Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
STC Group Reports SAR 72.3 Billion Revenue and SAR 13.3 Billion Net Profit for 2023, Announces Q4 and Special Dividend Payouts
Riyadh, Kingdom of Saudi Arabia, 19 Feb 2024- stc today announced the annual consolidated financial results for the year ending at 31st December 2023: Commenting on these results, Eng. Olayan bin Mohammed Al Wataid, GCEO of stc Group, said: “The group’s strong performance during 2023 comes, thanks to God Almighty, as a clear outcome of implementing […]
Al-Futtaim Group appoints Moza Omar Al Futtaim as Chief AI Officer
Dubai, UAE, February 15, 2024 – Al-Futtaim Group, a leading diversified and progressive, privately held regional family business headquartered in Dubai, has appointed Moza Omar Al Futtaim as its Chief AI Officer, a role recently created to harness the enormous potential of artificial intelligence (AI) across its operations. Moza will play a pivotal role in ensuring […]
SAS trains Saudi Bankers on Building Intelligent Credit Risk Scorecards
Riyadh, KSA, 12 February 2024: SAS, the leader in analytics, has successfully hosted a “Credit Scorecard Development and Implementation” in-person class in Riyadh, highlighting the significance of cultivating a risk-aware culture in Saudi Arabia’s banking industry. The session was held on January 31st and February 1st, 2024, at the Hilton Riyadh Hotel & Residences. A thriving financial […]
Red Sea Global Secures Financial Close on SAR 2 Billion Debt Financing with Riyad Bank
Debt Finance is tied to JV with Kingdom Holding Company for the development of Four Seasons Resort at The Red Sea Riyadh, 7TH Feb 2024: Red Sea Global (RSG), the developer behind the regenerative tourism destinations The Red Sea and Amaala, has announced the successful completion of a SAR 2 billion ($533 million) financing agreement […]
Nissan reports third quarter results for fiscal year 2023
YOKOHAMA, Japan – Nissan Motor Co., Ltd. today announced financial results for the third quarter and nine months ended December 31, 2023. April-December financial highlightsFor the first nine months of the fiscal year, consolidated net revenue was 9.171 trillion yen, consolidated operating profit was 478.4 billion yen, and the operating profit margin was 5.2%. Net income1 for […]
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New Murabba Development Company showcases its vision for Riyadh’s urban development at PIF Private Sector Forum
Riyadh, Saudi Arabia – February 08, 2024 – New Murabba Development Company (NMDC) showcased its world-leading vision for urban development in the recent Public Investment Fund (PIF) Private Sector Forum, held on February 6-7, 2024, at the King Abdulaziz Conference Centre in Riyadh. NMDC’s participation highlights its ambition to forge strong partnerships with key stakeholders, both […]
FRONT END SIGNS EXCLUSIVE AGENCY WITH THE DRONE CENTRE DRIVING EFFICIENCY IN THE OIL & GAS SECTOR
This unique collaboration grants Front End the exclusive right to sell specialized payloads unavailable to other resellers. Riyadh, Saudi Arabia, 08 February, 2024 – Front End Limited Company, a Saudi-owned company that provides advanced products and solutions to the energy, mining, industrial, maritime and logistics sectors, announced the signing of an exclusive partnership agreement with The Drone […]
At PIF Private Sector Forum, Saudi Coffee Company Inks 9 Key Agreements, Promoting Sustainability and Private Sector Growth in the Coffee Industry
Riyadh, Kingdom of Saudi Arabia, February 8 2024: Saudi Coffee Company, a wholly-owned subsidiary of the Public Investment Fund, is set to take part in the upcoming PIF Private Sector Forum, underscoring its commitment to advancing the local coffee industry through the signing of nine agreements. The forum, serving as a meeting ground for private […]
IDC Predicts that ICT Spending in the Middle East, Türkiye, and Africa Will Top $238 Billion in 2024
DUBAI, United Arab Emirates–(BUSINESS WIRE)– ICT spending in the Middle East, Türkiye, and Africa (META) will top $238 billion this year, up 4.5% over 2023. And with the region’s digital economy increasingly taking shape, digital transformation spending will reach $59 billion in 2024 and accelerate at a five-year CAGR of 15% to $88 billion in […]
Dan Company Finalizes Its Involvement in PIF Private Sector Forum by Signing MOU with Abdulmohsen Bin Abdulaziz Aljabr Trading Company
The partnership will cover several areas of cooperation, including the management and operation of lodges and farm stays. The announcement comes during Dan Company’s participation at the second edition of the PIF Private Sector Forum, attended by more than 6,000 representatives from the private sector. RIYADH, Saudi Arabia, 8th February 2024: Dan Company, a wholly-owned subsidiary of the […]
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Gradiant’s H+E Wins Contract in Germany to Build Water Treatment Facility for One of the Largest Semiconductor Fabs
The contract award follows the European Chips Act’s passing in September to bolster competitiveness and resilience in semiconductors BOSTON–(BUSINESS WIRE/AETOSWire)– Gradiant, a global solutions provider for advanced water and wastewater treatment, today announced that its recently acquired subsidiary, H+E Group, has been awarded a new contract to design and build an ultrapure water (UPW) plant for one of the […]
“Zain KSA” listed among ‘Top 50 Saudi Brands’ in Social Responsibility
According to “Forbes Middle East” and “Saudi CSR” classification Zain KSA was ranked as one of the 50 most socially responsible brands in the Kingdom of Saudi Arabia. A list published by Forbes Middle East, in cooperation with the National Center for Responsibility and Studies (Saudi CSR), sheading the light on public entities, private companies, […]
MARSS wins multiple yacht contract awards in early 2024, valued at over $4million
In the wake of a successful 2023, marked by the completion of numerous major contracts, MARSS is happy to share a further contract win for the delivery of its comprehensive CUAS and surface surveillance system, NiDAR, to two prestigious yachts – a primary vessel and its support ship. MARSS’ NiDAR system protects assets and people, […]
Deloitte Hosts Egypt Tax Conference: Navigating the Evolving Tax Landscape
Cairo, Egypt, 6 February 2024 – Deloitte, the leading global professional services firm, hosted the Egypt Tax Conference, bringing together C-Suite, senior business executives and Deloitte Tax experts from across the Middle East. The conference served as a platform to share insights and foster discussions on the evolving tax environment in Egypt, the Middle East, […]
OQ8 UNVEILED: A MONUMENTAL GULF ALLIANCE FUELS THE REGIONAL ENERGY REVOLUTION
Oman- Duqm, 6th February 2024: 7th of February will mark the historic inauguration of OQ8, the largest investment of its kind between two Gulf countries represented by OQ – the global integrated energy group – and Kuwait Petroleum International. The world’s youngest refinery, standing as a testament to innovation, progress, and strategic cross-border partnership, is poised to revolutionize the […]
In Your 20s? Here are 5 Smart Tips for Engaging Finfluencers
By CFA Institute In an age dominated by social media connectivity, “finfluencers” wield considerable influence in shaping conversations about finances. As the region undergoes digital transformation, these voices play a crucial role for Generation Z (Gen Z), offering foundational investment concepts, cryptocurrency insights, promotional offers, and supplementing financial knowledge. Building on this landscape, recent research […]
MARSS Group’s NiDAR Technology to Elevate Combat Ship Defense in $20M Contract
MARSS Group secures a groundbreaking $20M contract to deploy its NiDAR defense systems on combat ships, marking a significant advancement in maritime security technology.
SVC celebrates with its partners Saudi Arabia’s achievement of 1st rank in VC funding across MENA
The Saudi Venture Capital Company (SVC) celebrated its 5th anniversary and the Kingdom’s achievement of 1st rank across MENA for the first time in terms of the amount of Venture Capital (VC) funding in 2023. The ceremony was held in the presence of SVC’s partners, including leadership of related government entities, investment fund managers, entrepreneurs, and […]
NEOM Opens New York Office As Base For Business Across The United States
New York, United States, February 6, 2024 – NEOM, the sustainable regional development taking shape in northwest Saudi Arabia, has opened its first U.S. office in New York City, one of the world’s foremost financial centers, which will serve as a base for NEOM’s business across the United States. NEOM’s latest international office at 50 Hudson […]
MENA witnesses 48 IPOs raising US$10.7 billion in 2023
Dubai, UAE – 5 February 2024: According to the EY MENA IPO Eye Q4 2023 report, MENA markets saw 48 initial public offerings (IPOs) in 2023, raising US$10.7b in total. Five listings, mainly in the energy and logistics sectors, contributed 58% towards the total IPO proceeds raised. During Q4 2023, 19 IPOs raised US$4.9b in proceeds. ADES […]
ACCIONA LEADS A PROJECT FOR THE EXTRACTION OF HIGH-VALUE ELEMENTS FROM SEAWATER BRINE
CIRCULAR SOLUTIONThe MINERALS project sets out to develop technologies for the selective extraction of high-value elements contained in the brine that arises from the desalination process, aligning the process with the principles of the circular economy. RIYADH, FEBRUARY 1st, 2024. As part of its commitment to sustainability and innovation, ACCIONA has launched the MINERALS project […]
SingleView awarded as “The Most Innovative Open Banking Solution Provider in Saudi Arabia” in 2023
SingleView, the pioneering fintech company based in Saudi Arabia, was honored as “The Most Innovative Open Banking Solution Provider in Saudi Arabia” at the 11th International Finance Ceremony held last Thursday in Dubai, UAE. This prestigious award acknowledges SingleView’s distinctive efforts in delivering Financial Technology solutions across various sectors, with a primary focus on Open […]