Fast Company Middle East

What does the future of innovation look like across sectors in the Middle East region? Hear from past winners of Fast Company Middle East’s #MostInnovativeCompanies. To nominate your company for #MIC2024, click here: https://lnkd.in/gFsQVdJb In 2023, 42 trailblazing organizations across 25 categories were recognized. This year, we've expanded the categories to showcase even more groundbreaking innovations and highlight how your achievements have shaped business, industry, and culture. Apply early to have your nomination seen by our editorial team. Telfaz11 | COFE App | BEEAH Group | IBM | Kidzink

Retaining employees involves many factors, from salary and rewards to flexible work environments and a healthy work culture. The latest Employee Loyalty in the MENA survey by Bayt.com and YouGov found considerable stability within the workforce; 55% of survey participants report having been with their current companies for a tenure extending beyond four years. 

Since March 2022, Egypt has raised key interest rates by 19% (1900 basis points) and devalued the Egyptian pound against the US dollar four times, resulting in a more than 223% increase in the dollar’s value against the local currency. Last week, the government announced a second increase in fuel prices of up to 15%, expected to contribute to the current inflationary wave. The major BNPL industry providers say it is popular with consumers, who can usually pay for their purchases in installments.

"Design is often caught up in the myth that it can be measured and contained for profit, but it is much more than that. This is where the 'fallacy of misplaced concreteness' comes in—a human bias where we try to measure the immeasurable. Let's not fall into that mental trap,” says Manuel Lima, Designer and Author, in an exclusive interview for #FCCornerOffice. Watch the full interview here: https://lnkd.in/gAmD-3Xa

Saudi Arabia has been strengthening its labor market for the last few years. The number of Saudi nationals working in the private sector increased from 1.7 million in 2019 to over 2.3 million in 2024, and the unemployment rate dropped to 7.6% during Q1 2024.

According to a new report by Fitch Ratings, the GCC debt capital market is poised for $1 trillion by the end of next year. The DCM in the region had grown 7% year-on-year to $940 billion outstanding at the end of the first quarter of 2024. Saudi Arabia and the UAE emerged as the market leaders, collectively accounting for 73% of the total.

The Dubai International Financial Centre’s growth momentum as the leading global financial center in the region shows no signs of slowing down. In the first half of this year, 820 new companies set up shop in the center. For the first time, the number of active registered companies in DIFC exceeded 6,000, representing a 24% growth. The financial district’s assets under management have also skyrocketed to $700 billion, marking a 58% jump from the previous year.

In Egypt, however, with the rising cost of living due to economic instability and skyrocketing inflation rates, BNPL platforms are seeing explosive growth. Since BNPL providers offer easily accessible, hassle-free financial solutions to Egyptians during economic uncertainty, Ahmed Wadi, Founder and CEO of Money Fellows, says people are becoming increasingly reliant on this mode of credit. Habiba Naguib, Senior Director of Strategy and Market Expansion at Valu, says BNPL and consumer finance have significantly helped customers shift from relying on informal credit methods to more flexible financing options. Read more: https://lnkd.in/gCgduV_u

The Middle East and Africa beauty and personal care products market is projected to register a CAGR of 3.88% during the forecast period of 2024-2029, noted a study by Mordor Intelligence. The study further finds that the major factors driving the beauty and personal care products market in the MEA region include, greater exposure to media and social media influences consumer interest in personal grooming, as well as growth of modern retail channels like malls and online platforms improves product accessibility. However, cultural differences, local weather conditions, tailoring assortment to suit the specific needs and preferences of customers, and stiff competition from international brands hold the local beauty industry back.

Cybersecurity threats are increasingly becoming a cause for concern among businesses in the UAE. According to research from Kaspersky, 87% of UAE companies have faced different forms of cyber incidents in the past two years. The country has been looking at solutions to thwart such attacks and build resilience against malicious cyberattacks targeting strategic sectors, mainly financial services.