, streamline commerce, and support global trade, BNPL is becoming an indispensable tool for businesses navigating today’s fast-changing economy.”
As businesses worldwide continue to embrace digital-first solutions, B2B BNPL is emerging as a cornerstone of embedded finance, enabling companies to enhance cash flow, reduce financial risks, and foster long-term growth.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Bank Nizwa is driving this growth with its innovative Islamic banking solutions
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Under the astute leadership of His Majesty Sultan Haitham Bin Tarik, the Sultanate of Oman has emerged as a beacon of resilience within the GCC. The nation’s dedication to fiscal discipline, economic diversification, and sound financial management has laid a solid foundation for sustained economic growth, exemplified by S&P Global’s upgrade of Oman’s credit rating to investment grade in September 2024. This achievement has strengthened investor confidence, lowered borrowing costs, and opened doors to international capital markets. Additionally, Fitch Ratings revised Oman’s outlook to ‘Positive’ in December 2024, citing successful fiscal reforms and prudent debt management.
Amid this steady economic progress, Oman’s Islamic banking sector has played a pivotal role in shaping the financial landscape. Integrating Sharia principles with the evolving needs of a modern economy, Islamic banking assets in the Sultanate surpassed OMR 8.2 billion by the end of September 2024, accounting for 18.7% of total banking assets, recording an increase of 16.4% compared to the same period last year. Additionally, the total financing granted has grown by 13.8%, reaching approximately OMR 6.7 billion. Furthermore, deposits have increased by 24%, totaling around OMR 6.5 billion by the end of October 2024. This growth reflects a rising trend towards Sharia-compliant solutions. The sector’s financing portfolios and deposits also recorded substantial growth, reflecting the rising preference for Sharia-compliant solutions. As Oman’s first full-fledged Islamic bank, Bank Nizwa has been instrumental in this sector’s evolution.
Commenting on the same, Mr. Khaled Al Kayed, Chief Executive Officer of Bank Nizwa, said, “In the five years since His Majesty Sultan Haitham bin Tariq, may God protect him, ascended to the throne, the Sultanate of Oman has entered a distinguished era of renaissance. This transformative phase has yielded significant advancements across various economic sectors, thereby fostering comprehensive and sustainable development throughout the nation. Under the enlightened leadership of His Majesty, Oman is not only enhancing its economic framework but also establishing a solid foundation for a prosperous and resilient future for all its citizens.”
“Amid this renaissance, the Islamic finance sector in the Sultanate of Oman has witnessed significant growth, establishing itself as a vital contributor to the country’s economic development. At Bank Nizwa, we take pride in our leadership in this sector by aligning our initiatives with Oman’s ambitious goals. Through our Sharia-compliant solutions, we continue our unwavering efforts to enhance economic empowerment and make a positive and meaningful contribution to the social and economic fabric of the nation,” he added.
Bank Nizwa’s financial performance in 2024 reflects its unwavering commitment to excellence, innovation, and customer-centricity. For the third quarter ending September 30, the bank reported a net profit of OMR 12,431 million, representing a 6% increase from the previous year. Total assets rose to OMR 1.770 billion, a 13% growth, while the financing portfolio expanded by 14% to OMR 1.507 billion. Customer deposits surged by 20%, reaching OMR 1.440 billion—a testament to the bank’s strong market positioning and its ability to meet dynamic customer demands.
Complementing its financial achievements, Bank Nizwa has played a transformative role in fostering Islamic financial literacy across the Sultanate. Through workshops, seminars, and digital initiatives, the bank has raised awareness about the benefits of Islamic finance, empowering individuals and businesses to actively participate in Oman’s economic progress. This commitment to education is part of the bank’s larger goal to make ethical financial solutions available to everyone.
A key driver of Bank Nizwa’s impact lies in its tailored financing solutions, which have facilitated milestones in critical sectors. By supporting both SMEs and large-scale ventures, the bank has directly contributed to projects that contribute to Oman’s economic diversification agenda and Oman Vision 2040 goals.
Innovation continues to be central to Bank Nizwa’s strategy, as the bank integrates advanced technologies to enhance service delivery while maintaining the highest standards of Sharia compliance. This forward-looking approach underscores Bank Nizwa’s dedication to blending tradition with modernity, driving greater efficiency and accessibility in financial services.
A pioneer in promoting sustainable finance in Oman, Bank Nizwa has also led the introduction of green financing solutions and championed several sustainability-linked initiatives. These efforts align with Oman’s environmental objectives and demonstrate the bank’s commitment to cultivating a balanced, future-ready economy that prioritizes both prosperity and environmental stewardship.
Bank Nizwa’s continuous innovation has earned it widespread recognition both regionally and internationally, with the bank recently receiving several prestigious awards. Notably, it was honored with the ‘Strongest Islamic Retail Bank in Oman 2024’ at the Islamic Retail Banking Awards (IRBA). This accolade underscores Bank Nizwa’s commitment to delivering innovative banking solutions that adhere to Islamic Sharia principles, while also meeting the evolving needs of its customers and maintaining the highest standards of service excellence.
Bank Nizwa is at the forefront of advancing tools for the Islamic financial industry, extending its leadership beyond the banking sector to also transform endowment institutions. Its efforts are focused on strengthening the endowment sector’s capabilities, aligning with the ambitious goals of Oman Vision 2040. The bank’s record is filled with numerous strategic initiatives in the field of endowment, with one of the most prominent being the launch of the Ishraq Endowment Investment Fund in 2024. This fund was established in partnership between The Ministry of Endowments and Religious Affairs, the Sultan Qaboos Higher Centre for Culture and Science and Bank Nizwa, in cooperation with Oman National Investments Development Company (TANMIA). This ambitious initiative is a significant addition to the endowment sector and marks a major advancement in the development of Islamic financial tools.
As Oman progresses toward becoming a knowledge-driven and innovation-led economy, Bank Nizwa stands as a symbol of purpose and progress. By spearheading advancements in Islamic finance, the bank reinforces its leadership in the sector while driving Oman’s holistic economic development through the promotion of ethical finance that fosters inclusivity, responsibility, and long-term prosperity.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The program features interactive workshops led by expert entrepreneurs and industry leaders, covering a wide range of essential topics.
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Demonstrating its commitment to Kuwait’s sustainable development and the empowerment of the next generation of entrepreneurs, Boursa Kuwait hosted and sponsored LOYAC’s KONTINUE social entrepreneurship program, which aims to develop the skills of aspiring business owners and entrepreneurs.
KONTINUE is an expert-led program developed in collaboration with Babson College, a U.S. higher learning institution specializing in entrepreneurial leadership, that offers participants an opportunity to acquire essential entrepreneurial skills and build a professional network to contribute to their future success. Launching on Sunday, January 12, and running until February 19, the six-week program provides participants with the practical and theoretical knowledge necessary to develop their project ideas into sustainable and feasible business models.
The program features interactive workshops led by expert entrepreneurs and industry leaders, covering a wide range of essential topics. Participants will learn how to identify customer needs, develop innovative business models, and secure funding for their startups. Dedicated mentors will provide personalized guidance throughout the program, ensuring each participant receives individualized support to maximize their progress and achieve their goals.
Grounded in Babson’s Entrepreneurial Thought & Action® theory and other renowned methodologies, the program aims to guide aspiring business owners in developing business models, identifying user needs, creating value, and differentiating their products and services. It also covers market testing, customer targeting, key metrics for monetizing ideas, securing funding, and handling legal paperwork. Additionally, local entrepreneurs will provide personalized one-on-one mentorship to participants throughout the program.
To participate in the program, aspiring entrepreneurs must submit a project idea and commit to the program schedule, which culminates in a final presentation where each participant or group showcases their business plan and prototype to a panel of expert judges. Winners will be awarded valuable cash prizes, with top honors going to the top three projects.”
Speaking on behalf of Boursa Kuwait, Senior Director of Marketing and Corporate Communication Mr. Naser Meshari Al-Sanousi said, “Boursa Kuwait’s partnership with LOYAC reflects its commitment to empowering youth and fostering innovative educational programs that shape future leaders. Through the KONTINUE program, we aim to support entrepreneurship and sustainable development, aligning with our Corporate Sustainability strategy.”
Al-Sanousi also emphasized that hosting the program on the Boursa Kuwait premises underscores its role as a key catalyst for innovation and entrepreneurship. This initiative reflects a comprehensive vision to support programs that contribute to a brighter future for Kuwait.
He added that this sponsorship aligns with the company’s strategy for corporate social responsibility, which focuses on empowering youth and fostering a thriving entrepreneurial ecosystem and directly supports the United Nations Sustainable Development Goals, particularly Goal 8, promoting decent work and economic growth, and Goal 9, focusing on industry, innovation, and infrastructure.
“Education is a cornerstone of Boursa Kuwait’s corporate sustainability strategy due to its profound impact on achieving sustainable development and economic prosperity. We believe this program will be an ideal platform to stimulate innovation and develop participants’ skills, contributing to the national economy and the sustainable development of the State of Kuwait,” he concluded.
Boursa Kuwait’s sponsorship of the KONTINUE program marks its second collaboration with LOYAC, as part of a strategic partnership aimed at empowering the youth and supporting their aspirations for innovation and entrepreneurship. The partnership underscores both organizations’ commitment to launching initiatives that promote sustainability and social development, with a focus on building youth capacity and developing their skills across various fields. It also exemplifies their dedication to fostering social responsibility and building collaborative bridges to create a positive and long-lasting impact on society.
Chairperson and Managing Director of LOYAC Mrs. Fareah A. Al-Saqqaf thanked Boursa Kuwait for their support of the KONTINUE program, saying: “LOYAC is proud to partner with Boursa Kuwait on the KONTINUE social entrepreneurial program, which demonstrates Boursa Kuwait’s belief in LOYAC’s vision to build the capabilities of young Kuwaitis and empower them to unleash their creativity and innovation skills. By fostering this entrepreneurial spirit, they can become leaders, create job opportunities for themselves and others as well as drive economic growth.”
Founded in 2002, LOYAC is dedicated to empowering young people and nurturing their growth into influential leaders who make a positive impact on society. By providing unique opportunities for leadership development, LOYAC strives to cultivate an enlightened generation committed to peace and prosperity and guided by the values of peace, empowerment, inclusivity, sustainability, and innovation.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
S&P Global Ratings expects this positive momentum to continue through 2025.
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UAE banks have benefited from a robust domestic economy, leading to better asset quality and fewer credit losses. According to a report by S&P Global Ratings, this positive momentum is expected to continue through 2025.
S&P projects steady economic growth in the UAE, driven by increasing hydrocarbon production and a thriving non-hydrocarbon sector. The agency highlighted that “As hydrocarbon production picks up, we anticipate that real GDP growth will remain strong in 2025-2027, further supported by buoyant non-hydrocarbon activity. Business-friendly regulations and a low corporate tax regime, a simplified visa regime, and the success of long-term residency visas will continue to fuel new businesses and increase the population in the country. Despite potential vulnerability to sudden increases in regional geopolitical tensions and significant drops in oil prices, we believe that economic risks will remain manageable, supported by demonstrated resiliency during past periods of lower oil prices and heightened geopolitical instability.”
The UAE banking sector is expected to maintain strong lending growth, supported by easing monetary policy and favorable economic conditions. S&P reported: “The lending book will continue expanding as monetary policy eases. Although the UAE could be affected by regional geopolitical tensions and oil price volatility, we believe risks will remain in check. We expect UAE banks to maintain stable and strong capital buffers, robust funding profiles, and continued government support, which will underpin their resilience.”
Asset quality in the UAE banking sector has steadily improved, with non-performing loans (NPLs) and credit losses on the decline. S&P mentioned that “We anticipate UAE banks’ non-performing loans and credit losses will remain low because the solid performance of the non-oil sectors and expected rate cuts will help improve underlying asset quality. Over the past two years, banks used their high profitability to set aside provisions for legacy loans and have written them off, resulting in stage 3 loans for the 10 top banks (accounting for 85% of banking system) dropping to 4% of gross loans as of Sept. 30, 2024, down from the peak of 6.1% in 2021. In addition, the improved economic environment has meant higher recoveries of written-off loans, contributing to lower net credit losses.”
Monetary tightening in recent years expanded banks’ margins through higher interest rates, boosting profitability. However, with declining interest rates, profitability is expected to moderate, though it will remain at high levels compared to historical trends. S&P forecasts low cost of risk, supporting sustained earnings strength even as profits dip slightly from 2023 peaks.
S&P views the UAE’s economic risk outlook positively, citing the strong performance of the non-oil economy as a major factor in the banking sector’s improved asset quality and reduced credit losses. This resilience, coupled with ongoing economic growth, positions UAE banks for continued success in the years ahead.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
CoinMENA, ATAIX Eurasia and Intebix join the Mastercard Crypto Credential pilot ecosystem, expanding availability in the Middle East and Eastern Europe
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Mastercard has introduced the latest expansion of its innovative Mastercard Crypto Credential solution to the UAE and Kazakhstan, marking its debut in the Eastern Europe, Middle East and Africa (EEMEA) region.
Mastercard Crypto Credential simplifies the consumer experience allowing crypto exchange users to send and receive cryptocurrencies using simple aliases instead of complex blockchain addresses, facilitated through Mastercard’s partnerships with key exchanges and providers in the region. It also helps verify transactions among consumers and businesses using blockchain networks, providing the assurance that a user has met a set of verification standards and confirming that the recipient’s wallet supports the transferred asset. It brings greater trust and certainty to crypto transactions through the exchange of metadata and Travel Rule information.
This latest expansion will enable exchanges such as ATAIX Eurasia, Intebix, and CoinMENA, as well as Fuze, one of the leading Digital Asset Infrastructure providers, to simplify and secure blockchain transactions for users in the region.
“As the cryptocurrency landscape continues to mature, we’ve been laser focused on developing innovative services and capabilities that help make crypto more accessible and secure, streamline the transaction process and enhance trust in the ecosystem. In bringing Mastercard Crypto Credential to the EEMEA region, we’re delivering on our vision to increase and instill trust in blockchain technology while also transforming the way that people interact with digital assets,” said Gaurang Shah, Executive Vice President, Head of Core Payments, EEMEA, Mastercard.
Using Mastercard Crypto Credential is simple. The exchange first verifies the user under the set of Mastercard Crypto Credential standards. At that point, the user obtains an alias to send and receive funds across all supported exchanges. When a user initiates a transfer, the solution confirms that the recipient’s alias is valid, and that the recipient’s wallet supports the digital asset and associated blockchain. If this is not the case, the sender is notified, and the transaction does not proceed, protecting all parties from potential loss of funds.
While the pilot will initially focus on facilitating peer-to-peer transactions, the potential applications of Crypto Credential are expansive, with future capabilities to include NFTs, ticketing, and other innovative payment solutions, depending on market and compliance requirements.
The UAE and Kazakhstan are joining previously activated markets in North America, Europe, Latin America, and Asia Pacific where users can send cross-border and domestic digital asset transfers within and between the regions across multiple blockchains and assets. A select group of crypto wallet users will leverage Mastercard Crypto Credential on a first-come, first-serve basis. Wider availability will roll out across the participating exchanges over the coming months.
“We are committed to fostering innovation in the digital asset space while ensuring a secure, transparent environment for all market participants,” said Yagub Zamanov, FinTech Division Director, Astana Financial Services Authority (AFSA). “By providing clear regulatory frameworks, we aim to build trust and confidence. Collaboration with global partners like Mastercard is key to establishing consistent standards, ensuring the long-term growth and integrity of the sector.”
“Working with Mastercard to develop digital asset solutions is essential to shaping the future of fintech not only in Kazakhstan but around the world,” said Talgat Dossanov, CEO, Intebix. “The introduction of Mastercard Crypto Credential marks a pivotal step in the development of digital finance, providing a trusted framework for the safe and seamless integration of digital assets into the global economy. By providing Intebix clients with Mastercard’s groundbreaking peer-to-peer technology, we are laying the foundation for a more trusted, transparent, and inclusive digital asset ecosystem.”
“As one of the leading cryptocurrency exchanges in Kazakhstan, licensed by the AIFC, ATAIX Eurasia is focused on building a legal and accessible cryptocurrency infrastructure in the Eurasian and, eventually, global financial markets,” said Аrutyun Poghosyan, CEO ATAIX Eurasia. “That is why we are incredibly excited to join Mastercard’s interregional partnership to implement the crucial and timely Mastercard Crypto Credential technology. We look forward to strengthening our collaboration with Mastercard even further.”
“At Fuze, our collaboration with Mastercard on the Crypto Credential initiative underscores our dedication to advancing secure, efficient, and inclusive digital asset transactions across the EEMEA region,” said Mo Ali Yusuf, CEO, Fuze.“This partnership not only strengthens our commitment to supporting banks and fintechs in adopting crypto solutions but also marks a significant step in building trust and enhancing reliability within the evolving crypto landscape.”
“It is exciting to see Mastercard embracing blockchain technology and moving on-chain. Innovations like Mastercard Crypto Credential program are key to building trust and making digital assets more accessible and user-friendly, especially for joiners from traditional finance,” said Talal Tabba, CEO, CoinMENA.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This license marks an important step in enhancing the company’s position in the growing digital payments market in Saudi Arabia.
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In a move that strengthens the diversification and development of the financial sector in the Kingdom of Saudi Arabia, the Saudi Central Bank (SAMA) has announced the granting of a license to HyperPay Inc. Saudi Arabia for Information Systems Technology to operate digital payment services via an electronic wallet in the Kingdom. This license marks an important step in enhancing the company’s position in the growing digital payments market in Saudi Arabia.
HyperPay is a leading company in the financial technology sector, aiming to support the transition to a less cash-dependent society by offering innovative payment solutions and advanced financial services that meet market needs and future aspirations.
Muhannad Ebwini, Founder and CEO of HyperPay said, said: “We are proud to have received this license from the Saudi Central Bank, which represents a significant milestone in enhancing our leadership in the electronic payment sector. Through this step, we aim to enable businesses to benefit from secure and seamless payment services, in line with the goals of Saudi Arabia’s Vision 2030 to improve the efficiency of the financial system and support digital transformation.”
Ebwini added that this license reflects HyperPay’s ongoing efforts to expand its operations and offer services more widely, contributing to the growth of its customer base and reducing reliance on cash. He also emphasized the company’s commitment to innovation by developing advanced financial services, which supports national economic growth by facilitating payment processes and simplifying business transactions.
This move is part of the Saudi Central Bank’s (SAMA) strategy to support the financial technology sector, as the bank continues to work toward enhancing the effectiveness and flexibility of the financial sector in the Kingdom. It also aims to encourage innovation and improve the experience of financial transactions, aligning with its goals of increasing financial inclusion and providing financial services to various segments of society.
It is worth noting that the electronic payment sector in the Kingdom has witnessed significant growth in recent years, driven by government investments and rapid technological advancements. Through this license, HyperPay reaffirms its commitment to working with the Saudi Central Bank to enhance the infrastructure of modern financial services and support the digital payment ecosystem, contributing to facilitating payment processes and improving user experiences in the Kingdom.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This growth underscores the resilience and strategic management of Qatar’s monetary resources
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Qatar Central Bank (QCB) reported a notable 3.69% rise in international reserves and foreign currency liquidity in December 2024, totaling QR255.003 billion, up from QR245.928 billion in December 2023. This growth underscores the resilience and strategic management of Qatar’s monetary resources.
The QCB’s official reserves grew by QR8.907 billion year-over-year, reaching QR195.976 billion by the end of December 2024. Despite a decline in foreign bonds and treasury bills, which fell by QR6.562 billion to QR127.092 billion, the overall reserves showed robust performance.
The official reserves consist of various key components:
- Foreign Bonds and Treasury Bills: Despite a reduction, they remain a significant part of the reserves.
- Gold Holdings: Gold reserves experienced a substantial increase of QR9.428 billion, reaching QR33.800 billion by December 2024.
- Balances with Foreign Banks: These rose by QR6.218 billion to QR30.003 billion, reflecting increased international financial activity.
- Special Drawing Rights (SDRs) and IMF Quotas: SDR deposits at the IMF saw a slight decline of QR177 million, settling at QR5.050 billion.
Total International Reserves
QCB’s total international reserves include both official reserves and other liquid assets, such as foreign currency deposits. This comprehensive reserve strategy ensures liquidity and financial stability.
Qatar’s steady increase in reserves highlights the country’s prudent financial policies and ability to navigate global economic challenges. This growth reinforces its position as a stable and resilient economy in the region.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This collaboration aims to promote traffic safety and protect road users as well as vehicle renters.
2 min
Najm for Insurance Services has signed a Memorandum of Understanding (MoU) with Theeb Rent a Car Company to enhance joint cooperation and improve vehicle rental and repair services in line with the highest quality standards. This collaboration aims to promote traffic safety and protect road users as well as vehicle renters.
The signing ceremony took place on Wednesday, January 1, 2025, at the headquarters of Najm in Riyadh. The MoU was signed by Mr. Mohammed Yahya Al Shehri, CEO of Najm, and Mr. Naif Mohammed Ahmad Al-Theeb, CEO of Theeb Rent a Car, in the presence of senior leaders from both companies. Both parties highlighted the importance of this partnership in creating a positive impact that benefits their mutual interests.
The MoU outlines several key areas of cooperation, including vehicle repair and maintenance services through Najm’s recently launched Repair Network (NRN), insurance claims management, and insurance record management for Theeb’s vehicle fleet. Additionally, Najm will provide traffic accident management services. The MoU is also exploring joint business opportunities in vehicles services, as well as knowledge sharing and training.
Commenting on this cooperation, Mr. Mohammed Al Shehri, CEO of Najm, said: “at Najm, we are committed to forming partnerships that extend the benefits of our innovative services and empower the insurance sector while enhancing safety on Saudi roads. For instance, the Najm Repair Network (NRN) provides vehicle owners with access to high-quality repair services at centers approved by the Saudi Standards, Metrology and Quality Organization, which are available throughout the Kingdom.”
He further added: “This collaboration aligns with Najm’s strategy to innovate solutions that improve operational efficiency and enhance the quality of life and safety in our society, in line with the goals of Vision 2030. Through the Najm Repair Network (NRN), we deliver numerous benefits, including an improved customer experience after accidents, repair services for third-party insurance customers, and a guaranteed, high-quality repair process. These services not only enhance safety and reduce fraud but also manage insurance costs and increase investment in the vehicle repair sector.”
On his part, Mr. Naif Al-Theeb, CEO of Theeb Rent a Car, remarked: “We are proud of the advancements in Najm’s services and capabilities, and we are honored to contribute to this progress. This partnership will have a direct and positive impact on enhancing traffic safety across the Kingdom.”
Najm for insurance services is a closed and unlisted joint stock company established in 2007. It aims to promote the vehicle insurance sector in the Kingdom of Saudi Arabia. Najm provides an integrated system of insurance solutions and services to citizens, residents, and visitors in more than 40 cities and governorates around the Kingdom, with a team of experienced and qualified Saudi staff, who make up 98% of the company’s total workforce.
Theeb Rent a Car is one of the significant pioneering companies in the car rental field in Saudi Arabia and the region. The company’s expertise and leadership qualified it to obtain several national and international certificates. It provides a wide range of car rental solutions and services, including long and short-term rentals, with a broad base of clients from various categories and sectors. It has a cumulative experience that has extended for more than 33 years since starting its business in 1991, bringing the number of its branches to 61, of which 15 branch are in international and regional airports, and it has a fleet of more than 33,000 vehicles.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This achievement reflects the development the Kingdom is witnessing in various economic and financial sectors.
2 min
The “2024 Emerging Markets Venture Capital Report” revealed that Saudi Arabia maintained its first rank across MENA in terms of Venture Capital (VC) funding in 2024, witnessing a total VC deployment of $750 Million (SAR 2.8 billion). This achievement reflects the development the Kingdom is witnessing in various economic and financial sectors in light of the Saudi Vision 2030 and its goals to strengthen the national economy.
According to the report published by the venture data platform MAGNiTT, the Kingdom captured the highest share of total VC funding in the MENA region in 2024, which accounted for 40% of the total capital deployed in the region. The report also revealed that Saudi Arabia achieved a record number of 178 VC deals in 2024. This confirms the attractiveness of the Saudi market, enhances its competitive environment, and consolidates the strength of the Kingdom’s economy as the largest economy in MENA
Dr. Nabeel Koshak, CEO and Board Member at SVC, commented: “The Kingdom’s leading position in the VC scene in the region comes as a result of the many governmental initiatives launched to stimulate the VC and startups ecosystem within the Saudi Vision 2030 programs, and the development of the legislative and regulatory environment for the ecosystem, in addition to the emergence of active investors from the private sector as well as innovative entrepreneurs.”
He further added, “We are proud that SVC’s strategy contributed to the development of the VC ecosystem in the Kingdom. We at SVC are committed to continuing to lead the development of the ecosystem by stimulating private investors to provide support for startups and SMEs to be capable of fast and high growth, leading to diversifying the national economy and achieving the goals of the Saudi Vision 2030.”
SVC is an investment company established in 2018. It is a subsidiary of the SME Bank, part of the National Development Fund (NDF). SVC aims to stimulate and sustain financing for Startups and SMEs from pre-Seed to pre-IPO through investment in funds and direct investment in startups and SMEs.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Alexandre de Betak and his wife are focusing on their most personal project yet.
Nameer Khan shares how Fils is empowering businesses and individuals to drive climate action through innovation and transparency.
5 min
Founded with a vision to embed sustainability into every transaction, Fils is an enterprise-grade digital infrastructure that empowers businesses of all sizes to integrate climate action into their business models and customer journeys. Leveraging cutting-edge fintech innovations, Fils is transforming industries by making sustainability accessible, impactful, and transparent.
With a powerful API that seamlessly integrates sustainability into digital payment systems, Fils allows organizations to quantify, reduce, and offset their carbon footprints. The platform also stands firmly against greenwashing by leveraging blockchain technology to ensure the integrity of carbon credits, preventing double counting and fostering unparalleled transparency.
Fils is rapidly expanding its reach and impact. Its innovative approach has positioned it as a market leader in enabling businesses to make meaningful contributions toward a thriving planet, one transaction at a time.
Nameer Khan, Founder & CEO of Fils and Chairman of the MENA Fintech Association, discusses in this interview, the company’s innovative solutions, the challenges of navigating the carbon market, and its vision for a sustainable future.
Why did you choose payments as entry point into sustainability?
Payments are the backbone of global consumption, and consumption is directly tied to emissions. By embedding sustainability into payments, we’ve created a frictionless system where every transaction becomes an opportunity for climate action.
Our partnerships with leading players like Geidea in Saudi Arabia, Mashreq Bank, Magnati and E& Enterprise in the UAE and Arab Financial Services in Bahrain give us access to over 1.5 million merchants and 2 million users, enabling climate-positive actions at scale. This network doesn’t just track emissions—it helps reduce and offset them seamlessly, making sustainability a part of everyday transactions.
How does Fils simplify the integration of climate-positive solutions for businesses?
Fils removes complexity by offering plug-and-play APIs that allow businesses to integrate sustainability directly into their products. Whether you’re in banking, logistics, or retail, our solutions make it easy to track, reduce, and offset emissions without overhauling existing systems.
Our tools handle the end-to-end process from emissions calculations to carbon credit sourcing and compliance reporting. Businesses get real-time insights, access to premium carbon credits, and automated compliance checks, simplifying sustainability at every step.
Once integrated, businesses gain access to end-to-end tools that help them calculate emissions, connect to carbon markets, and offset their impact. For example, Fils handles the sourcing and validation of carbon credits through partnerships with leading suppliers, which ensure that top-quality credits are available.
Another significant advantage is our multi-layered reporting platform, which provides real-time insights into emissions and compliance with global standards. This level of transparency empowers businesses to make informed decisions about sustainability without additional operational complexity.
How do fintech advancements help corporate responsibility in achieving sustainability goals?
Fintech is rewriting the rules for sustainability. At Fils, we’ve proven that technology can turn corporate responsibility into measurable action. From carbon accounting tools that quantify emissions to real-time offsets built into payment systems, fintech enables businesses to act now rather than plan later. For example, fintech solutions like carbon accounting platforms enable companies to quantify Scope 1, 2, and 3 emissions accurately, something that’s crucial for setting meaningful sustainability targets.
Fintech also facilitates access to carbon markets, helping businesses refine their portfolios while aligning with carbon-neutral goals. Furthermore, fintech companies are innovating in areas like transaction-based carbon offsetting, where every payment can contribute to climate action. This bridges the gap between consumption and responsibility, making it easier for both businesses and individuals to participate.
How do you address risks in the carbon market?
The carbon market isn’t without risks counterfeit credits and double counting can erode trust. That’s why Fils has built a blockchain-powered framework to guarantee transparency and integrity.
Every transaction is traceable, tamper-proof, and backed by NFT-based certificates that eliminate double-counting. For corporates, we’ve added layers of compliance reporting to ensure businesses meet the highest standards without added complexity. It’s trust, built for scale.
For large corporates, we offer additional layers of verification and reporting to ensure compliance with regulatory standards. This not only mitigates risk but also builds confidence in the market, encouraging more organizations to participate in climate action.
How do you empower consumers to take meaningful steps toward reducing their carbon footprint?
Educating consumers is at the heart of what we do. We believe that if you can’t measure something, you can’t manage it. Our platform provides consumers with detailed insights into their carbon footprint based on their spending habits.
Additionally, Fils integrates carbon offsetting directly into payment systems, allowing consumers to take immediate action. Whether offsetting a single coffee purchase or a larger transaction, individuals can participate in climate action with just a click. This ease of access makes sustainability tangible and actionable for everyone.
What challenges do you face in this market, and how do you address them?
The carbon market faces challenges—from transparency gaps to complex regulations but Fils turns these into opportunities. Built on blockchain technology, our platform eliminates double-counting and fraud through tamper-proof verification and NFT-backed certificates.
Another challenge is the high cost of entry into carbon markets. Many platforms require minimum purchases of 5,000 to 10,000 tons of credits, which can be prohibitively expensive. At Fils, we’ve broken this barrier by offering smaller transaction options, democratizing access for SMEs and individuals alike.
Risk management is also a top priority. We’ve partnered with leading institutions to establish a robust risk framework, ensuring that our clients are protected from potential market risks.
Looking ahead, where do you see Fils in the next five years, and how do you plan to contribute to global sustainability goals?
The carbon market is projected to grow from $100 billion by 2030 to $250 billion by 2050, and Fils is already positioned at the forefront of this transformation. Built as an enterprise-grade platform, Fils is trusted by leading institutions for its security, scalability, and transparency, making it the go-to solution for sustainability-driven growth.
Regulations in the region are evolving rapidly. The UAE’s Cabinet Resolution No. (67) of 2024, which introduced the National Register for Carbon Credits, signals a shift toward structured trading platforms and mandatory compliance reporting . Similarly, Saudi Arabia’s launch of the Voluntary Carbon Market Company (VCMC) during COP29 highlights the region’s accelerating focus on regulated carbon markets and climate accountability.
Backed by a seasoned team of executors, Fils combines deep fintech expertise with sustainability-focused innovation. Our mission is to enable businesses to integrate climate action seamlessly into their operations—turning compliance into an opportunity for growth rather than a burden.
With expansion plans already underway and partnerships across key markets, Fils is not just following trends—it’s shaping the future of carbon markets. For businesses that want to lead the sustainability transition, Fils is the trusted partner to scale with confidence and stay ahead of the regulatory curve.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Sydney’s prestige market is looking up, here’s three of the best on the market right now.
Tax Genie 2.0 encompasses all areas of the Tax & Legal business, including tax, legal, finance, human resources, risk management, and beyond for Tax professionals.
2 min
Deloitte Middle East’s Tax and Legal practice today announced the launch of the second generation of its in-house pioneering AI-powered solution, Tax Genie 2.0, designed to drive innovation in an increasingly complex tax landscape. Deloitte is at the forefront of AI adoption to reshape and transform industries, with cutting edge solutions that set new standards for progress.
Developed by the Middle East chapter of the Deloitte AI Institute, Tax Genie 2.0 encompasses all areas of the Tax & Legal business, including tax, legal, finance, human resources, risk management, and beyond for Tax professionals. Tax Genie 2.0 is based on GPT-4o with RAG architecture. Using the principles from Tax Genie 2.0, to help Tax & Legal clients ensure a successful adoption of Gen AI solutions, Deloitte employs a robust approach to GenAI implementation that spans every phase—from initial assessment and strategy development to continuous optimization.
Muhammad Bahemia, Deloitte Middle East Tax and Legal Leader, highlighted the transformative potential of Tax Genie 2.0, stating, “The launch of the second iteration of Tax Genie exemplifies our unwavering commitment to innovation in tax and legal services across the Middle East. Our vision is to ensure our clients are well positioned on Gen AI to lead and succeed in the future. Our clients can benefit from Deloitte’s innovation and deep technical capabilities in Gen AI in the Tax & Legal space and this has consistently positioned us as global Leaders.”
Although being an in-house platform, Tax Genie 2.0 is a flagship example of Deloitte’s GenAI capabilities. The platform features over 1,000 specialized workflows for a wide spectrum of tax, legal and operational matters. With an intuitive interface and workflow-based architecture, the platform is designed for ease of use, enabling tax and legal professionals to leverage its capabilities without the need for specialized technical skills.
Yousef Barkawie, Deloitte Middle East Partner, and AI & Data Leader, emphasized the significance of this launch, stating, “The combination of generative AI with human insight and data will drive innovation, upgrade business models, and boost efficiencies, all within a secure ecosystem. Our GenAI offerings drive substantial value and directly impacts service delivery across various business functions, setting a new standard in the industry. The hand-in-hand working relationship between our Tax and Legal professionals and our AI & Data experts, combined with the Deloitte AI Institute innovations and creativity, are all enabling us to push boundaries and create impact for our clients and people, which is truly remarkable.”
Using the workflow-based principles of Tax Genie 2.0, Deloitte’s approach focuses on addressing the specific challenges businesses face today in their tax and legal issues, driven by a deep understanding of each organization’s specific tax and legal pain points, operational context, and strategic objectives. By merging Deloitte’s industry knowledge with advanced AI technology, Deloitte’ Gen AI offering enables clients to unlock new efficiencies, uncover valuable insights, and achieve holistic digital transformation in areas like the Tax & Legal domain.
The Deloitte offering supports clients throughout the whole journey of AI adoption, establishing itself as the partner of choice for organizations seeking to harness Gen AI’s transformative power.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Study unveils a higher tendency amongst men to switch jobs than women with both genders expecting increased salaries by 20% in 2025
4 min
Bayt.com, the Middle East’s leading job site, and Markelytics Solutions have collaborated on a new research and unveiled the results of their first study together, named the Salary Survey in the MENA region. The initiative delves into core aspects of employee satisfaction, including compensation, work-life balance, job security, and professional growth. Drawing on responses from over 1,200 employed individuals across the GCC, North Africa, and the Levant, the research identifies opportunities for employers to enhance compensation structures, retain talent, and better understand the evolving needs of today’s workforce.
The survey highlights notable patterns in job mobility among MENA professionals. Men exhibit a higher tendency to switch jobs compared to women (65% vs. 50%), often driven by the pursuit of better compensation or career progression. Younger respondents (18–25) display particularly high turnover rates with over 40% having a tendency to switch jobs with many having held three or more roles early in their careers. In contrast, employees aged 36 and above often report having five or more past roles, reflecting career stability and growth. Additionally, 81% of respondents have spent no more than two years with their current employer, indicating widespread job transitions across the region. Regionally, employees in North Africa and the Levant tend to have longer tenures due to local workforce participation and union protections. In the GCC, which includes a large expatriate workforce, contractual limitations set by employers result in shorter tenures, as 48% of respondents have been with their current employer for only 1–2 years.
The survey also highlighted benefits of employees, ranging from monetary and work-life balance to professional development. The results revealed that 77% of respondents receive monetary benefits, such as bonuses or overtime pay, with men more likely to access these financial perks. Women, meanwhile, benefit more from policies supporting work-life balance. Healthcare coverage is most prevalent in GCC countries, where nearly half of employees receive medical insurance, while employees in the Levant receive the least healthcare coverage. In terms of benefits related to professional and personal development, opportunities are limited, with North Africa showing relatively better engagement in training programs. Flexible working hours are reported by 25% of respondents, but family-oriented benefits like educational allowances or travel support remain scarce.
The study also highlighted that employees (36+) report higher satisfaction levels regarding salary and overall work experience, compared to younger groups. However, dissatisfaction with compensation persists, with 28% of men and 38% of women describing themselves as “not at all satisfied” with their salaries. North Africa leads in satisfaction levels related to management and organizational culture, whereas GCC and Levant respondents cite stagnant wages and limited benefits as key concerns. Workplace proximity, strong leadership, and a reputable company name, significantly influence employee loyalty across all regions.
In terms of compensation trends, a majority of respondents (66%) did not receive raises in 2024, with 46% of women and 34% of men currently expecting salary increases of 20% or more in 2025. One in five plans to request a raise in 2025, reflecting elevated wage expectations. North Africa leads the region in 2024 salary increments, while the Levant shows minimal optimism for future raises, likely due to economic challenges. Employees in the GCC indicated benefits from employer-provided housing and allowances. In terms of earning dynamics, around three quarters of men who took part in the study claim to be sole earners, while only 31% of women participants claim to receive support from and rely on spouse or family income.
High job mobility remains a defining feature of the MENA workforce, with 59% of respondents planning to leave their current positions in the near future. Younger professionals (18–25) lead this trend, citing inadequate salaries, burnout, and limited recognition as primary motivators. Toxic workplace environments, including office politics and favoritism, further contribute to dissatisfaction. Overall, 87% of respondents report switching jobs at least once in the past year, emphasizing the urgent need for employers to address retention challenges.
Jasal Shah, CEO of Markelytics Solutions, commented: “These findings reflect the evolving priorities of a diverse workforce, where employees expect more than just competitive salaries; they also seek personal growth, stability, and supportive work cultures. The comprehensive study is a direct result of our new partnership with Bayt.com, which can enable organizations in the MENA region to make informed decisions that not only align with employee needs but also bolster long-term business success.”
Dina Tawfik, Vice President of Growth at Bayt.com, said: “We’re thrilled to collaborate with Markelytics Solutions on this survey, which shines a spotlight on critical aspects of employee satisfaction in the MENA region. Through insights on compensation, benefits, and mobility, we aim to help employers optimize their people strategies and empower employees to find workplaces that truly meet their aspirations.”
The Salary Survey underscores several critical gaps within compensation, benefits, and career advancement structures, particularly for younger employees and women. By addressing these areas, organizations can more effectively engage their talent, reduce turnover, and build a resilient workforce. Conducted online in the month of December 2024, the survey included more than 1,200 employed respondents from GCC countries, North Africa, and the Levant. With 87.9% participation from GCC and North Africa, the data provides actionable insights to guide future workforce strategies.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Self-tracking has moved beyond professional athletes and data geeks.
