Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
SAUDI ARABIA’S DIGITAL AUTOMOTIVE SERVICES START-UP SPEERO ANNOUNCES SAR 6,750,000 (US$ 1.8 MILLION) PRE-SERIES A FUNDING
The funding will accelerate Speero’s ambition to digitalise Saudi Arabia’s automotive after-sales ecosystem from spare parts sales to repair services The new round is co-led by Nuwa Capital and Eq2 Ventures, and includes the participation of JIMCO, Impact 46, Access Bridge Ventures and Mountain Partners Riyadh, July 12, 2021 – Riyadh-based digital automotive services start-up […]
Mastercard Economics Institute: Rebound in Ground Travel for Some Markets in Middle East & Africa; International Travel Lags Behind
Global gas spending is up 13%* over 2019 peak, with increases also observed in Egypt and Nigeria, indicating rebound in ground travel As people prepare to reemerge, sales have increased at barber and beauty shops, bike stores, and toupee and wigs shops, among other categories JULY 11, 2021 | Riyadh, Saudi Arabia – After flights were largely […]
The UAE took swift action, showcasing its robust responsibility to control maritime accidents and manage risks
Containing the fire at Jebel Ali Port Owing to years of pro-active planned preparation in developing world-class infrastructure in our ports and offshore facilities and an outstanding immediate response, the fire was controlled within 44 minutes Our priority now is to ensure that the accident will not impact the marine environment All logistical operations at Jebel […]
SWIFT to eliminate frictions in international payments by upfront verification of account details in real time
New service enables real-time payment validation to reduce errors, exceptions and costs caused by wrong or missing beneficiary information Removes a key area of friction in cross-border payments, supporting SWIFT’s strategy for seamless, instant account-to-account transactions Brussels/Dubai, 8 July 2021 – SWIFT today announced the go-live of a service that will enable banks to verify payee […]
What is a dark kitchen?
With restaurant deliveries soaring, an entirely new delivery and takeout business model emerged. Enter dark kitchens – highly efficient production units without a storefront that are optimized for delivery. By Naji Haddad, Deliverect Middle East General Manager Food delivery has been reshaping the restaurant industry since the late 2000s. As more and more people started […]
EMKAN SURVEY REVEALS SHIFT IN CONSUMER SPENDING BEHAVIOUR AND ACCELERATION IN DIGITAL ADOPTION FOR FINANCIAL INSTITUTIONS
RIYADH, Saudi Arabia, July 7, 2021 – The economic fallout of the COVID-19 pandemic combined with disruptions across various sectors has accelerated changes to consumer spending and lending behaviours, according to a survey conducted by Emkan, a financial company that provides innovative financial solutions across the Kingdom of Saudi Arabia. The survey consisted of responses from […]
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Leveraging on the Latest Technology Cedar Roseto provide Business Risk Assessment Solutions to iXerv
Cedar Rose has entered into an agreement with iXerv to provide business information services that will allow it to perform due diligence and assess risk. Antoun Massaad, the Co-Founder and CEO of Cedar Rose, said, “iXerv is the leading provider of HR transformation services for progressive businesses across the world who are seeking simplified sophistication from Enterprise technologies […]
Kaspersky delves into trends and risks surrounding cryptocurrencies
Technology has significantly impacted lives and economies over the last few years and is now giving rise to new modes of transactions and even currencies. New modes of electronic payment are becoming increasingly popular, and cryptocurrencies have captured the imagination and attention of individuals, investors, the banking industry, and Governments the world over. According to […]
88% of consumers in Saudi Arabia will opt for digital banking services over visiting a physical branch post Covid-19
82% of respondents in KSA access digital banking services at least once a week 39% are willing to switch to a different bank due to poor customer relations 32% perceive their bank’s current offering of access to online banking services as weak Riyadh, Saudi Arabia, 6th July, 2021: Consumer appetite for digital banking services continues to grow […]
Bahrain Islamic Bank launches Future Leaders financial literacy program with Mastercard-branded wearable payments
Trendy, simple and secure digital pre-paid product for 7 to 18-year-olds is the first Mastercard-branded wearable payment band in Bahrain Riyadh, Saudi Arabia, 5 July 2021: Bahrain Islamic Bank (BISB) has launched its ‘Future Leaders’ youth program, featuring the market’s first wearable wristband branded by Mastercard. Future Leaders is a one-of-a-kind prepaid solution for children and […]
Green finance surges in MENA region in first half of 2021, exceeding global growth rates
MENA green and sustainability-linked debt issuance reaches approximately $6.4 billion in H1 2021, exceeding total for whole of 2020 H1 2021 MENA issuances up 38% on full-year 2020 totals, compared with 12% global increase Saudi Arabia; 4 July 2021: Green and sustainability-linked debt issuance in the MENA region reached $6.4billion in the first half of 2021, already exceeding the total […]
Digital transformation investment will continue in 2021; states reality check by Software AG
Transformation and investment remain common goals, but the best way to achieve them highlights diversity of thinking in tech strategies Riyadh, Kingdom of Saudi Arabia – July 2021: Software AG (Frankfurt MDAX: SOW) has recently released the global ‘Situation Report’ based on responses from IT Leaders on their views around digital transformation investment strategies. The global COVID […]
Finastra survey finds Banking as a Service (BaaS) set to make significant impact on financial services in next 12 months
90% of UAE respondents believe Banking as a Service (BaaS) will make an impact over the next year UAE banks keen to collaborate in order to drive innovation and revenue growth Dubai, UAE June 28, 2021: Finastra research reveals that Banking as a Service (BaaS) is set to have a notable impact on the industry in the […]
Sustainability and Digital Transformation Targets Are Driving Demand for Multi-Technical Service Contracts in Saudi Arabia’s USD 445 Million Market
Real-Time Analytics Enable Energy Performance and Condition-Based Maintenance Contracts, Says Amani Al Moajil, New Saudi Arabia GM of Enova RIYADH, Kingdom of Saudi Arabia – 30 June 2021 — Amani Al Moajil, the newly appointed General Manager of Saudi Arabia for Enova, the Middle East’s leading energy and facilities management specialist, has said that digital transformation […]
Innovative Program to Create Work Opportunities for 1,150 Ivorian Women in the Energy Sector
US$1.4 million investment will help address gender imbalance in the country’s energy sector and improve energy access for marginalized communities Abidjan, Ivory Coast, 1 July 2021: A coalition of five organizations are coming together to launch a unique initiative that will train 1,150 Ivorian women to access dignified work opportunities in the country’s energy sector. Schneider […]
The Saudi Investment Bank: First bank in the Kingdom to adopt Cisco Innovative Technologies
Cisco’s innovative network infrastructure enables The Saudi Investment Bank to quickly adapt to changes in business needs while improving the services provided to customers RIYADH, KSA, 1 July 2021: Cisco has today announced that The Saudi Investment Bank (SAIB) has become the first financial institution in the Kingdom to adopt the entire Cisco SDN Architecture. This enables SAIB to […]
Wa’ed invests $1.5 million in IR4Lab, one of Saudi Arabia’s first blockchain technology providers
June 30, 2021 – IR4LAB, one of Saudi Arabia’s first blockchain companies whose solutions are helping corporations root out resume and professional certification fraud, received a $1.5 million investment today from Wa’ed, the entrepreneurship arm of Aramco. Dhahran-based IR4LAB plans to use the cash injection to increase its customer base, expand the breadth of its coverage […]
Refinitiv releases findings of 2021 Financial Crime in the Middle East and North Africa survey
DUBAI, UNITED ARAB EMIRATES – Refinitiv, a London Stock Exchange Group (LSEG) business, today released the seventh edition of the Middle East and North Africa (MENA) financial crime report. The Financial Crime in MENA 2021 report reveals regional compliance trends induced by the pandemic across MENA markets. According to this year’s findings, over half of respondents (51%) […]
Oracle Commits to Powering Its Global Operations with Renewable Energy by 2025
Al Riyadh, Saudi Arabia —June 29, 2021 – Oracle expanded its commitment to sustainability by pledging to power its global operations, both its facilities and its cloud, with 100% renewable energy by 2025. “Relying on renewable energy is an important step toward a more sustainable future,” said Oracle Chief Executive Officer Safra Catz. “Oracle will always make […]
After a year that disrupted the industry, global rankings show that fintech is thriving
More than 50 new cities and 20 new countries have been added to findexable’s Global Fintech Rankings The value of fintech unicorn companies has more than doubled The evolution of fintech in a country is highly correlated to financial inclusion in emerging economies The 2021 findexable Global Fintech Rankings is produced in partnership with Mambu, […]
Schneider Electric Innovation Day 2021: Uncover the Power of Digitization in Driving Sustainability
Bringing together thought leaders to speak about how digitization is critical in driving business growth and operational stability with sustainability Featuring conservationist and polar adventurer Robert Swan, digital analyst and anthropologist Brian Solis among others Dubai, United Arab Emirates, June 30, 2021 – Schneider Electric, the leader in the digital transformation of energy management and automation, will […]
Refinitiv launches post-trade solution for Islamic money market transactions
UNITED ARAB EMIRATES: Refinitiv has launched an automated post-trade solution that connects with a conversational dealing platform and supports Islamic money market transactions such as Murabaha, Wakala, and Mudaraba. According to the Refinitiv 2020 Islamic finance development report, global shariah-compliant assets are forecast to reach $ 3.69 USD trillion by 2024. Financial institutions face major challenges in trading Islamic finance […]