AB Espresso: Inside Kamala Harris ’s economic plan for working America

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In today’s newsletter:

UAE real estate: Taraf and Marriott announce plans for first W Hotels branded residences in Abu DhabiThe ‘opportunity economy’: Inside Kamala Harris’s economic plan for working AmericaNBA legend Derek Fisher on Saudi Arabia expansion: ‘There’s no reason why we shouldn’t’Saudi Arabia: Women’s fashion projected to become $53bn market by 2030Deep dive: Is the rise of influencers the death of marketing?

Discover the latest stories from Arabian Business, compiled by our editorial team. Here's what you missed on Wednesday:

Taraf, the real estate arm of UAE-based Yas Holding, and Marriott International have announced plans for W Residences Abu Dhabi. The project marks the first W Hotels branded residences in Abu Dhabi. The development will be situated on Al Maryah Island, Abu Dhabi’s financial centre and a hub for luxury retail and dining.

In other major developments, Kamala Harris touted an economic plan during Tuesday night’s US presidential debate against former president Donald Trump which she called the “opportunity economy.” As the US grapples with persistent economic concerns, Harris’s plan aims to address the needs of working and middle-class families. Here’s what we know so far.

Meanwhile, former NBA star and current executive Derek Fisher sees value in the league’s potential expansion into Saudi Arabia, he told Arabian Business, ahead of the 2024 NBA Abu Dhabi games which are set to take place next month. Fisher, making his first trip to the UAE in October, spoke candidly about the NBA’s global growth strategy in an interview.

Aside from this, women’s fashion wear is taking Saudi Arabia by storm, emerging as the fastest-growing retail segment in the last five years, capturing a quarter of the entire retail market in the country, according to the latest market research. The Kingdom’s fashion industry is predicted to evolve into a whopping over $53 billion (SAR 200 billion) market by 2030, with D2C (direct-to-consumer) brands emerging as a significant pillar for future growth.

In other news, traditional brand marketing is facing unprecedented disruption as budgets increasingly head towards the burgeoning influencer economy, with companies looking to adopt a more authentic voice through their communications channels. This transition poses challenges for marketing agencies as social media influencers, once viewed as a fleeting trend, capitalise on attracting the eyes of audiences exhausted by traditional advertising. To prevent being made obsolete, marketing and PR firms must evolve alongside these changes or risk getting left behind.