Traditional markets play a vital role in the cultural heritage of the Middle East and North Africa region. They have always been and continue to be places where people gather, share news, and find joy. Throughout history, these markets have transformed into vibrant shopping destinations and popular tourist attractions.
• The historical origins of traditional markets
In the past, traditional markets in the Arab world emerged as trading hubs where nomads and city dwellers could exchange goods. They were established in specific, well-known locations, and during particular occasions such as holidays or agricultural seasons, they drew both local residents and traders from far-off regions.
Some of these were permanent fixtures in certain markets, while others were seasonal, such as Souk Majanna (Majanna Market) and Souk Thul-Majaz (Thul-Majaz Market) in Saudi Arabia. Additionally, there were general markets attracting people from various regions throughout the year.
The most famous historical market in the region is Souk Okaz, the largest market for Arabs during pre-Islamic and Islamic times. Dating back to 501 AD, it is located north of Ta'if in Saudi Arabia. Souk Okaz was a renowned hub for trade, knowledge and thought exchange, literature, and diverse cultures of Arab tribes and visitors from across the Arabian Peninsula. Poets, orators, and writers attended, and market-goers engaged in sports such as equestrian events, running, and archery.
After a 13-century hiatus, the city of Ta'if revived Souq Okaz in 2007, transforming it into an annual event offering visitors and guests a rich cultural program. This includes lectures, seminars, and cultural, literary, poetic, and scientific evenings, featuring prominent Saudi and Arab intellectuals, writers, thought leaders, and poets.
• From cultural hubs to commercial centers
Esta historia es de la edición June 2024 de Forbes Middle East - English.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición June 2024 de Forbes Middle East - English.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Celebrating Emirati Businesswomen and Entrepreneurs on Emirati Women's Day
As part of the U.A.E.’s annual Emirati Women’s Day celebrations, the Abu Dhabi Business Women Council and the Abu Dhabi Chamber hosted an event on August 28, 2024, under the theme “We Collaborate for Tomorrow,” celebrating the role and achievements of Emirati women.
THE MIDDLE EAST'S TOP 100 HEALTHCARE LEADERS 2024
MENA’s healthcare landscape is evolving towards integration, marked by the rise of fully comprehensive ecosystems. Industry giants are setting future trends, driven by systems that thrive on data abundance, accessibility, and intersectoral collaboration.
SCOUTING FOR OPPORTUNITIES
Ayman Cheikh-Lahlou, Chairman and CEO of the Morocco-based Cooper Pharma, took the helm of the family-owned pharmaceutical company in 2005 and has seen business boom over nearly 20 years. Now, he’s exploring expansion opportunities in new markets.
TURNING THE TIDE
Irina Zaporozhets, President and General Manager for Eli Lilly Suisse S.A. in the META region is driving expansion, focusing on innovation and patient-centric care. As she navigates regional challenges, her commitment to expanding access to medicine remains at the forefront.
Supercharging AI
Armed with a newly raised 640 million, GROQ thinks it can challenge one of the world’s most valuable companies with a purpose-built chip designed for Al from scratch.
How Technology is Accelerating Digital Equality in Diverse Markets
The rise of smartphones and digital technologies has transformed our daily lives, contributing to the evolution of connected consumers.
Rare Fortune
Money manager JAMES LITINSKY turned a bad junk bond bet into a $400 million fortune. His MP Materials operates a strategic mine and will begin manufacturing supermagnets for electric vehicles next year.
The State of Mental Health in the Middle East
While mental health awareness is on the rise, the Middle East faces some challenges in providing care. Still, we're seeing some progress.
Big Breakthroughs
From gene therapy to nasal sprays, these were some of the most significant healthcare breakthroughs in the last year.
MENA's 5 Most Valuable Healthcare Companies 2024
The combined market cap of 57 healthcare companies listed on MENA's stock exchanges hit $83.7 billion on August 13, 2024, with the top five companies accounting for about 62.4% of the total market cap. These are MENA's five most valuable healthcare companies in 2024.