Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Saudi Arabia leads IPO market in MENA region during 2020, with four listings totaling US$1.45 billion
The MENA region saw a total of nine IPOs in 2020, raising proceeds of US$1.86 billion The Kingdom of Saudi Arabia continues to lead the IPO market in MENA with US$1.45 billion raised on Tadawul in 2020, representing 78% of total MENA IPO issuances Saudi Arabia is expected to see more than ten listings in […]
Jadwa Investment Launches Mezzanine Financing Fund
Riyadh- March 1, 2021: Jadwa Investment, Saudi Arabia’s leading investment management and advisory firm, announced today the launch of its first closed-ended mezzanine financing fund. The new Shariah-compliant offering is part of Jadwa’s ongoing commitment to expanding clients’ access to new asset classes. The fund will provide Shariah-compliant mezzanine financing to high-quality companies through a commodity […]
Huawei highlights the significance of technology in the future at Mobile World Congress Shanghai 2021
Chen Lifang: Technological advancements are hyped and politicized, sometimes demonized. Many have stopped believing in the power of technology because of fear and distrust. Some are going to great lengths to hinder the development of technology. Ken Hu: We have to focus innovation on bridging the gap between the haves and have-nots, and on driving […]
Zain KSA reduces 96.6% of its accumulated losses
Zain KSA has revealed its quarterly financial results, which showcase a steady growth in its operating revenues of about 7% in Q4 2020 compared to the previous quarter, where revenues achieved are SAR 2,061 million compared to SAR 1,928 million for Q3 of 2020. The company announced in a statement on “Tadawul” that these results […]
HRH Prince Mohammed bin Salman announces Soudah Development Company (SDC) #SoudahDevCo
Investment of USD 3 billion in tourism infrastructure and attractions to create a world-class mountain destination in the Asir region. Planned developments include 2,700 hotel rooms, 1,300 residential units, and 30 unique commercial and entertainment attractions by 2030. The company aims to attract over 2 million visitors annually and create 8,000 direct and indirect permanent […]
Intel IT: Accelerating Intel’s Future
What’s New: The newly released 2020-2021 Intel Information Technology (IT) Annual Performance Report highlights how Intel’s IT team aided the company as it faced the unprecedented challenges of 2020. Amid Intel’s transformation for a new era of distributed intelligence, Intel IT accelerated its efforts to integrate innovative solutions with emerging technologies into Intel’s business. This ensured Intel could […]
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Global Search Ad Revenues to hit $171.6B in 2021, $19B Increase in a Year
The year 2020 was a challenging year for the entire digital advertising industry, with even the largest players like Google witnessing significant revenue drops amid the COVID-19 crisis. However, as millions of consumers shifted from brick-and-mortar stores to webshops, the entire market bounced back by the end of the year showing strong growth across all […]
NCB and Mastercard Launch Best-in-Class Credit Card for Corporates in Saudi Arabia
Mastercard Corporate World card allows large businesses as well as small and medium enterprises to effectively manage a full suite of corporate digital payment needs RIYADH, SAUDI ARABIA – 24 February 2021: Mastercard, the global technology leader, and the National Commercial Bank (NCB), a leading financial institution in the region, have launched a new corporate credit […]
Top 10 OEMs Accounted for 42% of Global Semiconductor Market in 2020
Apple, Samsung, and Huawei retained lead positions as the top original equipment manufacturers (OEMs) and semiconductor buyers in 2020. According to the research data analyzed and published by Comprar Acciones, Apple took the first spot with purchases worth $53.62 billion. Compared to Apple’s 2019 expenditure, which amounted to $43.24 billion, that was an increase of 24% […]
NIMR Signs Strategic Teaming Agreement with Saudi Arabian Military Industries (SAMI)
Agreement Represents First Industrial Military Collaboration between UAE, Saudi Arabia Abu Dhabi, United Arab Emirates, NIMR, the leading manufacturer of combat-proven wheeled military vehicles, today signed a Teaming Agreement with Saudi Arabian Military Industries (SAMI), a wholly owned subsidiary of the Public Investment Fund, to establish a framework for future collaboration to explore opportunities for the […]
TikTok User Spending Shot Up By Nearly 400% in January 2021 to $128 Million
Despite having a bleak outlook in 2020, TikTok ended the year on a high note and has embarked on an upward trajectory in 2021. According to the research data analyzed and published by Comprar Acciones, it was the top-grossing non-game mobile app globally in January 2021. During the month, it raked in $128 million in user […]
Finastra Universe 2021 to explore digital transformation in the financial sector
Dubai, United Arab Emirates, 23 February 2021 – Finastra Universe 2021 is a unique virtual event that brings together banks, fintech, and developers to explore the impact of technology on financial services. It will open on March 2, with hundreds of sessions available on-demand via the Finastra Universe platform throughout the rest of the month. The event will focus on the enormous […]
North Ladder Secures $5 Million Series A Financing Round Led by BECO Capital
World’s first secured trading platform for pre-owned luxury assets and electronics plans to aggressively accelerate global expansion. 22 February 2021, Al Riyadh, Saudi Arabia – North Ladder (previously called BuyBack Bazaar), a UAE-based secured trading platform for pre-owned luxury assets and electronics, announced a $5 million Series A funding round led by regional venture capital firm BECO Capital. The […]
Ministry of Human Resources and Social Development encourages business owners and employees to access its Qiwa platform
A one-stop-shop website provides a comprehensive gateway to information on Saudi labor laws and regulations Riyadh, 22 February 2021: The Ministry of Human Resources and Social Development (HRSD) encourages all business owners and employees to access the full range of services available through its Qiwa platform. The platform provides a single point of reference through the MHRSD […]
Tweeq Signs Partnership Deals with Mastercard and Paymentology to Offer an Unparalleled Consumer Experience
Saudi based fintech will offer a new app-based spending account in the Kingdom Riyadh, Saudi Arabia – 21 February 2021: Tweeq, a Saudi Fintech which aims to provide a feature-rich spending account for individuals and SMEs, has signed exclusive partnership agreements with Mastercard, the leading technology company in the global payments industry, and Paymentology, a leading cloud-based […]
Mobily exceeds analysts’ expectations, achieves SAR 783 million net profit for 2020
Riyadh, 21 Feb 2021 – Mobily succeeded in achieving a net profit for the year ended 31 December 2020, the company recorded in the fiscal year 2020 a net profit reached SAR 783 million compared to a net profit of SAR 31 million in 2019. The achievement of recording net profit for 2020 is mainly due to […]
Wa’ed raises investment in Hazen.ai, whose innovations make driving safe
February 17, 2021 — Hazen.ai, a maker of intelligent traffic systems that use Artificial Intelligence (AI) technologies to improve road safety, has received a follow-on investment from Wa’ed, the entrepreneurship arm of Aramco. The company this year won a global award from the International Road Federation for its traffic management systems, which combine the latest in machine […]
Huawei CFO Meng Seeks HSBC Records Amid U.S. Extradition Fight
Huawei’s chief financial officer is seeking bank records from HSBC in a bid to prove she didn’t trick lenders into processing transactions that violated U.S. sanctions targeting Iran. Meng Wanzhou, who’s fighting extradition to the U.S. from Canada, asked London’s High Court to grant an order to obtain the records, which she says will show […]
Avaya Reports First Quarter Fiscal 2021 Financial Results
Guidance raised reflecting improved performance across key business metrics Total revenue increased 4% year-over-year to $743 million Avaya OneCloud™ ARR increased 38% sequentially to $262 million Cloud, Alliance Partner & Subscription revenue grew to 34% UAE, Dubai, – February 10, 2021 – Avaya Holdings Corp. (NYSE: AVYA) today reported financial results for the first quarter of […]
Google Play Hit 108.5B Downloads and $38.6B in Revenue in 2020, a 30% Jump in a Year
The year 2020 has witnessed an impressive growth of the global app market, with millions of people spending more time indoors and online amid the coronavirus lockdown. As one of the two largest distribution channels for mobile apps, Google Play has witnessed new records in revenue and the number of downloads. According to data presented […]
Wa’ed announces follow-on funding for Averos, a maker of location-based solutions, to speed expansion into Europe
February 10, 2021 — Averos, a Saudi maker of location-based technology used by hospitals, airports, industry, and governments to improve security, hygiene monitoring, and operating efficiency, has received a follow-up investment from Wa’ed, the entrepreneurship arm of Aramco. The company, which is based in Mecca, plans to use the latest funding, its second from Wa’ed […]
Nissan reports April-December results for fiscal year 2020
Third-quarter operating profit returns to positive at 27.1 billion yen as full-year forecasts are revised YOKOHAMA, Japan (Feb. 9, 2021) – Nissan Motor Co., Ltd. today announced financial results for the April-December period of fiscal year 2020 and the revised outlook for fiscal year 2020. In the third quarter of the fiscal year, consolidated net […]