Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
NFTs Market Cap Experienced A CAGR Of 187% From 2018-2020 – $55M In Revenue For 2020
Non-Fungible Tokens or NFTs as they are colloquially known are the newest trend to come out of the blockchain sphere. NFTs are one-of-a-kind digital certificates that prove ownership of a digital asset. The authenticity of such assets are verified through the blockchain mechanism giving way to a whole new realm of digital collectables. Blockchain’s recent […]
AMAZON PAYMENT SERVICES WAIVES SERVICE FEES FOR SMALL BUSINESSES IN SUPPORT OF CENTRAL BANK OF EGYPT INITIATIVE
Waiver covers all account setup and maintenance fees for Micro, Small & Medium Enterprises (MSMEs) who wish to utilize Amazon Payment Services’ digital payment service CBE initiative empowers new businesses to scale online by providing a wide range of online payment options for their customers Cairo, Egypt, 13th April 2021 – Amazon Payment Services, a payment processing service […]
MENA M&A hits US$17.1 billion in Q1 2021
MENA Investment banking fees recorded US$ 218 million in first quarter 2021 MENA equity and equity-related issuance reached US$ 276 million while debt issuance totalled US$ 34.8 billion in 2021 UNITED ARAB EMIRATES – Refinitiv released the Middle East and North Africa investment banking analysis for the first quarter for 2021. According to the report, the Investment […]
China and US to Generate 60% of Global Ecommerce Sales in 2021
The ongoing COVID-19 lockdowns continue fueling the explosive growth of the eCommerce market, as millions of consumers worldwide shifted from brick-and-mortar stores to webshops. According to data presented by Trading Platforms, the revenue of the global eCommerce industry is expected to jump by 12% YoY and hit $2.7trn in 2021, a 12% increase year-over-year. China and […]
Mastercard signs MENA region’s first Tap-on-Phone agreement with Geidea
Geidea’ s launch will enable safe and secure contactless payments on delivery in Saudi Arabia RIYADH, Kingdom of Saudi Arabia, April 12 2021: Global technology company Mastercard, and Geidea, the largest fintech company in Saudi Arabia by market share, have announced a strategic partnership agreement to accept Mastercard payments onTap-on-Phone solution in Saudi Arabia – the first such […]
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Qarar partners with CredoLab to bring Alternative Credit Risk Score Solutions to the Middle East
Mobile and web digital footprints to detect fraud and credit risk using big data, machine learning algorithms, artificial intelligence and sophisticated algorithms Dubai, UAE, April 2021: Qarar, a leading regional credit risk and decision analytics company, announces a new partnership with CredoLab, the most seamless, transparent, and accurate alternative-data credit risk scoring provider in the market today. […]
Versace Home to create the stunning interiors for new Dar Al Arkan luxury villas in Shams Ar Riyadh Project
12 April 2021, Riyadh, KSA: Dar Al Arkan, the leading real estate company in Saudi Arabia has announced a unique collaboration that will bring the world’s first ever villas with interiors by Versace Home to the Kingdom’s Shams Ar Riyadh project. Versace Home’s outstanding design and craftmanship will augment the extraordinary ‘Upside Living’ design of […]
Under the patronage of the Crown Prince and Saudi Minister of Energy ACWA Power inaugurates KSA’s first utility scale renewable energy project
Inauguration of Sakaka PV IPP marks a historic moment in the Kingdom’s energy transition as a cornerstone for future renewable energy projects The 300MW PV plant exemplifies the role of PPPs in enabling socio-economic progress in KSA, achieving nearly 100% job localisation Al Jouf, KSA, 09 April 2021: ACWA Power, a leading Saudi developer, investor and operator […]
Huawei Mobile Services expands partnership with Mondia Pay for safe, contactless mobile payment services from operators
The strategic partnership will enable contactless payments via HUAWEI devices on networks across Africa and the Middle East, including Egypt, South Africa, and Tunisia Dubai, UAE, 11 April 2021: Huawei Mobile Services has teamed up with Mondia Pay, a digital payments company, to roll out seamless and contactless payments solutions for mobile network operators. Since the […]
Long-standing partners, Mastercard and Uber extend their partnership to boost payment digitization and advance financial inclusion across the Middle East and Africa
Saudi Arabia – 6 April 2021: Uber’s long-term partnership with Mastercard continues to grow with a new strategic initiative focusing on digital payments and advancing financial inclusions which will be facilitated by Mastercard across the Middle East and Africa (MEA). As a regional first, the partnership with Mastercard will enable Uber to drive digitization across their […]
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Noon.com launches mega Ramadan grocery sale on noon Daily
Grocery sale with exclusive deals, bundles, and flash sales in Riyadh and Jeddah, KSA Riyadh, KSA. 6th April 2021: noon.com, the region’s homegrown digital marketplace, announces its mega Ramadan noon Dailysale will be live now until 12th May with up to 75 percent off groceries and household essentials set to delight customers in Riyadh and Jeddah over the month […]
Jadwa Investment Launches SAR 1 Billion AlDar Investment Fund
Riyadh, [5] April 2021: Jadwa Investment, a leading regional investment management and advisory firm, announced today the successful launch of its AlDar Investment Fund in partnership with AlMajdiah Group, and Riyad Bank. . AlDar Investment Fund is a closed-end, Shariah-compliant real estate investment fund with a total size of SAR 1 billion (USD 266 million) and a fund term of […]
The post-pandemic landscape ushers in era of green investment imperative, says new Arthur D. Little report
Nurturing disruptive ventures and business models via innovative financing and ecosystem orchestration creates a virtuous cycle further accelerated through government policies during COVID” Dubai, UAE, 5 April 2021: In pre-pandemic times, progress towards transformational change remained remarkably slow, despite climate change and sustainability rising higher than ever before on large companies’ strategic agendas. Although COVID-19 may […]
For the First Time the Unions of Arab Banks, Technology and Chambers Operating Under the League of Arab States Join Forces with GCEL to Empower The Digital Economy Between the Arab Nations and Their Trade Partners
GENEVA–(BUSINESS WIRE/AETOSWire)– The Union of Arab Banks (UAB), Union of Arab Chambers (UAC), and Arab Information and Communication Technology Organization (AICTO), operating under the Arab League umbrella, joined forces with the Global Coalition for Efficient Logistics (GCEL / Coalition) to deploy the Digital Economy Platform (DEP) empowering the Digital Economy between the Arab Nations and their trade partners. The DEP delivers new digital […]
Hunter Point Capital Appoints Operating Partner for Middle East
Addition of Zade Zalatimo expands HPC’s global coverage capabilities NEW YORK–(BUSINESS WIRE/AETOSWire)– Hunter Point Capital (“HPC”), an independent investment firm focused on taking minority stakes in middle-market alternative asset managers, announced today the appointment of Zade Zalatimo as an Operating Partner. Based in Dubai, Mr. Zalatimo will lead HPC’s capital formation and institutional investor relations […]
Social investment: a way to accelerate economic growth and productivity
Around the world, the ongoing COVID-19 pandemic has laid bare the limitations of existing social welfare systems, and increased pressure on governments to secure and improve social protection for their citizens, placing significant strain on government resources. This is particularly true in the GCC, where countries use a social welfare model that creates a strong […]
Huawei releases its 2020 Annual Report
Huawei reaffirms its commitment to creating greater value for customers and society in the face of adversity [Shenzhen, China, March 31, 2021] Huawei released its 2020 Annual Report today. Growth slowed, but the company’s business performance was largely in line with the forecast. Huawei’s sales revenue in 2020 rounded off at approximately US$136.7 billion, up 3.8% […]
Public-private partnerships drive national development and support socio-economic sector growth
Arthur D. Little report outlines how partnering with private sector will bridge investment gap, nurture collaboration, and bolster performance for governments Dubai, United Arab Emirates – 30 March 2021: Public-private partnerships (PPPs) are an essential tool to accommodate and advance Middle Eastern infrastructure requirements. When planned, designed, and implemented prudently, they can contribute to national development and support […]
JAGGAER/Tejari connecting Middle East SMEs with Dubai Government entities via revamped eSupply platform
The updated website will provide opportunities for SMEs in the Middle East region to collaborate with Dubai Government entities on the secure and transparent online procurement portal Dubai, United Arab Emirates, March 28th, 2021: JAGGAER, the world’s largest independent spend management company, has officially launched its newly updated eSupply platform, which includes a range of user-friendly features […]
Earth Of One Eight Set to Revolutionize Retail Landscape in Middle East Region with Immersive Customer Experiences
Innovative 9m x 3m walk-in pod with abstract geometric face, aims to capture imagination of retailers, customers with latest technology analytics Futuristic concept aligns with Smart Dubai 2021 initiative to transform Dubai into a futuristic destination Dubai-UAE: March 2021 – In a bid to bring customers up close and personal to their favorite retail brands and […]
Sidra Capital’s USD Private Finance Funds Continue To Achieve Target Returns despite The Effects of COVID-19 Pandemic
USD Income Fund generates an annual return of 8% while USD Mutajara Fund registers healthy 5% returns Jeddah, Saudi Arabia, March 24, 2021, (AETOSWire) – Sidra Capital, a Shari’ah compliant asset management firm headquartered in Jeddah, Saudi Arabia, and regulated by the Capital Market Authority (CMA), has announced healthy annual returns on two of its US Dollar-denominated funds: […]
‘Three Forces are Driving the New Cloud Shift for Organizations in Saudi Arabia,’ says Nutanix Saudi Country Head
Riyadh, KSA, 25 March 2021: Cloud adoption is accelerating in Saudi during the pandemic as organizations seek to rapidly deploy applications, tools, and services that are suited to remote working. But the ways in which clouds are being deployed, and the reasons why, have changed. Mohammad Abulhouf, General Manager, Saudi & Bahrain at Nutanix outlines the […]