Digital penetration in the MENA region has been commendable. UAE, for instance, has a 99 per cent penetration with 58.51 per cent of internet consumption through mobile, according to Global Media Insight. Business hubs in Dubai and Abu Dhabi are today the global centers of economic activity. MENA has also become a huge market for tourism boards across the globe. Even though the pandemic led to a drop in travel and live entertainment, as the world entered the new normal, revenge tourism led to a comeback. The pandemic, in fact, led to the rapid adoption of fintech and e-commerce and reduced resistance to digital in the food and beverage industry. According to a report by Checkout.com, one in five consumers across MENA purchased retail products online more frequently this year than last year, with 33 per cent shopping more frequently for fashion and clothing online. The report also found that 82 per cent of consumers in MENA use some form of fintech app in 2022, up from 76 per cent in 2021. Another key report to quote here is the October 2022 edition of the World Bank MENA Economic Update which said that MENA region's economies would grow by 5.5 per cent in 2022, the fastest rate since 2016. However, the report also mentions that this growth could be uneven. Have the Russia-Ukraine and the resulting increased oil and food prices, inflation and economic slowdown in the United States, China, and Europe impacted this region? Or, is the region showing resilience despite these factors?
IMPACT OF NEGATIVE GLOBAL MARKET CONDITIONS
Diese Geschichte stammt aus der March 2023-Ausgabe von Entrepreneur magazine.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der March 2023-Ausgabe von Entrepreneur magazine.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Chords of Success
For Saahil Goel, the deep-rooted passion for playing the guitar dates back to his high school days. Influenced by legends like Pink Floyd, Led Zeppelin, and the Pakistani band Strings, his musical journey mirrors his leadership style-balancing focus, discipline, and a collaborative spirit. Goel feels that playing guitar has enhanced his ability to balance focus and teamwork as a founder of an eCommerce shipping start-up.
IS YOUR RENT TOO DAMN HIGH?
Many small business owners struggle with their rents. Here's what to do.
HOW TO BOUNCE BACK FROM A BAD REVIEW
A one-star review can hurt your ego - and your business. But it's possible to prevent (and remedy!) this scary scenario.
HOW TO HIRE FOR THE FUTURE
Small businesses are struggling to find quality labor. So flip the conversation: Show workers how your business will set them up for opportunity.
You Can Hire Like Netflix
The streaming platform built an incredible team with a strategy called “talent density.” But you don’t need to be a tech giant to do it.
Speedy Growth Killed My Startup
We seemed to be rocking it - lots of press, major partnerships. Then we learned the harsh consequences of overlooking our customers.
Three Pivots to $100 Million
How do you find a working business model? Do it like Rowan-a brand that reinvented itself many times before finally piercing the ear-piercing market.
What Goals Actually Matter?
Some benchmarks are more important than others so what should you really care about? We asked six founders for their hardest-won lessons.
'Only the Strongest Are Going to Survive'
Brian Lee cofounded companies like LegalZoom and ShoeDazzle-and he believes a lot of conventional business wisdom is backward. Sure, it's harder to raise capital. But it's actually cheaper than ever to start a company.
HOW TRUST SAVED KFC
The former CEO of Yum! Brands explains how he turned around a struggling KFC-and the important lesson it offers for anyone in franchising.
