Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Tradeling and Taiwan External Trade Development Council Sign Agreement to Foster B2B Ecommerce Trade
MoU aims to facilitate trade and exports between UAE & Taiwan and enhance investment opportunities across multiple sectors Dubai, United Arab Emirates – November 16th, 2021: Tradeling, the hyper-growing eMarketplace focused on business-to-business (B2B) transactions in the Middle East and North Africa, has signed a Memorandum of Understanding (MoU) with Taiwan External Trade Development Council (TAITRA) […]
Almarai CEO meets Ukrainian Minister of Agriculture and Food
The CEO of Almarai, Abdullah Al-Badr, met today on Monday the Minister of Agriculture and Food of the State of Ukraine, Roman Leshchenko, in Almarai’s headquarters in Riyadh. During the meeting, Al-Badr discussed with Leshchenko ways of cooperation between the company and the Ukrainian Ministry of Agriculture and Food and reviewed opportunities that might pave […]
Mastercard Economics Institute: Lodging Small Businesses Thrive in Middle East and Africa in 2021
Small businesses globally go digital at three-times pre-pandemic levels Riyadh, Saudi Arabia; 15 November 2021: To shed light on the impact the global health crisis – and ongoing recovery – has had on small businesses globally, Mastercard released Recovery Insights: Small Business Reset. The report revealed that in the Middle East and Africa, lodging small businesses have consistently […]
Wa’ed announces a SAR 1.9 million venture capital investment in the Saudi-based startup Qreeb, an ISO-certified digital facility management and procurement platform
14 November 2021 – Wa’ed, the entrepreneurship arm of Aramco, has announced a SAR 1.9 million venture capital investment in Dammam-based Qreeb, a digital B2B e-procurement and facility management platform aiming to streamline supply chain processes by connecting service providers with clients through a unified traceable communication platform. The investment in Qreeb will enable the startup […]
Finastra and WTax collaborate to help asset management firms optimize withholding tax recovery process
Dubai, United Arab Emirates – November 10, 2021 – Finastra is teaming up with WTax, a world leader in withholding tax recovery services, to support asset management firms in recovering withholding tax on behalf of their clients. By introducing Fusion Invest customers to WTax, Finastra will help portfolio and investment managers around the world to deliver net […]
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Flexibility, wellness, inclusion: Three imperatives for Middle Eastern businesses in the post-pandemic era
Karam Malhotra, Partner and Global Vice-President, SHAREit Group Since the COVID-19 outbreak, the world of work has witnessed a degree of reform few could have predicted. Despite unprecedented disruption and companies forced to evolve in order to endure, the pandemic has, however unintentionally, resulted in various positives for businesses and industries alike. Remote working has […]
NTT Ltd. Defines Strategic Framework to Drive Sustainability and Commits to Net Zero Emissions by 2040
Global technology leader develops strategic framework to drive sustainable change across three interconnected pillars: Connected Planet: Use technology solutions that help protect, restore, and regenerate the natural world, conserving precious natural resources for future generations. Connected Economy: Use trusted technology to help organizations thrive and make their contributions to a sustainable and more resilient digital […]
Dubai First partners with Mastercard to launch the first personalized mobile banking experience in MEA
Mastercard’s experiential customer engagement platform is introduced for the first time in the region with Dubai First The unique program draws from Mastercard’s contextual marketing global capability, adding a gamification component where Dubai First customers can set cashback savings goals towards a future purchase and monitor progress The solution delivers personalized recommendations and allows customers […]
IMA Establishes Sustainable Business Management Global Task Force
The task force will speak about sustainability for the global management accounting profession This multi-stakeholder engagement initiative will work towards strengthening ESG frameworks and policies in the Middle East region Middle East, November 8, 2021 – IMA® (Institute of Management Accountants) announced today the establishment of a Sustainable Business Management Global Task Force (IMA.SBM.GTF) to speak on […]
More than half (51%) of employees in Saudi Arabia have reported an increased workload since switching to remote working
According to a recent Kaspersky survey of 4,303 IT workers, 51% of employees in Saudi Arabia have reported an increased workload since switching to remote working, with 18% describing the increase as significant. 35% did not notice a change in volume, and only 9% noted a decrease in the scope of work due to new working conditions. […]
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LG’S GHG EMISSIONS REDUCTION TARGET VALIDATED BY CLIMATE EXPERT SBTi
Validation Confirms Soundness of LG’s Strategy to Use Science-based Targets to Achieve Goals Set by Paris Agreement Jeddah, Nov. 7, 2021 — LG Electronics (LG) announced that its strategy for cutting greenhouse gas (GHG) emissions in the entire manufacturing process from production to use by 2030 has been independently reviewed and validated by climate expert SBTi, making LG […]
New Executive Report from IDC Examines the Progress Being Made in Saudi Arabia’s Digital Transformation Journey
Digital technologies are playing an increasingly major role in enabling the Vision Realization Programs (VRPs) that are helping to make Saudi Arabia’s Vision 2030 a reality. From national-level data management platforms to human capital development portals, digital transformation is continuously disrupting industries across the Kingdom’s public and private sectors. ICT decision-makers are developing and implementing […]
Huawei Shares How to Tackle Climate Change with Technology Innovation at COP26
Middle East, November 4, 2021: Dr. Fang Liangzhou, Vice President and CMO of Huawei Digital Power, recently spoke at COP26. At the session “System Change and Climate Innovation in the Technology Industry” hosted by the UNFCCC Global Innovation Hub, Fang virtually delivered a keynote address on “Building a Low-Carbon Smart Society.” Fang described how Huawei […]
Overall Revenue of Payments in Saudi Arabia Expected to Increase to USD 23.7 Billion by 2030
New BCG Report Reveals National Payment Revenues in Saudi Arabia is forecasted to grow by 132% between 2020 to 2030 Riyadh, November 3, 2021 — As purchasing habits shifted almost overnight from offline to online and cash to noncash following COVID-19, the payments industry subsequently suffered an impact far less severe than initially anticipated, according to […]
BUSINESS LEADERS TO GATHER AT THE GLOBAL MANUFACTURING AND INDUSTRIALISATION SUMMIT TO SHAPE THE FUTURE OF MANUFACTURING, DIGITALISATION AND SUPPLY CHAIN OPERATIONS
CEOs and senior leaders from GE Digital, Thales, General Motors, SAP, Lockheed Martin, Hewlett Packard, Huawei Technologies, Unilever, Microsoft, Ericsson, Sberbank, Skolkovo Foundation, Nokia, and more set to outline future manufacturing and technology trends Joining from the United Arab Emirates are senior industry leaders from Mubadala, ADNOC, Abu Dhabi Department of Economic Development, Dubai Economy, Bank […]
Arthur D. Little and Match-Maker Ventures ‘Corp-Up Middle East’ webinar report uncovers the true merits of bringing corporates and scale-ups together
The Middle East startup ecosystem has recently been bolstered with sizable investments, exceeding USD 1 billion in 2020 alone Newly released report follows recent ‘Corp-Up Middle East’ webinar and elaborates on key takeaways Mature startups or scale-ups and corporations from all industries can advance their innovation mandates in a mutually beneficial manner through the collective […]
Wa’ed approves SAR 5 million loan to finance Amad Chemicals Company, the Saudi-based manufacturer of ‘green’ marine chemical cleaners
3 November, 2021 — Wa’ed, the entrepreneurship arm of Aramco, has approved to grant a SAR 5 million loan to the Jubail-based Amad Chemicals Company, one of the leading Saudi-based manufacturers of environmentally low-impact chemicals and coatings for the maritime industry. The loan will help finance Amad’s new facility for the production of chemicals and coatings that […]
Almarai initiatives and achievements in protecting the environment
Almarai’s sustainability report of 2020 has revealed the initiatives and achievements of the company in the environment protection field until 2020, and the goals aimed to be achieved by 2025 in various sectors such as water, climate change, innovation, packaging, waste, and sustainable agriculture. The annual report stated that Almarai managed to increase the water […]
Schneider Electric and ELECTROMIN to drive the transformation of Electric Mobility adoption in the Kingdom of Saudi Arabia
Schneider Electric and ELECTROMIN will look to promote and expand the scope for Electric Vehicle Charging Stations nationwide Riyadh, Saudi Arabia, Schneider Electric, and ELECTROMIN have partnered together to drive growth for a range of technologies in the Kingdom’s electric vehicle (EV) sector. The agreement aims to accelerate the realization of sustainable and zero-emission mobility in […]
Noon announces craziest month of the year with huge 11.11 and biggest ever Yellow Friday Sale
10 to 80% off, insane price crashes, daily flash sales, and much more Riyadh, KSA. November 2nd 2021: noon.com, the region’s homegrown digital marketplace, announces its crazy November lineup packed with amazing 11.11 sale offers and culminating in what’s set to be the biggest ever Yellow Friday Sale, live from 22nd November until midnight on 28th […]
An increase in millennial real estate investors underscores the importance of embracing new technology, says property expert
CEO of award-winning Devmark Group urges property professionals to capitalise on innovative technology as more tech-savvy millennial investors enter the UAE real estate market Dubai, United Arab Emirates, 2 November 2021: Real estate industry expert Sean McCauley, co-founder and CEO of the Dubai-based Devmark Group, has highlighted the importance of embracing technology in the real estate market as research […]
Safety and Operational Excellence are the Bedrock of Luberef’s Global Success
Zero total recordable incidents in Luberef Yanbu and Luberef Jeddah refineries. Luberef was honored with two awards in Saudi Aramco 2021 President’s Affiliates Excellence Awards. Saudi Aramco Base Oil Company – Luberef has continued its multi-year achievements of zero lost-time incidents (LTI) and a zero total recordable incident rate (TRIR). In total, Luberef Jeddah has […]