May El Habachi

Business & Economy

Fast Company Middle East | The future of tech, bus •

What’s fueling the surge in MENA’s fractional property ownership market?

Nasr and four members from his community signed up to co-invest in an apartment in New Cairo, an upscale area in the east of the city. The unit, part of an off-plan development project, is priced at an estimated EGP 5 million ($106,000) and is scheduled for completion by 2030.

“It is the only way I can invest in property,” says Nasr. “Real estate prices are very expensive, and without sharing the cost with others, I wouldn’t be able to afford it.”

The six-year payment plan also makes it access...
Fast Company Middle East | The future of tech, bus •

AI is transforming work. Will it cut the work week in the Middle East?

It is no secret that AI enhances productivity and efficiency and makes businesses more cost-effective. As organizations adopt agentic AI, it can free up employees to handle more strategic and complex tasks.

For example, instead of responding to customers, generating content, or even booking a flight, employees can now focus on drafting a marketing strategy, segmenting customers to increase sales, or producing creative work.

In fact, according to Adecco Group’s 2024 Global Workforce of the Futu...
Fast Company Middle East | The future of tech, bus •

Companies in the Middle East need to reduce high turnover among young employees

Omar Elsiefy is a young employee in his mid-twenties. He specializes in using technology and innovation to transform businesses and help them succeed. Despite his young age, he’s already had three different career experiences. After graduating from university, he launched his startup, worked at a media company, and, more recently, joined a leading consulting and accounting firm.

Elsiefy’s experience is not unique among youth today. They are constantly on the lookout for better and more suitable...
Fast Company Middle East | The future of tech, bus •

The Middle East is stepping into AI's agentic future. But what are the risks?

Imagine asking an AI agent to take over some of your daily work tasks. If you’re a marketeer, you can ask it to build lead lists, send personalized communications, and run competitor analyses, leaving you to focus on more critical work, like strategizing for a marketing campaign.

An AI agent can do all of this and more. From acting as a virtual personal assistant to performing more complex tasks like managing a refund or reconciling financial statements, AI agents can open a new world of possib...
Fast Company Middle East | The future of tech, bus •

Are investors in the Middle East losing interest in AI firms?

A Stanford University analysis shows that $934.2 billion was invested in AI from 2013 to 2022. However, some indicators indicate investor interest in the technology is waning. A report from Stanford’s Institute for Human-Centered Artificial Intelligence (HAI) found that global investment in AI fell for the second year in a row in 2023. Private investment dipped from $103.4 billion to $95.99 billion, and total investment in AI fell to $189.2 billion last year, a 20% decline compared to 2022.

Som...
Fast Company Middle East | The future of tech, bus •

How Egyptian companies are capitalizing on the construction boom in Saudi Arabia

Egyptian real estate developers are expanding in Saudi Arabia, partnering with the government and local entities to establish commercial, residential, and mixed-use properties there.

The launch of the housing program, which aims to increase homeownership for millions of families across the kingdom to 70% by 2030, is a key part of this growth.

Egyptian developers are, therefore, capitalizing on this opportunity. Commenting on this trend, Catesby Langer-Paget, Head of Savills Egypt, one of the w...
Fast Company Middle East | The future of tech, bus •

Are companies in the Middle East doing enough to support employees’ mental health?

Companies commonly tout mental health as a way to support workers’ well-being. However, employees are increasingly reporting less mental wellness in the workplace.

When Gary Blowers, now founder of LVL Wellbeing, was running his design business, he had to quickly adjust to the fast-paced life of an agency. Working under tight deadlines and constant pressure to deliver results, Blowers slowly let his health and wellness slip to accommodate his increasing workload.

“I was working long hours and...
Fast Company Middle East | The future of tech, bus •

Customers aren’t happy with AI chatbots. And businesses in the Middle East should take note

Picture talking to a customer service representative. They speak the same language, understand your problem, and can pick up on your emotions. Now, imagine this is not a person on the other end but an AI assistant.

While much has been said about how AI enhances efficiency, cuts costs, and boosts economic growth, resulting in governments and businesses embracing this technology, many feel that their experiences have regressed over the past year.

According to a recent survey by ServiceNow, 77% o...
Fast Company Middle East | The future of tech, bus •

Is surging AI demand putting pressure on data centers' capacity and energy use in the Middle East?

From generating valuable insights to fueling innovation, data is one of the most valuable assets. As such, data centers have had continuous growth for decades, and the region is investing heavily in IT infrastructure and data centers.

According to market researcher Arizton, there are 24 operational data centers in Saudi Arabia with a capacity of 123MW, and 37 more facilities are on the way. Meanwhile, according to research firm DC Byte, the UAE has 52 data centers with a capacity of 235MW.

“Da...
Fast Company Middle East | The future of tech, bus •

AI is revolutionizing hiring in the Middle East. So why is the human element crucial?

When Tareq was laid off from his engineering job, he thought he could secure another soon. However, after sending out more than 70 applications, he could only land a job two years later.

“About 90% of applications were to the GCC, particularly the UAE and Saudi Arabia,” he says. “I was sending out my resume, and there was no feedback or request for interviews, which I found surprising. Some of the jobs I applied to had particular skill set requirements, which I matched for, but still, nothing c...
Fast Company Middle East | The future of tech, bus •

How currency devaluation is impacting businesses in Egypt

Egypt’s recent move to devalue the Egyptian pound was met with mixed sentiments among entrepreneurs. It’s the latest in a series of devaluations since March 2022 as the country struggles to cope with its worst foreign currency crisis.

The crisis began during the pandemic and was later followed by the Russia-Ukraine war, which witnessed investors pulling an estimated $20 billion out of Egyptian debt. While Gulf states have stepped in with investments and asset purchases, some businesses have str...
MIT Sloan Management Review Middle East •

As More Firms in the Middle East Use AI, Regulating the Tech Becomes Crucial

With limited oversight and no regulations yet from governments in the Middle East, the potential risk of AI bias is even more significant

Artificial intelligence (AI) has been around for decades; only in the last few years did the technology take off, testing the bounds of its ethical use and impact on society.
Its promise to enhance efficiency, reduce costs, and analyze complex data has been met with concerns that it can do societal harm along with economic good. 
With l...
MIT Sloan Management Review Middle East •

Why Should Leaders in the Middle East Care About Deepfakes?

In the latest deepfake scam, a finance worker at a multinational firm in Hong Kong was tricked into paying out $25 million to fraudsters posing as the company’s chief financial officer. All it took was a phishing email and a video call.
The criminals used artificial intelligence (AI) to manipulate the video with deepfake replications of other staff members to persuade the worker to transfer. Although the employee was initially suspicious, his doubts were dismissed after the video call. The peopl...
Fast Company Middle East | The future of tech, bus •

Companies in the Middle East region are using AI to combat climate change

2023 was the hottest year on record, and 2024 is expected to be even hotter. In the Middle East, rising temperatures and a decrease in annual rainfall lead to heat waves, droughts, and even water scarcity in some areas.

According to a study published in The Lancet, if global warming continues, the number of heat-related deaths in MENA could increase significantly. An estimated 123 people per 100,000 in the region are predicted to die annually from heat-related causes by 2100, which is about 60x...
Fast Company Middle East | The future of tech, bus •

Why are global investors now eyeing the GCC?

The GCC is seeing an influx of foreign institutional investors, venture capitalists, and startup founders amid the deterioration of global financial markets, particularly after the COVID-19 pandemic.

With the region having one of the world’s largest sovereign wealth funds (SWFs), it has a lot of money to spare. The GCC funds combined manage close to $4 trillion worth of assets, according to Sovereign Wealth Fund Institute. These funds are expected to play a significant role in global markets as...
Fast Company Middle East | The future of tech, bus •

The Middle East is one of the biggest luxury markets. What about sustainable luxury?

With the world experiencing financial volatility and geopolitical tensions, the Middle East continues to represent a big opportunity for luxury brands where affluent customers have an increasing appetite for luxury goods.

Following strict lockdowns in China and elsewhere worldwide, the region emerged as a haven for wealthy individuals, boosting the sale of luxury goods, particularly in the UAE. Today, the Middle Eastern luxury goods market is estimated at around $15.85 billion. It is expected t...
Fast Company Middle East | The future of tech, bus •

How will AI impact the gig economy in the Middle East?

Menaka Ramakrishnan has been a freelance content writer for the past seven years, serving clients in telecommunication, retail, and government, amongst other organizations.

When she first heard of ChatGPT late last year, she feared it would take over her job. To her surprise, it didn’t. But it did change the way she works.

“When it first came out, I and a lot of my peers in the industry were worried about our jobs, but actually, the outlook hasn’t been that negative,” she says. “I still get in...
SecneNow •

How Women Are Closing the Gender Gap in MENA’s Tech Ecosystem

Whether through inclusivity programmes or by eliminating barriers, these tech pioneers are changing the industry for other women.
When Egyptian entrepreneur Nadia Gamal El Din launched her tech startup Rahet Bally in 2015, she never thought that it would turn into a full-fledged business. Reaching 74 million women every month across the MENA region, she leveraged the power of technology to kickstart and grow the motherhood platform. It was through her startup journey that she became a leading w...
Zawya •

Five ways to boost your small business during and after Ramadan

With Ramadan comes a change in business culture: shorter working hours, lower energy levels, and the accompanying reduction in productivity. But that doesn’t mean business should suffer. In fact, entrepreneurs can boost efficiency with some very simple, tried-and-tested tips. And some of them can even be carried over to a work structure post-Eid.
Many view shorter working hours as something of an inconvenience but offering employees time to disconnect and recharge shouldn’t be underestimated.
Pe...
AL-Monitor: The Middle Eastʼs leading independent •

Is COVID-19 pushing women in Egypt out of workforce?

Al-Monitor is an award-winning media outlet covering the Middle East, valued for its independence, diversity and analysis. It is read widely by US, international and Middle East decision makers at the highest levels, as well as by media, thought and business leaders and academia.

Al-Monitor is an award-winning media outlet covering the Middle East, valued for its independence, diversity and analysis. It is read widely by US, international and Middle East decision makers at the highest levels, a...
Mohammed Bin Rashed Al Maktoum Global Initiatives •

How agritech can help farming during the pandemic

The coronavirus outbreak has highlighted the need for further technological transformation in the agriculture industry to help secure food in the Middle East, writes May El Habachi.
The agritech market is expected to experience a post-COVID boom as startups introduce new technologies and solutions to help farmers and individuals source food locally in a more efficient manner.
In April this year, the Abu Dhabi Investment Office (ADIO) poured $100 million into four agritech companies in the emirat...
Fast Company Middle East | The future of tech, bus •

Companies in the Middle East need to reduce high turnover among young employees

Omar Elsiefy is a young employee in his mid-twenties. He specializes in using technology and innovation to transform businesses and help them succeed. Despite his young age, he’s already had three different career experiences. After graduating from university, he launched his startup, worked at a media company, and, more recently, joined a leading consulting and accounting firm.

Elsiefy’s experience is not unique among youth today. They are constantly on the lookout for better and more suitable...
Fast Company Middle East | The future of tech, bus •

The Middle East is stepping into AI's agentic future. But what are the risks?

Imagine asking an AI agent to take over some of your daily work tasks. If you’re a marketeer, you can ask it to build lead lists, send personalized communications, and run competitor analyses, leaving you to focus on more critical work, like strategizing for a marketing campaign.

An AI agent can do all of this and more. From acting as a virtual personal assistant to performing more complex tasks like managing a refund or reconciling financial statements, AI agents can open a new world of possib...
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