Fintechs that care prove resilient
Financial technology firms servicing underbanked consumers as well as small and micro-sized enterprises have proven to be more resilient than their counterparts with low environmental, social and corporate governance (ESG) ratings during the Covid-19 pandemic, writes Naman Arora.
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Gulf Weekly
2 days ago
- Gulf Weekly
Fintechs that care prove resilient
1154 views Financial technology firms servicing underbanked consumers as well as small and micro-sized enterprises have proven to be more resilient than their counterparts with low environmental, social and corporate governance (ESG) ratings during the Covid-19 pandemic, writes Naman Arora.
Daily Tribune
2 days ago
- Daily Tribune
Stable economy, affordable prices
Bahrain recorded one of the lowest inflation rates across GCC countries in 2024, with prices rising by just 0.9 per cent, according to new figures from the GCC Statistical Centre. While price swings have rattled other economies, the Gulf has seen a steadier course. Between 2020 and 2024, inflation across the six countries remained restrained. The average rate across the bloc stood at 1.7 per cent in 2024, which matched the figure from 2020. That compared with the sharp rise seen in 2022, when inflation reached 3.1 per cent following the COVID-19 pandemic. In Bahrain, price movements varied across spending categories. Steepest increase Restaurants and hotels recorded the steepest increase at 7.3 per cent. Food and beverages followed with a rise of 2.8 per cent. Miscellaneous goods and services went up by 2.3 per cent, and education costs increased by 1.3 per cent. Other categories showed smaller shifts. Communications rose by 0.9 per cent, tobacco by 0.7 per cent, transport by 0.6 per cent, healthcare by 0.5 per cent, and housing by just 0.2 per cent. Items Some items became cheaper. Furniture prices fell by 2.7 per cent. Culture and recreation dropped by 2.9 per cent. Clothing and footwear saw the largest fall, down by 4.7 per cent. Elsewhere in the region, Oman had the lowest inflation at 0.6 per cent, followed by Bahrain. Qatar recorded 1.3 per cent. Both Saudi Arabia and the UAE registered 1.7 per cent. Kuwait, at 2.9 per cent, reported the highest figure among the six. Housing Across the bloc, housing was the largest driver of rising prices, climbing by 5.7 per cent. Restaurants and hotels, as well as culture and recreation, increased by 1.8 per cent each. Education rose by 1.7 per cent, food and beverages by 1.5 per cent, and other goods and services by 1.1 per cent. The steepest drops came from transport, which declined by 2 per cent. Furniture fell by 1.6 per cent, tobacco by 1.1 per cent, communications by 1 per cent, clothing and footwear by 0.7 per cent, and healthcare by 0.2 per cent. State of prices According to the report, these figures point to a relatively settled state of prices in the Arabian Gulf region. This comes as inflation continues to shift unevenly across other parts of the world. In the European Union, inflation stood at 2.6 per cent in 2024. Global food and drink prices rose by 1.6 per cent. Trading partners Among the major trading partners of GCC countries, inflation varied. China saw a rise of just 0.2 per cent. Japan recorded 2.7 per cent, South Korea 2.3 per cent, India 3.8 per cent, and Brazil 4.4 per cent. The United States stood at 2.9 per cent. The United Kingdom came in at 3.3 per cent, France at 2 per cent, Germany at 2.3 per cent, and Italy at 1 per cent.
Gulf Insider
2 days ago
- Gulf Insider
Bahrain: Stable Economy, Affordable Prices
Bahrain recorded one of the lowest inflation rates across GCC countries in 2024, with prices rising by just 0.9 per cent, according to new figures from the GCC Statistical Centre. While price swings have rattled other economies, the Gulf has seen a steadier course. Between 2020 and 2024, inflation across the six countries remained restrained. The average rate across the bloc stood at 1.7 per cent in 2024, which matched the figure from 2020. That compared with the sharp rise seen in 2022, when inflation reached 3.1 per cent following the COVID-19 pandemic. In Bahrain, price movements varied across spending categories. Steepest increase Restaurants and hotels recorded the steepest increase at 7.3 per cent. Food and beverages followed with a rise of 2.8 per cent. Miscellaneous goods and services went up by 2.3 per cent, and education costs increased by 1.3 per cent. Other categories showed smaller shifts. Communications rose by 0.9 per cent, tobacco by 0.7 per cent, transport by 0.6 per cent, healthcare by 0.5 per cent, and housing by just 0.2 per cent. Items Some items became cheaper. Furniture prices fell by 2.7 per cent. Culture and recreation dropped by 2.9 per cent. Clothing and footwear saw the largest fall, down by 4.7 per cent. Elsewhere in the region, Oman had the lowest inflation at 0.6 per cent, followed by Bahrain. Qatar recorded 1.3 per cent. Both Saudi Arabia and the UAE registered 1.7 per cent. Kuwait, at 2.9 per cent, reported the highest figure among the six. Housing Across the bloc, housing was the largest driver of rising prices, climbing by 5.7 per cent. Restaurants and hotels, as well as culture and recreation, increased by 1.8 per cent each. Education rose by 1.7 per cent, food and beverages by 1.5 per cent, and other goods and services by 1.1 per cent. The steepest drops came from transport, which declined by 2 per cent. Furniture fell by 1.6 per cent, tobacco by 1.1 per cent, communications by 1 per cent, clothing and footwear by 0.7 per cent, and healthcare by 0.2 per cent. State of prices According to the report, these figures point to a relatively settled state of prices in the Arabian Gulf region. This comes as inflation continues to shift unevenly across other parts of the world. In the European Union, inflation stood at 2.6 per cent in 2024. Global food and drink prices rose by 1.6 per cent. Trading partners Among the major trading partners of GCC countries, inflation varied. China saw a rise of just 0.2 per cent. Japan recorded 2.7 per cent, South Korea 2.3 per cent, India 3.8 per cent, and Brazil 4.4 per cent. The United States stood at 2.9 per cent. The United Kingdom came in at 3.3 per cent, France at 2 per cent, Germany at 2.3 per cent, and Italy at 1 per cent.
