Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Western Union Enhances WU.com and Mobile App in Saudi Arabia
Enables Online Verification for Western Union Digital Customers in Saudi Arabia WU.com and the Western Union Mobile App Now Available in Seven Markets Across the Middle East RIYADH, JULY 28, 2021– Western Union, a global leader in cross-border, cross-currency money movement and payments, has enhanced its digital services – WU.com and the Western Union mobile app – in Saudi Arabia, in association with Ersal Money […]
SWIFT launches SWIFT Go, a fast, cost-effective service for low-value cross-border payments
New service enables businesses and consumers to send payments in seconds with full transparency and strong security SWIFT Go is a key building block in the co-operative’s strategy to enable instant and frictionless cross-border transactions Seven leading global banks already live with the service Brussels/Dubai, 27 July 2021 – SWIFT today announces the launch of SWIFT […]
Region’s Pioneering Podcast – The Dukkan Show marks its 200th episode with H.E. Noura Al Kaabi to highlight the impact of creativity and culture in creating sustainable economy
Dubai, United Arab Emirates, 27 July 2021: The Dukkan Show, one of the first independent society and culture podcasts in the Middle East North Africa (MENA) region, marked its sixth anniversary, with a milestone celebration of 200 episodes. To celebrate the momentous achievement, the podcast hosted Her Excellency Noura bint Mohammed Al Kaabi, UAE Minister of […]
The future of money #openbanking
By Vijay Jaswal, CTO, Middle East & Turkey, Software AG These three numbers tell a story. They are from Gartner’s annual publication 2021 CIO Agenda: A banking perspective. 53% of bank CIOs assess that their business performance is ahead or far ahead of where it otherwise would have been had COVID-19 not become a global pandemic. 69% of […]
Burj Khalifa Turns into a Billboard to Celebrate Swvl – The Middle East’s First $1.5bn Unicorn To List On Nasdaq
DUBAI, UAE – July 29, 2021 – Swvl Inc., a Dubai-based provider of transformative mass transit and shared mobility solutions, made an iconic appearance on Burj Khalifa, the world’s tallest tower, following a tweet by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates stating: “Dubai-headquartered Swvl is the first […]
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Government support and effective policies key to future growth, say SMEs across Middle East and Africa in Mastercard research
88% of SMEs across the Middle East and Africa have identified government support and implementation of effective policies as key business support areas for future growth, according to Mastercard MEA SME Confidence Index The research correlates regional government efforts to advance GDP recovery and growth, to the implementation of supportive measures for the SME sector […]
Executive Appointment: Geidea names global heavyweight Nick Ogden as new Board Member
Riyadh, Saudi Arabia, 14 July, 2021: Geidea, the largest fintech company in Saudi Arabia by market share, has appointed the global financial services and fintech heavyweight Nick Ogden to join its Board of Directors. In his role, Nick will be responsible for guiding the company’s strategic vision as it seeks to position itself as the category […]
Banks and FinTech partnerships to bring about a paradigm shift in the future of banking industry
UAE banking sector sees rapid growth in digitisation of services, sales channels and partnerships with FinTechs across the region Dubai, United Arab Emirates, 13 July 2021: Digitisation has changed every sector, and the banking industry is no exception, leading several banks to reduce their physical footprint in an effort to bring more customer centric digital platforms to the […]
AL FARDAN EXCHANGE L.L.C JOINS FORCES WITH EMPAY’S CONTACTLESS ECOSYSTEM IN LANDMARK DEAL TO PROVIDE REMITTANCE SERVICES
The UAE’s leading exchange house, Al Fardan Exchange, signed a deal with the contactless payment ecosystem, providing more choice, convenience and flexibility to customers 13 July 2021, Dubai, UAE: Al Fardan Exchange, one of the UAE’s leading financial services providers, has announced their partnership with Empay, the world’s pioneering contactless payment and instant credit ecosystem. Al […]
Nejree, Transforming Saudi’s e-Commerce Industry through “Try Now Buy Later” secured $15 Million Series A round led by Impact46
Nejree, the Saudi online fashion & lifestyle destination that has recently launched “Nejree Closet”, a Try Now Buy Later “TNBL” innovative model, has raised $15 Million (56 Million SAR) in a Series A round led by Impact46 growth fund. Nejree, the Riyadh-based e-Commerce Startup, was established in 2018 with the vision to transform the online customer journey […]
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LG RELEASES PRELIMINARY EARNINGS FOR SECOND-QUARTER 2021
RIYADH, July 12, 2021 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the second quarter of 2021. LG reported tentative consolidated revenues of KRW 17.1 trillion, an increase of 48.4 percent from the same quarter the previous year and the highest quarterly revenue in the company’s history. Operating profit of KRW 1.1 […]
SAUDI ARABIA’S DIGITAL AUTOMOTIVE SERVICES START-UP SPEERO ANNOUNCES SAR 6,750,000 (US$ 1.8 MILLION) PRE-SERIES A FUNDING
The funding will accelerate Speero’s ambition to digitalise Saudi Arabia’s automotive after-sales ecosystem from spare parts sales to repair services The new round is co-led by Nuwa Capital and Eq2 Ventures, and includes the participation of JIMCO, Impact 46, Access Bridge Ventures and Mountain Partners Riyadh, July 12, 2021 – Riyadh-based digital automotive services start-up […]
Mastercard Economics Institute: Rebound in Ground Travel for Some Markets in Middle East & Africa; International Travel Lags Behind
Global gas spending is up 13%* over 2019 peak, with increases also observed in Egypt and Nigeria, indicating rebound in ground travel As people prepare to reemerge, sales have increased at barber and beauty shops, bike stores, and toupee and wigs shops, among other categories JULY 11, 2021 | Riyadh, Saudi Arabia – After flights were largely […]
The UAE took swift action, showcasing its robust responsibility to control maritime accidents and manage risks
Containing the fire at Jebel Ali Port Owing to years of pro-active planned preparation in developing world-class infrastructure in our ports and offshore facilities and an outstanding immediate response, the fire was controlled within 44 minutes Our priority now is to ensure that the accident will not impact the marine environment All logistical operations at Jebel […]
SWIFT to eliminate frictions in international payments by upfront verification of account details in real time
New service enables real-time payment validation to reduce errors, exceptions and costs caused by wrong or missing beneficiary information Removes a key area of friction in cross-border payments, supporting SWIFT’s strategy for seamless, instant account-to-account transactions Brussels/Dubai, 8 July 2021 – SWIFT today announced the go-live of a service that will enable banks to verify payee […]
What is a dark kitchen?
With restaurant deliveries soaring, an entirely new delivery and takeout business model emerged. Enter dark kitchens – highly efficient production units without a storefront that are optimized for delivery. By Naji Haddad, Deliverect Middle East General Manager Food delivery has been reshaping the restaurant industry since the late 2000s. As more and more people started […]
EMKAN SURVEY REVEALS SHIFT IN CONSUMER SPENDING BEHAVIOUR AND ACCELERATION IN DIGITAL ADOPTION FOR FINANCIAL INSTITUTIONS
RIYADH, Saudi Arabia, July 7, 2021 – The economic fallout of the COVID-19 pandemic combined with disruptions across various sectors has accelerated changes to consumer spending and lending behaviours, according to a survey conducted by Emkan, a financial company that provides innovative financial solutions across the Kingdom of Saudi Arabia. The survey consisted of responses from […]
Leveraging on the Latest Technology Cedar Roseto provide Business Risk Assessment Solutions to iXerv
Cedar Rose has entered into an agreement with iXerv to provide business information services that will allow it to perform due diligence and assess risk. Antoun Massaad, the Co-Founder and CEO of Cedar Rose, said, “iXerv is the leading provider of HR transformation services for progressive businesses across the world who are seeking simplified sophistication from Enterprise technologies […]
Kaspersky delves into trends and risks surrounding cryptocurrencies
Technology has significantly impacted lives and economies over the last few years and is now giving rise to new modes of transactions and even currencies. New modes of electronic payment are becoming increasingly popular, and cryptocurrencies have captured the imagination and attention of individuals, investors, the banking industry, and Governments the world over. According to […]
88% of consumers in Saudi Arabia will opt for digital banking services over visiting a physical branch post Covid-19
82% of respondents in KSA access digital banking services at least once a week 39% are willing to switch to a different bank due to poor customer relations 32% perceive their bank’s current offering of access to online banking services as weak Riyadh, Saudi Arabia, 6th July, 2021: Consumer appetite for digital banking services continues to grow […]
Bahrain Islamic Bank launches Future Leaders financial literacy program with Mastercard-branded wearable payments
Trendy, simple and secure digital pre-paid product for 7 to 18-year-olds is the first Mastercard-branded wearable payment band in Bahrain Riyadh, Saudi Arabia, 5 July 2021: Bahrain Islamic Bank (BISB) has launched its ‘Future Leaders’ youth program, featuring the market’s first wearable wristband branded by Mastercard. Future Leaders is a one-of-a-kind prepaid solution for children and […]
Green finance surges in MENA region in first half of 2021, exceeding global growth rates
MENA green and sustainability-linked debt issuance reaches approximately $6.4 billion in H1 2021, exceeding total for whole of 2020 H1 2021 MENA issuances up 38% on full-year 2020 totals, compared with 12% global increase Saudi Arabia; 4 July 2021: Green and sustainability-linked debt issuance in the MENA region reached $6.4billion in the first half of 2021, already exceeding the total […]