Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Almarai Sustainability Report: Decrease in Total Water Consumption by 7%
Almarai Company’s 2021 performance sustainability report revealed a 7% decrease in total water consumption compared to the previous year. The annual report stated that Almarai is well aware that proper supervision of water consumption is critical to ensuring the long-term sustainability of the business, stressing that Almarai takes care of water resources more efficiently every […]
LG ANNOUNCES FIRST-QUARTER 2022 FINANCIAL RESULTS
Highest Quarterly Revenue in Company’s History Reflect Strong Demand for Premium LG Home Appliances and Auto Parts Jeddah, April 29, 2022 — LG Electronics Inc. (LG) today announced first-quarter 2022 consolidated sales of KRW 21.11 trillion (USD 17.53 billion) – the highest quarterly revenue in company history. Operating profit of KRW 1.88 trillion (USD 1.56 billion) was positively impacted by […]
stc pay enables the “Eidiya” feature again, and launches the “Catching Eidiya Game”
stc pay is preparing to revive the “Eidiya” feature during Eid, through which customers will be able to share the joy of Eid and send Eidiya to their relatives and friends through the application, in an interactive and innovative way, by taking advantage of digital transformation services. In addition, stc pay has launched “Catching Eidiya […]
GoDaddy Shares Tips for How to Prepare your Business Before Eid Al Fitr 2022
With the Holy month of Ramadan slowly fading away into the beginning of the festivities of Eid Al Fitr, families and individuals alike are getting ready to celebrate the occasion with loved ones. A big part of Eid celebrations includes giving and receiving gifts. As such, people start to plan their gift giving and usually […]
stc pay launches the “Catching Eidiya Game” and allows its customers to send “Eidiya” to spread the joy of Eid
Riyadh, Saudi Arabia; 27 April 2022. stc pay — the region’s leading digital wallet — is enabling customers across Saudi Arabia and the wider Middle East to send their eidiyas (cash gifts) electronically. As part of its mission to create an inclusive digital economy and pioneer online banking services that transform lives, stc pay has developed […]
WebEngage success story: Saudi-headquartered retail brand eXtra clocks 33% increase in purchases, driven by localized user engagement campaigns
The current pace of digitalization can be deemed either disruption or transformation, depending on how you perceive it. This notion holds true even for market leaders and industry incumbents, as evident from one of WebEngage’s notable success stories involving eXtra. A leading retail brand with a long-standing pedigree in consumer electronics and home appliances, Saudi-based […]
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Emirates Mars Mission Discovers New Mysterious Martian Aurora
Observations of a stunning new type of Martian aurora by EMM’s Hope probe open up new areas for investigating Mars highly dynamic plasma environment Dubai-UAE: 27 April 2022 – The Emirates Mars Mission, the first interplanetary exploration undertaken by an Arab nation, today released stunning new images of Mars’ enigmatic discrete auroras, following a new series […]
ECONOMIC MISSION TO QATAR STRENGTHEN MALAYSIA AGRICOMMODITY
Minister of Plantation Industries and Commodities Malaysia, YB Datuk Hajah Zuraida Kamaruddin,has concluded her Economic and Agricommodities Promotion Mission Qatar from 19 April 2022 to 20th April 2022. During the mission, she has taken the opportunity to meet up with her counterpart;chaired the Roundtable Meeting with Qatari Agricommodities Players, meeting up with the LocalInvestment Authorities, Academicians, and the Local Women Entrepreneurs and Diaspora. Among the Ministers and foreign dignitaries who met up with YB Datuk, Zuraida Kamaruddin are H.E. Dr. Abdullah Bin Abdulazizi Bin Turky Al Subaie- Ministry of Municipality, State of Qatar; H.E. Sheikh Mohammed bin Hamad […]
KSA’s Rawabi Holding expands into real estate,
establishes Magnom Properties· Newly established business to be a part of the Rawabi Holding’s real estate vertical· Magnom Properties will oversee the construction of high-value commercial, residential and lifestyle projects in KSA, Egypt and the wider MENA region· World-renowned architects Adrian Smith and Gordon Gill representing AS+GG Architecture will be driving prestigious projects for the business in […]
OMNES Influencers announces it is opening the door to new strategic partnerships to represent it in regional and international markets
To strengthen its network of influencers and provide the best services to a wider segment of customers Dubai, 21 April, 2022. OMNES Influencers, a joint venture between OMNES Media and Shams Media Services LLC (A Sharjah Media City subsidiary), announced that its opening the door for strategic partnerships to represent its business in regional and global […]
Yalla Group wins two awards at the highly coveted The Global Economics Awards 2022
Yalla Group President Saifi Ismail named Best Emerging Leader in Digital Entertainment Sector Yalla app wins Most Innovative Voice-Centric Social Networking App by The Global Economics Awards 2022 UAE, April 20, 2022: With its innovation efforts and advanced capabilities paying off, Yalla Group Limited (“Yalla” or the “Company”) (NYSE: YALA), the leading voice-centric social networking and entertainment […]
Mastercard expands the Priceless Planet Coalition’s forest restoration effort
Five sites in Mastercard’s Eastern Europe, Middle East and Africa region among 15 new projects across six continents Progress is accelerating toward goal of 100 million trees, as consumer support for environmental causes grows Riyadh, Saudi Arabia; 20 April 2022: Mastercard is expanding the reforestation work of the Priceless Planet Coalition to include 15 new restoration projects, for […]
Finastra teams up with EcoTree to provide a green offering for banks on the journey to net-zero emissions
Dubai, UAE – April 20, 2022 – Finastra today announced that it has teamed up with EcoTree, a specialized forestry company focused on carbon removal and biodiversity preservation through tree planting and sustainable forestry management. The initiative provides Finastra customers the opportunity to remove the carbon footprint associated with both the running and implementation of technological solutions, […]
Amazon Payment Services Appoints Mona Alsemayen as the Country Head for Strategy and Growth in Saudi Arabia
Amazon Payment Services, a payment service provider operating across the Middle East and North Africa (MENA) region, has announced the appointment of Mona Alsemayen as the Country Head, Strategy and Growth for Amazon Payment Services in Saudi Arabia. Peter George, Managing Director of Amazon Payment Services, commented: “We are excited to welcome Mona into our team. In […]
Saudi Arabia Shows Strong Intent to Drive a Cloud-First, Cloud-Smart, and Multicloud Strategy
Riyadh, Saudi Arabia – 20th April 2022 – Nutanix (NASDAQ: NTNX), a leader in hybrid multi-cloud computing, announced the Saudi-specific findings of its fourth global Enterprise Cloud Index (ECI) survey and research report, which measures enterprise progress with cloud adoption. It is apparent that the adoption of cloud services in Saudi Arabia is growing, driven by national efforts such as the […]
Progressive government policies, collaboration, boosting Saudi’s digital economy
Saudi Arabia’s rapid digital transformation has put Vision 2030 goals within reach. Efforts to modernize the Kingdom’s economy and diversify the pillars of economic growth are bearing fruit, driven by steadfast government support. A digital economy relies on an advanced ICT infrastructure, and this is where government support has been particularly invaluable. Direct investment in […]
Zain KSA’s Profits Surge by 98% in Q1 2022
Zain KSA has disclosed its financial results for Q1 2022 in which the company recorded a consistent upsurge in its financial performance, highlighting the positive results of its increased profitability that has grown exponentially over the last five years. In Q1 2022, Zain KSA achieved a 98% increase in profits recording SAR 81 million, compared […]
Zamzam.com signs MoU with AlBirr Society in KSA
The agreement will see the online portal provide IT development services to the charitable association Riyadh, KSA, 19 April 2022: Zamzam.com, the online portal facilitating Umrah booking services in the region, announced the signing of a Memorandum of Understanding (MoU) with AlBirr Charitable Society in Makkah Al Mukarramah. The MoU aims to help develop the Information […]
Acer celebrates 30 years of success in the Middle East and Africa region
Dubai (April 18, 2022) – Multinational corporation Acer marks 30 years of success in the Middle East and Africa region in April 2022. Acer opened its offices in JAFZA, UAE, in 1992 as part of its first major transformation under ‘global brand, local touch’, with only 7 employees. Today, Acer has 3 offices with 31 employees […]
LG RELEASES PRELIMINARY EARNINGS FOR FIRST-QUARTER 2022
Jeddah, Apr. 17, 2022 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the first quarter of 2022.LG reported revenues of KRW 21.1 trillion in the first quarter of 2022, 18.5 percent higher than the same quarter the previous year. Operating profit for the first quarter was KRW 1.9 trillion, 6.4 percent higher than the […]
Banque Misr in Egypt automates trade finance with Finastra
Banque Misr extends collaboration with Finastra, selecting Fusion Trade Innovation and Fusion Corporate Channels to boost its offering and attract new customers Dubai, UAE – April 13, 2022 – Finastra today announced that Banque Misr, the second largest national bank in Egypt with international presence, has selected Fusion Trade Innovation and Fusion Corporate Channels to digitalize its trade finance services and provide […]
Partnerships that bring complementary services and technology can enable the growth of super-apps in the region, says Economist Impact study
Telcos, ride-hailing companies and online marketplaces are all diversifying to become part of super-app industry, specifically in the Middle East and Africa The second in a two-part report series commissioned by Mastercard Eastern Europe, Middle East and Africa, the paper was developed by Economist Impact, the research and analysis arm of The Economist Group Study […]