Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
500 Global and Sanabil Investments announce Batch 6 of the Sanabil 500 MENA Seed Accelerator Program
Nine companies will present live at Demo Day on December 5th, 2023 at Alwaseel Gem in Riyadh November 23, 2023, Riyadh: Multi-stage venture capital firm 500 Global and KSA-based financial investment company Sanabil announced the sixth batch of their MENA Seed Accelerator Program, aimed at helping up-and-coming companies scale up in the region. The final […]
Raha closes round of pre-Series A funding at USD 7 million, led by Soor Capital and eWTP Arabia Capital
Reaching its impressive funding milestone in July, the Group has now positioned itself as one of the region’s most ambitious logistics tech companies, with a key focus on automation and robotics Kuwait, _ November 2023: Raha, Kuwait’s fast-growing logistics tech company, recently announced the successful completion of its pre-Series A funding round. Led by Soor Capital […]
Swisslog to drive logistics innovation in Saudi Arabi, supporting Saudi Vision 2030
Riyadh, KSA, 22 November 2023: Swisslog, a global leader in intralogistics automation and robotics solutions, is strategically supporting the rapid adoption of warehouse automation in the Kingdom of Saudi Arabia. Advancing its position as a global player across diverse sectors, the Kingdom’s strategic shift towards a digitalized and automated future is gaining momentum. As part […]
Saudi Arabia’s TARSHID has launched guarantee energy-savings at facilities in the Kingdom through sustainability collaboration with regional Energy Management Services Company, Enova
• Collaboration has enabled over 90,000,000 kWh in total energy savings, and 68,000 MetricTons in CO2 reduction for several critical projects Riyadh, Kingdom of Saudi Arabia – 22 November 2023: Saudi Arabia’s National Energy Services Company, TARSHID, has launched energy savings guarantee projects across the public sector buildings, as part of a sustainability collaboration with Enova, a regional Company inintegrated energy and facilities management services. TARSHID, the driving force behind this transformative collaboration, has joined hands with Enova to audit and optimize the energy performance across multiple locations, two of which are, Saudi Standards, Metrology and Quality […]
Artificial Intelligence, Sustainability at Forefront as Industry Turns Attention to 2024
Vertiv trends forecast sees intense focus on AI enablement and energy management Dubai, UAE [November 22, 2023] – Intense, urgent demand for artificial intelligence (AI) capabilities – and the dueling pressure to reduce energy consumption, costs and greenhouse gas emissions – loom large over the data center industry heading into 2024. The proliferation of AI (as […]
AliExpress Records Growth in Saudi Arabia during 2023 11.11 and Continues the Excitement with Super Friday Sale
[Al Riyadh, KSA, 22 November 2023] – AliExpress, an international online retail marketplace under Alibaba International Digital Commerce Group, concluded its 2023 11.11 Global Shopping Festival last Saturday. In Saudi Arabia, sales in the first 6 hours of this year’s 11.11 exceeded the sales of the entire day of Nov 11th last year. The platform saw nearly threefolds of […]
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D360 Bank Launches Waitlist for New Digital Banking Experiences
Distinctive benefits for registered customers, an unlimited banking experience, and services that comply with the provisions of Sharia Riyadh, November 22, 2023: D360 Bank, one of the first Sharia-compliant digital banks in Saudi Arabia, has launched an exclusive waitlist for its customers. This waitlist serves as a gateway to a world of benefits including a new set […]
Spinneys Partners With Al-Hokair Group to Open Second Saudi Store in Riyadh’s KAFD
Riyadh, Saudi Arabia, November 21, 2023 – Following a landmark partnership deal between Spinneys Dubai and The Al-Hokair Group to establish the Spinneys brand in Saudi Arabia, a second Spinneys store is set to open in the country’s prime business and lifestyle destination, the King Abdullah Financial District (KAFD), Riyadh. The second Spinneys store in Riyadh […]
FedEx Delivered Over $80 Billion in Direct Impact to the Global Economy in FY 2023: Annual Economic Impact Report
FedEx contribution to net economic output across the Asia Pacific, Middle East, and Africa (AMEA) region grew in FY 2023 with a 19% increase in jobs supported by supply chain spending Dubai, UAE, November 21, 2023 – FedEx Corp. (NYSE:FDX) released its annual economic impact report, analyzing the company’s worldwide network and role in fueling innovation during […]
Zoho Strengthens Saudi Arabia Presence with 40% Growth, Launches New Solution for Accountants
Riyadh –Zoho, a leading global technology company, has recorded 40% revenue surge in 2022 in Saudi Arabia, while expanding its local partner network by 43%. The company launched Zoho Practice, an end-to-end practice management solution for accountants, and announced partnership with Telr, a leading regional payment gateway provider. These announcements were made on the sidelines […]
Embention and Eanan Forge a Strategic Alliance for UAE’s Unmanned Aircraft Growth under a Joint Venture with an initial investment of USD 5 million
This Joint Venture intends to manufacture a minimum of 3,000 Veronte Autopilots per annum. Dubai, UAE – November 21, 2023: In a significant milestone for technological innovation and sustainable air mobility growth in the UAE, Embention, a global leader in avionics with the highest aircraft mobility standards, and EANAN, a leading Dubai-based Urban Air Mobility company, […]
Jordan Ahli Bank chooses Fintech Galaxy platform for Open Banking readiness
Jordan Ahli Bank, a leading Jordanian institution with over 60 years of banking experience, has joined forces with Open Banking and financial innovation firm Fintech Galaxy to fully comply with Open Banking and Open Finance regulations. Leveraging Fintech Galaxy’s FINX platform, Jordan Ahli Bank will ensure the utmost security and protection for customer data, empowering […]
Forbes Middle East Presents The 2023 Class Of 30 Under 30
Featuring Al Walid El Hallani, Amira Sajwani, Wegz, The Saudi Reporters, Sofyan Amrabat, And Amro Maskoun Meet The Inspirational Leaders, Dreamers, Creatives, And Athletes Influencing MENA’s Future Dubai, November 19, 2023: Forbes Middle East has unveiled its highly anticipated sixth annual 30 Under 30 list, showcasing the region’s most exceptional young talent making waves across diverse […]
A Media Partnership between Technology Giant “Huawei Technologies” and SpicaMedia Intelligence
In order to display its product in the broadcasting quality control on sidelines of the World On Tuesday, at Abu Dhabi National Exhibition Centre, as part of the opening activities of the World Media Congress, that is organized by ADNEC Group in partnership with the Emirates News Agency from 14-16 November, a media partnership was […]
Samsung Recognized for Reinventing the Future by Consumer Technology Association
CES® 2024 Innovation Awards have recognized Samsung for products showcasing class-leading technologies Dubai, UAE – Nov. 16th, 2023 – Samsung Electronics Co., Ltd., a global leader in technology, today announced that its latest technologies have received multiple CES® 2024 Innovation Award honors across a variety of product categories. These awards mean that Samsung has now been further recognized by the Consumer Technology Association […]
Thales and Hassan Allam Construction sign a cooperation agreement developing Smart Digital Platform business in the MENA region
Today, at Milipol 2023, Hassan Allam Construction, a leading engineering and construction company in Egypt and the Mena Region, and Thales, a world leader in advanced technologies, signed a strategic partnership to deliver in the region cutting-edge digital platforms based on big data and AI that help make cities safer and smarter.The two companies plan […]
Saudi Fund for Development Signs Two Framework MoUs for Caribbean Infrastructure and Energy Projects
Riyadh, 15 November 2023 The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, signed today two developmental Framework Memorandum of Understandings (MoUs) with the governments of Saint Vincent and the Grenadines, and Saint Kitts and Nevis. The signing took place in Riyadh, Kingdom of Saudi Arabia, as a build-up to the Saudi […]
Google Cloud Expands Regional Presence with Opening of Dammam Cloud Region; Forecast to Boost Economy by USD 109 Billion by 2030
● New Dammam Google Cloud region strengthens the company’s presence in the Gulf Cooperation Council (GCC) countries, bringing the total number of live cloud regions to two in Saudi and Qatar, with plans to open a third in Kuwait. ● The Dammam cloud region is estimated to support the creation of 148,600 jobs in 2030 alone. Riyadh, Kingdom […]
Cultivating Collaboration: Mohammed Bin Salman Misk Foundation and eWTP Arabia Capital Join Forces for Saudi Youth
Riyadh, Saudi Arabia, Nov 15, 2023: Mohammed Bin Salman Foundation, also known as Misk Foundation, and growth-stage venture capital fund eWTP Arabia Capital announced a strategic partnership agreement aimed at fostering collaboration and mutual benefit. This partnership agreement heralds a commitment to further growth and innovation in the region, with a focus on youth’s growth opportunities, accelerator support, and […]
stc group discusses prospects of the digital revolution and cloud innovation at the Gartner Global Conference Conclusion
The conference presented various dialogue sessions on protecting digital assets and IT security Barcelona, 14 November: stc group, an engine of digital transformation, concluded its participation in the Gartner IT Symposium/XPO™ 2023, the world’s most important gathering for CIOs and IT executives, held in Barcelona. The conference witnessed a prominent presence of the group across three […]
“Bidaya Finance” signs a cooperation agreement with “Emkan Alarabiya”
Riyadh, Saudi Arabia] – November 14, 2023Bidaya Finance Company, the first digital platform in the field of financing individuals and companies, announced the signing of a memorandum of cooperation with “Emkan Alarabiya”, the leading company in the field of crowdfunding through a financial technology platform licensed by the Capital Market Authority. The memorandum aims to […]
Saudi Arabia’s Payments Revenue Pool Projected to hit $21.7 Billion by 2027, Despite Global Growth Rates Slowing Compared to Previous Years
• Global payment revenues are anticipated to grow by $2.2 Trillion by 2027 at a CAGR of 6.2%.• The total payments revenue for the KSA payments industry increased at an annual rate of 7.7%, reaching $12.8 Billion by the end of 2022 compared to 2017. Riyadh, November 13, 2023— The Kingdom of Saudi Arabia’s (KSA) […]