Recover your password
Enter your email that you login with, for the instructions to be sent to your registered email.
Sign in
Reset Password

You can also sign in using your account in one of the social networks.


Create account for free and enjoy unlimited access to exclusive industry insights and reports

Create a New Account
  • News
  • Insights
  • Companies
    Companies Database Companies Ranking
  • Market Reports
  • Tools & Resources
    Infographics Events and Courses Announcements SGIE Dashboard
Logo
  • Halal Industry
  • Islamic Finance
  • Islamic Lifestyle
  • OIC Economies
Sign In Create Account

Sign In Create Account

  • Halal Industry
  • Islamic Finance
  • Islamic Lifestyle
  • OIC Economies

  • PREMIUM REPORTS
  • News
  • Insights
  • Companies
    Companies Database Companies Ranking
  • Market Reports
  • Tools & Resources
    • Infographics
    • Events and Courses
    • Announcements


Home / Insights

Featured Insights

OIC Economies

Can Iran economically sustain a protracted war? 

30 Apr 2026
Insight

OIC Economies
Iran conflict should accelerate renewable transition in the Middle East 
15 Apr 2026
Insight

OIC Economies
How Zakat is bridging the Middle East’s $1 billion-a-day crisis 
16 Mar 2026
Insight

OIC Economies
Is Iran teetering on the economic brink?
23 Jan 2026
Insight

OIC Economies
Gaza crisis: How Palestinians are braving the employment fallout
16 Jan 2026
Insight

OIC Economies
What does the future hold for the Abraham Accords?
31 Dec 2025
Insight


All Other Insights
OIC Economies
Can Iran economically sustain a protracted war? 

Iran’s fragile economy is under siege and at risk of significant economic deteoriation in case of a protracted conflict.  

The country’s projected growth for this year - which the International Monetary Fund’s October placed at 1.1% last October - has now plunged into the red territory. The fund foresees Iran’s GDP to contract by 6.1% this year, together with an upward inflation revision of over 13 percentage points. 

Grim estimates and prophecies are pouring in from multiple quarters. Official figures suggest that the country has suffered around $270 billion in direct and indirect losses in the first few weeks of the conflict with the US and Israel – more than half of its 2024 GDP. Iran’s central bank has reportedly estimated that reconstructing the war-ravaged economy could take more than a decade.

Internet blackouts, which have continued since the start of the war, entered their 62nd day on April 30, according to NetBlocks, a digital governance and connectivity tracker. Back in January, Sattar Hashemi, Iran's Information and Communication Technology Minister, estimated that internet outages carry a daily cost of $38 million (50 trillion rials). By that measure, the shutdown alone has costed the economy at least $2.2 billion. 

Iranian rial has experience significant depreciation, declining from 1.35 million to $1 on January 1 to 1.72 million to $1 on February 28, the first day of the war, before rising to 1.46 million to $1 on March 12, according to Bonbast.com, a website that tracks live exchange rates in Iran’s free market.  

“The Iranian economy is under immense pressure. The conflict has heavily impacted productive capacity and Iran’s latest offer to open the strait and defer the conversation over the nuclear programme suggests that the US blockade is also causing real economic pain,” Vladimir Gorshkov, a macro policy strategist at State Street Investment Management told Salaam Gateway. 

The Muslim-majority country with around 90 million residents has been contending with grave economic challenges since before the conflict. Economic sanctions, political instability and fiscal deficit have exacerbated the country’s plight over several years. Prior to the conflict, the IMF had forecasted Iran’s gross government debt to spike to 36.4% of its GDP in 2026 and to 39.3% by the end of the decade. Meanwhile, inflation more than doubled from 20.6% in 1980 to 42.4% in 2025. 

“Iran entered this war after years of sustained economic pressure. Sanctions, isolation, and structural weaknesses have already produced a fragile economy. The war has intensified these pressures, but it has not represented a fundamentally new shock,” writes Alex Vatanka, a senior fellow at the Middle East Institute.

But Iran is now in unchartered economic territory, he adds. “Each additional month that the war continues could set the Iranian economy back by more than five years, reflecting the compounding impact on capital stock and productivity.” 

Mass layoffs have complicated Iran’s socio-economic landscape further with one million people having reportedly lost their jobs. Threat of privations linger as the war could push an additional 3.5 million to 4.1 million people below the poverty threshold, burgeoning the pool of 32.7 million people already surviving below the $8.3 poverty level per day, according to the United Nations development programme (UNDP). 

“Iran entered the crisis from a relatively narrow position within the upper-middle-income country category, with income levels only marginally above the World Bank threshold,” the UNDP said. 

“The additional impact of the current crisis is expected to intensify this downward trajectory and raise the likelihood that Iran could transition into lower-middle-income country status in the near-term.”

The ‘toll’ reality 
An economically redeeming feature for Iran would be to gain control of and monetize the Strait of Hormuz, a reality which has begun to shape up, with Iranian officials confirming the receipt of the first toll revenue earlier this month. All ships transiting the route must pay the fee in Iranian rial, Iran’s Tasnim news agency cited Hamidreza Hajibabaei, the parliament’s deputy speaker, as saying. 

Global bodies have not validated Iran’s right to securing payment from transiting vessels. Arsenio Dominguez, secretary-general of the International Maritime Organization said that there was no legal basis for any country to introduce payments or impose tolls, fees or any discriminatory conditions on international straits. 

The Strait of Hormuz is a natural waterway which operates under the directives established by the United Nations Convention on the Law of the Sea, which prohibits charging vessels for passage. Article 26 of the convention suggests that charges may be levied upon a foreign ship passing through territorial sea as payment only for “specific services rendered to the ship”.

Gorshkov suggests that the transit toll would only work if there were an institutionalised system for collection in place as it could not operate on an ad hoc basis in peacetime. 

“A toll on ships transiting the Strait of Hormuz would be a new source of revenue but it doesn’t automatically follow that the overall government revenue would increase. Moreover, it’s likely to be the case that much of that flow will be captured by very narrow interests so it is hard to see how the economy at large would significantly benefit.”

The snag of storage 
Iran’s oil production and subsequent exports are also in the balance given the United Nation’s naval blockade. The country churned out approximately 3.68 million and 3.63 million barrels per day of crude oil in February and March, respectively, according to an International Energy Agency report published this month.

Iranian exports were also on a par with pre-war levels in March, accounting for over 70% of an average 2.3 million barrels of daily flows that transited the strait last month. However, the naval blockade enforced mid-April means that most of Iranian exports will now need to be stored. 

Scott Bessent, US Treasury Secretary, claimed in a post on X on April 21 that the storage capacity at Kharg Island would be full “in a matter of days” and that the “fragile Iranian oil wells will be shut in”. 

“Constraining Iran’s maritime trade directly targets the regime’s primary revenue lifelines,” he added.

Kharg Island is a small island northwest of the port of Bushehr and serves as a terminal for nearly all of Iran’s oil exports.  

Iran has also sustained significant damage to its petrochemical facilities, notably at Shiraz and Mahshahr. Israel struck Iran’s South Pars field, a critical energy asset that supplies 80% of Iran’s natural gas. Natural gas generates 79% of the country's electricity, primarily used for heating, cooking, lighting and other uses, according to IEA. 

“Israel’s attack on the South Pars Gas Field damaged infrastructure indispensable for the survival of Iranians,” said Joey Shea, senior Saudi Arabia and UAE researcher at Human Rights Watch.  

“Attacks on key oil and energy infrastructure have foreseeable knock-on economic impacts that could prove harmful to millions of people.” 

30 Apr 2026
Insight
OIC Economies
Iran conflict should accelerate renewable transition in the Middle East 

The US-Iran conflict has once again laid bare the vulnerability of global energy markets. Oil prices have touched historical highs in sustained rallies, touching highs of $120 per barrel as concerns regarding the situation grew. 

Major concerns swirl around the fate of the Strait of Hormuz; an important waterway for about 20% of the world's oil and liquefied natural gas. Any disruptions on this route in the past have historically caused huge oil price spikes, demonstrating how important Middle Eastern energy exports continue to be for the global economy. 

As governments throughout the Gulf and North Africa continue to grapple with what appears to be an evolving situation, one thing that the conflict has reinforced undoubtedly is the strategic consideration to reduce reliance on oil and gas for energy generation. Not only would that protect export revenues but also improve long-term energy security. 

Why renewables make economic sense

Solar energy generation makes a compelling economic case in the Middle East, home to some of the most abundant and consistent solar irradiation (over 2000 kw-h per m2 per year), according to the Middle East Solar Industry Association. 

Due to the success of large-scale renewable energy projects, electricity prices have reached all-time lows. The Al Dhafra photovoltaic solar project in Abu Dhabi, which became operational in 2023, was able to obtain a tariff of 1.35 cents per kilowatt-hour, making it one of the lowest prices for solar power recorded in history. Furthermore, the International Renewable Energy Agency (IRENA) suggests that 91% of new renewable energy projects commissioned in 2024 were most cost effective than fossil fuel alternatives.

The demand for electricity is on the rise, necessitating increased production from renewable sources. The International Energy Agency (IEA) forecasts electricity demand in the Middle East to soar by about 50% by 2035 due to population growth, industrial development, and the increased need for air conditioning - which already accounts for around 25% of annual electricity usage and almost 50% of peak electricity usage.

At present, a large part of this demand is satisfied through local heavy fuel oil (HFO) and liquefied natural gas (LNG) use. By way of example, Saudi Arabia uses an average of about 1.1 million barrels per day for electricity generation and desalinated water production; however, this consumption can exceed 1.4 million barrels per day during the hottest summer months, which diverts a considerable amount of liquids away from export markets.

If small amounts of local oil and gas consumption deployed for energy production were to be replaced with solar and wind energy, it would result in greater quantities of hydrocarbons available for export, boost state coffers and reduce the region's exposure to volatile fuel prices.

Financing the transition
The growth of renewable energy capacity throughout the region is happening at a rapid pace: Saudi Arabia's National Renewable Energy Programme aims to generate 59GW of renewable energy capacity by 2030, while the UAE is developing the 5GW Mohammed bin Rashid Al Maktoum Solar Park, and Egypt has joined the pack with its 1.6GW Benban Solar Park.

According to the Middle East Solar Industry Association's Solar Outlook Report, the total solar capacity of the Middle East and North Africa region will exceed 180GW by 2030. This expansion is increasingly relying upon Islamic capital markets for financing. Global ESG sukuk issuances surpassed $18.5 billion in 2025, increasing by over 60% over the previous 12-month period, according to Fitch Ratings. 

What still stands in the way

Electric grids throughout the Middle East were created based on large fossil-fuel power plants, and the rising use of solar and wind energy will require upgrades to existing electrical transmission networks, energy storage systems and electricity pricing and market rules.

While there is still a relatively low percentage of total electric generation using renewable energy in many Gulf countries, it is likely that fossil fuels will remain part of the Gulf region's energy mix for many more years; at least, until renewable sources replace them.

Nonetheless, there is no doubt that the current geopolitical crisis emphasizes how critical it is for countries to diversify their sources of energy supply. Countries that rely primarily on renewable sources are at lower risk of being impacted by sudden changes in energy prices given disruption of oil supply routes resulting from continuing tensions with Iran.

As Middle Eastern economies wean their infrastructure away from fossil fuels and towards renewables, energy will be used as an asset, not only to help the country deal with any geopolitical issues, but also to retain their position as important global suppliers of energy. 

15 Apr 2026
Insight
OIC Economies
How Zakat is bridging the Middle East’s $1 billion-a-day crisis 

As Ramadan 2026 draws to a close, the Middle East is confronting a stark reality. While the region’s ongoing conflicts are estimated to cost a staggering $1 billion a day, humanitarian organizations are grappling with shrinking budgets and record-breaking displacement. 

According to the International Organization for Migration (IOM), more than 19 million people are currently internally displaced across the Middle East. 

Amid these overlapping and incessant crises, Zakat has transformed from a religious obligation into a sophisticated, multi-million-dollar engine of survival.

“Zakat provides a structured system of support that can quickly reach those most affected,” Annabel Turner, communications officer at IOM tells Salaam Gateway.

“Across the region, these funds are helping sustain refugees, widows, and families struggling to survive.”

Faith-based giving meets humanitarian response

This Ramadan, humanitarian organizations are expanding efforts to channel Zakat into emergency relief programs across multiple conflict zones.

IOM recently launched the second edition of its annual Share the Blessings campaign through its Islamic Philanthropy Fund (IPF).

The initiative builds on last year’s pilot project focused on Sudan, expanding its reach this year across multiple humanitarian emergencies, including Afghanistan, Bangladesh, Gaza Strip, Sudan, Syria, and Yemen.

Palestinians inspect a destroyed building after an Israeli air strike in the city of Rafah, southern Gaza Strip, on April 25, 2024. (Source: Shutterstock)

“This year’s campaign combines faith-aligned giving, broader reach, and a transparent digital platform to make Zakat a tool for immediate relief and longer-term resilience,” says Turner. 

Since launching in 2025, the IPF has secured more than $20 million in pledges and commitments, which will enable it to support over 30,000 people affected by humanitarian crises, according to Turner.

For Islamic Relief Canada, a major focus of this year’s Zakat program is emergency support for Gaza, where funds will help provide food assistance, clean water, medical services, and cash support to families affected by the ongoing crisis.

“The program aims to support over 600,000 people, including children, elderly individuals, and people with disabilities,” Houda Kerkadi, media and press relations specialist at Islamic Relief Canada tells Salaam Gateway.

The UN estimates $4.06 billion is required to deliver life-saving support to 3 million people across the Occupied Palestinian Territory in 2026

In 2025, Islamic Relief Canada raised 33.87 million Canadian dollars in Zakat funds, an increase from 31.25 million Canadian dollars in 2024 and 22.06 million Canadian dollars in 2023, reflecting continued growth in Zakat giving. Combined with other charitable contributions such as Sadaqah, the funds enabled the NGO to support more than 4.4 million people worldwide in 2025.

At the same time, local organizations are scaling up their own Zakat initiatives. Amman-based NGO Tkiyet Um Ali directed its 2026 Ramadan Zakat funds to vulnerable families in both Jordan and Gaza, where it delivered food parcels and rehabilitated shelter facilities for 6,000 displaced people.

Elsewhere, Egypt’s Tahya Misr Fund recently partnered with the House of Zakat to send 780 tonnes of food and essential supplies to the Gaza Strip, providing crucial support to displaced families during the holy month.

Rebuilding healthcare infrastructure

While many organizations focus on immediate relief, the Syrian American Medical Society (SAMS) is using Zakat to solve a different crisis: the collapse of healthcare. After more than a decade of conflict, Syria’s healthcare system remains severely damaged, with many hospitals destroyed or left without the resources needed to function.

Dr. Abdulfatah Elshaar, SAMS Foundation chairman, says the financial burden of healthcare often pushes already vulnerable families into complete financial collapse.

"Access to free healthcare removes one of the largest financial burdens vulnerable families face," Dr. Elshaar tells Salaam Gateway. "It means parents do not have to choose between paying for treatment and providing food or shelter for their children."

To sustain these lifelines, SAMS is investing heavily in rebuilding healthcare infrastructure, including $12 million for the Idlib Specialty Hospital and $6 million for the Idlib Maternity & Children’s Hospital.

“This Ramadan, our focus is sustaining life-saving medical services while continuing to contribute to rebuilding healthcare systems for communities that have endured years of conflict and displacement,” says Dr. Elshaar. 

Today, SAMS supports more than 65 healthcare facilities across Syria, offering services ranging from maternity care and cancer treatment to mental health support. In 2025 alone, the organization delivered more than three million medical services to over one million patients.

The impact of these services is reflected in individual stories like that of Fatima, a displaced mother from rural Aleppo who recently delivered her baby safely at a SAMS-supported maternity hospital after months without access to medical care.

"Stories like Fatima’s reflect the vital role these facilities play in protecting the lives of mothers and children," says Dr. Elshaar. 

The widening gap between need and funding

Despite the growing scale of Zakat-funded initiatives, the humanitarian needs across the region continue to outpace available resources. 

Across the region, wars, economic collapse, and climate shocks are pushing new populations into poverty each year. In places like Gaza and Sudan, repeated displacement has stripped many families of their homes and livelihoods.

“The biggest challenge is the scale of need,” Karim Amer, UNRWA's director of partnerships tells Salaam Gateway. “The gap between what Zakat can do and the level of funding needed to meet the growing humanitarian needs remains enormous.”

Long-term recovery poses another hurdle.

“Critical gaps remain in underfunded and protracted crises, as well as longer-term recovery and livelihoods support,” says Turner.

While Zakat is highly effective in delivering immediate relief, rebuilding entire communities requires sustained investment over many years.

Organizations like SAMS are increasingly pairing emergency support with longer-term development initiatives. Through its Syria Health 2030 campaign, the group is investing in major projects designed to restore the country’s healthcare capacity. 

Similarly, Islamic Relief Canada is expanding programs that combine emergency aid with longer-term recovery.  

“While much Zakat funding understandably supports immediate humanitarian needs, expanding its use in areas such as livelihoods, education, and economic empowerment can help create more sustainable pathways out of poverty,” explains Kerkadi. 

“Strengthening the connection between short-term assistance and longer-term resilience could help maximize the overall impact of Zakat.”

Zakat contributions are doing far more than fulfilling a religious obligation across conflict zones - this steady stream of funding is keep hospitals accessible, preventing families from being evicted, and delivering a fragile sense of stability to a people who perhaps have very little left to lose.

 

16 Mar 2026
Insight
OIC Economies
Is Iran teetering on the economic brink?

Iran’s government may be under siege, but it can enforce stability through force, according to analysts.  

“The regime is under very strong pressure, certainly. We may therefore yet see some changes, but I think we’re far away from a collapse in the government’s ability to provide basic services and maintain a monopoly on the use of force within the territory,” Vladimir Gorshkov, macro policy strategist at State Street Investment Management tells Salaam Gateway. 

Conflict sparked in Iran on December 28 when protests broke out in two major markets in the country’s capital, Tehran, after a spike in inflation pushed food prices higher. The head of Iran’s central bank resigned the following day as demonstrations spilled over to other cities.

“Iran is experiencing administrative failure (collapse of services and currency) but retains coercive stability. The security apparatus remains cohesive and loyal,” Khaled Al Terkawi, an economist advisor at Etunum tells Salaam Gateway. 

Iran has been contending with challenges emanating from economic sanctions, political turmoil and fiscal deficits for years. US President Donald Trump reimposed sanctions during his first term in 2018 while the United Nations reimposed its sanctions last September. The country’s social and economic plight was exacerbated with Israeli and American airstrikes targeting its military brass and nuclear sites last June.

The country’s economic woes continue - the International Monetary Fund forecasts Iran’s economy to grow 1.1% this year and 1.6% in 2027, in its January report. The figures remain unchanged from the fund’s October 2025 projections. 

In its last October regional economic outlook report for the Middle East and Central Asia, the fund projected Iran’s government debt to increase to 36.4% of its GDP in 2026, and 39.3% by 2030. Meanwhile, inflation has more than doubled in the last five decades, from 20.6% in 1980 to 42.4% in 2025. 

“The sanctions imposed on Iran, coupled with the scale of its military spending have all contributed significantly to the weakening of the currency,” adds Terkawi. 

“Consequently, the currency is currently in its worst state, and this decline is perhaps the root cause of most of the problems. Therefore, addressing inflation will primarily involve tackling the currency collapse and, on the other hand, reducing the government's excessive spending on unproductive matters.”

Iran’s 2026 draft budget presented to its parliament days before the protests began, proposed a 2% rise in value-added tax from 10% to 12%, with Iranian consumers and employees expected to assume the maximum weight of the tax rise. The proposal suggested a 20% increase in salaries for government employees and retirees, against an inflation rate of more than 40%.  

Iranian rial fell from 1.12 million to $1 on December 12 to 1.43 million to $1 on December 28. It traded at an all-time low of 1.48 million to $1 on January 6, according to Bonbast.com, a website that tracks live exchange rates in Iran’s free market.    

“The sharp depreciation is a massive loss of purchasing power for the population; a sad reality that will be all too familiar. The sell-off has an element of panic. Seeing the currency slide has prompted capital flight; people buying gold, USD, stablecoin -- to preserve the value of their savings,” says Gorshkov.  

Terkawi believes the rial's decline to around 1.5 million against the dollar indicates a structural, not merely technical, bottom. It reflects long-term expectations and a complete erosion of confidence, leading to rapid memory loss and the dollarization of the economy.

President Trump has threatened to impose a 25% tariff on countries that do business with Iran, complicating the country’s economic abyss. Gorshkov feels that imposing such a tax would conflict with other objectives.

“It’s not clear yet what how the administration aims to implement these, if at all, as imposing the tariff would conflict with other foreign policy objectives. For example, China is Iran’s largest export destination, but to slap a new tariff on that relationship risks upending the ongoing trade truce.”

“This suggests selective implementation at best and probably just the threat thereof. It will therefore not a game-changer. But in a world where Iran can use every marginal dollar that it can get its hands on, it matters,” adds Gorshkov.    

The new tariffs, however, will act as secondary sanctions, punishing third parties for trading with Iran, notes Terkawi. 

“This exacerbates the crisis by forcing deeper discounts on Iranian oil exports (slashing revenue despite volume) and severing supply chains for basic goods, further fueling inflation and panic.”

The Iranian government’s directive to sever internet services on January 8 has compounded the country’s economic plight, costing the economy tens of thousands of dollars in financial loss. 

Iran’s deputy minister of communications and information technology, Ehsan Chitsaz, put the economic cost of the internet outage at $2.8 million to $4.3 million a day, according to Iran’s state-run news agency IRNA. 

Actual costs may be significantly higher, with NetBlocks, a digital governance and connectivity tracker, reportedly estimating that internet shutdown could costs the country over $37 million each day. 

Root and branch reform 
Terkawi suggests that the currency needs to regain confidence, not just undergo a change. Moreso, a comprehensive financial audit is necessary. 

“The government must immediately address the absence of financial action task force recommendations to release foreign oil reserves and their associated interest. Without foreign currency inflows, this monetary opportunity becomes ineffective.”

The government must cease deficit financing (financial printing and debt guarantees). Without these structural corrections, superficial measures like redenomination (removing zeros) become practically ineffective, he adds. 

23 Jan 2026
Insight
OIC Economies
Gaza crisis: How Palestinians are braving the employment fallout

For many Palestinians, the prospect of securing stable work now feels more distant than ever. After more than two years of relentless war in the Gaza Strip, local job opportunities have all but vanished, while access to the global labour market remains limited to a small number of highly qualified professionals.

In the West Bank, nearly one-third of men and women were unemployed in early 2025, according to the International Labour Organization. In Gaza, the situation is far worse, with government data showing unemployment soaring to almost 68% by the end of 2024.

The war has wiped out most sources of income. Local organisations have shut down, and the commercial sector - shops, bakeries, and small businesses - has been nearly destroyed. The collapse has affected both seasoned professionals and a generation of young people graduating in devastation.

“Although Palestinians are incredibly skilled - they’re amongst the highest educated in the region with an almost 20-year tradition of monetising skills online - they face additional challenges,” Kathrine Nicolaisen, founder and CEO of Olives & Heather, a remote-first, Palestinian social-impact marketing agency, tells Salaam Gateway.

Those who completed their studies between 2023 and 2026 are entering a labour market that barely exists. 

“That is four graduating cohorts, each numbering in the thousands. Imagine all these young people entering a devastated job market,” Farah Alejil, humanitarian programs officer at Gaza-based NGO AlAnqaa Association for Community Development tells Salaam Gateway. 

Alejil graduated just months before the war began. “The public sector is non-operational, the private sector is barely functioning, and while the international job market remains active, it demands exceptionally high qualifications and at least five years of experience,” she adds. 

Battling the perception of instability

One of the most persistent obstacles is perception. Employers - particularly international ones - often hesitate to invest in Palestinian talent due to assumptions about instability, reliability, and infrastructure.

“Sure, during active war Palestinians and especially Gazans will not be working at 100% capacity, but they’re extremely flexible and motivated, and will find ways to make things work,” says Nicolaisen.

Alejil says this reluctance is widespread in remote hiring. “Foreign employers think twice before hiring people from Gaza because of concerns around financial transfers, productivity, and their ability to deliver work consistently - simply because they’re based in Gaza.” 

“That said, some employers are willing to take the risk, and when they do, the impact can be significant. Even if just 20 people are hired out of a thousand, those 20 often go on to train and employ others, creating a ripple effect that supports entire households.”

Infrastructure gap

Even when jobs are theoretically available, the basic conditions needed to work remotely are often missing. Many students completed their education entirely online during the war, yet lack access to stable electricity, Internet, or professional training in how to find and sustain remote work.

“Over the past two years, Internet access has been repeatedly cut off. Electricity is rarely available,” says Alejil. 

“I personally have an external power line, but many people don’t even have an electricity connection. How can remote workers function under these conditions?”

The disruption has stalled the careers of experienced professionals as well. Senior developers who once juggled multiple international clients now find themselves with one - or none. Long-standing contracts have been terminated, and entire outsourcing branches shut down.

“Some youth-led workspaces exist, supported by external funding, but there are thousands of graduates, and these spaces can only accommodate 20 to 30 people at a time,” adds Alejil.

“Even then, the Internet is not always stable. Internet access is beyond our control - the lines are largely supplied from the Israeli side and can be cut off from all of Gaza at any time.”

Nicolaisen points to the extraordinary measures many Palestinian remote workers take just to stay online - combining solar panels, car batteries, and eSims to generate power and secure Internet access.

Payment barriers 

Getting paid remains another formidable challenge. Financial restrictions and exclusion from international aid initiatives continue to isolate Palestinian workers from the global economy.

“Even initiatives launched to serve refugees and displaced communities exclude Palestine,” says Nicolaisen. “All of these factors combined makes it very hard for Palestinians to access the international job market.”

She adds that basic survival needs - housing, safety, and mental health - place an enormous burden on freelancers trying to maintain professional commitments amid ongoing trauma.

Alejil echoes this reality. “For entrepreneurs, private loans are nearly impossible to obtain, and even professionals working for international organisations struggle to receive their salaries. Western Union is blocked throughout Gaza, and wire transfers are extremely difficult.”

As a result of these challenges, a lot of digital employees have been let go by their employers over the past two years, according to Nicolaisen. 

“Rather than adjusting, they decided to cut ties and even close down whole outsourcing branches.”

Training, placement, and local solutions

Despite the scale of the crisis, some organisations are working to rebuild pathways into employment. 

Olives & Heather collaborates with local and international tech startups and ecosystem builders - including Gaza Sky Geeks, the Palestinian IT Association, and social enterprise BuildPalestine - to train and place Palestinian marketers and designers.

BuildPalestine has intensified its efforts, recently launching a $1.2 million fundraising campaign aimed at tripling the number of impact-driven businesses it supports - from 25 today to 65 enterprises by 2028 - signalling a longer-term commitment to economic resilience.

Complementing these initiatives, educational programmes such as Axsos Academy, a Palestinian coding bootcamp, equips talent with the skills needed for online work, while recruiters including Foras, MENA Alliances, and TAP play a critical role in connecting Palestinians to job opportunities.

Axsos Academy recently partnered with US-based NGO HEAL Palestine to launch 50 fully funded tech scholarships for youth from Gaza, offering a tangible pathway to skills development and employment amid the ongoing crisis.

Nicolaisen believes the tech sector offers the most immediate potential for job creation in Palestine.

“The tech sector is already contributing 4% to the Palestinian economy, and the potential is infinite,” she says.

“All Palestinians and Gazans need to start making an income and rebuild their lives is a laptop and an Internet connection.”

At the local level, organisations like AlAnqaa Association are often more effective than large international NGOs, according to Alejil.

“They hire from within the community - people with experience, though not necessarily elite qualifications - bringing in fresh graduates, supporting and training them, and gradually increasing their responsibilities.”

“Today, we have 72 employees, which is a significant achievement for a local organisation,” she says. “About 12 are permanent full-time staff, and the rest part-time.”

AlAnqaa recently launched a mobile physiotherapy outreach programme, employing newly graduated physiotherapists to provide care to injured citizens in their homes. The organisation is also preparing to establish a workspace to support both local employment and online work in Gaza.

A workforce in waiting 

The crisis facing Palestinian workers is not a shortage of talent, ambition, or work ethic - it is a crisis of access, infrastructure, and imagination. 

Palestinians have spent decades building skills for the digital economy, only to be locked out at a time they need it most.

Yet within this bleak landscape, small but significant interventions are proving that employment is possible when flexibility and trust are prioritised. 

From community-led NGOs to remote-first tech initiatives, these efforts offer a blueprint for how global employers, donors, and policymakers can move beyond sympathy toward meaningful inclusion.

16 Jan 2026
Insight
OIC Economies
What does the future hold for the Abraham Accords?

The year 2020 was a watershed for geopolitics as the world watched the UAE and Bahrain normalize relationships with Israel under the US-brokered Abraham Accords. Announcements on Kosovo, Sudan and Morocco, signaled the beginning of broader Israeli integration into the Arab world. 

The world and the Middle East, in particular, has gone through the wringer since, plagued with disrupted supply chains, the Gaza conflict, and centennial high trade tariffs. Furthermore, rising nationalism, deep ideological divides and power shifts have left the world reeling.  

Hence, what was billed as the beginning of transcontinental trade corridors, mending of schisms and greater financial and economic integration has instead been marked by a hardening of positions, fueled by Israel’s war and conduct in Gaza and the indiscriminate attack on several Middle Eastern countries.  

Fruits of labour 
The Abraham Accords were inked with a new beat of hope and integration with the establishment of several forums and pacts. The UAE-Israel comprehensive economic partnership agreement - the largest between Israel and any Arab country - was arguably the most prominent, seeking to boost bilateral trade to over $10 billion over five years.

“The past five years have demonstrated the tangible benefits of peace. Trade between Israel and the UAE reached over $3.2 billion in goods last year, not including government-to-government transactions or software and services. Investments have surpassed $5 billion, and more than two million Israelis have travelled to the UAE since normalization,” said Amir Hayek, the first Israeli ambassador to the UAE, in an article published in the Atlantic Council’s September issue brief.  

“These are not abstract statistics; they represent millions of human interactions and billions of dollars driving growth on both sides,” added Hayek.

The Negev Forum was another initiative, convening Bahrain, Egypt, Morocco, the UAE, the US, and Israel, on matters of regional security and economic cooperation. The UAE, US, India and Israel created the I2U2 Group in 2022, focusing on joint investments and new initiatives followed by the development of the India-Middle East-Europe Economic Corridor (IMEC) a year later. 

Accumulated trade between Israel and the Abraham Accord countries, including the UAE, Bahrain, Morocco, Sudan, Egypt, Jordan and Kosovo, exceeded $4 billion in 2023, up 16% on 2022, the Abraham Accords Peace Institute (AAPI) said in its 2023 Annual Report. 

…..remain shrouded in doubt
However, the Gaza war has put most of those initiatives under a shadow of doubt. 

“The Abraham Accords have survived, but they have changed [in] nature. So, the Abraham Accords are no longer a peace project. They have become a security and resilience framework,” said Ilan D. Scialom, director of strategy, Zalis & European Observatory of the Abraham Accords, during a webinar hosted by the New Lines Institute for Strategy and Policy.  

“You can’t stabilize regional economies while Gaza keeps burning every two years. Peace without Palestine narrative is bankrupt” he added. “We are entering what I call Abraham Accords 2.0 – not a sequel but a recalibration.” 

Is the future in the balance?
New countries keen or even agreeing to join the Abraham Accords is on the cards. Kazakhstan has agreed in principle to join last month, becoming the first country in US President Donald Trump’s second term to do so. 

Sir Liam Fox, Chairman, Abraham Accords Prosperity Group, said that there is a change in the mindset of how people now see the Gulf region as one of opportunity. “This is the moment, this is the time for investments in this region,” he said at a summit. 

However, experts suggest that the vision of an integrated Middle East is contingent on a peaceful Palestine narrative. 

“The impact and aftermath of October 7 have reverberated around the region, making further progress on normalization more complicated. They have also underscored how the domestic and strategic interests of key regional players are still deeply intertwined with the Israeli-Palestinian conflict,” Yael Lempert, former US ambassador to Jordan said at a policy forum held by the Washington Institute. 

“The vision of an integrated Middle East will not be fully realizable without a pragmatic vision for resolving this conflict in a way that includes a viable future Palestine.”
 

31 Dec 2025
Insight
OIC Economies
How a marketing agency is taking the Palestinian cause global

Kathrine Nicolaisen, a Danish marketeer, and founder of Olives & Heather, was fuelled by a sense of justice and, one part ire, to form a remote-first marketing agency, in an attempt to showcase Palestinians on the world employment map. 

She speaks with Salaam Gateway on creating awareness, showcasing Palestinian talent regionally and globally and uplifting the indigenous society. 

Talk us through your journey of creating Olives & Heather?
I’m originally from Denmark but have been living abroad since I was 19. I built my career as a marketeer working in tech, but after my first trip to Palestine in 2018, I started looking for ways to get involved with the Palestinian cause. I was driven largely by a great sense of indignation, and wanted to offer support in a meaningful and relevant way.

At first, I spent a year working remotely for a Palestinian civil society organisation supporting their marketing efforts but then made the move to Palestine in 2020 to spend six months volunteering.

         Kathrine Nicolaisen, CEO of Olives & Heather 

From there it snowballed: I landed a consultancy gig with another civil society organisation, I got a job with an American NGO operating out of Gaza, and by December 2021, I transitioned into what is now Olives & Heather. 

At first, I thought I would work as a marketing strategist supporting Palestinian startups, but as time went on, there was demand not only for strategy but hands-on execution, too.

That’s when I realised that the potential impact of Olives & Heather would be across three pillars: supporting Palestinian founders, amplifying Palestinian voices through advocacy work, and creating alternative job opportunities for Palestinian marketeers and designers.

The latter turned out to be the more significant part. 

How is the company creating opportunities for the next generation of Palestinian professionals?
Palestinian youth are amongst the highest educated in the region. The literacy rate is near 100% - 70% have attended university, and the level of English spoken across Palestine is exceptionally high for the region.

On top of that, Palestine has a long tradition of digital work dating back to the 90’s, when the first software companies were launched, followed by a wave of entrepreneurship, startup, and freelance culture after the 2007/2008 Gaza war.

In Gaza alone, tens of thousands of young people have been making a living online for years, so the talent and skills are already there. All they need is a chance, and that’s where Olives & Heather comes in. 

We’re a remote-first marketing agency with a team of 15 people, mostly women, working from locations such as Ramallah, Jericho, Tulkarem, Gaza City, Deir Al Balah, etc. 

Staying connected with the Palestinian tech community, whilst working with local tech startups and ecosystem builders is our bread and butter. However, over the last two years, we’ve greatly expanded and we now work with tech companies, startups, and ecosystem builders globally. 

What are the key impediments in promoting Palestinian talent?
Challenging stereotypes and reframing the narrative is a central part of our job. Over the years we’ve worked closely with key ecosystem players like Gaza Sky Geeks, the Palestinian IT Association, BuildPalestine, and many accelerators and tech upskilling initiatives.

Key obstacles and misconceptions tend to be rooted in a fear of investing in an unstable workforce and infrastructure, scepticism towards education and skills level, but also the fact that Palestinian labour is twice as expensive as its neighbouring countries Egypt and Lebanon, and 3-5 times more expensive than traditional Far East outsourcing destinations. 

This means that not only does Palestinian talent have to deliver excellent work, they have to go above and beyond from a service aspect in order to compete - and that was before the war in Gaza. 

Olives & Heather’s role is to attract international clients, creating opportunities for Palestinian talent that did not exist otherwise. 

Our duty is towards our team, but the team also understands that with every project, every client comes a responsibility to do your absolute best - not for Olives & Heather - but to pave the way for more opportunities to come.

Our greatest success is not just how many jobs we can directly create for Palestinian marketeers and designers, but our wider impact across the Palestinian tech ecosystem. 

What are the company’s key goals for 2026? 
Prior to the war, the youth unemployment rate in Palestine was estimated to be between 50-70%, meaning local opportunities were not just scarce - they were almost non-existent.

With the ceasefire in place, we are seeing a surge in Gaza-based freelancers looking to return to work. With the Palestinian tech ecosystem being dealt a serious blow, local opportunities are scarce, with freelancers needing all the support and opportunities they can get. 

Our goal as a business is to aggressively grow and expand as much as possible, and we hope to provide stable income for over 100 freelancers by 2028.

All growth to date has been entirely organic, and we are now ramping up our marketing and sales efforts, but we are also exploring alternative funding opportunities from philanthropic investors or business angels.
 

15 Dec 2025
Insight
Halal Industry
Tech-powered precision medicine gains ground across OIC countries

Precision medicine is fast emerging as a transformative force across the Organisation of Islamic Cooperation (OIC) countries. 

By harnessing breakthroughs in genomics, biotechnology, and artificial intelligence, these nations are laying the groundwork for a future of personalized prevention and treatment.

Several Muslim-majority nations are developing large-scale, population-specific genetic databases to tackle regional health challenges — particularly inherited and chronic diseases.

While disparities in infrastructure and research capacity persist, growing investments in biomedical innovation, digital health, and scientific training are positioning OIC countries to enhance health outcomes, lower costs, and strengthen self-reliance in medical science.

“The rise of individualized medicines is going to be a massive boom for the pharmaceutical industry - imagine a future where treatments are tailored to the unique genetic and biological makeup of each of the planet’s eight billion people,” Richard Staynings, chief security strategist at US-based Cylera, tells Salaam Gateway.

To make large-scale personalization feasible and affordable, he adds, the sector will need to embrace “advanced automation, artificial intelligence, and data-driven manufacturing at unprecedented levels.”

Malaysia’s leap into genomic medicine

Malaysia is emerging as a regional leader in integrating precision medicine into its healthcare system through collaboration between academia, government, and the private sector.

In 2024, the Ministry of Science, Technology and Innovation and the Ministry of Health launched the MyGenom Project, to conduct large-scale genome sequencing and build a national genomic reference database that reflects the country’s ethnic diversity. 

“This genomic infrastructure will strengthen Malaysia’s capacity for precision medicine, enabling more accurate disease prediction, personalized treatment, and improved pharmacogenomics,” Fadzhairi Jabar, CEO of Malaysian biotechnology company Arcadia Life Sciences tells Salaam Gateway.

Institutions like the Universiti Kebangsaan Malaysia Medical Molecular Biology Institute are spearheading clinical research on how genetics interact with environmental factors to influence disease, paving the way for tailored healthcare solutions.

Private-sector partnerships are also taking shape. Prudential Malaysia, for example, is working with healthcare providers to include precision medicine in cancer treatment plans, improving accessibility and affordability.

“Growing collaboration among government, academia, and industry, and supported by initiatives like the MyGenom Project and Clinical Research Malaysia, is driving progress in genomics, pharmacogenomics, and clinical trials across the OIC country,” says Jabar.

Malaysia’s multicultural makeup - comprising Malay, Chinese, Indian, and indigenous populations - presents both opportunity and challenge.

“This diversity enables the development of a rich, representative national genomic reference that can address gaps in global datasets and improve understanding of population-specific health risks,” says Jabar.

“It also supports efforts to reduce adverse drug reactions and enhance outcomes in chronic diseases such as cardiovascular, diabetes, and cancer. However, ensuring equitable representation of all ethnic groups remains a key challenge.”

AI and big data are central to these efforts. Programs like MyGenom integrate genomic, clinical, and population data for predictive analytics.

“Arcadia Life Sciences contributes by developing multi-omics biomarker platforms that combine genomic, proteomic, and metabolomic data with AI-driven analytics,” Jabar adds. 

“This enables discovery of disease-specific biomarkers and supports pharmacogenomics and personalized treatment.”

The company is now working with universities, hospitals, and research institutes locally and abroad to validate biomarkers and embed AI into clinical workflows - a move expected to boost Malaysia’s bioinformatics and translational research capacity.

GCC: A genomic frontier

Across the Gulf, precision medicine is rapidly evolving.

The UAE has emerged as a frontrunner, combining national programs with global partnerships involving AbbVie, AstraZeneca, and Harvard Medical School to develop diagnostics and advance personalized therapies. Its Emirati Genome Program, launched in 2019, has already sequenced more than 800,000 genomes, making it one of the world’s most comprehensive genetic datasets.

The personalised precision medicine programme for oncology has supported over 250 Emirati cancer patients through genomic screening and individualized care.

These efforts form part of Abu Dhabi’s Healthcare Life Science Vision 2030, which seeks to position the emirate as a global hub for precision medicine. The city’s Declaration on Longevity and Precision Medicine, launched in 2024, outlines a blueprint for integrating AI and genomics into mainstream healthcare.

Abu Dhabi showcased AI-powered diagnostic tools for early detection of chronic diseases like diabetes and cancer, at this year’s tech jamboree, Gitex. Integrated with the health information exchange platform, Malaffi, these innovations enhance data sharing and clinical coordination.

In January, researchers at Dubai’s Mohammed Bin Rashid University of Medicine and Health Sciences published a milestone study based on 53 individuals that strengthens the UAE’s National Genome Strategy. By March, the Emirates Genome Council was outlining plans to use genomic data to enhance public health outcomes.

Meanwhile, the Saudi Human Genome Program continues to advance the country’s personalized medicine capabilities by building a vast national genetic database. Institutions like King Faisal Specialist Hospital & Research Centre are pioneering genetic diagnostics and CAR-T cell therapies, while the King Abdullah International Medical Research Center leads gene therapy trials for rare diseases.

Saudi Arabia's embrace of AI-driven pharmacogenomics and digital health tools — including the world’s first diabetes command center launched recently — underscores its vision improve patient outcomes.

Meanwhile, Qatar has become a model for precision medicine integration. The Qatar Genome Programme has sequenced more than 30,000 citizens and 3,000 Arab residents, establishing critical datasets for regional populations. 

The newly formed Qatar Precision Health Institute is translating these findings into clinical practice, expanding pharmacogenomics implementation, and training healthcare professionals.

In 2024, Hamad Medical Corporation launched a pharmacogenomics initiative that embeds genetic testing into prescribing practices, enabling more effective drug therapy.

Smarter diagnostics and early detection

Early detection remains a cornerstone of precision medicine, aiming to identify disease long before symptoms emerge.

The UAE is pushing the frontier with AI-enhanced tools and screening programs like Detectiome, a multi-cancer test, capable of identifying tumors at their earliest stages. Saudi Arabia’s Food and Drug Authority has also approved an in vitro diagnostic test for early detection of Alzheimer’s disease - a 20-minute, non-invasive plasma biomarker assay hailed as a major step forward.

Radiology, too, is being transformed. “In radiological medicine, procedures that once relied on traditional CT scans to perform contrast tomography now use far lower doses of radiation,” says Staynings. “This produces a darker image that a radiologist can still interpret, but which can also be enhanced through AI technologies.”

The result, he explains, is sharper imaging that can detect subtle cellular changes — early indicators of tumor development invisible to the naked eye.

“That is a huge advantage, especially for fast-growing populations across the Muslim world, where the costs of managing millions of additional patients with chronic diseases could be enormous,” he adds. 

“If we can prevent those diseases from ever manifesting themselves, we can save national health systems billions of dollars.”

07 Nov 2025
Insight
OIC Economies
Will US tariffs prompt India to pivot to the GCC?

Indian businesses and exporters may steer a course towards GCC countries to circumvent steep US tariffs, according to analysts.  

US President Donald Trump signed an executive order in August, imposing an additional 25% tariff on imports from India, in addition to other duties, fees, taxes, exactions, and applicable charges.

The White House cited India’s continued purchase of Russian oil, as the rationale for the move, calling it a counter to Russia’s threat to US national security and foreign policy. Russia accounts for about 34% of India’s crude imports. 

Indian exports to the US fell 11.93% year-on-year in September, and a whopping 20.39% on the previous month, as the impact of the tariffs began to take shape. 

The steepest impact will fall on labour-intensive sectors where the US accounts for a large share of India’s exports - including carpets (58%), textiles and garments (35%), gems and jewellery (39%), and shrimp (32%), Ajay Srivastava, founder of the Global Trade Research Initiative, a Delhi-based think tank, tells Salaam Gateway. 

“These industries have thin margins and little room to absorb a 50% tariff shock.” 
The impact may drive Indian companies to veer towards other lucrative markets, including the GCC. 

“Several Indian firms, particularly in gems and jewellery and electronics assembly, are exploring a shift of production and processing bases to the UAE and other GCC countries to remain cost competitive. The region’s low-tariff access to key markets and strong logistics networks makes it an attractive fallback option,” adds Srivastava. 

“Sectors where production and finishing facilities can be quickly established are best positioned to reroute exports via the GCC.” 

Krishna Bhimavarapu, an economist at US-headquartered State Street investment Management adds that while there is a lot of uncertainty, there is a good chance for Indian firms to explore the GCC markets, especially given the positive trade dialogue that has been happening.

India has strong economic and diplomatic ties with the Gulf countries with bilateral trade worth $178.56 billion in FY2024-25. 

Indian exports to the UAE soared 24.33% year-on-year in September, rising from last year’s $2.8 billion to $3.5 billion last month. Exports to Saudi Arabia increased 14.2% last month, too, according to data released by the Indian ministry of commerce and industry.   

“Dubai and Abu Dhabi, already major re-export hubs, are emerging as natural staging points for Indian firms diversifying away from direct US shipments,” says Srivastava. 

The six-nation GCC hosts north of nine million Indian expatriates, making it an invigorating market for the Indian diaspora and products.  The influx of Indian businesses into the GCC has continued to gather momentum, with over 9,000 joining Dubai Chamber of Commerce during the first six months of the year.

Meanwhile, over 40 Indian companies have established regional headquarters in Saudi Arabia.

The UAE will also be home to Bharat Mart, a huge facility spread across 2.7 million square feet designed to provide new market opportunities to Indian manufacturers and exporters.

Trade alliances are in the ascendant, too - India signed a comprehensive economic partnership agreement (CEPA) with the UAE in May 2022, to reduce or eliminate tariffs on the vast majority of products. The Southeast Asian country has recenty concluded CEPA negotiations with the sultanate of Oman and is aiming to lock in a free trade agreement with Qatar by third quarter of next year to push bilateral trade to $30 billion by 2030.

Among reports of an imminent US-India trade deal, will such a pact, if realized, stall the influx of Indian companies looking to step up shop in the GCC? 

“I don't think so,” says Bhimavarapu. “Because there is also a trade dialogue with the GCC countries alongside with the US.”

24 Oct 2025
Insight
View all Insights

Reports
Building Payment Rails for 2 Billion People
06 May 2026

Global Islamic Fintech Report 2025/26
18 Feb 2026

Global Islamic Fintech Report 2024/25
11 Oct 2025

View all reports

Announcements
Alshaya Group marks 20 years in Egypt and announces the grand opening of its first offshoring global talent centre in the country

23 Apr 2026


The impacts of the Middle East conflict on Africa

06 Apr 2026


Women in the UAE complete GenAI courses at higher rates than men despite enrolment gap

08 Mar 2026


View all announcements

Subscribe to our newsletter

Get Islamic economy and Halal Industry updates in your inbox

By submitting this form you are acknowledging that you have read and agree to our privacy statement


Infographics
Islamic Finance
Top 10 Islamic fintech markets by size
29 Apr 2026

View all

Events & Courses
View all

Special Coverage

Top 30 Business Schools of the Islamic Economy 2026

View all

30 Notable Islamic Fintechs - 2026

View all

30 Notable Islamic Fintechs - 2025

View all

Global Islamic Fintech Report 2025/26

View all

15 Most Active VCs in the Islamic Digital Economy

View all

State of the Global Islamic Economy (SGIE) 2024/25 Report

View all

Global Islamic Fintech Report 2024/25

View all

Top 30 Digital Islamic Economy Startups 2024

View all

Top 30 OIC Halal Products Companies 2023

View all

Gaza Crisis

View all

Global Islamic Fintech Report 2023/24

View all

The State of the Global Islamic Economy 2023/24 Report

View all

Global Islamic Fintech Report 2022

View all

State of the Global Islamic Economy 2022

View all

Food Security

View all

Women in the Islamic Economy

View all

COVID-19 and the Global Islamic Economy

View all

E-book: Impacts of the COVID-19 outbreak on Islamic finance in OIC countries

View all

State of the Global Islamic Economy 2020/21

View all

Global Islamic Fintech Report 2021

View all
List Your Company

Create your company profile on Salaam Gateway to reach a global Islamic audience.

Create
Publish Your Announcement

Share your company's latest updates.

Submit
Share Your Event or Course

Reach thousands of Islamic economy businesses and professionals.

Add
Logo
Follow
  • Halal Industry
  • Islamic Finance
  • Islamic Lifestyle
  • OIC Economies
  • Market Reports
  • Events & Courses
  • News
  • Insights
  • Companies
  • Infographics
  • Announcements
  • Cookies Policy
  • Privacy Statement
  • Terms of Use
  • About us
  • Contact us

© 2026 Salaam Gateway