Nine out of 10 residents in the Gulf are “optimistic” about their future, according to a new survey by Boston Consulting Group (BCG).
This level of optimism among consumers in the six Gulf Cooperation Council nations is the highest score recorded in any of BCG's recent consumer surveys conducted globally, the firm said, and compares favourably with other emerging markets. For instance, optimism in Africa stands at 86 per cent, in Brazil it is 68 per cent and in Russia it is 55 per cent.
“GCC countries have a strong cohort of wealth … with consumer sentiment and optimism levels ranking very high by most world standards,” said Rami Rafih, managing director and partner at BCG Middle East.
The BCG survey involved interviews with 7,000 respondents split almost equally between local residents and foreign nationals.
The report said the GCC is “increasingly on the radar of companies” that are looking at expansion due to the spending power of consumers, the region’s young population and high levels of internet penetration. Strong levels of optimism also underline opportunities for e-commerce and tourism companies, the BCG report found.
“Tapping into the region’s vast potential will become a priority for many e-commerce and tourism companies in the future,” Mr Rafih said.
More than 70 per cent of consumers have made at least one online purchase in the last 12 months and half of the respondents plan to increase their online purchases next year, the report said.
However, e-commerce still makes up a small fraction of overall sales in the GCC, opening prospects for new businesses. The UAE is the most active e-commerce country, for instance, but e-commerce only accounts for around 4 per cent of all retail sales.
“There are opportunities for e-retailers to expand their footprint as the sector eyes a potential boom period,” said Markus Massi, managing director and senior partner at BCG Middle East.
E-retailers will need to influence consumers to build “trust for online payment methods, enhance the end-to-end e-commerce experience and persuade people who have never shopped online”, added Mr Massi.
Despite the slow uptake of e-commerce, consumer resistance to online purchases isn’t apparent when it comes to travel planning.
In the Gulf, 54 per cent of all consumers book their trips online, with bookings made through travel agencies representing only 25 per cent of the total.
The internet is one of the top three buying influences in every country except Oman, with people in Kuwait (92 per cent) and Bahrain (88 per cent) especially likely to turn to it in the course of making a purchase, the report said.
The two other sources of influence that remain important are recommendations from friends and family and in-store displays and promotions.
The GCC is also a brand-aware region. Nearly three-quarters of respondents believe that brands say something about their values and who they are.
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
UAE currency: the story behind the money in your pockets
'Ashkal'
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Naga
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Aayan%E2%80%99s%20records
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THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Global state-owned investor ranking by size
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United States
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China
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The%20specs
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
More on Quran memorisation:
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The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
Killing of Qassem Suleimani
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Company%20Profile
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
