Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Huawei Releases 2021 H1 Business Results
Riyadh, August 8, 2021: Huawei released its business results for the first half of 2021. Its overall performance was in line with the forecast. In H1, Huawei generated USD 49.62 billion in revenue, with its net profit margin reaching 9.8%[1]. Carrier business revenue: USD 21.2 billion Enterprise business revenue: USD 6.64 billion Consumer business revenue: USD 21.01 […]
Fintech Saudi Announces the Results of National Fintech Adoption Survey
Riyadh, KSA, August 4, 2021: Setting a precedent in the Kingdom and the region in its new report, Fintech Saudi has announced the results of the National Fintech Adoption Survey which is aimed to measure the level of the people’s interest in adopting fintech solutions and to develop a clear understanding of how the fintech industry […]
Huawei climbs rankings on The Fortune Global 500 despite US government sanctions
The Fortune Global 500, the annual ranking of the top 500 enterprises worldwide as measured by business revenue, ranked Huawei 44 this year, up from 49 in the previous year, despite US government sanctions on the company. The number of Chinese companies, including those from the Hong Kong Special Administrative Region (SAR) and the island of […]
yellow.ai Raises $78.15M to Deliver Total Customer Experience Automation
WestBridge Capital, Sapphire Ventures, Salesforce Ventures, and Lightspeed Venture Partners Join the Series C Round as yellow.ai surpasses 700+ global enterprise customers. yellow.ai is pioneering Customer Experience automation for some of the largest brands in the Middle East like Carrefour, Kuwait Food Company (Americana), Choithrams, Amouage Oman, Arabian Radio Network, insureatoasis August 4, 2021 – yellow.ai, the world’s leading customer experience […]
The Right Talent is Key to Outperform Competitors
By Tom De Waele, Managing Partner, Bain & Company Middle East Companies retooling for today’s changing world worry about successfully recruiting and retaining the right talent. Close to 75% of executives surveyed by Bain & Company expect that the skills and capabilities required for their businesses to succeed will change over the next 5 to 10 […]
Great Data Disconnect: Gulf workers take the lead as the most data-skilled but least utilised by employers
Despite data workers, specifically in the UAE and KSA, possessing advanced and valuable data skills, businesses are failing to take advantage of this untapped resource KSA — 3 August 2021 — Alteryx, Inc. (NYSE: AYX), the analytics automation company, today highlights a critical imbalance between the advanced skill levels that data workers possess and the utilization of these talents within […]
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The Lab Holding, a new DIFC based hospitality group, announces the launch of two new tech food startups
Dubai, UAE (03.08.21) The Lab Holding, a new DIFC based hospitality group inception for the inception of 3Fils, Brix, Kanji, Stranger Wings, and Hoa Poke, today announces the launch of two new Food-tech startups via its startup studio. Debuting with robust industry expertise, The Lab Holding plans to serve an ecosystem of Hospitality and food technology […]
AVEVA Signs Up to Race to Zero the Largest Ever Alliance Committed to Achieving Net Zero Carbon Emissions by 2050
Industrial Software Leader Joins United Nations Climate Change Global Campaign to Unlock Inclusive, Sustainable Growth London, United Kingdom, 2nd August 2021 – AVEVA, a global leader in industrial software, driving digital transformation and sustainability, today announced that it has become the 47th company in the FTSE 100 to join the United Nation’s Race to Zero campaign. “By joining the Race to […]
Noon.com launches online gift cards ahead of back to school shopping bonanza
Customers can buy gift cards, powered by noon pay, for use in a wide variety of ways including noon.com purchases & utility bill payments Riyadh, KSA. 1st August 2021: noon.com, the region’s homegrown digital marketplace, and Saudi e-tailer, has launched prepaid gift cards, powered by noon pay, giving shoppers across the Kingdom the perfect gifting option […]
Mastercard marks year of collective action in annual Sustainability Report
Outlines progress towards an inclusive, sustainable future for people and the planet July 29 2021, | Riyadh, KSA –Mastercard released its 2020 Corporate Sustainability report, highlighting how the company has responded to the challenges of the last year through innovation and trusted partnerships and is delivering on its mission to build a more inclusive, sustainable world with […]
Wa’ed Selects HES FinTech as Software Vendor
DHAHRAN, Saudi Arabia–(BUSINESS WIRE/AETOSWire)– Wa’ed, the entrepreneurship arm of Aramco, has signed a contract with HES FinTech lending software provider to automate financial operations at the company. About the project Wa’ed is an entrepreneurial support center, providing end-to-end assistance to boost Saudi-based start-ups, including mentoring, incubation, loan financing, and venture capital investment. In addition to incubation and mentoring, […]
Western Union Enhances WU.com and Mobile App in Saudi Arabia
Enables Online Verification for Western Union Digital Customers in Saudi Arabia WU.com and the Western Union Mobile App Now Available in Seven Markets Across the Middle East RIYADH, JULY 28, 2021– Western Union, a global leader in cross-border, cross-currency money movement and payments, has enhanced its digital services – WU.com and the Western Union mobile app – in Saudi Arabia, in association with Ersal Money […]
SWIFT launches SWIFT Go, a fast, cost-effective service for low-value cross-border payments
New service enables businesses and consumers to send payments in seconds with full transparency and strong security SWIFT Go is a key building block in the co-operative’s strategy to enable instant and frictionless cross-border transactions Seven leading global banks already live with the service Brussels/Dubai, 27 July 2021 – SWIFT today announces the launch of SWIFT […]
Region’s Pioneering Podcast – The Dukkan Show marks its 200th episode with H.E. Noura Al Kaabi to highlight the impact of creativity and culture in creating sustainable economy
Dubai, United Arab Emirates, 27 July 2021: The Dukkan Show, one of the first independent society and culture podcasts in the Middle East North Africa (MENA) region, marked its sixth anniversary, with a milestone celebration of 200 episodes. To celebrate the momentous achievement, the podcast hosted Her Excellency Noura bint Mohammed Al Kaabi, UAE Minister of […]
The future of money #openbanking
By Vijay Jaswal, CTO, Middle East & Turkey, Software AG These three numbers tell a story. They are from Gartner’s annual publication 2021 CIO Agenda: A banking perspective. 53% of bank CIOs assess that their business performance is ahead or far ahead of where it otherwise would have been had COVID-19 not become a global pandemic. 69% of […]
Burj Khalifa Turns into a Billboard to Celebrate Swvl – The Middle East’s First $1.5bn Unicorn To List On Nasdaq
DUBAI, UAE – July 29, 2021 – Swvl Inc., a Dubai-based provider of transformative mass transit and shared mobility solutions, made an iconic appearance on Burj Khalifa, the world’s tallest tower, following a tweet by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates stating: “Dubai-headquartered Swvl is the first […]
Government support and effective policies key to future growth, say SMEs across Middle East and Africa in Mastercard research
88% of SMEs across the Middle East and Africa have identified government support and implementation of effective policies as key business support areas for future growth, according to Mastercard MEA SME Confidence Index The research correlates regional government efforts to advance GDP recovery and growth, to the implementation of supportive measures for the SME sector […]
Executive Appointment: Geidea names global heavyweight Nick Ogden as new Board Member
Riyadh, Saudi Arabia, 14 July, 2021: Geidea, the largest fintech company in Saudi Arabia by market share, has appointed the global financial services and fintech heavyweight Nick Ogden to join its Board of Directors. In his role, Nick will be responsible for guiding the company’s strategic vision as it seeks to position itself as the category […]
Banks and FinTech partnerships to bring about a paradigm shift in the future of banking industry
UAE banking sector sees rapid growth in digitisation of services, sales channels and partnerships with FinTechs across the region Dubai, United Arab Emirates, 13 July 2021: Digitisation has changed every sector, and the banking industry is no exception, leading several banks to reduce their physical footprint in an effort to bring more customer centric digital platforms to the […]
AL FARDAN EXCHANGE L.L.C JOINS FORCES WITH EMPAY’S CONTACTLESS ECOSYSTEM IN LANDMARK DEAL TO PROVIDE REMITTANCE SERVICES
The UAE’s leading exchange house, Al Fardan Exchange, signed a deal with the contactless payment ecosystem, providing more choice, convenience and flexibility to customers 13 July 2021, Dubai, UAE: Al Fardan Exchange, one of the UAE’s leading financial services providers, has announced their partnership with Empay, the world’s pioneering contactless payment and instant credit ecosystem. Al […]
Nejree, Transforming Saudi’s e-Commerce Industry through “Try Now Buy Later” secured $15 Million Series A round led by Impact46
Nejree, the Saudi online fashion & lifestyle destination that has recently launched “Nejree Closet”, a Try Now Buy Later “TNBL” innovative model, has raised $15 Million (56 Million SAR) in a Series A round led by Impact46 growth fund. Nejree, the Riyadh-based e-Commerce Startup, was established in 2018 with the vision to transform the online customer journey […]
LG RELEASES PRELIMINARY EARNINGS FOR SECOND-QUARTER 2021
RIYADH, July 12, 2021 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the second quarter of 2021. LG reported tentative consolidated revenues of KRW 17.1 trillion, an increase of 48.4 percent from the same quarter the previous year and the highest quarterly revenue in the company’s history. Operating profit of KRW 1.1 […]