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
Denne historien er fra June 2024-utgaven av Forbes Middle East - English.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra June 2024-utgaven av Forbes Middle East - English.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
CONSCIOUS INVESTING
VentureSouq's cofounders and general partners, Suneel Gokhale, Sonia Gokhale, Tammer Qaddumi, and Sonia Weymuller, are actively reshaping the investment landscape. With $250 million in assets under management, the thematic fund manager is forging a distinct path, with a focus on fintech and climate tech.
VENTURING BEYOND CAPITAL
In just seven years, Shane Shin and Mahmoud Adi, Founding Partners of Shoroog Partners, have turned their startup into one of the Middle East’s biggest startup investors, with 500 million in assets under management. With ambitions far beyond venture capital, they’re now expanding further into credit markets and looking at where they can be pioneers.
ROCK STAR
WHAT IF THE REVOLUTIONARY TECHNIQUES DEVELOPED TO FRACK ROCKS FOR OIL COULD BE MODIFIED TO UNLOCK LIMITLESS CLEAN ENERGY FROM THE HEAT OF THE EARTH’S CRUST?
Breaking New Territory
Moroccan-Canadian singer and 30 Under 30 alumna Faouzia is having her biggest year yet and enjoying newfound fame in China. As her stardom rises, she’s now exploring new projects and possibilities.
5 Biggest MENA IPOs of 2024
This year has been pivotal for MENA, marked by a series of high-profile IPOs that drew interest from local and international investors. Here’s a look at the five biggest IPOs that defined 2024.
TOP VENTURE CAPITALISTS
MENA has emerged as a vibrant hub for innovation and entrepreneurship, fostering a dynamic landscape for startups.
Top Funding Rounds in MENA 2024
This year has seen some of MENA’s largest-ever funding rounds. Here’s a look at five standout deals. Only startups that were founded less than 10 years ago and had disclosed their funding rounds as of November 27, 2024, were considered.
Key Insights From MENA's Funding Landscape
MENA saw a mixed performance in the first nine months of 2024.
A Look Ahead: Travel Trends Shaping 2025
What will drive wanderlust in 2025? Here’s a look at the key travel trends set to dominate the year.
Codebreakers
Backed by 200 million in funding, 28-year-old SCOTT WU and his team of competitive coders at Cognition are building an Al tool that can program entirely on its own, potentially disintegrating the whole industry. Is its 2 billion valuation the result of a true breakthrough, or just more Al hype?
