Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Desert Technologies is breaking through with SAHARA
In line with the Vision 2030 to revolutionize environmental sustainability, Jeddah, Saudi Arabia – 17 January 2021: For the very first time, Desert Technologies (DT) is going to launch SAHARA Containerized Solar Generator (CSG) in collaboration with Green Corp Konnection (GCK) to power part of the bivouac in NEOM during the Dakar Rally. Using 1 small […]
KAFD Receives Renowned LEED Platinum Certification
Riyadh, January 18, 2021 – KAFD has received LEED ND Stage 2 Platinum certification, becoming the largest mixed-use financial center in the world to achieve the highest possible accreditation from the world’s leading authority for green building. LEED is an internationally recognized designation that indicates a building or community was designed and built to be environmentally […]
Saudi Arabia Crown Prince Speaks with Global CEOs on Strategic Priorities in the Post-Pandemic Era
The World Economic Forum convenes a special dialogue with H.R.H. Prince Mohammed Bin Salman, Crown Prince, Deputy Prime Minister of Saudi Arabia, and more than 160 business leaders worldwide. The virtual session provides a first-hand look into Saudi Arabia’s post-COVID-19 strategic priorities. Follow the activities of the World Economic Forum on www.weforum.org Geneva, Switzerland, 14 January […]
Despite COVID, Aramco’s Entrepreneurship Center (Wa’ed) Raises Financial Support to KSA Start-ups
January 12, 2021 – Wa’ed, the entrepreneurship arm of Aramco, tripled the amount of money it loaned to Kingdom-based start-ups during 2020, and injected significantly more money into new businesses through venture capital (VC) investments, as it began a multi-year effort to raise support for Saudi entrepreneurs. The Dhahran-based venture, a wholly-owned subsidiary of Aramco, increased loan disbursements […]
GRUNDFOS SAUDI ARABIA TO POWER NEW ZAMZAM STATION WITH HIGH-PERFORMANCE PUMP SYSTEM FOR HOLY HARAM IN MAKKAH
The new pumping station in the King Abdullah Expansion will deliver holy water to worshipers in Mecca at the highest international standards. Saudi Arabia, December 2020: Grundfos, the world’s largest pump manufacturer and global trendsetter in water solutions, has been selected through their Saudi Arabian office to provide the complex high-performance pressure boosting systems needed for […]
Top 3 Tech Companies Add a Collective $2.2 Trillion in Market Value in 2020
Despite the unprecedented challenges that rocked the year 2020, the S&P 500 closed with an 18.4% gain on a total return basis. Earlier in the year, the pandemic had sent the stock market into shock, driving the S&P 500 to an 8.4% decline in February. It sank further in March, shedding 12.5% as the economy […]
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Bitcoin’s trading volume higher than Apple’s, Microsoft’s, and Amazon’s combined
The cryptocurrency market led by Bitcoin has grown exponentially over the last year. The growth has now elevated Bitcoin to compete with traditional class assets based on average trading volume metrics. Data presented by cryptocurrency trading simulator – Crypto Parrot indicates that Bitcoin’s 30-day average daily trading volume stands at $39.1 billion, which is higher compared to […]
The reign of the E-commerce industry. Although 2020 witnessed the closure of several businesses and industries, the e-commerce industry is here to stay.
Dubai, 3rd January 2021: The E-commerce industry impacted individuals’ shopping experience as the global pandemic forced the closure of retail stores worldwide, compelling consumers to shift their shopping preferences online. However, regions across the globe have responded differently to this change, thus showcasing contrasting eCommerce spending. A report by Statista.com stated that in 2020 alone, retail […]
Zain KSA’s fintech arm Tamam granted first consumer micro-financing license in Kingdom
Zain Saudi Arabia (Zain KSA), a leading mobile telecom innovator in Saudi Arabia announces that its financial technology (fintech) subsidiary Tamam Financing Company (Tamam) has been officially licensed by the Saudi Central Bank (SAMA) to provide micro-financing services to consumers across the Kingdom. The Saudi Central Bank License marks Tamam as the first Fintech provider […]
Dubai Media Incorporated (DMI) renews its media representation contract with Choueiri Group’s MEMS
The partnership aimed at charting unprecedented growth and development for Dubai’s flagship media group. Dubai, United Arab Emirates, December 14, 2020 (AETOSWire): At a recent signing ceremony held at the Dubai Media Incorporated (DMI) Headquarters in Dubai, Choueiri Group’s Middle East Media Services (MEMS) renewed its long-standing exclusive media representation contract with all DMI platforms. […]
SATORP achieves Intertek’s Certification on Business Continuity Management to demonstrate its resilience amid the COVID-19 pandemic
December 22, 2020 (Jubail, Saudi Arabia) – Intertek, a Total Quality Assurance provider to industries worldwide, has awarded the ISO 22301:2012 certification for Business Continuity Management System to Saudi Aramco Total Refining and Petrochemical Company (SATORP), a petrochemical joint venture refinery between Saudi Aramco and TOTAL. ISO 22301 is a globally recognized international standard for […]
2020 IT spending: cybersecurity remains investment priority despite overall IT budget cuts; Kaspersky found
According to the new Kaspersky report ‘Investment adjustment: aligning IT budgets with changing security priorities’, cybersecurity remains a priority for businesses’ investment. Its share of IT spending has grown from 23% in 2019 to 26% in 2020 for SMBs, and from 26% to 29% for enterprises. 71% of organizations also expect their cybersecurity budget to […]
World Economic Forum Examines How the Recovery From COVID-19 Crisis Can Build Productive, Sustainable and Inclusive Economic Systems
Few Economies Are Ready for Long-term Prosperity through Improved Public Services, Green Investments and Digitization, Study Finds Special edition of the World Economic Forum’s Global Competitiveness Report examines how the recovery from the COVID-19 crisis can build productive, sustainable, and inclusive economic systems. Countries with advanced digital economies, strong social safety nets, and robust healthcare systems have managed […]
Black Friday 2020: Gifts and self-care amongst leading purchases for loyalty program shoppers in this year’s unusual run-up to End of the year
Collinson’s Valuedynamx global network of loyalty commerce platforms saw a very different Black Friday shopping season in 2020, rounding out a year of evolved consumer needs and shopping habits as a result of COVID-19 On Black Friday and the weeks prior, online shopping portals associated with client loyalty programs and delivered by Valuedynamx saw a 28% […]
AMAZON PAYMENT SERVICES LAUNCHES IN THE MIDDLE EAST AND NORTH AFRICA TO EMPOWER BUSINESSES TO GO ONLINE WITH SIMPLE, AFFORDABLE, AND TRUSTED PAYMENT EXPERIENCES
PAYFORT is now Amazon Payment Services Amazon Payment Services offers a range of services including payment processing, easy installments and monitoring services for businesses in the Middle East and North Africa Dubai, UAE, 14th December 2020 – Today, Amazon announced the launch of Amazon Payment Services, a payment processing service in the Middle East and North Africa (MENA) […]
Red Sea Gateway Terminal Wins Sustainability Award
Red Sea Gateway Terminal (RSGT) has been named winner of the 2020 Sustainability Award at the 17th Annual Seatrade Maritime Awards, Middle East, Indian Subcontinent & Africa, hosted virtually from Dubai. RSGT was selected to recognize “the exceptional initiative that supports sustainable maritime commerce” by the judging panel of independent industry experts. “We are very […]
Ajman Bank wins the Best Professional Practices for Internal Audit Award at the 9th International Conference of Audit
Ajman Bank has been declared the winner of the Best Professional Practice Award in the private sector’s internal audit category (Fraud Category). The announcement was made at the 9th International Conference of Chief Audit Executives held this week under the kind patronage of His Excellency Abdullah bin Touq al-Marri, Minister of Economy of the UAE, […]
Mambu Opens New Office in the United Arab Emirates
Abu Dhabi, United Arab Emirates, 9 December 2020 – Mambu, the cloud platform that empowers financial institutions to deliver modern banking, announces its new office in the emirate of Abu Dhabi. As the Middle East and North Africa leapfrog into the digital future, the UAE has quickly become a key market for Mambu. As a state-of-the-art hub, UAE is […]
SWIFT enables instant 24/7 cross-border payments
Brussels and London, 8 December 2020 — SWIFT announces the activation of the world’s first live gpi Instant connection, a new service that enables consumers and businesses to send payments in seconds across borders, around the clock via their financial institutions. Lloyds Banking Group is the first to go live with the service, and the UK […]
DP WORLD, UAE REGION’S PIONEERING DIGITAL INITIATIVES ATTRACT THE LIMELIGHT AT GITEX 2020
The company’s digital strategy empowers the UAE’s logistics sector, assisting the country in achieving its development goals. Jebel Ali Port and Jafza connect consumers to over 3.5 billion people Since its launch, Dubai Trade’s Electronic Delivery Order crosses 52,000 transactions, valued at AED120 million in less than a year. Dubai, United Arab Emirates, December 8, […]
Bespin Global MEA Becomes the First to Achieve Datadog’s Gold Tier Partner in the Middle East
09 December 2020, Dubai, UAE – Bespin Global MEA, a leading cloud technology consulting and management company, is now Datadog’s first Gold tier Partner for Managed Service Providers (MSP) in the Middle East. Datadog is a leading cloud-scale application monitoring service provider that brings together and provides monitoring of servers, databases, containers, tools, and services through […]
Salesforce Raises FY21 Revenue Forecast to $21B Following 20% Revenue Growth in Q3 FY21
Following a record performance during the third quarter of its fiscal year 2021 (Q3 FY21), which ended on October 31, 2020, Salesforce raised its overall revenue forecast for the fiscal year 2021 (FY21) and fiscal year 2020 (FY22) considerably. According to the research data analyzed and gathered by the Finnish website Sijoitusrahastot, its revenue totaled $5.42 […]