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Happy to have provided some insights in this Arabian Business article on diversification policies in Saudi Arabia: As #Saudi Arabia heavily leans on oil revenues, analysts cautioned it risked succumbing to this phenomenon without a balanced approach. Fortunately, Vision 2030 incorporated a multi-pronged strategy that has since developed industries like tourism, construction and manufacturing, according to Nemr Kanafani, Senior Economist at The Conference Board. “The real diversification impact of Vision 2030 and the megaprojects is expected to be in the long term as these projects are completed and they begin to contribute to the national economy,” he mentioned. “Many of these projects are still in their early days and need another 5-7 years for their gains to materialise.” Megaprojects are just one part of the Vision 2030 strategy, said Kanafani who believes that they must be balanced with parallel reforms to business regulations, governance, labour laws and innovation spending. “It is important to see the megaprojects being undertaken as only one part of the Vision 2030 strategy,” he expressed. “In the short and medium term, the projects will generate strong growth and managing this growth to ensure the economy does not overheat is one of the challenges,” Kanafani said. #TheConferenceBoard #MENA #GCC https://lnkd.in/dEpjnyHi

Over the last few years, the Gulf region has seen a surge of start-ups and Big Tech enter financial services.  The GCC banking sector has assets of over $3.6 trillion, accounting for more than 160% of GDP - well above the global average of 96%.  Find out what this means for the region in the report: https://lnkd.in/e5UU4Z3N Andrea Kates, John Metselaar, Careem, National Bank of Kuwait, talabat, Ewan MacLeod, Madiha Sattar, Ali Khalil, New Era Digital Partners   #fintechs #GCC #banking #financialregulation #futureofbanking 

Some highlights from our latest report on the #MENA region's economic outlook: Growth in the Middle East and North Africa (#MENA) region has been slowing, as Gulf oil producers slashed output to tighten crude markets and monetary policy rates rose. With interest rates largely mirroring the US Fed in the six GCC economies, private sector borrowing costs have risen considerably and tempered growth. Despite this, GCC non-oil activity remained relatively healthy thanks to robust government spending and investment. Trusted Insights for What's Ahead™ ➡ Economic growth slows across the MENA region  ➡ Robust GCC non-oil growth driven by UAE and Saudi Arabia  ➡Fiscal positions across the Gulf are set to improve on higher oil prices  ➡Outside the Gulf, economies remain under pressure https://lnkd.in/eSAJ2Bjp The Conference Board #MENA #GCC #Economics

Happy to have been quoted in The Banker's latest piece on the #UAE economy. Population growth and investment reforms lift the UAE’s economy “The conflict in Ukraine appeared to result in some inflows of talent and wealth, benefiting the real estate market; we expect this to cool somewhat in 2024,” says Nemr Kanafani, senior economist for the Middle East and north Africa at The Conference Board, a non-profit think tank and business membership group. “The UAE’s current growth trajectory has to do with the fact that, for years, the authorities have been ahead of the curve in terms of reforms, infrastructure investment and laying down the regulatory foundations for digitisation,” says Mr Kanafani. The Conference Board #thebanker #TCB #TheConferenceBoardMENA https://lnkd.in/ehAWYvwG

How can GCC banks move from a focus on physical presence to providing frictionless access across multiple platforms?   Integrating ecosystem savvy should be core to their strategy.   Explore findings from our new report The Future of Banking in the Gulf with authors Andrea Kates and Nemr Janus Kanafani. Explore the full report here: https://lnkd.in/e5UU4Z3N John Metselaar, Careem, National Bank of Kuwait, talabat, Ewan MacLeod Madiha Sattar, Ali Khalil, New Era Digital Partners   #fintechs #GCC #banking #financialregulation #futureofbanking 

Fintechs have exploded in the GCC in recent years, with over 800 new start-ups. How can established banks keep pace with the rapid evolution in technology and consumer behavior?   Watch Nemr Janus Kanafani, our Senior Economist in the MENA region, summarize the findings of our new report, The Future of Banking in the Gulf.  👇 Explore the full report here: https://lnkd.in/e5UU4Z3N Andrea Kates, John Metselaar, Careem, National Bank of Kuwait, talabat Ewan MacLeod, Madiha Sattar, Ali Khalil, New Era Digital Partners   #fintechs #GCC #banking #financialregulation #futureofbanking 

What's the next strategic move for financial leaders in MENA? Today The Conference Board published the report I researched and authored in collaboration with Nemr Janus Kanafani that outlines critical strategies for business leaders. With over 800 startups in the region, and innovators like Careem stc pay and talabat making big moves, banks must embrace a new mindset. The Future of Banking in The Gulf. Preparing for a New Era. Explore the full report here: https://lnkd.in/e5UU4Z3N John Metselaar Thomas Krogh Jensen Copenhagen Fintech OpenFinance SUMMIT 2020

Fintechs have exploded in the GCC in recent years, with over 800 new start-ups. How can established banks keep pace with the rapid evolution in technology and consumer behavior?   Watch Nemr Janus Kanafani, our Senior Economist in the MENA region, summarize the findings of our new report, The Future of Banking in the Gulf.  👇 Explore the full report here: https://lnkd.in/e5UU4Z3N Andrea Kates, John Metselaar, Careem, National Bank of Kuwait, talabat Ewan MacLeod, Madiha Sattar, Ali Khalil, New Era Digital Partners   #fintechs #GCC #banking #financialregulation #futureofbanking 

Fintechs have exploded in the GCC in recent years, with over 800 new start-ups. How can established banks keep pace with the rapid evolution in technology and consumer behavior?   Watch Nemr Janus Kanafani, our Senior Economist in the MENA region, summarize the findings of our new report, The Future of Banking in the Gulf.  👇 Explore the full report here: https://lnkd.in/e5UU4Z3N Andrea Kates, John Metselaar, Careem, National Bank of Kuwait, talabat Ewan MacLeod, Madiha Sattar, Ali Khalil, New Era Digital Partners   #fintechs #GCC #banking #financialregulation #futureofbanking 

Last week's MENA virtual event, hosted by John Metselaar, Nemr Janus Kanafani, and Andrea Kates, was enriched by the active participation of regional executives: Nemr shared the MENA economic outlook. Although there has been a slowdown in 2023, optimism for a 2024 rebound prevails. The Gulf has witnessed robust non-oil growth, with policy rates beginning to affect non-oil sectors. Despite a mild easing in Saudi PMIs, oil prices remained supportive, on largely tight oil fundamentals. Outside the Gulf, growth is expected to ease mildly. Andrea joined Nemr to discuss the future of Gulf banking, with the recent explosion in fintech activity serving as a wake-up call. The shape of banking services is changing rapidly, and incumbent players need to adapt to secure their long-term place. Banks can chart a successful path with a three-pronged strategy, emphasizing an ecosystem mindset for strategic advantage and focus on business model innovation. These insights, combined with the valuable input from regional participants, highlight significant impacts on the MENA region's economic and banking landscape. Stay tuned for more updates! 🚀 #MENAEconomy #BankingInnovation #theconferenceboard #MENA #Banking