Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
5G Smartphones, Smartphone Accessories, and VR HMDs to Witness High Growth Rates in 2021
Investment in AI, wireless technologies, and 5G are stimulating significant growth in the consumer devices market LONDON, UNITED KINGDOM – 03 Jun 2021 According to the latest Consumer Technologies report from global tech market advisory firm, ABI Research, most consumer devices and services, especially 5G smartphones, accessories, and Virtual Reality (VR) Head-Mounted Displays (HMDs), will remain […]
Finastra provides new insights into customers’ feelings towards their bank and financial goals
Research into ‘the journey to financial empowerment’ offers new insights into how people feel about their bank and their financial goals Customers crave three things in their financial relationships: knowledge, control and freedom Incumbent banks risk being relegated to a passive role Dubai, UAE, 2 June 2021: Finastra has released research around ‘the journey to financial […]
Fira Barcelona is celebrating Global Exhibitions Day to coincide with its return to on-site activity
On 2 June the trade fair sector will highlight its contribution to the post-pandemic economic recovery Every year, within the context of normality prior to COVID-19, 32,000 trade fairs were held around the world, bringing together 4.8 million exhibiting companies and 353 million visitors. The global trade fair industry is estimated to have an annual […]
Wa’ed adds follow-on investment to help FalconViz scale drone operations to meet rising global demand
June 2, 2021 – FalconViz, Saudi’s leading drone solutions company, has received a $500,000 follow-on investment from Wa’ed, the entrepreneurship arm of Aramco, to scale up operations and expand into Europe, the US and Africa. Based at King Abdullah University of Science and Technology (KAUST) north of Jeddah, FalconViz plans to use the funds to develop […]
Offering consumers a more sustainable card journey is our responsibility
Julia Schoonenberg, Senior VP for Financial Institutions (MEA), IDEMIA, discusses the pressing need for improved and environmentally-friendly measures to reduce the strain on our planet. It is impossible to imagine our lives without plastics. This ultra-malleable and extremely cheap material is found in so many items supporting our daily lives —from the ubiquitous water bottle to […]
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WEFOX CLOSES RECORD SERIES C FUNDING ROUND FOR INSURTECH
wefox closes record US$650 million series C funding round valuing the insurtech at US$3 billion (post-money valuation) Largest series C funding round for an insurtech globally Round was significantly oversubscribed Funding round was led by Target Global with participation from existing investors, including OMERS Ventures, G Squared, Merian, Horizons Ventures, Eurazeo, Mubadala Capital, Salesforce Ventures, […]
A Successful Technology Modernization Process for Businesses
New ERP and SaaS systems can spur changes in the operating model. By Dr. Houssem Jemili, Partner at Bain & Company Middle East Until recently, many companies saw technology modernization as a necessary evil, something to postpone as long as possible to avoid the disruption sure to accompany it. Today, more of them recognize that […]
Intact Financial Corporation completes acquisition of RSA Insurance Group plc
Consortium, made of Intact Financial Corporation and Tryg A/S, has purchased all shares in RSA Insurance Group plc, with acquisition valued at GBP 7.2bn Acquisition set to strengthen footprint and leadership position KSA, 01 June 2021: RSA Middle East announced that Intact Financial Corporation, leading Property & Casualty insurance company in North America, has successfully acquired […]
INDEX 2021 A Remarkable Reunion Day for the Design Community
Day 1 highlights from INDEX Dubai, United Arab Emirates, 31 May 2021: INDEX, the long awaited international interior design trade show, opened its doors today to thousands of visitors, marking the first day for the industry’s professionals to reconnect in-person since 2019. Free seminars, product showcases, networking opportunities, and exceptional engaging experiences all took place on […]
Majid Al Futtaim appoints global infrastructure firm AECOM to deliver consultancy services for flagship Mall of Saudi project in Riyadh
Mall of Saudi is a major component in the SAR 16 billion Riyadh North master-planned development that includes nine hotels and branded residences with 2000 keys, 600 retail stores, and the largest ski slope and snow park in the Middle East AECOM awarded four-year contract to provide lead consultancy services for Majid Al Futtaim’s largest integrated […]
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Global IT Spending to Hit Over $4B in 2021, Software and Cloud-Based Projects to Account for 50% of Total IT Budgets
Although the COVID-19 did reduce global IT spending last year, many companies were still forced to increase their IT budgets to adapt to new operational requirements and set up their employees to work from home. According to data presented by Aksje Bloggen, global IT spending is expected to significantly recover and hit over $4trn in 2021, […]
EMKAN WINS FASTEST GROWING DIGITAL MICROFINANCE COMPANY IN SAUDI ARABIA AT THE GLOBAL BUSINESS OUTLOOK AWARDS 2021
May 31, 2021 – Emkan, a financial company that provides innovative financing solutions across the Kingdom of Saudi Arabia, has been awarded the Fastest Growing Digital Microfinance Company in Saudi Arabia at the Global Business Outlook Awards 2021 (GBO). The GBO Awards extend to the private and public sector, recognizing the work of businesses across performance, […]
SFD signs a $10 million export financing agreement with the National Bank of Iraq
Will support trade exchange and development projects in Iraq RIYADH, May 30, 2021…The Saudi Fund for Development (SFD) has signed an export financing agreement with the National Bank of Iraq, a subsidiary of the Capital Bank Group, to provide credit facilities worth $10 million to Iraqi importers who seek to import Saudi products and services. […]
Leading retailer Lulu awarded first GSAS ‘Gold’ rating in MENA region for sustainable operations
DOHA, Qatar, 30 May 2021, (AETOSWire): Lulu Hypermarket in Qatar has become one of the first retailers in MENA to achieve sustainable operations certification under the Global Sustainability Assessment System (GSAS) from the Gulf Organisation for Research & Development (GORD). Upon completion of necessary audits by sustainability experts from GORD, LuLu Hypermarket building located in Qatar’s […]
Real-time analytics, a product view of spending and shared accountability help executives see where the money is (and isn’t) generating value.
A Three-part Program to Improve Business Outcomes By Dr. Houssem Jemili, Partner in Technology, Digital, and Advanced Manufacturing and Services practices at Bain & Company Middle East and Bao-Viet Lê, Partner in the Financial Services practice at Bain & Company Middle East. Companies spend a lot on information technology every year, but few are achieving what […]
SWIFT outlines strategic vision for smarter securities
New paper details SWIFT’s plans to transform platform for securities processing as part of its strategy for smarter securities Explores industry need for a collaborative post-trade utility to facilitate, frictionless securities transactions Will mitigate settlement fails, reduce costs and improve efficiency Brussels/Dubai, 27 May 2021 – SWIFT today published a paper detailing its vision for an enhanced capital […]
Huawei launches its first ever one-stop shop for startups in the region
Designed to empower startups and developers as they target worldwide customers 27th May 2021, Dubai, UAE: Huawei has launched a one-stop shop for startups and developers, which is the first such initiative by the global tech giant in the region. Through this initiative, Huawei aims to empower innovative entrepreneurs in the region to scale and grow […]
Peru to showcase its unique aesthetic style and rich home design tradition at INDEX Dubai
Dubai, May 2021: Peru is pleased to showcase its world-class design diversity at INDEX Dubai, the region’s leading exhibition for furniture, furnishing and lighting. The Peruvian Pavilion will present a number of exclusive home décor designers that together will reflect the diverse culture, history and materials that define the beautiful nation. This is the fifth […]
TOP 10 THINGS NOT TO MISS AT INDEX 2021
Show highlights include seminars, product showcases and engaging experiences Dubai, United Arab Emirates, May 2021: INDEX, the international interior design trade show is set to take place between May 31st and June 2nd in Dubai World Trade Centre, reconnecting the industry’s top professionals for the first live interiors event since 2019. The fair will offer valuable access and […]
Should credit markets be worried about inflation?
Luke Hickmore, Investment Director Fixed Income at Aberdeen Standard Investments comments on the likely trajectory for inflation and interest rates in the coming months and the inevitable effect on credit markets. “In the first five months of the year, inflation has become a growing concern for markets. On credit markets, there’s been higher volatility in yields, […]
PUBG Mobile Hit Nearly $5B in Lifetime Player Spending
As the world’s most popular mobile game by monthly active users, Tencent’s PlayerUnknown’s Battlegrounds has generated impressive revenue across the Apple App Store and Google Play. According to data presented by 123scommesse, PUBG mobile generated $238 million in revenue across App Store and Google Play in April, with its lifetime player spending reaching nearly $5bn that […]
THE INFRASTRUCTURE INFLECTION POINT
by Gershon Cohen, Global Head of Infrastructure Funds, Aberdeen Standard Investments Not long prior to me writing this outlook for concession infrastructure[1], UK Prime Minister Boris Johnson and leading environmentalist Sir David Attenborough were launching the next COP26 United Nations (UN) climate summit. This is due to take place in Glasgow during November 2021. The […]