Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
stc’s revenues for Q3 and 9 months period of 2022 as compared to the comparable quarter and same period of last year increased by 4.66% & 6.48% (respectively), and it distributes SAR 0.40 per share dividends for the 3rd quarter.
Riyadh, Kingdom of Saudi Arabia, 27 October 2022 – stc today announced the company’s preliminary financial results for the period ending at 30 September 2022: Revenues for the 3rd quarter reached SAR 16,468m with an increase of 4.66% as compared to the comparable quarter last year. For the 9 months period of 2022, the revenues reached […]
7 MENA IPOs raise US$1.5 billion in Q3 2022
Year-to-date has seen a 288% increase in IPO volume and 550% increase in value when compared to the same period in 2021 Saudi Arabia dominated listing activity with five IPOs during Q3 2022 UAE registered the largest IPO in Q3 2022 with Salik Company PJSC raising over US$1 billion Riyadh, Kingdom of Saudi Arabia – 26 […]
His Royal Highness the Crown Prince Announces that PIF will Establish Five Regional Investment Companies
Following the launch of the Saudi Egyptian Investment Company The six companies will target investments worth up to SAR 90 billion (USD 24 billion) in the Kingdom of Bahrain, the Republic of Iraq, the Hashemite Kingdom of Jordan, the Sultanate of Oman, and the Republic of Sudan, in addition to the Arab Republic of Egypt […]
Saudi Arabia updates the rules and procedures pertaining to absenteeism from work in the private sector
Riyadh, Saudi Arabia, 26 October 2022: The Saudi Ministry of Human Resources and Social Development (HRSD) has announced updates to the rules and procedures related to employees’ absence from work in private sector establishments. This new update includes the cancellation of reporting expats’ absenteeism from work; replacing it with an enhanced mechanism that aims to […]
stc and STV deepen their partnership with an additional $300m investment by stc to accelerate the growth of digital champions in the Middle East
Riyadh, Saudi Arabia, 26 October 2022 – Saudi Telecom Company (stc), the largest telecom operator in MENA, announced during the sixth Future Investment Initiative (FII) that it has committed an additional $300m on top of its original $500m to STV, the largest independent technology investment firm in the Middle East and North Africa (MENA). The investment […]
On the Sidelines of The Celebrations of 50th Anniversary of UAE-Egypt Ties… Investopia Launches its New Economies Talks in Egypt
H.E Abdulla Bin Touq Al Marri: Investopia’s global talks in Egypt come in line with its mandate to bridge the investment world through knowledge exchange, development of ideas about new economies. Cheick-Oumar Sylla: IFC is pleased to welcome to Cairo private sector leaders from the United Arab Emirates to learn of Egypt’s many business opportunities. Cairo, […]
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Almarai is the world’s seventh-largest dairy brand
Brand Finance, a global specialist in evaluating brands, ranked Almarai Company as the seventh among dairy companies in terms of brand value. The Almarai brand was estimated at $2.7 billion in the annual update of the Brand Finance World Brands Report 2022. The market value of Almarai Company is 56 billion riyals in the Saudi […]
Like Digital & Partners and Commercetools join forces at Seamless Saudi Arabia 2022
Dubai, UAE: Like Digital & Partners, the award-winning agency with offices in Dubai, London and soon Riyadh, will join commercetools and participate in Seamless Saudi Arabia 2022 from 2-3 November at the International Convention & Exhibition Centre, Riyadh. Announcing their partnership last month, commercetools is a leader in headless commerce and an industry-leading eCommerce software provider, […]
YOUGotaGift Partners with Tabby to Offer Buy Now, Pay Later Plans for Gift Cards
Shoppers in UAE and KSA can now Buy Now, Pay Later through Tabby on the YOUGotaGift Mobile App. Dubai, 25 October 2022: YOUGotaGift, the Middle East’s leading marketplace for gift cards, is teaming up with the shopping and payment app, Tabby, to extend the ability for consumers to use Tabby’s flexible payment solutions to spread out the […]
Award-Winning Startappz Launches ‘The Bank’ Case Study
Startappz recently published its ground-breaking ‘The Bank’ case study detailing how smartphone applications can produce successful experiences by focusing on simulating user behavior that results in easy-to-consume outcomes. AMMAN, Jordan–(BUSINESS WIRE/AETOSWire)– Startappz, the award-winning company, is a digital experience provider that partners with leading telecom operators, governments, banks, airlines, and other key players in fast-growing industries. […]
Amira Sajwani launches PRYPTO — a revolutionary startup aimed at disrupting the real estate industry
PRYPTO is a one-stop destination that brings buyers, investors, homeowners and agents together The company provides a tech ecosystem where customers can benefit from personalised advice from industry experts The fully-digital portal features a dedicated dashboard, instant approvals, and commissions will be disbursed through the portal itself Dubai, UAE, 25 October 2022: Leading real estate businesswoman […]
Saudia Dairy and Foodstuff Co. report: Strong Q2 Financial Results
25 October 2022, Dubai, United Arab Emirates: Saudia Dairy and Foodstuff Co. (SADAFCO), the leader in the UHT (long life) milk market in the Kingdom of Saudi Arabia reported strong financial results for the second quarter of the financial year 2022/23. SADAFCO reported a significantly higher net profit of 12.4 percent compared to 10.1 percent in the previous quarter and 31 percent higher […]
Convene expands operations to strengthen its local presence at Saudi market
Azeus Convene, a global provider of IT solutions for boards and organisations, will continue to expand its operations and localise the delivery of its products, solutions, and client support across the GCC region. Riyadh, Saudi Arabia, 25 October 2022: Convene’s expansion and strong localisation push will amplify its presence in prime markets across the GCC […]
Concorde Corodex Group and PolyAnalytik Inc announce joint venture to strengthen the Middle East’s research and testing infrastructure
Dubai, 25 October 2022: Concorde Corodex Group (CCG), one of the Middle East region’s pioneering providers of water purification, Water and wastewater treatment and environmental services, has announced a joint venture with PolyAnalytik Inc, a leading Canadian-based bioanalytical company, to establish a contract research organisation (CRO) aimed at strengthening the Middle East’s research and testing […]
stc Group receives PIF offer for acquiring a stake in its “TAWAL” company valued at more than SAR 21 B
Riyadh – October 24, 2022: Through an offer aligned with stc Group’s strategy that aim at expanding investments, maximizing returns on assets and recycling capital, the group announced that it had received a non-binding offer from the Public Investment Fund (PIF) to buy 51% of Telecom Towers Company (TAWAL), which is completely owned by stc, with […]
Saudi Payments Revenues Expected to Reach $28.3 billion By 2031
The CAGR of Saudi Arabia’s overall payments revenue is forecasted to be at 11.2% from 2021 – 2031, while the region is expected to grow by 9.3% within the same period. Riyadh, October 23, 2022— Payment revenues in Saudi Arabia are expected to reach $28.3 billion by 2031 according to the new report by Boston Consulting Group […]
DUBAL Holding and Imdaad join hands to foster sustainability projects in UAE
Dubai, UAE – 24 October 2022: DUBAL Holding – the investment arm of Dubai Government with focus on Non-Ferrous Metals, Recycling, Energy & Industrial Sectors – and Imdaad, a Dubai-based group of companies that provides integrated, sustainable Facilities Management (FM) services that enhance operational efficiencies of physical assets, signed a Memorandum of Understanding (MoU) to explore and invest in […]
Sidra Capital Announces the First Close of an Asia-Pacific Private Equity Co-Investment Strategy With BlackRock Alternatives
JEDDAH, Saudi Arabia–(BUSINESS WIRE/AETOSWire)– Sidra Capital, the Saudi based alternative asset manager, partners with BlackRock Alternatives to announce the first close of the Sidra-BlackRock Asia-Pacific Private Equity Strategy. The bespoke strategy looks to provide investors with unique Shari’ah compliant private equity opportunities in the Asia-Pacific (APAC) region. The strategy leverages BlackRock’s established GP network and […]
MCIT Launches First-of-its-kind “Envision Risk” Conference in Saudi Arabia in November
The Ministry of Communications and Information Technology (MCIT) in Saudi Arabia announced the launch of a specialized conference for top-tier risk management, business continuity, and crisis management professionals who are leading the communications and information technology sector. The conference “Envision Risks” will be organized and hosted in Riyadh on the 1st and 2nd of November. […]
Almarai participates in the Saudi Agricultural Exhibition 2022
Almarai Company will participate in the Saudi Agricultural Exhibition 2022 and the 39th Saudi Agricultural Business Forum, which was inaugurated and sponsored by the Minister of Environment, Water and Agriculture, Engineer Abdulrahman bin Abdulmohsen Al-Fadli, during the period from 17-20 October 2022. On the sidelines of the opening of the Saudi agricultural exhibition, the minister […]
ADES acquires seven premium jack-up rigs in Saudi Arabia from Seadrill Limited
Riyadh, 20 October 2022 – ADES Arabia Holding (“ADES”, “the Company” or “the Group”), a leading global oil & gas drilling and production services provider, announces the closing of the acquisition of seven premium offshore rigs in Saudi Arabia from Seadrill Limited (“Seadrill”) following the fulfilment of the Conditions Precedent agreed upon in the Sales and Purchase […]
Visa offers Amazon.sa customers shopping with Visa a chance to win a VIP Skybox experience at the FIFA World Cup 2022™
Five lucky Amazon.sa customers, and their plus ones, will be flown from Saudi Arabia to Qatar to watch the Argentina vs Mexico FIFA World Cup Qatar 2022™ match on November 26th, thanks to Visa. Saudi Arabia — October 20, 2022: As the final countdown begins to the start of the global tournament in Qatar, customers shopping on […]