Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Management Change at Grohe AG: Thomas Fuhr named as new Chief Executive Officer and Jonas Brennwald as Deputy Chief Executive Officer
The Grohe AG supervisory board has appointed Thomas Fuhr as the new Chief Executive Officer of Grohe AG. In addition, Jonas Brennwald, currently Chief Sales Officer, takes on the role of Deputy Chief Executive Officer Grohe AG and joins the GROHE Executive Board. Michael Mager, Executive Director Human Resources & Organization, and Stefan Gesing, Chief […]
SWIFT launches enhanced gpi service for corporates
SWIFT today announces the further enhancement of its gpi service with the full go-live of SWIFT gpi for corporates, a capability designed and built in conjunction with banks and corporates which enables multi-banked corporates to initiate and track payments across multiple banks directly from their treasury and payment systems. More than 50 of the world’s […]
SAR and Huawei sign MoU to develop smart railway in Saudi Arabia
Saudi Railway Company (SAR) has selected Huawei, a leading global provider of information and communications technology (ICT), as a partner to initiate smart railway and digital transformation in the Kingdom. The companies signed a strategic Memorandum of Understanding (MoU) to initiate their partnership during a ceremony held recently at SAR. Dr Bashar Al Malik, […]
Ajman Bank Continues to Foster Development of UAE Nationals by Awarding Senior Roles in Higher Management
Ajman Bank has been at the forefront of development of UAE Nationals by providing them outstanding growth opportunities with critical roles in higher management. One of the organisation’s pivotal achievements has been significant progress in Emiratisation and growing number of nationals in leadership positions. In line with its objectives, Ajman Bank has announced the promotion […]
MENA M&A transactions US$112 billion in first half of 2019
Refinitiv today released the 2019 Q2 investment banking analysis for the Middle East. According to the report, Middle Eastern & North African investment banking fees totalled an estimated US$504.8 Million so far during 2019, 12.7% less than the value of fees recorded during the first half of 2018. Debt capital markets underwriting fees totalled US$147.6 […]
Designing the Finance Function of the Future Needs Strong Management to Lead Change
(AETOSWire): Insights on what will shape the future of the finance function are laid out today in a new report from ACCA (the Association of Chartered Certified Accountants) and PwC called Finance: a journey to the future? The report summarises the responses of over 1,100 members and PwC contacts worldwide plus the views of the […]
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Jadwa Investment Portfolio Company Completes Dividend Capitalization
Innova Holdings Limited, a private equity portfolio company of Jadwa Investment, recently completed a SAR 187.5 million dividend recapitalization transaction. The transaction allowed Jadwa Refining Opportunity Fund, a private equity fund managed by Jadwa Investment, to return 64% of invested capital to fund investors while maintaining the same ownership stake in the company. Jadwa […]
Corporate treasurers in EMEA are looking beyond their banks for innovation, according to Finastra
New research from Finastra has revealed that the market dominance of banks in the delivery of corporate treasury services is under threat from non-bank market entrants. According to its survey of 380 corporate treasurers from enterprises across Europe, the Middle East, and Africa (EMEA), 70 percent believe that a shift from bank to non-bank services […]
Emirates Energy Award starts accepting nominations for fourth edition which is being held in conjunction with Expo 2020 Dubai
Under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Dubai Supreme Council of Energy (DSCE) has announced that it is now accepting nominations for the fourth edition of the Emirates Energy Award (EEA) 2020 that will be held in conjunction […]
New variants of Russian mobile Banking Trojan Riltok go international
Kaspersky researchers have discovered that the money-stealing mobile malware, Riltok has launched new variants and is extending its targeting from Russia to the rest of the world, starting with Europe, disguising itself as services popular in France, Italy and the United Kingdom. Riltkok was first observed in mid-2018. Riltok is a Banking Trojan. These represent […]
Almarai announces 3.1% H1 revenue growth and SAR 919M net profit, whilst maintaining market share leadership
Almarai Company (“Almarai” or the “Company”) has announced its financial results for the 6-month period ended 30th June 2019. Revenues of SAR 7.07 billion were up by 3.1% compared to H1 2018, with second quarter revenue of SAR 3.77 billion improving by SAR 460 million on the previous quarter. Second quarter net income of SAR […]
44% businesses who maintain books of accounts manually or using excel are unaware of any business management software
Small and medium businesses (SMBs) are a backbone of any economy as they contribute immensely to the country’s GDP, employment generation and exports. In UAE this sector constitutes of over 94% of the total businesses in the country. While they have high potential of growth, they are still ignorant to the immense benefits automated accounting […]
MIT Technology Review Lists Huawei in 50 Smartest Companies
Huawei was named one of the 50 Smartest Companies by MIT Technology Review on June 29, 2019. Since 2010, the MIT Technology Review, a globally influential technology media outlet, has annually published a list of the 50 companies that best combine innovative technology with an effective business model around the world. MIT Technology Review picks […]
Cisco Predicts 30 Million Internet Users in Saudi by 2022
Cisco’s Visual Networking Index (VNI) Forecast predicts 4.8 billion Internet users to be connected globally by 2022, out of which 549 million will be living in the Middle East and Africa. Cisco celebrated 30 years of the World Wide Web by sharing insights from the VNI Forecast to predict trends and behaviors evolving in the […]
Dubai achieves 19% reduction in net CO2 emissions
In conjunction with the convening of the preparatory conference for the UN 2019 Climate Summit (COP 25) in Abu Dhabi, the Dubai Supreme Council of Energy announced that the net CO2 emissions of Dubai have decreased by 19% compared to the business as usual (BAU) scenario and 10% below the Carbon Abatement Strategy 2021 target […]
Costa Coffee and alghanim Industries expand middle east partnership
Costa Coffee, the UK-based coffee shop company with nearly 4,000 locations in more than 32 global markets, and Alghanim Industries, one of the largest privately-owned companies in the Gulf region, has today announced an expansion of their successful partnership. Moving forward, Alghanim Industries will have development rights to Costa Coffee not just in Kuwait but […]
DEX Exchange secures in principle approval for crypto asset exchange in UAE
DEX (Digital Assets Exchange) has secured in principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate a Crypto Asset Exchange as part of the wider digital asset regulatory ecosystem developed over the past year by the FSRA. CEO and Founder of DEX Leon Smith said: “This is […]
World Green Economy Summit (WGES) to be held on October 20th to 21st under the theme ‘Innovative Technologies for a Sustainable Economy
Under the patronage of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the steering committee of the sixth edition of World Green Economy Summit (WGES) 2019 that is organized by World Green Economy Organisation (WGEO) and Dubai Electricity and Water Authority (DEWA) in collaboration […]
ARA Petroleum and Oasis Water Win Awards as Oman’s Digital Leaders
Omani oil and gas firm ARA Petroleum, and drinking water manufacturer Oman Oasis, have won SAP MENA Quality Awards, recognizing their digital transformation projects as among the region’s most innovative and delivering the strongest business benefits. Both organizations co-innovated with channel partner Kaar Technologies to leverage the SAP S4/HANA real-time business suite, enhancing efficiency, productivity, […]
ALMALL, one of the main players in the Saudi Arabia and UAE markets
ALMALL, the only pure playing E-commerce in the Middle East, was launched in October 2018, within the Media Group Saudi Research and Marketing Group. Since its launch, ALMALL has had 30% monthly growth and is now one of the main players in the Saudi and UAE markets. For Saudi Research & Publishing Company that has […]
Snap study finds in Saudi Arabia and the UAE nearly half turn to Snapchat for daily communication with their best friends
Snap Inc. today released a global study of 10,000 people across Australia, France, Germany, India, Malaysia, Saudi Arabia, the UAE, the UK and the US to explore how culture, age, and technology shape preferences and attitudes around friendship. Ten experts on friendship from around the world contributed to the report to contextualise the data. “Snapchat’s […]
Tech support burden on younger generation results in relationship rifts
New Kaspersky survey uncovers the rise of ‘Can you just’ and the negative impact it’s having on the family unitTechnology has transformed how we live our lives, but it has come at more than just a financial cost for many of us. A new Kaspersky survey has found that more than a third (35%) of […]