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Biggest quarterly gain in GCC markets since global financial crisis

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The MSCI GCC aggregate index saw a rise of about 18 per cent in the first three months of 2022, thanks to a broad rally across regional GCC markets and higher oil prices. This is the biggest quarterly gain recorded by GCC markets since the second quarter of 2009 during the global financial crisis.

The surge was backed by four consecutive months of gains in the index, Kamco Invest said in a report.

During the quarter, all the regional markets were in the green. Abu Dhabi reported the biggest gain of about 17 per cent. It was followed by Qatar and Saudi Arabia, with gains of around 16 per cent each, the report added.

The biggest gains were recorded by capital goods, materials and banking sectors — at close to 20 per cent. Energy and health care expanded 18 per cent and 15 per cent, respectively.

The only sectors that declined in the first quarter were consumer durables and apparels, and pharma, the report revealed.

In March, the Abu Dhabi Securities Exchange (ADX) was the best-performing market in the GCC, with the exchange’s market capitalisation increasing 4.7 per cent to reach Dh1.81 trillion ($492 billion).

Total volume of shares traded grew 39 per cent to 6.2 billion in March from 4.4 billion in February. Monthly value traded also rose 44 per cent to Dh40.2b last month, the report added.

ADX, the Arab world’s second-largest stock market by market value, also led the GCC in terms of year-to-date gains that reached 17.2 per cent at the end of March after registering record growth during 2021, the report said.

The Dubai Financial Market also gained 5 per cent in March, closing at 3,526.6 points, supported by gains in six out of nine sectoral indices including large-cap sectors such as banks, property and insurance, the report said.

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Beyond Downtown: Dubai’s upcoming mall will be 3 times bigger; here’s what we know

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Dubai is gearing up for one of its most ambitious retail projects yet, and it’s absolutely massive. Emaar’s upcoming Dubai Square Mall at Dubai Creek Harbour is set to be three times the size of Downtown Dubai, cementing its place as one of the region’s biggest shopping and entertainment giants. 

Backed by a Dh180 billion investment, the project is expected to open in three years and is already being called a game-changer for Dubai’s retail future.

Emaar announced the Dubai Square project earlier this year, positioning it as a next-generation destination where residential, retail, dining, entertainment and lifestyle experiences all come together under one address. At the heart of it is the Dubai Square Mall, a tech-forward, eco-friendly retail hub designed to feel more like a futuristic city than a conventional shopping centre.

A mall designed for the future

Emaar founder Mohamed Alabbar revealed that the mall will go big on sustainability and technology. With Dubai’s EV ownership rapidly rising, the new mall will feature dedicated electric vehicle facilities, ensuring a smooth, modern and planet-friendly experience for visitors.

One of the mall’s standout features?
It will operate as a drive-through mall, aligning with Dubai’s push for smart, green and ultra-convenient infrastructure.

Future tech

Dubai Square Mall will use Artificial Intelligence to enhance the shopping journey, from personalised recommendations to seamless navigation and smarter retail services. Think of it as a mall that gets to know what you like before you even walk in. The mall will also integrate dedicated EV facilities and smart-drive design features.

Immersive design, inside and out

The mall’s architecture leans heavily into light, openness and immersive visuals. Expect:

  • Striking skylights
  • High-tech LED installations
  • Glazed roofing and expansive glass windows
  • Vast landscapes and greenery woven throughout

The result? A bright, airy, modern space that blends indoor and outdoor vibes, very much in line with Dubai’s evolving design language.

Emaar is already the name behind Dubai’s most iconic retail destinations, and Dubai Square Mall is set to add a whole new chapter to that lineup, bigger, smarter and more forward-thinking than anything the developer has done before.

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Abu Dhabi hosts global leaders as IFPI sets new direction for GMP harmonisation

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Abu Dhabi strengthened its position as a global hub for regulatory dialogue this week, as more than 50 countries convened for the 2nd International Forum of Pharmaceutical Inspectorates (IFPI), held on November 24–25 at the Marriott Hotel Downtown.

The high-level gathering brought together worldwide regulatory authorities, industry leaders, and Good Manufacturing Practice (GMP) experts to advance international alignment on pharmaceutical quality standards and patient safety.

Global supply chains demand shared standards

With medicines increasingly developed, manufactured, packaged and prescribed across multiple countries, speakers emphasised the need for deeper regulatory cooperation to ensure consistent safety and quality.

“Cooperation between regulatory authorities increases the availability of high-quality, safe, and effective medicines while improving transparency,” said Vladislav Shestakov, Co-Chair of the Organising Committee and Director of the State Institute of Drugs and Good Practices. He underscored that “quality begins with the mindset of its creators.”

For the second year, the Russian Federation co-chaired the Forum, with participation from the UAE, France, India, Singapore, the US, the UK, Egypt, Turkey, Armenia, Jordan, Italy, Belgium, and representatives from African states under the AMRH initiative.

Focus: harmonisation, inspection trust, and access to modern medicines

This year’s programme examined the most pressing challenges facing global regulators, including:

  • Harmonisation of pharmaceutical manufacturing requirements
  • Expanding access to modern medicines across different healthcare systems
  • Regulatory reliability, trust, and mutual recognition of GMP inspections
  • Inspection frameworks for biological medicinal products
  • Improved data-sharing and transparency among global inspectorates

Delegates also covered industry shifts driven by gene therapies, advanced biologics, and AI-enabled manufacturing.

“A new regulatory architecture is emerging”

Dmitry Galkin, Director of the Department for the Development of the Pharmaceutical and Medical Industry at Russia’s Ministry of Industry and Trade and Head of the Russian GMP Inspectorate, highlighted the rapid evolution of the regulatory landscape.

“A new architecture of global pharmaceutical regulation is taking shape, where mutual recognition of inspections, data exchange, and comparable quality standards become key elements,” he said.

Hands-on workshops strengthen technical competencies

Beyond high-level panels, inspectors and technical experts participated in workshops and case-based sessions designed to enhance GMP inspection skills, strengthen regulatory capacity, and foster practical problem-solving.

The event reaffirmed Abu Dhabi’s growing role as a neutral platform for global regulatory collaboration, reinforcing shared ambitions to modernise oversight models and ensure safe access to medicines worldwide.

International regulators call for deeper cooperation

Several leaders used the Forum to stress the importance of cross-border collaboration.
Prof. Dr. Taruna Ikrar, Head of the Indonesian FDA (BPOM), said the IFPI provides “a platform that strengthens regulatory systems and elevates the quality, consistency, and integrity of GMP inspections worldwide,” adding that ASEAN remains committed to harmonised standards and science-based inspections.

Looking ahead

As the Forum concluded, delegates pointed to one recurring takeaway: progress in the pharmaceutical sector depends on people, inspectors, regulators, scientists, and innovators working collectively toward a safer global medicine ecosystem.

Organisers confirmed that plans are already underway for an expanded next edition of the IFPI.

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Ravi Shastri & Neeraj Sareen Lead Revolutionary Multi-Continental T10 Cricket League

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In a significant development for cricket around the world, Pro10, spearheaded by cricket legend Ravi Shastri and sports entrepreneur Neeraj Sareen, today announced its groundbreaking international launch bringing professional T10 cricket to Southeast Asia and Europe.

The inaugural season features five franchise teams competing between January 30–February 4, 2026, at Thailand’s world-class Terd Thai Cricket Ground, with West Indies icon Sir Viv Richards serving as Thailand ambassador and a marquee roster including David Warner, Chris Lynn, and George Munsey.

Pro10 has been envisioned as a catalyst for cricket in emerging regions, pioneering professional cricket in non-traditional Southeast Asian and European markets. Not only does the initiative provide a fast, accessible format that empowers new audiences and aspiring players across Southeast Asia and Europe, but it also serves as a unique platform of structured, professionally run T10 cricket in Thailand, Bulgaria, and Poland.

The marquee competition will provide local players with an opportunity to rub shoulders with some of the finest international players and coaches, giving their development an undeniable boost. The league is firmly positioned a practical development tool for emerging nations that have limited access to international players.

Adding his perspective on Pro10 and the league’s impact on new regions, Sir Viv Richards, Thailand Ambassador, said:”Cricket grows strongest when it reaches new people, and new communities. Pro10 is doing exactly that by giving Thailand, Bulgaria, and Poland a platform to shine. I am delighted to help guide this journey and to see local talent gain exposure to international players and coaches. This is how the game expands, and this is where the future lies.”

Speaking on the launch and the league’s wider purpose, Ravi Shastri, Co-founder & Partner, said: “Pro10 represents cricket’s next evolution: explosive T10 excitement with genuine grassroots development. We’re creating sustainable ecosystems to develop stars from Thailand, Bulgaria, Poland, and beyond. Having Sir Viv Richards as Thailand ambassador and players like David Warner demonstrates the calibre we’re building. The T10 format is perfect for today’s world, showcasing cricket’s incredible global potential.”

Sharing his perspective on Pro10’s vision and long-term commitment to new cricket markets, Neeraj Sareen, Founder & CEO, said: “Pro10 is built from the ground up with sustainability, local talent development, and world-class entertainment. We’re partnering with communities, cricket boards, and institutions to create something truly special. Securing Sir Viv Richards as Thailand ambassador testifies to our vision. With Ravi’s cricket expertise, Roshan Mahanama and Russell Maduwantha’s operational brilliance, we’re building cricket’s future, not just hosting matches.”

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