The Arab Monetary Fund expected that economic growth in Qatar would grow broadly, driven by oil and non-oil activity, expecting continued improvement in economic performance in the medium term by supporting economic policies and policy space conducive to growth and employment, according to the report "Arab Economic Outlook" issued by the Arab Monetary Fund.

The Fund expected that increased spending on infrastructure projects within the framework of implementing the Qatar National Vision 2030 will support growth, as the vision includes a strategy to support economic diversification to achieve sustainable long-term growth based on a diversified economy.

According to the Arab Monetary Fund, the oil and gas sector is likely to grow in light of the planned expansion of energy production over the next few years, which will have a stimulating effect on the non-oil sector.

The report showed that the various reforms in the legislative environment, including the issuance of the new foreign direct investment law that allows foreigners full ownership of projects, as well as the creation of an "investment promotion agency" to coordinate investment promotion and marketing activities with major stakeholders will provide an overall environment conducive to attracting foreign capitals and pushing forward the economic development and growth in the short and medium-term.

On the other hand, Qatar's announcement of a set of reforms in the labor market to improve working conditions and the application of the minimum wage will contribute to creating more job opportunities.

In terms of employment conditions, the above-mentioned report showed that according to the workforce survey by the Planning and Statistics Authority, the economic participation rate of the population (15 years and over) was 87.9% in the second quarter of 2019, so that the unemployment rate would remain at 0.1% during the period from the second quarter of 2018 until the second quarter of 2019.

source: uac-org.org

The results of the survey by International Budget Partnership reflected recent efforts exerted by the Saudi government to enhance transparency and disclosure in public finance.

Saudi Arabia has made a marked improvement in terms of budget transparency and accountability, according to the Open Budget Index survey released on Wednesday.

According to the survey, conducted by International Budget Partnership (IBP), an international non-profit organization concerned with evaluating disclosure and transparency of general budgets worldwide, Saudi Arabia has advanced 18 ranks compared to the previous survey, after scoring 18 points compared to one point in the previous survey conducted in 2017.

The results of the survey reflected recent efforts exerted by the Saudi government to enhance transparency and disclosure in public finance.

Commenting on the result of the survey, Dr. Saad Alshahrani, deputy minister for macro-fiscal policies at the Ministry of Finance, highlighted the importance of this achievement that the Kingdom managed to realize within a short period of time and confirmed that with this progress, we aspire in the future to achieve a higher ranking that reflects efforts made in the framework of improving the quality of fiscal data and enhancing the level of transparency and disclosure thereof, which is one of the important tracks pursued by the government of the Custodian of the Two Holy Mosques in line with the Kingdom's Vision2030.

The Ministry of Finance has sought to develop its fiscal systems, providing the greatest possible amount of information about its fiscal policy, disclosing its fiscal and economic data and publishing relevant periodic reports to inform specialists, analysts and citizens in a timely manner.

This has also allowed the private sector and investors to plan ahead and make informed decisions.

Dr. Alshahrani said that the budget forum held annually by the ministry is an effective way to enhance communication and an important channel for identifying the best ways to develop the budget preparation process.

He also said that this forum underscores the importance of partnership between different government agencies to share challenges in preparing the budget and mechanisms to achieve the goals.

The forum is considered a successful initiative to inform the public finance stakeholders on the various projects of the finance ministry and related programs, and to provide training opportunities following the highest international standards.

The deputy minister added that the jump in the Kingdom’s score was the result of several concrete measures taken to enhance transparency. Since the launch of the Kingdom's Vision2030, the ministry has released many reports and has continuously developed its content on an annual basis according to best practices.

The reports address a broad base of specialized recipients and the general public inside and outside the Kingdom.

In 2017, the ministry issued the first detailed budget statement, quarterly (periodic) reports for the budget performance, the citizen’s budget, in addition to the publication of its medium-term fiscal framework. During the past two years, the ministry began periodically publishing the pre-budget statement and year-end report on its website.

Dr. Alshahrani explained that transparency is one of the important aspects of concern to international financial and investment institutions, impacting their investment decisions and is usually reflected in their reports.

He added that, in the past year, the Kingdom’s government joined the Special Data Dissemination Standard (SDDS) adopted by the International Monetary Fund, as well as implemented the Statistical Data and Metadata Exchange (SDMX) initiative on the national data page, making the Kingdom the first among the G20 countries adopting SDDS and to apply SDMX.

The general government coverage was also introduced in the presentation of fiscal data for the first time in the past year. Also, the National Fiscal and Economic Data Page was created on the website of the Ministry of Finance with the participation of the Saudi Arabian Monetary Authority and the General Authority for Statistics.

All of these measures contributed to a material and unprecedented shift in the levels of disclosure and transparency in the Kingdom, leading to an enhanced position on various international indicators and contributing to supporting domestic and foreign investment, as well as the credit rating of the Kingdom.

The Open Budget Index (OBI) is an important global tool, independently prepared every two years to assess the transparency of government budgets around the world.

Countries covered by the open budget survey are ranked according to their scores in the survey.

source: zawya

The total gross deposits of the private sector in the UAE banks amounted to circa AED1.076 trillion by the end of March 2020, a 1.7 percent growth of AED18 billion from AED1.058 trillion in December 2019, figures by the Central Bank of the United Arab Emirates have shown.

These deposits account for around 58 percent of the total gross deposits held by the UAE banks, which stood at around AED1.852 trillion by the end of the same month.

In the meantime, the domestic credit to private sector amounted to AED1.149 trillion, a growth of 1.3 percent from AED1.134.6 trillion in December 2019.

The growth in private sector credit is a significant indicator of its contribution to economic activity and reflects increase in the sector's investment activity.

source: wam.ae

The move is in line with its support of business continuity and commitments towards fostering entrepreneurship in the Emirate following the global novel coronavirus (COVID-19) outbreak.

Dubai Startup Hub, an entrepreneurship initiative of Dubai Chamber of Commerce and Industry, has taken its events online to support new members, as well as continue delivery of all its programs and activities digitally.

The move is in line with its support of business continuity and commitments towards fostering entrepreneurship in the Emirate following the global novel coronavirus (COVID-19) outbreak.

The digital initiatives are also geared towards helping startups sustain and grow amid challenging market conditions as a result of the ongoing pandemic.

Dubai Startup Hub will also launch an additional service to support startups with online mentorship during these extraordinary circumstances. The mentorship will include specialized entrepreneurship guidance and support with reviewing business models, improving and rehearsing investor pitches, and navigating the current business environment.

Natalia Sycheva, Manager of Entrepreneurship, at Dubai Chamber of Commerce and Industry, said in a statement that the smart transformation of services has become an urgent necessity for all institutions who serve innovators and entrepreneurs today.

“Organizing a digital networking platform and delivering educational and acceleration programs online is an important step that allows us to continue serving entrepreneurs at all times and enhances Dubai’s position as a global destination for entrepreneurship,” she said.

Sycheva added that entrepreneurs have been keen to use modern technology in exploring new business ideas and finding solutions to address current business challenges.

“The live interaction of participants with the moderators and among each other encourages them to explore new features and formats of this kind of webinars, which save time and effort, and facilitate a positive competitive environment,” Sycheva noted..

Dubai Startup Hub, launched by Dubai Chamber in 2016, embodies the value of public-private partnership to encourage innovation and entrepreneurship, and is a valuable resource for entrepreneurs in Dubai.

Being a part of the Dubai Startup Hub provides a multi-program platform for entrepreneurs from around the world to explore business opportunities in Dubai, while benefiting from a variety of programs and services.

source: entrepreneur

50 startup finalists who qualified for the second phase of the Dubai Smartpreneur Competition have enrolled in 10-week online bootcamp

Dubai Startup Hub, the entrepreneur initiative by Dubai Chamber of Commerce & Industry, has launched the Smartpreneur 5.0 Online Pitch Bootcamp.

This, first-of-its-kind 10 week training program is for the 50 finalists who qualified for the second phase of the fifth Dubai Smartpreneur competition.

The specialized online training program will run from April 19 to June 30, 2020. This program has replaced the traditional two day training to ensure that these promising ventures are supported in the current difficult times, and that they are able to sustain and grow their business in 2020.

Entrepreneurs will benefit from more than 100 individual and group online training workshops, which will be organized throughout the two and a half month program.

On the sidelines of the training program, Dubai Startup Hub also launched the Startup Pitch Guide 2020 on how to deliver an impactful investor pitch..  Dubai Chamber has prepared this guide based on global best practices that are compatible with the business environment in the emirate. Participants in the competition and other entrepreneurs can benefit from the guide to achieve positive, encouraging results when presenting their ideas to investors.

The training program includes a diverse mix of activities, including working on pitches by using the Chamber’s guide,  participating in a series of online training workshops and webinars with winners and previous participants of the Dubai Smartpreneur Competition.

The training program also includes 4 weeks of one-to-one work with startup business coaches to improve business and financial models of the startups and running a simulation of the contest with the finalists as judges.

 Natalia Sycheva, Manager of Entrepreneurship at Dubai Chamber pointed out that this training program is the first of its kind, innovative training model that takes into account the exceptional circumstances we are in and how to enhance the capabilities and skills of the entrepreneurs and startups to sustain and grow in such situations.

It also demonstrates the pioneering role of Dubai Chamber in providing innovative support for entrepreneurs in uncertain times rather than stopping these services.

She stressed that the Smartpreneur entrepreneurs are different as they are vetted, well-trained, and are guided to build a real business.

Sycheva also remarked on the launch of the Guide which is prepared by experts and is a training and educational tool for entrepreneurs and startups on how to present their ideas.

The Smartpreneur competition aims to assist technologyentrepreneurs to be part of Dubai’s strategic initiatives, in addition to enhancing the role of these entrepreneurs in the evolving business ecosystem of the Emirate and its position as the global hub for innovation.

More than 1,600 participants have gone through the Dubai Smartpreneur Competition over the last four years, which is reflective of its effectiveness and influence in attracting an increasing number of international startups.

Dubai Chamber launched Dubai Startup Hub in 2016 as an online platform for startups, entrepreneurs, developers, venture capitalists and students, enabling them to learn about new opportunities and create new partnerships that stimulate economic growth.

Dubai Startup Hub provides a multi-program platform for entrepreneurs from around the world to explore business opportunities in Dubai, while benefiting from a set of programs and services such as Market Access Program, Emirati Development Program, Dubai Smartpreneur Competition and Co-Founder Dubai Program, among others.

source: dubaichamber

Apart from the bigger economies, other countries are also taking a stride and venturing into capital market to reach out to the global forum. Another nation trying to grow and prosper in its capital market is Morocco. It is evolving as a prominent property investment hotspot. The Moroccan infrastructure is considered of carrying the highest standards with high quality and competitive prices at the same time. It also boasts of top quality property in 5 star luxury resorts.

The development of Moroccan infrastructure is basically due to the deep interest of the Monarch of the Kingdom of Morocco Mohammad VI and the country’s government.  The Moroccan economy is also being featured as one of the best performed economy in recent times; the secret behind the flourishing economy is the valued government policies and reforms aimed at modernization.

They are receiving appreciation from the favourable market conditions and macro economic modernization.

The growth of the economy can be perceived from the fact that there has been a substantial improvement in the country’s GDP by about 2.9% a year since 2001.

The economy has further progressed and the year 2006 had showed vast improvement in country’s GDP amounting to about 8.1%. The various sectors adding feathers to country’s economy are: agriculture, banking, stock markets, insurance, and transport, respectively. With the introduction of new policies by the government, even the tourism and construction industry has witnessed a major improvement in recent years.

The Moroccan government have renewed various policies and introduced various legislative reforms in the banking sector.

Unlike other countries raising the interest rates, Morocco has shown depreciation in the interest rates since 2006 and has also given apt space to small and medium sized enterprises by providing them the required finances. 

There are not many banks in Morocco, but plans are on and establishment of many more banks are in the pipeline.  Apart from banks, real estate sector is also a preferred sector which the government is aiming to improve.

The performance of Casablanca stock exchange has garnered attention in the past few years and many IPOs have come up since which account for a profitable investment avenue.

This market promises of excess liquidity which gives ample opportunities to the investor to invest in the capital market.

With the spread of information on the insurance sector, the Moroccans are also paying quite a lot of attention to the insurance sector. In terms of reach, the Moroccan insurance industry is the second largest insurance market in the African continent.

The tourism industry is one of the important sectors for a nation to flourish and build links with other countries. The tourism industry involves road links, airports, accommodation etc.

Other areas that has given a boost to the Moroccan tourism industry is cheaper flights, improved airport services, and improved rail and road links.

source: globalbankingandfinance

We have evolved from the era of standalone devices, drugs and surgery. Bio-absorbent stents, connected pumps, capsule endoscope, digital stethoscopes amongst others are innovations of the last decade.

The buzz words in the industry today are artificial intelligence (AI), augmented reality (AR), virtual care (VC), electronic intensive care unit (eICU), robotics, blockchain, data monetization, digital transformation etc. It is no longer just quality of care, but efficiency of “care and costs” that is key to disruption.

In the Middle East, we have seen adoption of various technologies in the last decade.

Robotic Surgery was launched in 2003, closely followed by adoption of various digital platforms and artificial intelligence tools in the latter half of the last decade. So far, we have only witnessed introduction of technology in the region.

The required penetration that is needed to transform care is yet to be seen. The region has focused more on investing in building infrastructure and setting up equipment in hospitals in the last decade.

The optimum utilization of this equipment, necessary training requirements for clinicians and affordability for patients etc., were not focus areas.

This led to lower utilization and lower return on investment. However, during the latter part of the last decade, there was increased focus on training clinicians, adopting products that address efficiency requirements for disease and patient management.

Hence, we anticipate that countries would leverage the benefits of digital transformation in healthcare with increased savings, reduced expenditure and better quality of life for patients.

The 2020s would be the decade for transformation. With 44+ surgical robots installed so far, it would be appropriate to say that robotic surgery has just dawned.

The region witnessed 3-fold increase in volumes of robotic surgery from 2010 to 2019. The launch of Saudi Vision 2030 and the goals of UAE Centennial 2071, have enabled adoption and utilisation of these new age solutions.

The launch of haptic gloves, micro-robot cameras, new products beyond the da Vinci Surgical System has further strengthened transformation.

Until 2017, 90 per cent of the robotic-assisted surgeries were only being conducted for urology; today, surgeons are open to utilizing these robots to conduct procedures on patients with issues of obesity, oncology, orthopaedics, etc.

Robotic surgery assures highest quality of care as it reduces complication risks to 1-4% and increases speed of recovery (ALOS - average length of stay - reduced to less than 3 days on average). This is resulting in patients and surgeons wanting to benefit more from these technologies.

Frost & Sullivan estimates that by 2025, the region will witness 12 per cent growth rate in sales of surgical robots and higher double-digit growth rate in volume of robotic surgical procedures conducted across specialties with more focus on bariatric and orthopaedic procedures.

AI in healthcare in the Middle East has been driven by customised platforms, solutions for varied care settings across countries. The AI adoption in the region has been driven by government initiatives. The focus has been more on diagnosis, prevention and monitoring than treatment.

The Dubai Health Authority’s (DHA) partnership with Agfa Healthcare care in 2018 to utilise the chest x-ray screening programme AI algorithm was a great success, as it ensured 95 percent accuracy in identification of tuberculosis and resulted in 28 percent reduction in screening time, thereby improving both clinical and operational efficiency.

The launch of AI Lab by Abu Dhabi Department of Health in 2019 is the first-of–its-kind initiative in the region to develop and leverage AI, blockchain, predictive analytics and the Internet of Medical Things (IoMT) amongst others to transform healthcare. AI is likely to be an integral part of the daily activities of at least 3 million GCC patients by 2023.

Digital Transformation is not always clinically driven. The “Smart Pharmacy” solution in the Middle East is one such solution that reduces errors, increases efficiency and improves patient happiness. The newly launched automation robot solution can support storage for 35,000 drugs, prepare 12 prescriptions in less than a minute and dispense around 8,000 medicines in an hour.

DHA states that the pharmacies have helped reduce average processing time from 22.5 minutes in 2016 to 7.9 minutes in 2018 and increased outpatient satisfaction rate from 69 percent in 2016 to 94 percent in 2018 during the same period.

It is interesting to see new start-ups in the region focusing on developing these digital tools. This enables better adoption as solutions are customised to both cultural and business requirements in the region.

Surveys conducted in the region by various organisations like you.gov have revealed that more than 65 percent of clinicians and patients believed that digital and new age solutions would transform care and their lives and were willing to adopt these solutions.

However, only 37 percent of them believed that business (including infrastructure and processes) is ready for adoption, an aspect being mitigated by government initiatives to enable digital transformation.

Frost & Sullivan estimates the adoption and utilisation of digital and robotic tools in healthcare would account for USD 20 billion in the Middle East by 2023.

It is estimated 60 percent of the countries in the region have some form of framework for digital transformation in healthcare. KSA and UAE would lead the way for this transformation with increased utilisation.

source: investinabudhabi

Schools and universities were among the first institutions that shuttered their doors around the world in the face of the Coronavirus pandemic. According to UNESCO, more than 150 countries have implemented nationwide closures, forcing over 80 per cent of world’s student population, estimated at more than 1.4 billion learners, to stay at home.

These closures have placed unprecedented challenges on governments to ensure learning continuity, likewise on teachers, students and parents. The only viable solution has been e-learning, paving the way for a boom in education technology (edtech) startups.

Across the Middle East and North Africa (Mena), edtech was rarely at the forefront of investment deals prior to the pandemic.

Back in 2017, just $2 million was invested in edtech startups in the region, but as schools looked to upgrade their system and incorporate more technology into their curricula, the level of investment rose to $21 million by the end of 2019.

The number of edtech startups has also increased, on Magnitt’s database there were just 270 listed on the platform in 2017, but this has now exceeded 800 edtech startups as investors seek opportunities that are proving to be “pandemic-resistant”.

Most recently, the Sharjah Entrepreneurship Centre (Sheraa) awarded Jordan-based Little Thinking Minds a $100,000 equity-free grant to boost its development in the emirate.

Three other edtech startups, BoBu, Narrativa and almentor.net were each awarded $20,000 grants.

An Inescapable Need

Various facilities available on digital platforms, which were until now considered as a secondary learning option, are becoming a necessity according to Holon IQ’s Global Education Outlook amidst Covid-19, which states that “the time for online learning has come”.

“There is no running away from education technology,” says Mounira Jamjoom, co-founder and chief executive officer (CEO) at Aanaab, an online platform specialised in the professional development of Arab educators through open learning. “The education sector is being transformed like there is no tomorrow.

I see online learning becoming the norm, not the second option.”

The company recently raised $1.5 million in its seed round with participation from Wamda.

Similarly focusing on teacher enablement, UK-based online teaching platform Teacherly, which has presence in Europe and Mena, provides teachers with an opportunity to work collaboratively, fostering a community of peer-to-peer coaching.

“By 2040, 70 per cent of the population will be urbanised and this will have an impact on education,” says Atif Mahmood, founder and CEO at Teacherly.

“We did not know this [outbreak] was going to happen, but we already had the vision to promote remote lessons and enable teachers to connect across schools and work remotely.

This put us in a really good position now to take a massive leap and grab the opportunity.”

Teacherly has an increase of 30 per cent in the number of leads it is receiving every day.

The team aimed to shorten the sales cycle by approaching the middle leadership, who are more receptive and quicker to take decisions. Currently, a big chunk of their inquiries come from principals and CEOs.

Teacherly was already present in more than 2,000 schools around the world, and in the first week of home learning, the company onboarded 80 new schools while more than 6,000 teachers and 2,000 students have signed up during the coronavirus period.

“There will be a huge demand post-coronavirus for home schooling, which has been rising significantly year-on-year.

This is a lesson to learn during this experimentational process, it has shed more light on home-learning,” adds Mahmood.

Startup Response

Edtech companies are navigating through the situation in multiple ways, from fast response to strategic shifts, product development, scaling and pushing for high conversion rates. UK-based Century Tech, an artificial intelligence (AI) company whose autonomous machine identifies areas that students find challenging and supports them with content to lead them through initially changed its business model and then its product in response to the virus.

“Century is an autonomous machine that essentially learns how the student is learning, so you do not need to sit next to the child.

It constantly adapts based on every mouse movement the child makes,” says Priya Lakhani founder and CEO at Century Tech. “This is very fast. We looked at the crisis in January and we changed our model. We then looked at consumer demand and we changed our product.”

Century implemented several infrastructure changes in order to scale up and be able to meet the rise in demand.  

“[The outbreak] also affected the business model itself. At Century, we suddenly got an influx of parental interest. While the schools are using a standard LMS [learning management system], the parents are working and cannot sit next to young children all day to go through a scanned textbook, print it, take pictures of their child’s learning progress and send it back to teachers,” says Lakhani.  “A lot of parents started reaching out to us asking to have access for their kids, so at least for one or two hours a day they are supported by AI.”

This is a welcome respite for many parents juggling their own work with their children’s education.

“Parents are much more involved now with their children’s day to day education.

We operate mostly in schools, but as a result of this distance learning we saw much more engagement from parents on our platform,” says Rama Kayyali, founder and CEO of Little Thinking Minds.

“A lot of parents now are thinking why are we paying crazy amounts of money for schools? This is a great opportunity to up our game.”

Little Thinking Minds creates advanced digital solutions and platforms aimed at improving learning outcomes. It is also geared to help teachers manage their classrooms remotely.

Regional Inequality

“We had some schools who we were not able to reach before, now coming to us after realising the importance of edtech solutions,” says Kayyali. “At the same time, some schools are worried and freezing purchasing decisions until things are clearer. We have heard of plans for schools mergers and closures.”

The online learning readiness of schools and universities varies across the region.

Governments in the GCC embraced the technological progress of public schools early on and private schools that charge hefty fees were already well-prepared with edtech solutions.

“Not a lot of schools could afford having the online component, but today schools and governments have no choice,” says Dina Shawr, CEO at Adam Tech Ventures, which recently invested in Jordan-based online learning platform Abwaab. “Investors in general do not like edtech because it is a volumes game and the multiples on it are low, the more students you have, the more traction you can achieve and the higher valuation you can get. However, the engagement numbers today are unbelievable, no one had expected this in such a short period of time.”

But investors and governments needs to be aware that online learning goes beyond providing students with a laptop and tablet and offering online tuition or education videos.

The efficacy comes down to the technological infrastructure of the country and access to the internet. With the uptake of digital learning as an alternative solution for providing education to students at home higher than before, internet and servers capabilities need to be boosted in order to keep up with the surge in users.

“Going forward, the majority of the education sector would have understood how to use these technology effectively.

The big challenge for ministries of educations around the world will be how to ensure that every child has access. There is always going to be this small percent of the population that do not have strong enough bandwidth, nor access to devices,” says Lakhani.  

The education sector has witnessed a paradigm shift in both learning and teaching that calls for public-private partnerships more than ever. Governments can avoid reinventing the wheel by working with edtech companies that already came a long way.

Moreover, many startups are looking to form partnerships with others working in the same field. With the demand rising for a holistic solution, there are a lot of edtech companies who seek to join hands as a conglomerate.

“Edtech companies that are rising to the challenge have to think about their cost-base.

They should consider benefiting from government schemes and be as smart as they can to get through this time by mitigating the risks as much as possible,” says Lakhani.

“Companies are thinking about how they can [grow] not just to thrive, but to survive. If people are not radically thinking of how to change their business right now, they are on the route to failure.”

source: wamda