Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
WallStreetsBets triggers 43% spike in Reddit installs, app’s popularity skyrockets
Reddit has recorded millions of installations amid increased trading activity triggered by discussions on the subreddit WallStreetBets. Data acquired by Finbold indicates that Reddit’s global mobile installs grew by 43.47% between December 2020 and January 2021 from 4.6 million to 6.6 million. Elsewhere, between January last and January 2021, the platform’s users have skyrocketed by 127.58%. The […]
Halliburton to Provide Digital Solutions for Kuwait Oil Company
Technologies to increase production in North Kuwait Integrated Digital Field HOUSTON–(BUSINESS WIRE/AETOSWire)– Halliburton Company (NYSE: HAL) today announced it was awarded a contract from Kuwait Oil Company (KOC) to collaborate on their digital transformation journey through the maintenance and expansion of digital solutions for their North Kuwait asset. It will allow KOC to accelerate their […]
LONG TERM SUSTAINABLE GROWTH STRATEGY DRIVES RECORD RESULTS FOR SECOND CONSECUTIVE QUARTER
Second consecutive record-breaking quarter, with revenue, pre-tax income, and net income all reporting record highs Group revenue up by 22% year-on-year to US$17.2 billion Quarterly pre-tax income (PTI) of US$591 million up 52% year-on-year Net income up 53% year-on-year to US$395 million All core businesses delivered both topline and bottom-line year-on-year growth Announces Group organizational […]
App Store Revenues Surged by 30% YoY and Hit $72.3B in 2020
The ongoing coronavirus pandemic continues driving impressive growth of the global app market. As one of the two largest distribution channels for mobile apps, Apple App Store has witnessed a surge in revenues and the number of downloads amid the lockdown. According to data presented by Buy Shares, App Store users spent $72.3bn on in-app purchases, […]
GoDaddy’s Regional Entrepreneur Survey Reveals Saudi Arabia’s Small Businesses Went Digital During Pandemic to Help Attract and Retain Customers
GoDaddy 2020 Entrepreneur Survey revealed 84% of Saudi entrepreneurs are confident their businesses can survive a second wave of COVID-19 as big as the first one Jeddah, KSA – 27 January, 2021 – GoDaddy (NYSE: GDDY), the company that empowers everyday entrepreneurs around the world, released the results of its 2020 Entrepreneur Survey, which revealed that small businesses in […]
Arabian Centres and Quara Finance launch partnership to support SME’s in Saudi
More than 500 SMEs projected to benefit from the deal RIYADH, January 31 2021 Arabian Centers Company (ACC), the leading owner and operator of lifestyle destinations in Saudi Arabia, and Quara Finance, a leading Saudi company providing Shariah-compliant financial services, have announced, today, a new partnership to finance entrepreneurs’ businesses in ACC shopping centers. The joint agreement […]
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Uber fuels the safety, technology, and innovation agenda at the inaugural ‘Ignite’ MENA event
The virtual event brought together thought leaders, regulators, and innovators to collectively address current urban challenges January 27th, 2021 – Uber has launched the ‘Ignite’ series – a platform intended to fuel conversation and inspire solutions to the urban challenges facing the MENA region. Ignite’s inaugural ‘Tech for Transport Safety’ panel took place on January 26th and focused on the […]
Biggest trends in sustainable construction for 2021
Safdar Badami, Managing Director, Al Muqarram Group Dubai, United Arab Emirates, 28 January 2021, (AETOSWire): The Covid-19 outbreak put many sectors at a standstill, with building and construction recording a moderate growth since the pandemic struck. However, the Middle East and Africa, in general, have done well in controlling the pandemic. Though it has led […]
Mastercard Pledges Net Zero Emissions; Innovates for Collective Climate Action
Saudi Arabia – Jan 27, 2021 – Mastercard is furthering its commitment to creating a more sustainable and inclusive digital economy, with a pledge to reach net-zero emissions by 2050. Understanding that economic growth cannot come at the expense of the planet, the company’s global action plan aims to continue to reduce greenhouse gases (GHG) by remaining focused […]
SHIFT TO “GLOCALISATION” VITAL TO ORGANISATIONS’ SUCCESS IN 2021
A new report from the Global Manufacturing and Industrialisation Summit and PwC identify key global trends that enable organizations to succeed at glocalization – operate globally and locally in today’s global context. Key trends include: regionalizing an organization’s footprint, increased use of robotics for manufacturing and logistics, and changing the cost model for production and sourcing. […]
Biodegradable and recyclable toy concept wins the 5th Edition of the Audi Innovation Award
Jordanian innovator, Insect Kids wins judges over with their flatpack, sustainable toy concept. The winning project has been awarded the 2020 Audi Innovation Award trophy, a trip to the Audi factory at Ingolstadt, and $25,000 worth of consultancy to cover IP registration, legal counseling, and business development. Second and third places were awarded to Infrastic […]
GetMuv, a digital fitness innovator rewriting the rules of health clubs, receives add-on investment from Wa’ed
January 27, 2021 – Wa’ed, the entrepreneurship arm of Aramco, today announced a bridge investment of 1.8 million Saudi riyal ($500,000) in GetMuv, the Jeddah-based fitness app that gives Saudis flexible access to fitness clubs and health centers. The investment from Wa’ed’s venture capital arm, Wa’ed Ventures, is its second in GetMuv since 2019, when it initially […]
Mastercard Evolves Contactless Technology for Quantum World
New Enhanced Contactless specifications provide next-generation capabilities for advanced protection and convenience January 26, 2021, Dubai, UAE: Mastercard today announced that it is applying the latest quantum-resistant technologies to develop the next generation of contactless payments. The new Enhanced Contactless (Ecos) specifications are an industry-first and will help ensure that as our dynamic digital landscape evolves, and new technologies like […]
Brand Finance Global 500 2021 – Nokia Among World’s Most Valuable Brands
Five years since it last held top spot, Apple is named world’s most valuable brand by Brand Finance Global 500 2021 ranking as diversification strategy finally pays off, brand value US$263.4 billion Finland’s only entry, Nokia, holds on to its spot in ranking of world’s most valuable brands As new technologies drive brand value across industries, Tesla leaves traditional auto marques behind with fastest brand […]
IDC Predicts IT Spending in Buoyant Saudi Market to Top $11 Billion in 2021
Overall spending on information and communications technology (ICT) in Saudi Arabia is set to reach $32.9 billion this year, up 1.5% in 2020. That’s according to the latest predictions revealed last week by International Data Corporation (IDC) as it hosted the region’s most influential ICT industry figures online for the virtual edition of IDC Directions Middle East, Turkey […]
Global eCommerce Market to Hit 3.8B Users in 2021, a 10% Jump in a Year
The COVID-19 pandemic has accelerated the shift away from brick-and-mortar stores to digital shopping, as millions of consumers worldwide turned to webshops amid the lockdown. This coronavirus-led boom in online sales caused a surge in the number of users and revenues of the entire eCommerce market. According to data presented by Finaria, the number of eCommerce […]
Brand Finance: stc Is the Most Valuable Brand Amongst Telecommunications Companies in the Region Reaching US$9.2 Billion.
stc’s market value rises to $59.5 billion to become the largest telecommunications company in the region Riyadh, January 26, 2021: stc surpassed its counterparts in the region to become the most valuable brand in the telecommunications sector in ME, and the third most valuable brand in all ME sectors behind Aramco and ADNOC, according to Brand […]
Newly launched Quara Finance set to provide advanced financial technology solutions for consumers and SMEs
Mr.Ehab bin Mahmoud Hassoubah appointed Chief Executive RIYADH, January 25th, 2021: Quara Finance, a leading Saudi company providing Sharia-compliant financial services, has announced the appointment of Mr. Ehab bin Mahmoud Hassoubah as its new Chief Executive. Mr. Hassoubah will lead on Quara Finance’s new business strategy aimed at further developing its innovative financial products and technical […]
Adobe Systems Triples Annual Revenue in 7 Years, Net Profit Up 78% from 2019
One of the big names in the software industry, Adobe posted record numbers with regards to their revenue in 2020. According to data presented by Trading Platforms, Adobe System nearly tripled its annual revenue in the last 7 years, reaching $13B in 2020. Adobe a US Company with a Credible Name in the Software Industry Adobe […]
Saudi Arabia and Middle East Government-Led Digital Transformation Tops 2021 Technology Trends
Oxford Economics: 89% of Public Sector CXOs Agree Data Sharing Improves Citizen Engagement SAP’s Mohammed Alkhotani Outlines 3 Top Lessons for Public Sector Digital Leaders RIYADH, Kingdom of Saudi Arabia – 24 January 2021 – Saudi Arabia and the Middle East’s government-led digital transformation ranks as the top technology trend of 2021, supporting innovative mega-events and […]
Finastra’s Fusion Invest moves to the cloud
Dubai, UAE – January 24, 2021 – Finastra announced that its investment management solution Fusion Invest is now available to customers through the cloud – helping asset managers digitally transform their operations and benefit from increased agility and improved operational efficiency. Implementing Fusion Invest in the cloud means asset managers can access all the tools they need […]
Shared Future: Government and Business Leaders Release Guidance for Strengthening Global Cooperation
Today, the World Economic Forum released a set of seven principles to serve as a new compass for global relations. The Principles for Strengthening Global Cooperation call for peace and security, equity, gender equality, and sustainability Leaders from Canada, the Netherlands, Japan, South Africa, Goldman Sachs, and Google co-chaired the Global Action Group, which formulated the principles. […]