Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Wa’ed, Royal Commission for Jubail & Yanbu, announce start-up alliance in Saudi Arabia’s two largest industrial zones
The collaboration between Wa’ed, the entrepreneurship arm of Aramco, and the Royal Commission for Jubail & Yanbu is intended to accelerate creation of new start-ups and SMEs that are locating to Saudi Arabia’s two largest industrial cities. March 15, 2021 – Wa’ed, the entrepreneurship arm of Aramco, signed a memorandum of understanding (MOU) with the Royal […]
Citi Announces Retirement of Atiq Rehman, Head of EMEA Emerging Markets (EM) Cluster
UAE, Dubai- 11 March 2021: After 37 years with Citi, Atiq Rehman, Head of EMEA Emerging Markets (EM) Cluster, will retire from Citi. Atiq has made immense contributions to Citi, including playing a pivotal role in the evolution of Citi’s leading emerging markets franchise. Atiq joined Citi graduate trainee programme in Pakistan in 1984, moving to […]
Saudi National, Esraa Al-Buti, selected as a 2021 World Economic Forum Young Global Leader
EY tax partner recognized for pioneering work in tax-advisory and tax-structuring services as well as promoting positive change for women in the region Esraa to join a diverse community of world-renowned leaders dedicated to changing the world for the better Saudi Arabia – 11 MARCH 2021: Esraa Al-Buti, an EY tax partner based in the Riyadh […]
ABB urges greater adoption of high-efficiency motors and drives to combat climate change – global electricity consumption to be reduced by 10%
In a new whitepaper published today, ABB reveals the potential for significant energy efficiency improvements in industry and infrastructure enabled by the latest and most high-efficiency motors and variable speed drives. ABB calls on governments and industry to accelerate the adoption of the technology to help combat climate change. Dubai, United Arab Emirates– March 8, […]
Wa’ed backs Postage, an express courier redefining ‘fast delivery’ in Saudi Arabia
March 10, 2021 – Postage, a last-mile logistics provider for businesses that is shortening the wait times for express deliveries in Saudi Arabia, has raised a seed investment from Wa’ed, the entrepreneurship arm of Aramco. The investment, through Wa’ed’s venture capital arm Wa’ed Ventures, will enable Postage to expand beyond its current hubs in Riyadh and […]
First-ever ERM diagnostic survey of regional companies by Protiviti highlights an imminent need for stronger risk management
KSA; March 09, 2021: Spurred by the desire to mitigate the impact of risky events like the COVID-19 pandemic on businesses, Protiviti conducted the first-ever Enterprise Risk Management (ERM) survey in the Middle East to help regional companies evaluate their ERM preparedness. Protiviti’s largescale ERM Readiness Assessment Survey included companies from across sectors like Government, Financial Services, Technology, Media and Telecom, […]
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AVEVA, ADNOC and ARC Conclude that Digital Transformation will Increasingly Drive Sustainable Business Practices in a Post-Pandemic World
Capital-Intensive Industries Demonstrate Significant Digital Agility in the face of Unprecedented Macro-Economic Disruption Dubai, UAE, March 10, 2021– AVEVA, a global leader in engineering and industrial software, has underscored how digital transformation will help to maximize business returns while also optimizing sustainability in a post-pandemic world. Speaking at the 25th Annual ARC Industry Forum recently, AVEVA CEO Craig Hayman and Alan Nelson, […]
Autodesk to Acquire Innovyze, Inc. for $1 Billion; Provider of Smart Water Infrastructure Modeling and Simulation Technology
Positions Autodesk to offer end-to-end solutions for design, construction, operations and maintenance of water infrastructure Riyadh, Saudi Arabia, 9th March 2021 – Autodesk, Inc. (NASDAQ: ADSK) today announced it had signed a definitive agreement to acquire Portland, Oregon-based Innovyze, Inc., a global leader in water infrastructure software, for $1 billion net of cash subject to working capital and tax […]
the pandemic has hastened trends in dealmaking that were previously years away, including rapid digitalization of the dealmaking process
Dubai, United Arab Emirates – March 9th 2021 –Bain & Company’s new survey of nearly 300 M&A practitioners shows that appetite for M&A remains robust, with about half of respondents expecting higher M&A activity in their industries in 2021. The survey also shows that M&A will continue to be a key strategic pillar for business, with […]
HRSD Qiwa platform supports over 500,000 Saudi companies
Platform provides access to business information and online labor related applications The Ministry of Human Resources and Social Development (HRSD) has announced that the number of companies signed up to its Qiwa platform has exceeded 500,000. The platform plays an important role in supporting businesses by offering a range of direct services online. The aim […]
Saudi Real Estate Refinance Company issues SAR 4 billion sovereign guaranteed Sukuk under its SAR 10 billion Sukuk programme, providing liquidity to the Saudi housing market
Riyadh, KSA; March 9, 2021: Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund (PIF), announced today the successful completion of its dual tenor SAR 4 billion (approx. USD 1.067 billion) Sukuk issuances. The issuance is part of the newly launched SAR 10 billion Saudi-Riyal Sukuk programme under which SRC will issue […]
Organizations view procurement as increasingly strategic
IPG-JAGGAER survey identifies steady overall progress but also a “Covid-19” effect Dubai, United Arab Emirates, March 7, 2021: Procurement remains heavily weighted towards operational as opposed to strategic functions, but the latest survey conducted by Swiss-based innovation consultancy IPG Group and leading spend management technology company JAGGAER has identified an ongoing shift towards the strategic. Between July and October 2020, […]
Ajman Bank’s IT Head Wins CXO Award 2021
Ajman Bank’s Head of Information Technology Ms. Hajar Al Maazmi has been announced as one of the winners of the prestigious CXO 50 Awards 2021. Hosted by CXO Insight Middle East this year’s award was organised to recognise top 50 IT leaders and industry professionals who have taken the reins during the COVID-19 crisis to shape the new normal. Congratulating […]
Financial industry must tackle gender bias in algorithms, according to global fintech leader, Finastra
Finastra publishes five-point plan to tackle algorithmic bias in consumer finance decision-making New KPMG report, commissioned by Finastra, examines the size of global consumer lending markets and the potential impact of algorithmic bias in society Finastra urges the financial industry to address the problem and work together to help solve it Dubai, UAE – March […]
Jadwa REIT Saudi Fund Acquires The Boulevard Riyadh
Riyadh, 6 March 2021: Jadwa Investment, one of the region’s leading investment management and advisory firms, has signed a sale and purchase agreement to acquire The Boulevard Riyadh, a luxury retail and office complex in the north of Riyadh, for SAR 320 million, on behalf of Jadwa REIT Saudi Fund. The Boulevard Riyadh on Prince […]
Process Automation and Skill Enablement Vital for Business Resilience in the Gulf
Study Commissioned by Alteryx predicts transformational investments to spike in 2021 KSA — 4 March 2021— Alteryx, Inc. (NYSE: AYX), a leader in analytic process automation (APA), today revealed that insights from a newly-commissioned IDC Infobrief, which show that despite current economic challenges, businesses are investing in data-driven transformative technologies to make informed business decisions for the future. With […]
China extends lead over the U.S. in global patents filings, Huawei tops global rankings for 4th year
China was the biggest source of applications for international patents in the world in 2020 for the second consecutive year and extended its lead over No. 2 filer the United States, the U.N. patent agency said this week. According to the World Intellectual Property Organization (WIPO), the increase rate was higher for China, with a […]
HRSD urges new businesses to access its range of services on Qiwa
Qiwa provides fast, efficient online access to labor law requirements including Saudization The Ministry of Human Resources and Social Development (HRSD) continues to offer support to small and medium enterprises (SMEs) and start-ups through its Qiwa platform which provides a range of online services developed to streamline and simplify labor law requirements for business owners. […]
REPORT: 2021 SET TO BE A DYNAMIC YEAR FOR PRIVATE EQUITY
Key questions ahead include whether SPACs are here to stay this time and the value of stronger ESG standards for investments Dubai, United Arab Emirates, 2 March 2021 – Private equity activity ground to a sudden halt in the second quarter of 2020 as the reality of Covid-19 became apparent. But the industry quickly regained its […]
Huawei Canada Remains Confident in Meng Wanzhou’s Innocence
Huawei Canada will still support Meng Wanzhou’s “pursuit of justice and freedom” as the chief financial officer returns to the British Columbia Supreme Court for the next phase of extradition proceedings, the company said in a statement. The court will hear arguments related to the four branches of abuse of process raised by her counsel, […]
Mobily Business Improves Customer Experience and Operational Efficiency with Mobileum Credit and Collections Solution
Automated solution streamlines the collections process, cuts operational costs and improves recovery rates CUPERTINO, CA – 2 March 2021 – Mobileum Inc. (“Mobileum”), a leading global provider of analytics-based roaming and network services, telco security, risk management, and testing and monitoring solutions, is pleased to announce that it is supporting Mobily Business to improve its collections process […]
IMA® Collaborates with The Financial Academy to Bridge the Skills Gap in the Profession
Middle East, March 2, 2021 – IMA® (Institute of Management Accountants) and Saudi Arabia’s Financial Academy have signed a memorandum of understanding (MOU) in an effort to further the professional initiatives for both organizations. As part of the collaboration, The Financial Academy and IMA will create awareness of the importance of skills development and the need for the CMA® […]