Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
GetMuv, a digital fitness innovator rewriting the rules of health clubs, receives add-on investment from Wa’ed
January 27, 2021 – Wa’ed, the entrepreneurship arm of Aramco, today announced a bridge investment of 1.8 million Saudi riyal ($500,000) in GetMuv, the Jeddah-based fitness app that gives Saudis flexible access to fitness clubs and health centers. The investment from Wa’ed’s venture capital arm, Wa’ed Ventures, is its second in GetMuv since 2019, when it initially […]
Mastercard Evolves Contactless Technology for Quantum World
New Enhanced Contactless specifications provide next-generation capabilities for advanced protection and convenience January 26, 2021, Dubai, UAE: Mastercard today announced that it is applying the latest quantum-resistant technologies to develop the next generation of contactless payments. The new Enhanced Contactless (Ecos) specifications are an industry-first and will help ensure that as our dynamic digital landscape evolves, and new technologies like […]
Brand Finance Global 500 2021 – Nokia Among World’s Most Valuable Brands
Five years since it last held top spot, Apple is named world’s most valuable brand by Brand Finance Global 500 2021 ranking as diversification strategy finally pays off, brand value US$263.4 billion Finland’s only entry, Nokia, holds on to its spot in ranking of world’s most valuable brands As new technologies drive brand value across industries, Tesla leaves traditional auto marques behind with fastest brand […]
IDC Predicts IT Spending in Buoyant Saudi Market to Top $11 Billion in 2021
Overall spending on information and communications technology (ICT) in Saudi Arabia is set to reach $32.9 billion this year, up 1.5% in 2020. That’s according to the latest predictions revealed last week by International Data Corporation (IDC) as it hosted the region’s most influential ICT industry figures online for the virtual edition of IDC Directions Middle East, Turkey […]
Global eCommerce Market to Hit 3.8B Users in 2021, a 10% Jump in a Year
The COVID-19 pandemic has accelerated the shift away from brick-and-mortar stores to digital shopping, as millions of consumers worldwide turned to webshops amid the lockdown. This coronavirus-led boom in online sales caused a surge in the number of users and revenues of the entire eCommerce market. According to data presented by Finaria, the number of eCommerce […]
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Brand Finance: stc Is the Most Valuable Brand Amongst Telecommunications Companies in the Region Reaching US$9.2 Billion.
stc’s market value rises to $59.5 billion to become the largest telecommunications company in the region Riyadh, January 26, 2021: stc surpassed its counterparts in the region to become the most valuable brand in the telecommunications sector in ME, and the third most valuable brand in all ME sectors behind Aramco and ADNOC, according to Brand […]
Newly launched Quara Finance set to provide advanced financial technology solutions for consumers and SMEs
Mr.Ehab bin Mahmoud Hassoubah appointed Chief Executive RIYADH, January 25th, 2021: Quara Finance, a leading Saudi company providing Sharia-compliant financial services, has announced the appointment of Mr. Ehab bin Mahmoud Hassoubah as its new Chief Executive. Mr. Hassoubah will lead on Quara Finance’s new business strategy aimed at further developing its innovative financial products and technical […]
Adobe Systems Triples Annual Revenue in 7 Years, Net Profit Up 78% from 2019
One of the big names in the software industry, Adobe posted record numbers with regards to their revenue in 2020. According to data presented by Trading Platforms, Adobe System nearly tripled its annual revenue in the last 7 years, reaching $13B in 2020. Adobe a US Company with a Credible Name in the Software Industry Adobe […]
Saudi Arabia and Middle East Government-Led Digital Transformation Tops 2021 Technology Trends
Oxford Economics: 89% of Public Sector CXOs Agree Data Sharing Improves Citizen Engagement SAP’s Mohammed Alkhotani Outlines 3 Top Lessons for Public Sector Digital Leaders RIYADH, Kingdom of Saudi Arabia – 24 January 2021 – Saudi Arabia and the Middle East’s government-led digital transformation ranks as the top technology trend of 2021, supporting innovative mega-events and […]
Finastra’s Fusion Invest moves to the cloud
Dubai, UAE – January 24, 2021 – Finastra announced that its investment management solution Fusion Invest is now available to customers through the cloud – helping asset managers digitally transform their operations and benefit from increased agility and improved operational efficiency. Implementing Fusion Invest in the cloud means asset managers can access all the tools they need […]
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Shared Future: Government and Business Leaders Release Guidance for Strengthening Global Cooperation
Today, the World Economic Forum released a set of seven principles to serve as a new compass for global relations. The Principles for Strengthening Global Cooperation call for peace and security, equity, gender equality, and sustainability Leaders from Canada, the Netherlands, Japan, South Africa, Goldman Sachs, and Google co-chaired the Global Action Group, which formulated the principles. […]
Desert Technologies is breaking through with SAHARA
In line with the Vision 2030 to revolutionize environmental sustainability, Jeddah, Saudi Arabia – 17 January 2021: For the very first time, Desert Technologies (DT) is going to launch SAHARA Containerized Solar Generator (CSG) in collaboration with Green Corp Konnection (GCK) to power part of the bivouac in NEOM during the Dakar Rally. Using 1 small […]
KAFD Receives Renowned LEED Platinum Certification
Riyadh, January 18, 2021 – KAFD has received LEED ND Stage 2 Platinum certification, becoming the largest mixed-use financial center in the world to achieve the highest possible accreditation from the world’s leading authority for green building. LEED is an internationally recognized designation that indicates a building or community was designed and built to be environmentally […]
Saudi Arabia Crown Prince Speaks with Global CEOs on Strategic Priorities in the Post-Pandemic Era
The World Economic Forum convenes a special dialogue with H.R.H. Prince Mohammed Bin Salman, Crown Prince, Deputy Prime Minister of Saudi Arabia, and more than 160 business leaders worldwide. The virtual session provides a first-hand look into Saudi Arabia’s post-COVID-19 strategic priorities. Follow the activities of the World Economic Forum on www.weforum.org Geneva, Switzerland, 14 January […]
Despite COVID, Aramco’s Entrepreneurship Center (Wa’ed) Raises Financial Support to KSA Start-ups
January 12, 2021 – Wa’ed, the entrepreneurship arm of Aramco, tripled the amount of money it loaned to Kingdom-based start-ups during 2020, and injected significantly more money into new businesses through venture capital (VC) investments, as it began a multi-year effort to raise support for Saudi entrepreneurs. The Dhahran-based venture, a wholly-owned subsidiary of Aramco, increased loan disbursements […]
GRUNDFOS SAUDI ARABIA TO POWER NEW ZAMZAM STATION WITH HIGH-PERFORMANCE PUMP SYSTEM FOR HOLY HARAM IN MAKKAH
The new pumping station in the King Abdullah Expansion will deliver holy water to worshipers in Mecca at the highest international standards. Saudi Arabia, December 2020: Grundfos, the world’s largest pump manufacturer and global trendsetter in water solutions, has been selected through their Saudi Arabian office to provide the complex high-performance pressure boosting systems needed for […]
Top 3 Tech Companies Add a Collective $2.2 Trillion in Market Value in 2020
Despite the unprecedented challenges that rocked the year 2020, the S&P 500 closed with an 18.4% gain on a total return basis. Earlier in the year, the pandemic had sent the stock market into shock, driving the S&P 500 to an 8.4% decline in February. It sank further in March, shedding 12.5% as the economy […]
Bitcoin’s trading volume higher than Apple’s, Microsoft’s, and Amazon’s combined
The cryptocurrency market led by Bitcoin has grown exponentially over the last year. The growth has now elevated Bitcoin to compete with traditional class assets based on average trading volume metrics. Data presented by cryptocurrency trading simulator – Crypto Parrot indicates that Bitcoin’s 30-day average daily trading volume stands at $39.1 billion, which is higher compared to […]
The reign of the E-commerce industry. Although 2020 witnessed the closure of several businesses and industries, the e-commerce industry is here to stay.
Dubai, 3rd January 2021: The E-commerce industry impacted individuals’ shopping experience as the global pandemic forced the closure of retail stores worldwide, compelling consumers to shift their shopping preferences online. However, regions across the globe have responded differently to this change, thus showcasing contrasting eCommerce spending. A report by Statista.com stated that in 2020 alone, retail […]
Zain KSA’s fintech arm Tamam granted first consumer micro-financing license in Kingdom
Zain Saudi Arabia (Zain KSA), a leading mobile telecom innovator in Saudi Arabia announces that its financial technology (fintech) subsidiary Tamam Financing Company (Tamam) has been officially licensed by the Saudi Central Bank (SAMA) to provide micro-financing services to consumers across the Kingdom. The Saudi Central Bank License marks Tamam as the first Fintech provider […]
Dubai Media Incorporated (DMI) renews its media representation contract with Choueiri Group’s MEMS
The partnership aimed at charting unprecedented growth and development for Dubai’s flagship media group. Dubai, United Arab Emirates, December 14, 2020 (AETOSWire): At a recent signing ceremony held at the Dubai Media Incorporated (DMI) Headquarters in Dubai, Choueiri Group’s Middle East Media Services (MEMS) renewed its long-standing exclusive media representation contract with all DMI platforms. […]
SATORP achieves Intertek’s Certification on Business Continuity Management to demonstrate its resilience amid the COVID-19 pandemic
December 22, 2020 (Jubail, Saudi Arabia) – Intertek, a Total Quality Assurance provider to industries worldwide, has awarded the ISO 22301:2012 certification for Business Continuity Management System to Saudi Aramco Total Refining and Petrochemical Company (SATORP), a petrochemical joint venture refinery between Saudi Aramco and TOTAL. ISO 22301 is a globally recognized international standard for […]