Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Amazon Prime Day 2021: How Technology is Empowering Growth in the Middle Eastern E-commerce Sector
By Murat Yoldas Ertugrul, MENA region VP at Emakina We’re emerging from a period that not only forced us to change how we do things, but also forced us to change how we think about doing certain things. In some instances, it’s even made us wonder why we do things. All of this has impacted […]
Wa’ed adds follow-on investment to NearMotion to help location-mapping specialist expand globally
June 21, 2021 –- NearMotion, one of Saudi’s leading digital mapping and indoor navigation specialists, has received a follow-on investment from Wa’ed, the entrepreneurship arm of Aramco, to drive the company’s global expansion. Based in Al Khobar, NearMotion provides mobile navigation tools that allow airports, hospitals, shopping malls, museums, theme parks and event stadiums to interact […]
Wa’ed launches nationwide road show to identify, fund next generation of transformative Saudi start-up entrepreneurs
June 20, 2021 – Wa’ed, the entrepreneurship arm of Aramco, today launched a national search to find and fund a new generation of Saudi entrepreneurs at a series of high-profile road show events to be held in six cities across the Kingdom. The Wa’ed Entrepreneurship Roadshow will run from September through December and make stops in Jubail […]
Cedar Rose to Provide Business Intelligence Services to Jordan Loan Guarantee Corp.
Adding to its prestigious portfolio of clients in the Middle East, Cedar Rose has signed a strategic agreement with Jordan Loan Guarantee Corp (JLGC). As part of the contract Cedar Rose will provide business intelligence services for the companies JLGC is evaluating to underwrite. Through Cedar Rose’s company credit reports, JLGC will have access to […]
Study Reveals Majority of IT Leaders Consider Technical Debt One of the Biggest Threats to Innovation as They Build Back
New survey from OutSystems finds companies spend nearly one-third of IT budgets on technical debt Dubai, UAE – June 16, 2021 – OutSystems, a global leader in modern application development, today reported that 69% of IT leaders identify technical debt as a major threat to their companies’ ability to innovate, as seen in its latest report, “The Growing Threat […]
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Bold steps go Further: Bain & Company’s integrated suite of ESG capabilities brings the full force of the firm’s talent, expertise and energy to create a more sustainable, equitable and inclusive world
Bain & Company’s 2021 Impact Report outlines the transformative impact the company is working to create—as a partner to its clients, as a champion for global communities, and as a firm Dubai, United Arab Emirates – June 17, 2021 – Bain & Company announced today the launch of FurtherSM, it’s integrated suite of ESG capabilities to deliver […]
Noon.com announces Big Yellow Sale with up to 70 percent off
The local e-commerce platform’s super-saver event is back from June 20th until 22nd Dubai, UAE. 16th June, 2021: noon.com, the region’s homegrown digital marketplace, announces the return of its Big Yellow Sale, a three-day event with up to 70 percent off, huge price drops and crazy deals available for all customers across the United Arab Emirates. Running […]
More than half of millennials happy to opt for digital-only banks
More than half of millennials are happy to switch to or already have a digital-only bank, reveals a new poll from one of the world’s largest independent financial advisory and fintech organisations. The results from a deVere Group global poll of 550+ clients born between 1980 and 1996 show that 59% of those surveyed already […]
Under the Topic “Tapping Digital Opportunities for a Future-ready Insurance” Najm Participates in Insuretek Conference, Wins Leading Claims Manager Award for 2021
Riyadh, KSA, June 15, 2021: In a display of its commitment to world-class excellence, Najm for insurance services took part in the third edition of the Insuretek Middle East 2021 conference held on Wednesday June 9, 2021 at the Dusit Thani hotel, in Dubai. Earning one of the Golden Shield Excellence Awards in insurance for 2021, […]
SADAFCO Announces Strong Sales and Solid Net Profit Performance for Financial Year 2020-21
Revenue continues to increase in challenging market conditions Net profit margin remains above 12% All key sites functioned throughout the year ensuring employee safety through Covid protocols Jeddah, Saudi Arabia: 16 June 2021 – Saudia Dairy and Foodstuff Company (SADAFCO) announced year-on-year growth in revenue and operating profit for the financial year (FY) 2020-21. Annual revenue […]
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ACWA Power’s maiden 7-year Sukuk issuance achieves lowest pricing amidst 1.8x oversubscription
Transaction marks the lowest spread by any corporate or bank issuer in Saudi capital markets since 2017 Sukuk offering in line with ACWA Power’s long-term ambitions and its growing portfolio of assets Riyadh, KSA, 14 June 2021: ACWA Power, a leading Saudi developer, investor and operator of power generation and desalinated water plants in 13 high-growth […]
Backbase Middle East awarded the Best User Experience Solution Provider Award
Backbase, the Engagement Banking platform provider, has won the award for the ‘Best User Experience Solution Provider’ at the MEA Finance Banking Technology Summit and Awards 2021. The award recognizes Backbase’s customer-centric platform approach that leverages a single technology platform to orchestrate the entire customer journey across multiple devices and touchpoints. Recognizing that customers today have gone […]
Finastra showcases Open Banking innovations during DIFC Innovation Month
Company highlights FusionFabric.cloud, its powerful open development platform in Dubai Dubai, UAE, June 13, 2021: Finastra, the largest pure-play software vendor that serves the entire financial services industry, is participating in Dubai International Finance Centre (DIFC) Innovation Month, which focuses on early-stage fintech start-ups and helps them innovate towards a new generation of Open Banking platforms. […]
Middle East and Pakistan based logistics platform Trukkin raises $7 Million (26 Million SAR) in Series A funding round
June 9, 2021: The logistics and supply chain startup Trukkin has secured an investment round of 26 Million SAR for it’s Series A round. The round was led by Saudi based Emkan Capital with the participation from Impact46 Seed Fund, Taya Group and other strategic investors. Founded in 2017 by former Barclays banker Janardan Dalmia, Trukkin […]
Mastercard Empowers Consumers To Choose A Sustainable Future With Eco-Friendly Cards
New Certification And Recycling Programs to Inform Consumer Choice Saudi Arabia – June 9, 2021 – According to a recent Mastercard study, 58% of consumers are more mindful of their impact on the environment, with 85% willing to take personal action this year. Today, Mastercard makes this promise easier to realize with a new badge to identify […]
KPMG Private Enterprise unveils a new competition for the UAE’s tech innovators
Tech scale-ups invited to pitch to investors and major industry players looking for the next emerging giant to invest in, buy or join The UAE winner will go on to compete in KPMG’s global finals Dubai, UAE, June 9, 2021: The search is on for the UAE’s top tech innovators who are ready to become the next global titans with the […]
King Abdullah Economic City praised by energy experts
Reducing energy consumption through the use of green buildings and smart cities topped the agenda on the opening day of Energy Consumption & Management sector focus week Decoupling, decarbonising, decentralising, digitalisation, disruption and desirability crucial in addressing the challenges within the energy industry Dubai, United Arab Emirates, 8 June 2021: A panel of energy industry experts […]
Saudi-based sustainable AgTech firm Red Sea Farms, a salt-water growing specialist, receives $10m investment
Investor group includes Aramco entrepreneurship arm Wa’ed, the Future Investment Initiative Institute and KAUST from Saudi Arabia, and Global Ventures of the UAE. KAUST, Kingdom of Saudi Arabia, June 7, 2021: Red Sea Farms, a Saudi Arabian AgTech business whose one-of-a-kind technology enables the commercial farming of produce using primarily salt water, received a $10 million […]
Real Estate Development Fund… The Harmony between Innovation and Communication
The last couple of years were fundamental for Real Estate Development Fund (REDF) to reinstate their new transformation system and showcase their achievements since the fund first announced the new system in 2017. Before 2017, REDF had many accumulated challenges to overcome. More than 500,000 citizens were on the waiting list to acquire their mortgage […]
NEC Payments Finds a New Path to Payment Security With Netcetera
Bahrain-based NEC Payments needed an ACS offering 3DS 2.0, the latest in payment security protocols. Netcetera rose to the challenge, building them a solution from the ground up. ZURICH & DUBAI–(BUSINESS WIRE/AETOSWire)– NEC Payments is a rapidly growing digital banking and payment technology company with big plans. Already offering innovative cloud-native banking-as-a-service to Middle East […]
CHALHOUB GROUP OUTLINES SUSTAINABILITY STRATEGY FOR KSA, AS PART OF LATEST SUSTAINABILITY REPORT
KSA Sustainability Strategy Committee with dedicated expertise has been developed to drive the sustainability strategy across KSA operations Report sets out key targets for the Kingdom by 2023, including increasing Saudi frontline workforce from 91% to 93%, increasing the number of women in senior management positions from 20% to 50%, delivering sustainability training to 90% […]
SunTec Introduces a Fully Pre-configured E-invoicing Solution to Help Banks in the Kingdom of Saudi Arabia Comply with Regulations
The solution can be implemented within weeks without disturbing the bank’s existing IT landscape, saving time and effort RIYADH, Saudi Arabia–(BUSINESS WIRE/AETOSWire)– SunTec Business Solutions, the world’s #1 relationship-based pricing and billing company, has announced the launch of its fully pre-configured E-invoicing solution to help banks in the Kingdom of Saudi Arabia (KSA) meet their […]