Dubai is set to transform several residential and commercial areas into pedestrian-only zones as part of the new ‘Super Block’ initiative. This project is aimed at enhancing the city’s pedestrian-friendly environment, fostering social interaction, and promoting sustainable mobility, in line with the Dubai 2040 Urban Master Plan. The goal is to reduce carbon emissions, increase green spaces, and improve quality of life.

Key Areas To Benefit

The initial focus will be on areas like Al Fahidi, Abu Hail, Al Karama, and Al Quoz Creative Zone. These areas will become car-free, encouraging a more pedestrian-friendly atmosphere. The project was approved by the Dubai Executive Council, chaired by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.

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Supporting Dubai’s Vision

Sheikh Hamdan emphasized that this initiative aligns with Dubai’s broader development goals, which include making the city more sustainable and digitally innovative. As part of the Year of Community 2025, the project seeks to enhance social cohesion and contribute to the Dubai Social Agenda 33, backed by a budget of Dh208 billion.

Digital And Urban Transformation

The ‘Super Block’ initiative is part of a broader vision to integrate digital services and sustainable urban development. The Unified Digital Platform Initiative was also approved to streamline government services under a single platform, enhancing the digital experience for residents and businesses. Dubai aims to position itself as one of the top global cities for digital services by 2027, with full coverage and high customer satisfaction.

Other Initiatives

Other approved initiatives include the Community Development Fund Policy, which supports social programs, and the Strata Registration initiative, designed to enhance homeownership opportunities for UAE citizens by allowing property subdivisions and independent title deeds for each unit.

Through these efforts, Dubai continues to innovate and implement forward-thinking solutions, creating a resilient, inclusive, and sustainable society.

Investments in Greece grew by 2.2% annually from January to September 2024, as reported by Alpha Bank’s economic bulletin. This increase is moderate compared to the 2025 budget estimate of 6.7% growth for the entire year.

Despite the moderate increase in 2024, investments have consistently contributed positively to Greece’s GDP in recent years, now accounting for approximately 15% of GDP (since the end of 2023). This is notably lower than the average 22% of GDP in the eurozone.

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The bank’s economists estimate that the government’s forecasted 8.4% increase in investments in 2025 could push the share of investments to 17.5% of GDP, narrowing the “investment gap” compared to the eurozone forecast of 20.8%.

Key Numbers:

• Annual investment growth (January-September 2024): 2.2%.
• Investments as a percentage of GDP: 15% in Greece, compared to 22% in the eurozone.
• Projected public investments (2025-2028): €64.2 billion.
• Foreign direct investment: Exceeds €5 billion annually on average in the last five years.

Key Sectors:

• Industry: Investments in the industry have been growing continuously since 2018, reaching €5.4 billion in 2023.
• Public Administration & Defense: Exceeded €5.3 billion in 2023.
• Real Estate: Investments reached €5 billion in 2023.

More than half of total investments are concentrated in these three sectors, while sectors such as Transport & Storage, Education, and Professional Services have seen a decline.

Significant changes have occurred in the composition of investments since the pre-crisis period, when housing represented over 40% of total investments and approximately 10% of GDP. In 2024, it is estimated that housing will represent 14.3% of total investments and 2.3% of GDP.

Public investments are expected to play a crucial role in the medium term, with €64.2 billion projected for the 2025-2028 period. This includes investments from the EU and the Recovery Fund, with €9.8 billion expected from the Recovery Fund in 2025 and €11.6 billion in 2026. Recovery Fund grants are expected to end by mid-2026, although loan disbursements will continue until 2027-2028.

Foreign direct investment has shown promising growth in recent years, with an average of over €5 billion per year (excluding 2020). A recent survey revealed that 50% of respondents plan to expand or develop activities in Greece in the coming year, compared to 30% in 2019.

Greece was ranked 19th among the most attractive EU countries for foreign investment in 2024. This ranking highlights the intensifying competition and underscores the need for further improvements to the country’s investment environment.

The year 2025 has started with a record-breaking January, marking the warmest January on record, continuing the trend of extreme global temperatures despite the shift to the cooler La Niña weather pattern.

Key Facts

• January 2025 continued the pattern of unusually high global temperatures, with the average temperature being over 1.5°C higher than pre-industrial levels in 18 of the last 19 months, according to the EU’s Copernicus Climate Change Service (C3S).
• The global temperature for January was 1.75°C higher than pre-industrial levels.
• This warm streak continues even as the world shifts from the previous warming El Niño phase, which contributed to making 2024 the hottest year on record, to the cooling La Niña phase. La Niña is characterized by the cooling of equatorial Pacific waters, typically limiting the global temperature rise.

Important Quote

“The fact that we are still seeing record temperatures outside the influence of El Niño is a bit surprising,” said Samantha Burgess, strategy manager at the European Centre for Medium-Range Weather Forecasts.

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Key Story

El Niño peaked more than a year ago, and Copernicus estimates that La Niña has not yet fully developed, placing the world in a neutral state between the two phases.

Despite La Niña’s cooling effect, Burgess notes that it might not be enough to temporarily curb global temperatures. Other factors contributing to the heat include extreme temperatures in other ocean basins and, most importantly, the ongoing greenhouse gas emissions, which are the primary driver of global warming.

“The biggest factor contributing to climate warming is the burning of fossil fuels,” says Burgess.

Scientists from Berkeley Earth have projected that 2025 is likely to be the third warmest year on record, following 2024 and 2023. Although La Niña may cause some cooling, uncertainty remains about how it will develop.

Globally, average sea surface temperatures for January 2025 were the second highest ever recorded for the month, only slightly surpassed by January 2024.

Amazon is making an aggressive push into artificial intelligence, planning to ramp up its capital spending to $100 billion next year as it races to keep up with rivals in the AI boom. The massive investment will largely go toward expanding data centers, networking infrastructure, and AI-driven hardware to support the growing demand for generative AI services.

AI Arms Race: Amazon Vs. Big Tech

The planned $100 billion spend surpasses Amazon’s $83 billion investment in 2023 and aligns with CEO Andy Jassy’s previous forecast that AI growth would drive a sharp increase in capital expenditures. Amazon has already launched a suite of AI products, including its Nova model series, Trainium chips, and Bedrock marketplace for third-party AI models.

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“In the fourth quarter, we spent $26.3 billion on capital expenditures, and I think that’s a reasonable benchmark for 2025,” Jassy told investors during the company’s latest earnings call. “The majority of that spending is going toward AI investments for Amazon Web Services (AWS).”

AI Spending War: The Competition Heats Up

Amazon’s spending spree puts it in direct competition with Alphabet, Microsoft, and Meta, which are also pouring billions into AI infrastructure:

• Alphabet expects to invest $75 billion in AI development this year.
• Microsoft plans to spend $80 billion in fiscal 2025 to expand its AI cloud capabilities.
• Meta is allocating up to $65 billion for data centers and AI computing power.

Investor Concerns & Market Reactions

Despite Amazon’s ambitious AI push, the company’s latest earnings report disappointed investors, with weaker-than-expected sales projections sending shares down more than 4% in after-hours trading.

Jassy, however, remains confident, calling AI a “once-in-a-lifetime business opportunity.” He reassured investors that these high upfront costs would translate into long-term value, not just for Amazon’s AI efforts but also for improving its retail logistics and customer experience.

Rising Competition & Market Disruptions

Amazon’s spending strategy comes amid growing scrutiny of AI investments, especially after Chinese startup DeepSeek shook the market by developing a competitive AI model in just two months for under $6 million. The news sent shockwaves through the industry, wiping out $800 billion in market value from chip giants like Nvidia and Broadcom.

With AI development accelerating at a breakneck pace, Amazon and its competitors are betting that their massive investments will secure a dominant position in the future of AI. Whether investors will remain patient as costs soar is another question entirely.

Françoise Bettencourt Meyers, the heiress to L’Oréal and Europe’s richest woman, is stepping down from the company’s board after nearly three decades. She will pass the vice-chairmanship to her son, Jean-Victor Meyers, while Alexandre Benais, deputy CEO of Téthys Invest, will take her seat on the board. The changes, announced alongside L’Oréal’s fourth-quarter earnings report, will take effect following a shareholder vote in April.

A Legacy at L’Oréal

Bettencourt Meyers, 71, has been a board member since 1997 and vice-chair since 2020. As the granddaughter of L’Oréal’s founder, she inherited a 35% stake in the company in 2017, following the passing of her mother, Liliane Bettencourt—once the world’s richest woman.

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Beyond business, she is an author and philanthropist, known for her five-volume study of the Bible and a genealogy of Greek gods. She also leads her family’s foundation, which funds advancements in science and the arts.

A Fortune Built On Beauty

Bettencourt Meyers ranks as the world’s second-richest woman, with a net worth of $76.1 billion, trailing only Alice Walton of Walmart.

Her family has played a pivotal role in France’s cultural heritage, notably donating $226 million to restore Notre Dame Cathedral after its devastating 2019 fire.

As she steps back, the next generation is set to take over—a dynasty in transition, but still firmly in control of one of the world’s most powerful beauty empires.

Pinterest shares surged up to 20% after the company delivered stronger-than-expected fourth-quarter earnings, showcasing impressive revenue growth and a surge in user engagement.

Beating Wall Street’s Expectations

The social media platform reported Q4 revenue of $1.15 billion, edging past analysts’ forecasts of $1.14 billion. Adjusted EBITDA came in at $470.9 million, surpassing the $444.8 million expected. Meanwhile, Pinterest recorded a $1.6 billion deferred tax benefit, bringing net income for the quarter to $1.85 billion.

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The company’s adjusted EBITDA margin hit 41%, exceeding Wall Street’s 39% projection, reflecting improved profitability. Looking ahead, Pinterest forecasts Q1 revenue between $837 million and $852 million, with the midpoint above analysts’ expectations of $833 million.

User Growth And Engagement On The Rise

Pinterest’s global monthly active users (MAUs) grew 11% year over year to 553 million, exceeding Wall Street’s estimate of 547.4 million. That represents a nearly 3% increase from the previous quarter’s 537 million. The platform’s global average revenue per user (ARPU) reached $2.12, slightly ahead of projections at $2.09.

CEO Bill Ready attributed the strong performance to the company’s evolving strategy. “People are coming to Pinterest more often, the platform has never been more actionable, and our lower funnel focus is driving results for users and advertisers,” he said.

Social Media Stocks On The Rise

Pinterest’s rally follows a broader trend in the social media sector. Snap shares jumped earlier this week after posting strong Q4 earnings, while Meta also beat expectations on both revenue and profit. Meanwhile, Reddit is set to report its earnings next Wednesday, adding to the sector’s earnings momentum.

With its robust growth in both revenue and user engagement, Pinterest is proving its ability to drive meaningful results—both for its users and its investors.

Inflation in Cyprus stood at 2.5% in January, down marginally from 2.6% in December, according to the Cyprus Statistical Service (Cystat). The Consumer Price Index (CPI) dropped by 1.58 points to 116.73, reflecting a slowdown in price growth.

Agricultural Goods saw the most volatility, rising 10% year-on-year but declining 6.1% from December. Food and Non-Alcoholic Beverages increased by 4.8% annually, while Restaurants and Hotels rose by 4.1%. Clothing and Footwear recorded the steepest monthly drop, falling 13%.

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The biggest contributors to annual inflation were Food and Non-Alcoholic Beverages (+1.07) and Transport (+0.56), while Clothing and Footwear (-0.18) exerted downward pressure. Month-on-month, Clothing and Footwear (-1.00) had the most significant deflationary effect.

Catering Services (+0.48), Fresh Vegetables (+0.36), and Meat (+0.24) were key drivers of price increases, while Clothing Items (-0.81) pulled inflation down. Petroleum Products had the largest positive monthly impact (+0.15), while Clothing Items saw the biggest decline (-0.71).

Pissouri, a picturesque Cypriot village, has been named one of the world’s best tourist villages by the United Nations World Tourism Organization (UNWTO). The honor, which it shares with Kalopanayiotis, highlights its commitment to sustainable tourism, cultural heritage, and the promotion of local traditions.

The distinction places Pissouri among an elite network of rural destinations celebrated for their exceptional visitor experiences. With support from the Limassol Tourism Development and Promotion Company (ETAP), the village has gained global recognition as a model for responsible tourism.

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To mark the achievement, a special ceremony will be held on 15 February, featuring guided tours, traditional music, dance performances, and local delicacies in Pissouri Square—a fitting tribute to the village’s rich heritage and charm.

Cyprus continues to show economic resilience, with strong fiscal policies and key industries driving growth. Speaking at the Cyprus Shipping Chamber (CSC), Central Bank Governor Christodoulos Patsalides highlighted a sharp decline in public debt and a positive GDP outlook.

Public debt fell from 114% of GDP in 2020 to 74% in 2023, with a target of below 50% by 2028. The CBC forecasts 3.7% growth for 2024, well above the Eurozone’s 0.7%, driven by technology, trade, tourism, financial services, shipping, and construction. Annual GDP growth is expected to remain around 3% through 2027, supported by rising domestic demand and infrastructure investments under the Recovery and Resilience Plan.

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Shipping, Employment, And Inflation

Despite global challenges, Cyprus’ shipping sector remains strong, ranking third in service exports at 17.2%. Unemployment fell to 5% in 2024, with a projected drop to 4.6% by 2027, outperforming the Eurozone’s 6.1%. Inflation eased to 2.2% in late 2024, with forecasts stabilizing near 2% through 2027.

Banking Sector: Progress With Challenges

Cyprus’ banking sector has strengthened, with the non-performing loan (NPL) ratio dropping from 7.9% in December 2023 to 6.5% in September 2024. However, the country still lags behind the EU average of 1.9%. Patsalides urged weaker banks to accelerate improvements.

With sound fiscal policies, a stable banking system, and ongoing investment, Cyprus is well-positioned for sustained growth despite global uncertainties. “We are strategically prepared for the challenges ahead,” Patsalides concluded.

The UAE’s flourishing asset management sector, bolstered by rising investor interest, regulatory advancements, and a surge in Family Offices and Ultra High Net Worth Individuals (UHNWIs), is driving demand for banking and finance talent.

Roles in fundraising and institutional sales are particularly sought after, with professionals in these fields highly valued for their regional networks and industry expertise, according to Michael Page’s UAE 2025 Salary Guides. The comprehensive report, which includes insights from 17 industries, offers an overview of current hiring trends, salary benchmarks, and the recruitment challenges businesses face.

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Banking And Finance In High Demand

The report highlights a significant need for compliance professionals, especially those with experience in Dubai Financial Services Authority (DFSA) and Financial Services Regulatory Authority (FSRA) regulations. Chief Compliance Officers and Money Laundering Reporting Officers (MLROs) are among the most lucrative roles in the sector. Jon Ede, Regional Director UAE at Michael Page, pointed out that in 2024, the UAE’s workforce grew by 9%, and the number of new companies increased by 14.5%, showing the success of the nation’s strategic initiatives.

Sales, Marketing, And IT Growth

The sales and marketing sector has seen steady growth, especially in B2B industries like technology, real estate, energy, and logistics. Roles such as Business Development Manager, Chief Commercial Officer, and Strategic Sales Director are in demand, with a premium placed on business development, key account management, and communication skills.

The IT sector, meanwhile, continues to evolve rapidly, with high demand for positions like Head of Software Development, Full-Stack Software Engineer, Agile Product Manager, Senior DevOps Engineer, and Digital Adoption Specialist. The report underscores the significant shift in the UAE talent market for digital professionals in recent years.

Navigating The Skills Shortage

The study also highlights the growing skills shortage, with businesses grappling to find candidates with the right expertise. A staggering 37% of business leaders reported challenges in finding skilled talent, while nearly a third (30%) struggled with employee retention. Nearly half (48%) of employers also cited aligning salary expectations with candidates as a key obstacle.

Ede suggests that businesses can overcome these challenges by offering competitive packages that include benefits, career development opportunities, and workplace incentives, positioning themselves as attractive employers in the competitive UAE job market.