Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Backbase Middle East awarded the Best User Experience Solution Provider Award
Backbase, the Engagement Banking platform provider, has won the award for the ‘Best User Experience Solution Provider’ at the MEA Finance Banking Technology Summit and Awards 2021. The award recognizes Backbase’s customer-centric platform approach that leverages a single technology platform to orchestrate the entire customer journey across multiple devices and touchpoints. Recognizing that customers today have gone […]
Finastra showcases Open Banking innovations during DIFC Innovation Month
Company highlights FusionFabric.cloud, its powerful open development platform in Dubai Dubai, UAE, June 13, 2021: Finastra, the largest pure-play software vendor that serves the entire financial services industry, is participating in Dubai International Finance Centre (DIFC) Innovation Month, which focuses on early-stage fintech start-ups and helps them innovate towards a new generation of Open Banking platforms. […]
Middle East and Pakistan based logistics platform Trukkin raises $7 Million (26 Million SAR) in Series A funding round
June 9, 2021: The logistics and supply chain startup Trukkin has secured an investment round of 26 Million SAR for it’s Series A round. The round was led by Saudi based Emkan Capital with the participation from Impact46 Seed Fund, Taya Group and other strategic investors. Founded in 2017 by former Barclays banker Janardan Dalmia, Trukkin […]
Mastercard Empowers Consumers To Choose A Sustainable Future With Eco-Friendly Cards
New Certification And Recycling Programs to Inform Consumer Choice Saudi Arabia – June 9, 2021 – According to a recent Mastercard study, 58% of consumers are more mindful of their impact on the environment, with 85% willing to take personal action this year. Today, Mastercard makes this promise easier to realize with a new badge to identify […]
KPMG Private Enterprise unveils a new competition for the UAE’s tech innovators
Tech scale-ups invited to pitch to investors and major industry players looking for the next emerging giant to invest in, buy or join The UAE winner will go on to compete in KPMG’s global finals Dubai, UAE, June 9, 2021: The search is on for the UAE’s top tech innovators who are ready to become the next global titans with the […]
King Abdullah Economic City praised by energy experts
Reducing energy consumption through the use of green buildings and smart cities topped the agenda on the opening day of Energy Consumption & Management sector focus week Decoupling, decarbonising, decentralising, digitalisation, disruption and desirability crucial in addressing the challenges within the energy industry Dubai, United Arab Emirates, 8 June 2021: A panel of energy industry experts […]
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Saudi-based sustainable AgTech firm Red Sea Farms, a salt-water growing specialist, receives $10m investment
Investor group includes Aramco entrepreneurship arm Wa’ed, the Future Investment Initiative Institute and KAUST from Saudi Arabia, and Global Ventures of the UAE. KAUST, Kingdom of Saudi Arabia, June 7, 2021: Red Sea Farms, a Saudi Arabian AgTech business whose one-of-a-kind technology enables the commercial farming of produce using primarily salt water, received a $10 million […]
Real Estate Development Fund… The Harmony between Innovation and Communication
The last couple of years were fundamental for Real Estate Development Fund (REDF) to reinstate their new transformation system and showcase their achievements since the fund first announced the new system in 2017. Before 2017, REDF had many accumulated challenges to overcome. More than 500,000 citizens were on the waiting list to acquire their mortgage […]
NEC Payments Finds a New Path to Payment Security With Netcetera
Bahrain-based NEC Payments needed an ACS offering 3DS 2.0, the latest in payment security protocols. Netcetera rose to the challenge, building them a solution from the ground up. ZURICH & DUBAI–(BUSINESS WIRE/AETOSWire)– NEC Payments is a rapidly growing digital banking and payment technology company with big plans. Already offering innovative cloud-native banking-as-a-service to Middle East […]
CHALHOUB GROUP OUTLINES SUSTAINABILITY STRATEGY FOR KSA, AS PART OF LATEST SUSTAINABILITY REPORT
KSA Sustainability Strategy Committee with dedicated expertise has been developed to drive the sustainability strategy across KSA operations Report sets out key targets for the Kingdom by 2023, including increasing Saudi frontline workforce from 91% to 93%, increasing the number of women in senior management positions from 20% to 50%, delivering sustainability training to 90% […]
SunTec Introduces a Fully Pre-configured E-invoicing Solution to Help Banks in the Kingdom of Saudi Arabia Comply with Regulations
The solution can be implemented within weeks without disturbing the bank’s existing IT landscape, saving time and effort RIYADH, Saudi Arabia–(BUSINESS WIRE/AETOSWire)– SunTec Business Solutions, the world’s #1 relationship-based pricing and billing company, has announced the launch of its fully pre-configured E-invoicing solution to help banks in the Kingdom of Saudi Arabia (KSA) meet their […]
5G Smartphones, Smartphone Accessories, and VR HMDs to Witness High Growth Rates in 2021
Investment in AI, wireless technologies, and 5G are stimulating significant growth in the consumer devices market LONDON, UNITED KINGDOM – 03 Jun 2021 According to the latest Consumer Technologies report from global tech market advisory firm, ABI Research, most consumer devices and services, especially 5G smartphones, accessories, and Virtual Reality (VR) Head-Mounted Displays (HMDs), will remain […]
Finastra provides new insights into customers’ feelings towards their bank and financial goals
Research into ‘the journey to financial empowerment’ offers new insights into how people feel about their bank and their financial goals Customers crave three things in their financial relationships: knowledge, control and freedom Incumbent banks risk being relegated to a passive role Dubai, UAE, 2 June 2021: Finastra has released research around ‘the journey to financial […]
Fira Barcelona is celebrating Global Exhibitions Day to coincide with its return to on-site activity
On 2 June the trade fair sector will highlight its contribution to the post-pandemic economic recovery Every year, within the context of normality prior to COVID-19, 32,000 trade fairs were held around the world, bringing together 4.8 million exhibiting companies and 353 million visitors. The global trade fair industry is estimated to have an annual […]
Wa’ed adds follow-on investment to help FalconViz scale drone operations to meet rising global demand
June 2, 2021 – FalconViz, Saudi’s leading drone solutions company, has received a $500,000 follow-on investment from Wa’ed, the entrepreneurship arm of Aramco, to scale up operations and expand into Europe, the US and Africa. Based at King Abdullah University of Science and Technology (KAUST) north of Jeddah, FalconViz plans to use the funds to develop […]
Offering consumers a more sustainable card journey is our responsibility
Julia Schoonenberg, Senior VP for Financial Institutions (MEA), IDEMIA, discusses the pressing need for improved and environmentally-friendly measures to reduce the strain on our planet. It is impossible to imagine our lives without plastics. This ultra-malleable and extremely cheap material is found in so many items supporting our daily lives —from the ubiquitous water bottle to […]
WEFOX CLOSES RECORD SERIES C FUNDING ROUND FOR INSURTECH
wefox closes record US$650 million series C funding round valuing the insurtech at US$3 billion (post-money valuation) Largest series C funding round for an insurtech globally Round was significantly oversubscribed Funding round was led by Target Global with participation from existing investors, including OMERS Ventures, G Squared, Merian, Horizons Ventures, Eurazeo, Mubadala Capital, Salesforce Ventures, […]
A Successful Technology Modernization Process for Businesses
New ERP and SaaS systems can spur changes in the operating model. By Dr. Houssem Jemili, Partner at Bain & Company Middle East Until recently, many companies saw technology modernization as a necessary evil, something to postpone as long as possible to avoid the disruption sure to accompany it. Today, more of them recognize that […]
Intact Financial Corporation completes acquisition of RSA Insurance Group plc
Consortium, made of Intact Financial Corporation and Tryg A/S, has purchased all shares in RSA Insurance Group plc, with acquisition valued at GBP 7.2bn Acquisition set to strengthen footprint and leadership position KSA, 01 June 2021: RSA Middle East announced that Intact Financial Corporation, leading Property & Casualty insurance company in North America, has successfully acquired […]
INDEX 2021 A Remarkable Reunion Day for the Design Community
Day 1 highlights from INDEX Dubai, United Arab Emirates, 31 May 2021: INDEX, the long awaited international interior design trade show, opened its doors today to thousands of visitors, marking the first day for the industry’s professionals to reconnect in-person since 2019. Free seminars, product showcases, networking opportunities, and exceptional engaging experiences all took place on […]
Majid Al Futtaim appoints global infrastructure firm AECOM to deliver consultancy services for flagship Mall of Saudi project in Riyadh
Mall of Saudi is a major component in the SAR 16 billion Riyadh North master-planned development that includes nine hotels and branded residences with 2000 keys, 600 retail stores, and the largest ski slope and snow park in the Middle East AECOM awarded four-year contract to provide lead consultancy services for Majid Al Futtaim’s largest integrated […]
Global IT Spending to Hit Over $4B in 2021, Software and Cloud-Based Projects to Account for 50% of Total IT Budgets
Although the COVID-19 did reduce global IT spending last year, many companies were still forced to increase their IT budgets to adapt to new operational requirements and set up their employees to work from home. According to data presented by Aksje Bloggen, global IT spending is expected to significantly recover and hit over $4trn in 2021, […]