Monthly Archives: August 2024

Travel & Tourism

Demand For Travel Insurance Surged Amidst Changing Travel Trends

UAE – August 7, 2024: The demand for travel insurance has witnessed a significant increase, driven by a surge in customer inquiries and a growing trend among travellers to secure their journeys. According to Policybazaar.ae, a leading insurance marketplace in the Middle East  – the number of customer inquiries for travel insurance has skyrocketed by 182% compared to last year. This surge is primarily fuelled by travellers aged between 25 and 40 years, who constitute 85% of the inquiries.

Policybazaar.ae has disclosed the top four travel destinations (either inquired or travelled by UAE residents) for 2024: Azerbaijan, Georgia, USA, and Armenia. The average travel duration for some of these trips is a minimum of nine days, reflecting a preference for shorter, more frequent vacations. This trend can be attributed to the extreme summer temperatures and the onset of summer holidays, prompting millions of families and individuals to seek cooler destinations for their summer breaks. Additionally, the shift towards online channels for purchasing travel insurance has encouraged insurers to reevaluate and innovate their long-term strategies.

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Technologies

Rethinking Business Travel Strategies During Disruption

João Carvalho New

Business travel, once a cornerstone of corporate strategy, is facing challenges, with this summer’s surge in tourism being the latest hurdle. As major tourist events draw millions of visitors, even up until year-end, business travellers and managers grapple with overbooked flights, hotels, and transportation, leading to expensive hold-ups and lost productivity. Considering the importance of travel for networking, collaboration, and employee development, João Carvalho, SAP Concur Managing Director in Southern Europe (Spain, Portugal, Greece and Turkey) the Middle East, and Africa, stresses the importance of avoiding the costly effects of disruption.

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Business & Investments

85% of Companies in the GCC Rank Innovation as a Top Priority, Yet Face Significant Readiness Challenges

  • BCG’s Annual Innovation Study Reveals GCC Innovation Trends Align with Global Priorities
  • Talent Pool Constraints and Rising Cost of Capital Viewed as Biggest Challenges for GCC-based Innovators
  • 84% of GCC Firms Are Starting to Use Generative AI to Drive Innovation

Faisal Hamady, Managing Director and Partner at BCG.

Dubai, August7, 2024- Companies in the Gulf Cooperation Council (GCC) prioritize innovation more than ever—with 85% of senior executives in the region ranking it among their organizations’ top priorities, slightly above the global average. This strong commitment to innovation reflects the region’s ambition to lead the global knowledge economy. A new report released by Boston Consulting Group (BCG) highlights this positive trend while noting opportunities for GCC firms to enhance their innovation readiness.

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Health Care

Life-Changing Breakthrough: Revolutionary Procedure Ends Years of Debilitating Pain and Bleeding for 34-Year-Old Patient

  • Despite having undergone a traditional hemorrhoidectomy four years prior, the 34-year-old patient still endured excruciating anal discomfort, swelling, and bleeding for months.
  • The endovascular embolization of the superior rectal artery is the first case of a patient receiving this innovative minimally invasive surgery in the Middle East and Africa region

Dr. Khaldoun Ghareb, specialising in anorectal disorders,

Dubai, UAE –August 07, 2024:Medcare Hospital Al Safa successfully treated a patient with complex recurrent stage III haemorrhoids using an innovative minimal invasive procedure. Despite undergoing a previous surgical procedure, the patient endured years of pain, bleeding and other debilitating symptoms that severely impacted his quality of life.  Dr. Saher Arour, Consultant Vascular Surgeon at Medcare Hospital, described this novel treatment – endovascular embolization of the superior rectal artery – as the first of its type in the Middle East and Africa region.

Vascular surgeon, Dr. Saher Arour

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Business & Investments

IHC reports impressive 46% revenue growth to AED41.7 billion and 18% net profit jump to AED12.3 billion in H1 2024

Syed Basar Shueb:“Our half-year results underscore our relentless execution of strategic objectives and our ability to outperform market growth across key segments locally and internationally. This exceptional performance reflects our team’s commitment to innovation and operational excellence, positioning us for sustained growth and agility through 2024 and beyond.”

  • IHC deliverssignificant growth in first half of 2024 with revenue surging to AED 41.7 billion, a 46% increase vs. H1 2023.
  • Net profit jumped18% to AED 12.3 billionyear-on-year.
  • Operational excellence across all sectors highlighted H1 2024, with the Real Estate & Construction, Marine & Dredging, Hospitality & Leisure and Technology segments emerging as part of the key growth drivers.
  • IHC shareholders approved ashare buyback program totaling up to AED 5 billion.

Abu Dhabi, UAE – 6August 2024: International Holding Company (ADX:IHC), the global diversified Abu Dhabi-based conglomerate, announced outstanding results for the first half of 2024 with a net profit of AED 12.3 billion, marking an impressive 18% jump compared to the same period last year.

Continue reading IHC reports impressive 46% revenue growth to AED41.7 billion and 18% net profit jump to AED12.3 billion in H1 2024 →