Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Saudi Arabia is the top country in MENA for venture capital investment during the first half of 2023
Riyadh, Saudi Arabia – 18 July 2023: The “H1 2023 Saudi Arabia Venture Capital Report” revealed that Saudi Arabia was the most funded country in the MENA region in terms of the amount of VC funding in H1 2023, which witnessed a total VC deployment of $446M (SAR 1.67 billion). According to the report published […]
Decoding Consumer Behavior through AI: Zero Gravity Technology’s Innovative Leap with AED 15 Million Investment
Tariq Al Hosani, Chief Executive Officer of Zero Gravity Group Conpanies, recently announced the UAE-based company’s firm commitment to catalyzing growth and innovation through significant investments in artificial intelligence. Al Hosani revealed that Zero Gravity has dedicated AED 15 million towards the creation and refinement of AI technologies. This endeavor, in collaboration with the nation’s […]
Fahad Aldeweesh Appointed Citi Saudi Arabia CEO
Al Riyadh – Kingdom of Saudi Arabia, 17 July 2023 – Citi today announced the appointment of Fahad Aldeweesh as Citi Saudi Arabia (CSA) Chief Executive Officer. As CEO of Citi Saudi Arabia, Fahad will oversee all businesses and operations in the local legal entity. He will be responsible for Citi’s business and governance in Saudi Arabia […]
The End Plastic Waste Innovation Platform Expands To Riyadh
Over 150 startups accelerated, over US$185 million in capital invested and deployed into the startups and over 220 commercial pilots in progress. Riyadh 17th July 2023 – Global non-profit organization, Alliance to End Plastic Waste (Alliance), and early-stage startup accelerator, Plug and Play, announced today the exciting expansion of their 8th End Plastic Waste Innovation Platform partnership with […]
More than 100 businesses applied to participate with more to come as submissions window closes on 30th September
SKEA on course to organizing orientation seminars and workshops in its 21st cycle Since the announcement of the 21st cycle of Sheikh Khalifa Excellence Award, SKEA office, an initiative by the Abu Dhabi Chamber, has organized 15 orientation seminars to introduce participants about the award while explaining the General framework of SKEA and the role it plays […]
Mastercard and Nirvana Travel and Tourism partner to provide innovative payment solutions and customize online travel bookings
16 July 2023: Mastercard and Nirvana Travel and Tourism – one of the UAE’s leading travel and tourism management company – have joined forces in an exclusive collaboration aimed at providing a unique payment solution to customers who book travel services in the UAE, Saudi Arabia, Egypt and Jordan. This is a game-changing collaboration that will […]
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GoDaddy Shares its Guide on How Saudi Business Owners Can Thrive in Summer Season
Jeddah: GoDaddy Inc. (NYSE: GDDY), the company that helps entrepreneurs thrive, has introduced its guide on how businesses and entrepreneurs can boost their sales and expand their business, as the weather warms up and people plan their vacations, to seize this profitable opportunity. This comes in line with GoDaddy’s endeavors to help small businesses in […]
ENGIE and PIF sign MoU to jointly develop Hydrogen projects in Saudi Arabia
ENGIE, the leading provider of low-carbon energy services and solutions for integrated utilities management, has signed a memorandum of understanding (MoU) with the Public Investment Fund (PIF) for the joint development of green hydrogen projects and its derivatives in Saudi Arabia, exploring opportunities that contribute to enhancing the energy transition within the objectives of the […]
SFD funds a project to deliver electricity in Rwanda
The project is estimated at USD 20 million. Kigali, July 11.2023 The Saudi Fund for Development (SFD), represented by its CEO, Mr. Sultan bin Abdulrahman Al-Marshad, signed today in Rwanda’s capital, Kigali, with the Minister of Finance and Economic Planning, Dr. Uzziel Ndagijimana an agreement for a concessional development loan of $20 million to finance the electricity delivery […]
SAS Viya outperforms competitors and lowers operational costs, study says
Dubai, UAE, 11 July 2023: A new benchmarking study reveals the SAS® Viya® AI and analytics platform is, on average, 30 times faster than commercial and open-source alternatives and scales better with larger and complex data. The analysis from The Futurum Group compared SAS Viya to a commercial, cloud-based data and AI platform, and open source alternatives like […]
TIM HORTONS MIDDLE EAST, JOINS FORCES WITH SAUDI ARABIA’S LEADING ENGLISH PODCAST, THE MO SHOW.
Riyad, Saudi Arabia – Tim Hortons Middle East, the iconic Canadian coffee chain, is excited to announce a strategic partnership with The Mo Show, Saudi Arabia’s leading English podcast. Under this agreement, Tim Hortons will become the official sponsor of The Mo Show Podcast for the upcoming year, marking an exciting collaboration between two like-minded and […]
82% of Saudi Arabia Employees Believe the Rewards of Generative AI Outweigh the Risks
Riyadh — A new wave of generative artificial intelligence (GenAI) tools, such as GPT-4and DALL-E, is transforming businesses at an unprecedented pace. Employees in Saudi Arabia are optimistic about how AI—and generative AI, in particular—will affect their work, as revealed by new research from Boston Consulting Group (BCG) with a survey that aims to understand […]
center3 announces expansion of Khurais Riyadh data center to drive growth and innovation in the region
Riyadh, Saudi Arabia, 6 July 2023 – center3, the leading digital hub and hosting and data services provider in the MENA region and an stc Group subsidiary, has completed a 9.6MW expansion of its hyper scaler-grade data center Khurais in Riyadh. The addition enhances center3’s hosting capacity for customers and accelerates the development of the MENA […]
EY MENA expands consulting services with addition of The Collective
Dubai, UAE – 5 July 2023: EY MENA announces the addition of The Collective, the region’s largest independent digital agency, to its Consulting practice. Over 130 digital specialists from the agency will join EY MENA to bolster the design, technology, and marketing capabilities of the service line. The Collective, which includes Traffic Digital and Greenlight […]
Huawei’s Rotating Chairwoman and CFO at MWCS 2023: Embracing 5G transformation
[Shanghai, China, July 4, 2023] At Mobile World Congress Shanghai 2023, Sabrina Meng, Huawei’s Rotating Chairwoman and CFO, gave a keynote titled “Embracing 5G transformation”. Meng pointed out that 5G has been in commercial use around the world for four years now, driving new value creation. She stated that 5.5G is the next step forward for […]
GMG to bring JD Sports, the world’s leading retailer of sports fashion to the Middle East
Under the agreement, GMG will open around 50 stores under the JD fascia by 2028, with a focus on locations in the United Arab Emirates, the Kingdom of Saudi Arabia, Kuwait and Egypt 3 July 2023 – GMG, a global well-being company operating leading brands across sport, everyday goods, health and beauty, properties, and logistics sectors, […]
Game on: Why we’re expanding our support of esports with VALORANT
By: Raja Rajamannar, chief marketing and communications officer, Mastercard Gaming has evolved into a global phenomenon. Yes, its revenues are now bigger than the movie and music industries combined, and competitive gaming — esports — has morphed into a full-fledged global spectacle that rivals, and even dwarfs, many traditional sports. The passion for esports is undeniable, transcending age, […]
NOMU Group Raises $5 Million in Seed Round Funding to Transform MENA’s Food-Tech Supply Chain
Riyadh, Kingdom of Saudi Arabia, June 2023: NOMU, the innovative food-tech supply chain platform set to revolutionise the food and beverage industry in the MENA region, has announced the successful closure of its first round of financing after the merger and establishment of Nomu Group. The seed round raised $5 million from leading investors, including DIV […]
TPAY Announces Işık Uman as Group Chief Executive Officer
4 of July 2023 – UAE: TPAY, the leader in payments in the Middle East, Africa, and Turkey (META), has named Işık Uman as its new Group CEO, effective 1st of July 2023. Işık Uman, who has been acting Chief Product Officer as well as Chief Marketing Officer for the last year, will succeed current CEO Gaston […]
ENGIE Achieves Safety Milestone of 15 Million Man-Hours Without Lost-Time Accident at Yanbu 4
ENGIE, the global low-carbon energy company, announced today achieving a significant safety milestone of fifteen million working hours without any Lost-Time Accident (LTA) at the Yanbu 4 Independent Water Project (IWP), a 450,000m3/day desalination asset and the first reverse osmosis plant powered using solar energy in Saudi Arabia. This milestone demonstrates ENGIE’s laser-like focus on […]
Michael Hasbani appointed EY MENA Markets Leader
Dubai, UAE – 3 July 2023: EY announces the appointment of Michael Hasbani as Markets Leader across the Middle East & North Africa (MENA) region, effective 1 July 2023. Michael will oversee the firm’s growth strategy and ensure that EY continues to play a leading role in the region’s transformation journey. Abdulaziz Al-Sowailim, MENA Chairman […]
Standard Bank and HUAWEI Mobile Services Collaborate to Empower Digital Banking Solutions for Clients in South Africa
3rd July, Dubai UAE: Standard Bank, a leading financial institution in South Africa, has embarked on a strategic collaboration with HUAWEI Mobile Services (HMS) to provide cutting-edge digital banking solutions to its clients in South Africa. Belinda Rathogwa, Executive Head: Digital and eCommerce for Personal and Private Banking at Standard Bank South Africa, shared valuable insights […]