Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
SRC signs partnership agreement with Arab National Bank to buy housing finance portfolio
Riyadh, Kingdom of Saudi Arabia; 29 June 2021: The Saudi Real Estate Refinance Company (SRC), a wholly owned company of the Public Investment Fund (PIF), today signed a partnership agreement with Arab National Bank (ANB). The partnership agreement is aimed at providing long-term liquidity in the housing financing market to boost the rate of Saudi homeownership to […]
Mastercard Partners with Eazy Financial Services to Expand Digital Offering for SMEs and Merchants in Bahrain
Partnership will leverage Mastercard’s expertise and solutions to provide SMEs and micro merchants in the Kingdom with digital payment tools Saudi Arabia – 29 June 2021 – Mastercard has partnered with Bahraini fintech & Payment service provider Eazy Financial Services to provide SMEs and micro merchants with digital payment tools and access to financial services that will […]
More than 164 countries participated in Middle East Energy Online
11,000 attendees from over 164 countries attended Middle East Energy Online during the four-week energy showcase Dubai, United Arab Emirates, 28 June 2021: Organisers of Middle East Energy’s debut virtual event have revealed that more than 164 countries took part in the month-long showcase, which featured four online energy sector weeks, between 17 May – 9 […]
83% of SMEs in Saudi Arabia optimistic about future growth guided by potential for digitalization, access to better data, training and upskilling: Mastercard MEA SME Confidence Index
83% of SMEs in Saudi Arabia are optimistic about the next 12 months compared to a regional average of 81% Saudi Arabia has highest percentage (57%) of optimistic SMEs in Mastercard SME Confidence Index in the Middle East and North Africa Research identified key areas with the greatest potential for growth with half of Saudi […]
SRC lowers profit rates for home financing
LTFR among the most competitive rate for home financing products in Saudi Arabia and the wider region Riyadh, Saudi Arabia; 24 June 2021: The Saudi Real Estate Refinance Company (SRC), a wholly owned company of the Public Investment Fund (PIF), announced today that it lowered profit rates for its long-term fixed-rate (LTFR) home financing products by […]
Global banks preparing to leverage SWIFT’s new platform for international payments flows
– Banks endorse new SWIFT platform set for launch in November 2022 – New platform capabilities are part of SWIFT strategy to enable instant and frictionless end-to-end transaction management globally Brussels/Dubai, June 24, 2021 – Six leading global banks today announced their endorsement for SWIFT’s new transaction management platform and are preparing to use its expanded capabilities […]
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Raayi: Online customer reviews can make or break a business
CEO of business review app emphasizes customer ratings should be part of company’s revenue-generation strategy Dubai, UAE, 23 June 2021: Online customer reviews can usher in major opportunities for revenue growth, making it imperative for companies to pay them the necessary attention they deserve, said Stefan Toubia, Founder and CEO of Raayi. Raayi, the Arabic word […]
Tawuniya appoints Dr. Ammr Kurdi as Chief Financial Officer
The Company for Cooperative Insurance (Tawuniya) announced the appointment of Dr. Ammr K. Kurdi as Chief Financial Officer (CFO). This step aims to empower the national competencies and hire the best Saudi talents at all administrative levels to achieve the company’s strategic goals and develop its financial and administrative performance. Dr. Ammr represents an added […]
Noon expands customer service operations in KSA creating hundreds of new jobs
The digital marketplace is recruiting local hires to support customer excellence Riyadh, KSA. June 22, 2021: noon.com, the region’s homegrown digital marketplace, is proud to announce the expansion of its customer service operations in the Kingdom of Saudi Arabia, creating hundreds of jobs for local Saudi youth. Noon’s mission is to enable and empower the region’s […]
Technology and its impact on customer relations
By: Bao-Viet Lê, Partner at Bain & Company Middle East It’s all too easy to take for granted the ways that committed employees enrich the lives of their customers. The auto mechanic who spends a few extra minutes chatting with a senior citizen, the grocery clerk who compliments a shy child on a new pair […]
Visa and Saudi Payments rollout Tap to Phone in the Kingdom to support local small businesses
Tap to Phone is an innovative and cost-effective digital payment acceptance solution that enables small and micro businesses (SMBs) to participate in Saudi Arabia’s digital transformation journey Riyadh, Kingdom of Saudi Arabia, 21 June 2021: In another achievement confirming Saudi Arabia’s steady progress towards digital transformation and as part of its efforts to support small businesses […]
Amazon Prime Day 2021: How Technology is Empowering Growth in the Middle Eastern E-commerce Sector
By Murat Yoldas Ertugrul, MENA region VP at Emakina We’re emerging from a period that not only forced us to change how we do things, but also forced us to change how we think about doing certain things. In some instances, it’s even made us wonder why we do things. All of this has impacted […]
Wa’ed adds follow-on investment to NearMotion to help location-mapping specialist expand globally
June 21, 2021 –- NearMotion, one of Saudi’s leading digital mapping and indoor navigation specialists, has received a follow-on investment from Wa’ed, the entrepreneurship arm of Aramco, to drive the company’s global expansion. Based in Al Khobar, NearMotion provides mobile navigation tools that allow airports, hospitals, shopping malls, museums, theme parks and event stadiums to interact […]
Wa’ed launches nationwide road show to identify, fund next generation of transformative Saudi start-up entrepreneurs
June 20, 2021 – Wa’ed, the entrepreneurship arm of Aramco, today launched a national search to find and fund a new generation of Saudi entrepreneurs at a series of high-profile road show events to be held in six cities across the Kingdom. The Wa’ed Entrepreneurship Roadshow will run from September through December and make stops in Jubail […]
Cedar Rose to Provide Business Intelligence Services to Jordan Loan Guarantee Corp.
Adding to its prestigious portfolio of clients in the Middle East, Cedar Rose has signed a strategic agreement with Jordan Loan Guarantee Corp (JLGC). As part of the contract Cedar Rose will provide business intelligence services for the companies JLGC is evaluating to underwrite. Through Cedar Rose’s company credit reports, JLGC will have access to […]
Study Reveals Majority of IT Leaders Consider Technical Debt One of the Biggest Threats to Innovation as They Build Back
New survey from OutSystems finds companies spend nearly one-third of IT budgets on technical debt Dubai, UAE – June 16, 2021 – OutSystems, a global leader in modern application development, today reported that 69% of IT leaders identify technical debt as a major threat to their companies’ ability to innovate, as seen in its latest report, “The Growing Threat […]
Bold steps go Further: Bain & Company’s integrated suite of ESG capabilities brings the full force of the firm’s talent, expertise and energy to create a more sustainable, equitable and inclusive world
Bain & Company’s 2021 Impact Report outlines the transformative impact the company is working to create—as a partner to its clients, as a champion for global communities, and as a firm Dubai, United Arab Emirates – June 17, 2021 – Bain & Company announced today the launch of FurtherSM, it’s integrated suite of ESG capabilities to deliver […]
Noon.com announces Big Yellow Sale with up to 70 percent off
The local e-commerce platform’s super-saver event is back from June 20th until 22nd Dubai, UAE. 16th June, 2021: noon.com, the region’s homegrown digital marketplace, announces the return of its Big Yellow Sale, a three-day event with up to 70 percent off, huge price drops and crazy deals available for all customers across the United Arab Emirates. Running […]
More than half of millennials happy to opt for digital-only banks
More than half of millennials are happy to switch to or already have a digital-only bank, reveals a new poll from one of the world’s largest independent financial advisory and fintech organisations. The results from a deVere Group global poll of 550+ clients born between 1980 and 1996 show that 59% of those surveyed already […]
Under the Topic “Tapping Digital Opportunities for a Future-ready Insurance” Najm Participates in Insuretek Conference, Wins Leading Claims Manager Award for 2021
Riyadh, KSA, June 15, 2021: In a display of its commitment to world-class excellence, Najm for insurance services took part in the third edition of the Insuretek Middle East 2021 conference held on Wednesday June 9, 2021 at the Dusit Thani hotel, in Dubai. Earning one of the Golden Shield Excellence Awards in insurance for 2021, […]
SADAFCO Announces Strong Sales and Solid Net Profit Performance for Financial Year 2020-21
Revenue continues to increase in challenging market conditions Net profit margin remains above 12% All key sites functioned throughout the year ensuring employee safety through Covid protocols Jeddah, Saudi Arabia: 16 June 2021 – Saudia Dairy and Foodstuff Company (SADAFCO) announced year-on-year growth in revenue and operating profit for the financial year (FY) 2020-21. Annual revenue […]
ACWA Power’s maiden 7-year Sukuk issuance achieves lowest pricing amidst 1.8x oversubscription
Transaction marks the lowest spread by any corporate or bank issuer in Saudi capital markets since 2017 Sukuk offering in line with ACWA Power’s long-term ambitions and its growing portfolio of assets Riyadh, KSA, 14 June 2021: ACWA Power, a leading Saudi developer, investor and operator of power generation and desalinated water plants in 13 high-growth […]