Try GOLD - Free

Traditional Markets: Where a Rich History Meets a Prosperous Present

Forbes Middle East - English

|

June 2024

The vibrant and bustling souks and markets of the Middle East have long attracted traders, shoppers, and visitors. With many of these community hubs still in existence today, the role of traditional markets in MENA's economies continues to be vital.

- Fouzia Azzab

Traditional Markets: Where a Rich History Meets a Prosperous Present

Traditional markets play a vital role in the cultural heritage of the Middle East and North Africa region. They have always been and continue to be places where people gather, share news, and find joy. Throughout history, these markets have transformed into vibrant shopping destinations and popular tourist attractions.

• The historical origins of traditional markets

In the past, traditional markets in the Arab world emerged as trading hubs where nomads and city dwellers could exchange goods. They were established in specific, well-known locations, and during particular occasions such as holidays or agricultural seasons, they drew both local residents and traders from far-off regions.

Some of these were permanent fixtures in certain markets, while others were seasonal, such as Souk Majanna (Majanna Market) and Souk Thul-Majaz (Thul-Majaz Market) in Saudi Arabia. Additionally, there were general markets attracting people from various regions throughout the year.

The most famous historical market in the region is Souk Okaz, the largest market for Arabs during pre-Islamic and Islamic times. Dating back to 501 AD, it is located north of Ta'if in Saudi Arabia. Souk Okaz was a renowned hub for trade, knowledge and thought exchange, literature, and diverse cultures of Arab tribes and visitors from across the Arabian Peninsula. Poets, orators, and writers attended, and market-goers engaged in sports such as equestrian events, running, and archery.

After a 13-century hiatus, the city of Ta'if revived Souq Okaz in 2007, transforming it into an annual event offering visitors and guests a rich cultural program. This includes lectures, seminars, and cultural, literary, poetic, and scientific evenings, featuring prominent Saudi and Arab intellectuals, writers, thought leaders, and poets.

image

MORE STORIES FROM Forbes Middle East - English

Forbes Middle East - English

Forbes Middle East - English

The 10 Richest Women In America 2025

For the first time in six years, the number of women on The Forbes 400 list has slipped.

time to read

2 mins

October 2025 ENGLISH

Forbes Middle East - English

Forbes Middle East - English

A DIVERSIFIED INTENTION

Sara Masmoudi, CEO of Kilani Group, has led one of Tunisia's most dynamic growth stories through a strategy anchored in acquisitions, partnerships, and diversification, while keeping healthcare and pharmaceuticals at its heart. Today, she is continuing the group's legacy into its next chapter with bold ambitions to expand deeper into Africa and the Middle East.

time to read

7 mins

October 2025 ENGLISH

Forbes Middle East - English

TOP HEALTHCARE LEADERS 2025

The Middle East healthcare industry continues to advance in its new era of transformation and integration, driven by digital health, local manufacturing, cross-border collaborations and the rapid rise of AI and robotics.

time to read

9 mins

October 2025 ENGLISH

Forbes Middle East - English

Forbes Middle East - English

Medical Breakthroughs of 2025

From novel treatments of lipid storage diseases, acute pain, and Hemophilia, to marketing authorizations of tests for the diagnosis of several conditions, here are some of the key medical breakthroughs of 2025, so far.

time to read

3 mins

October 2025 ENGLISH

Forbes Middle East - English

Forbes Middle East - English

Healthcare M&A Deals Driving Growth Across MENA in 2025

Healthcare M&A in the Middle East remained steady in H1 2025, with 20 deals, compared to 19 in the same period last year, according to PwC's 2025 TransAct Middle East Mid-Year Update. Here are some notable deals secured in 2025, so far.

time to read

2 mins

October 2025 ENGLISH

Forbes Middle East - English

Forbes Middle East - English

PEOPLE ON TOP

Under John Sunil's leadership, Burjeel Holdings has become a $1.9 billion healthcare powerhouse, treating millions and pioneering specialties from oncology to transplants. Now, the CEO is steering its next phase of growth with Saudi expansion, Al investments, and a bold push into new markets.

time to read

7 mins

October 2025 ENGLISH

Forbes Middle East - English

Forbes Middle East - English

TOP HEALTHCARE LEADERS 2025 - EXECUTIVES

Al Huqbani was appointed CEO of Health Holding Company in January 2023, following the Saudi Cabinet's decision in 2022 to transfer healthcare assets from the Ministry of Health to HHC and its subsidiaries, making it the largest health provider in Saudi Arabia.

time to read

4 mins

October 2025 ENGLISH

Forbes Middle East - English

Forbes Middle East - English

The 10 Youngest Billionaires On The 2025 Forbes 400 List

Four of the ten youngest members of this year's ranking made the list for the first time, including the youngest of all.

time to read

1 mins

October 2025 ENGLISH

Forbes Middle East - English

Forbes Middle East - English

Building Mental Health Systems

The GCC is building a modern mental health system-expanding access, embracing digital tools, and breaking stigma step by step.

time to read

2 mins

October 2025 ENGLISH

Forbes Middle East - English

Forbes Middle East - English

A LEGACY OF TRUST

Bassam Chahine, CEO of SMC Healthcare, has been with the Saudi firm since its founding over 25 years ago. He became CEO in 2024, led its IPO this year, and is now steering the group's next chapter with plans to open three hospitals by 2030.

time to read

6 mins

October 2025 ENGLISH

Listen

Translate

Share

-
+

Change font size