Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Digital transformation investment will continue in 2021; states reality check by Software AG
Transformation and investment remain common goals, but the best way to achieve them highlights diversity of thinking in tech strategies Riyadh, Kingdom of Saudi Arabia – July 2021: Software AG (Frankfurt MDAX: SOW) has recently released the global ‘Situation Report’ based on responses from IT Leaders on their views around digital transformation investment strategies. The global COVID […]
Finastra survey finds Banking as a Service (BaaS) set to make significant impact on financial services in next 12 months
90% of UAE respondents believe Banking as a Service (BaaS) will make an impact over the next year UAE banks keen to collaborate in order to drive innovation and revenue growth Dubai, UAE June 28, 2021: Finastra research reveals that Banking as a Service (BaaS) is set to have a notable impact on the industry in the […]
Sustainability and Digital Transformation Targets Are Driving Demand for Multi-Technical Service Contracts in Saudi Arabia’s USD 445 Million Market
Real-Time Analytics Enable Energy Performance and Condition-Based Maintenance Contracts, Says Amani Al Moajil, New Saudi Arabia GM of Enova RIYADH, Kingdom of Saudi Arabia – 30 June 2021 — Amani Al Moajil, the newly appointed General Manager of Saudi Arabia for Enova, the Middle East’s leading energy and facilities management specialist, has said that digital transformation […]
Innovative Program to Create Work Opportunities for 1,150 Ivorian Women in the Energy Sector
US$1.4 million investment will help address gender imbalance in the country’s energy sector and improve energy access for marginalized communities Abidjan, Ivory Coast, 1 July 2021: A coalition of five organizations are coming together to launch a unique initiative that will train 1,150 Ivorian women to access dignified work opportunities in the country’s energy sector. Schneider […]
The Saudi Investment Bank: First bank in the Kingdom to adopt Cisco Innovative Technologies
Cisco’s innovative network infrastructure enables The Saudi Investment Bank to quickly adapt to changes in business needs while improving the services provided to customers RIYADH, KSA, 1 July 2021: Cisco has today announced that The Saudi Investment Bank (SAIB) has become the first financial institution in the Kingdom to adopt the entire Cisco SDN Architecture. This enables SAIB to […]
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Wa’ed invests $1.5 million in IR4Lab, one of Saudi Arabia’s first blockchain technology providers
June 30, 2021 – IR4LAB, one of Saudi Arabia’s first blockchain companies whose solutions are helping corporations root out resume and professional certification fraud, received a $1.5 million investment today from Wa’ed, the entrepreneurship arm of Aramco. Dhahran-based IR4LAB plans to use the cash injection to increase its customer base, expand the breadth of its coverage […]
Refinitiv releases findings of 2021 Financial Crime in the Middle East and North Africa survey
DUBAI, UNITED ARAB EMIRATES – Refinitiv, a London Stock Exchange Group (LSEG) business, today released the seventh edition of the Middle East and North Africa (MENA) financial crime report. The Financial Crime in MENA 2021 report reveals regional compliance trends induced by the pandemic across MENA markets. According to this year’s findings, over half of respondents (51%) […]
Oracle Commits to Powering Its Global Operations with Renewable Energy by 2025
Al Riyadh, Saudi Arabia —June 29, 2021 – Oracle expanded its commitment to sustainability by pledging to power its global operations, both its facilities and its cloud, with 100% renewable energy by 2025. “Relying on renewable energy is an important step toward a more sustainable future,” said Oracle Chief Executive Officer Safra Catz. “Oracle will always make […]
After a year that disrupted the industry, global rankings show that fintech is thriving
More than 50 new cities and 20 new countries have been added to findexable’s Global Fintech Rankings The value of fintech unicorn companies has more than doubled The evolution of fintech in a country is highly correlated to financial inclusion in emerging economies The 2021 findexable Global Fintech Rankings is produced in partnership with Mambu, […]
Schneider Electric Innovation Day 2021: Uncover the Power of Digitization in Driving Sustainability
Bringing together thought leaders to speak about how digitization is critical in driving business growth and operational stability with sustainability Featuring conservationist and polar adventurer Robert Swan, digital analyst and anthropologist Brian Solis among others Dubai, United Arab Emirates, June 30, 2021 – Schneider Electric, the leader in the digital transformation of energy management and automation, will […]
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Refinitiv launches post-trade solution for Islamic money market transactions
UNITED ARAB EMIRATES: Refinitiv has launched an automated post-trade solution that connects with a conversational dealing platform and supports Islamic money market transactions such as Murabaha, Wakala, and Mudaraba. According to the Refinitiv 2020 Islamic finance development report, global shariah-compliant assets are forecast to reach $ 3.69 USD trillion by 2024. Financial institutions face major challenges in trading Islamic finance […]
SRC signs partnership agreement with Arab National Bank to buy housing finance portfolio
Riyadh, Kingdom of Saudi Arabia; 29 June 2021: The Saudi Real Estate Refinance Company (SRC), a wholly owned company of the Public Investment Fund (PIF), today signed a partnership agreement with Arab National Bank (ANB). The partnership agreement is aimed at providing long-term liquidity in the housing financing market to boost the rate of Saudi homeownership to […]
Mastercard Partners with Eazy Financial Services to Expand Digital Offering for SMEs and Merchants in Bahrain
Partnership will leverage Mastercard’s expertise and solutions to provide SMEs and micro merchants in the Kingdom with digital payment tools Saudi Arabia – 29 June 2021 – Mastercard has partnered with Bahraini fintech & Payment service provider Eazy Financial Services to provide SMEs and micro merchants with digital payment tools and access to financial services that will […]
More than 164 countries participated in Middle East Energy Online
11,000 attendees from over 164 countries attended Middle East Energy Online during the four-week energy showcase Dubai, United Arab Emirates, 28 June 2021: Organisers of Middle East Energy’s debut virtual event have revealed that more than 164 countries took part in the month-long showcase, which featured four online energy sector weeks, between 17 May – 9 […]
83% of SMEs in Saudi Arabia optimistic about future growth guided by potential for digitalization, access to better data, training and upskilling: Mastercard MEA SME Confidence Index
83% of SMEs in Saudi Arabia are optimistic about the next 12 months compared to a regional average of 81% Saudi Arabia has highest percentage (57%) of optimistic SMEs in Mastercard SME Confidence Index in the Middle East and North Africa Research identified key areas with the greatest potential for growth with half of Saudi […]
SRC lowers profit rates for home financing
LTFR among the most competitive rate for home financing products in Saudi Arabia and the wider region Riyadh, Saudi Arabia; 24 June 2021: The Saudi Real Estate Refinance Company (SRC), a wholly owned company of the Public Investment Fund (PIF), announced today that it lowered profit rates for its long-term fixed-rate (LTFR) home financing products by […]
Global banks preparing to leverage SWIFT’s new platform for international payments flows
– Banks endorse new SWIFT platform set for launch in November 2022 – New platform capabilities are part of SWIFT strategy to enable instant and frictionless end-to-end transaction management globally Brussels/Dubai, June 24, 2021 – Six leading global banks today announced their endorsement for SWIFT’s new transaction management platform and are preparing to use its expanded capabilities […]
Raayi: Online customer reviews can make or break a business
CEO of business review app emphasizes customer ratings should be part of company’s revenue-generation strategy Dubai, UAE, 23 June 2021: Online customer reviews can usher in major opportunities for revenue growth, making it imperative for companies to pay them the necessary attention they deserve, said Stefan Toubia, Founder and CEO of Raayi. Raayi, the Arabic word […]
Tawuniya appoints Dr. Ammr Kurdi as Chief Financial Officer
The Company for Cooperative Insurance (Tawuniya) announced the appointment of Dr. Ammr K. Kurdi as Chief Financial Officer (CFO). This step aims to empower the national competencies and hire the best Saudi talents at all administrative levels to achieve the company’s strategic goals and develop its financial and administrative performance. Dr. Ammr represents an added […]
Noon expands customer service operations in KSA creating hundreds of new jobs
The digital marketplace is recruiting local hires to support customer excellence Riyadh, KSA. June 22, 2021: noon.com, the region’s homegrown digital marketplace, is proud to announce the expansion of its customer service operations in the Kingdom of Saudi Arabia, creating hundreds of jobs for local Saudi youth. Noon’s mission is to enable and empower the region’s […]
Technology and its impact on customer relations
By: Bao-Viet Lê, Partner at Bain & Company Middle East It’s all too easy to take for granted the ways that committed employees enrich the lives of their customers. The auto mechanic who spends a few extra minutes chatting with a senior citizen, the grocery clerk who compliments a shy child on a new pair […]
Visa and Saudi Payments rollout Tap to Phone in the Kingdom to support local small businesses
Tap to Phone is an innovative and cost-effective digital payment acceptance solution that enables small and micro businesses (SMBs) to participate in Saudi Arabia’s digital transformation journey Riyadh, Kingdom of Saudi Arabia, 21 June 2021: In another achievement confirming Saudi Arabia’s steady progress towards digital transformation and as part of its efforts to support small businesses […]