Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
2020 IT spending: cybersecurity remains investment priority despite overall IT budget cuts; Kaspersky found
According to the new Kaspersky report ‘Investment adjustment: aligning IT budgets with changing security priorities’, cybersecurity remains a priority for businesses’ investment. Its share of IT spending has grown from 23% in 2019 to 26% in 2020 for SMBs, and from 26% to 29% for enterprises. 71% of organizations also expect their cybersecurity budget to […]
World Economic Forum Examines How the Recovery From COVID-19 Crisis Can Build Productive, Sustainable and Inclusive Economic Systems
Few Economies Are Ready for Long-term Prosperity through Improved Public Services, Green Investments and Digitization, Study Finds Special edition of the World Economic Forum’s Global Competitiveness Report examines how the recovery from the COVID-19 crisis can build productive, sustainable, and inclusive economic systems. Countries with advanced digital economies, strong social safety nets, and robust healthcare systems have managed […]
Black Friday 2020: Gifts and self-care amongst leading purchases for loyalty program shoppers in this year’s unusual run-up to End of the year
Collinson’s Valuedynamx global network of loyalty commerce platforms saw a very different Black Friday shopping season in 2020, rounding out a year of evolved consumer needs and shopping habits as a result of COVID-19 On Black Friday and the weeks prior, online shopping portals associated with client loyalty programs and delivered by Valuedynamx saw a 28% […]
AMAZON PAYMENT SERVICES LAUNCHES IN THE MIDDLE EAST AND NORTH AFRICA TO EMPOWER BUSINESSES TO GO ONLINE WITH SIMPLE, AFFORDABLE, AND TRUSTED PAYMENT EXPERIENCES
PAYFORT is now Amazon Payment Services Amazon Payment Services offers a range of services including payment processing, easy installments and monitoring services for businesses in the Middle East and North Africa Dubai, UAE, 14th December 2020 – Today, Amazon announced the launch of Amazon Payment Services, a payment processing service in the Middle East and North Africa (MENA) […]
Red Sea Gateway Terminal Wins Sustainability Award
Red Sea Gateway Terminal (RSGT) has been named winner of the 2020 Sustainability Award at the 17th Annual Seatrade Maritime Awards, Middle East, Indian Subcontinent & Africa, hosted virtually from Dubai. RSGT was selected to recognize “the exceptional initiative that supports sustainable maritime commerce” by the judging panel of independent industry experts. “We are very […]
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Ajman Bank wins the Best Professional Practices for Internal Audit Award at the 9th International Conference of Audit
Ajman Bank has been declared the winner of the Best Professional Practice Award in the private sector’s internal audit category (Fraud Category). The announcement was made at the 9th International Conference of Chief Audit Executives held this week under the kind patronage of His Excellency Abdullah bin Touq al-Marri, Minister of Economy of the UAE, […]
Mambu Opens New Office in the United Arab Emirates
Abu Dhabi, United Arab Emirates, 9 December 2020 – Mambu, the cloud platform that empowers financial institutions to deliver modern banking, announces its new office in the emirate of Abu Dhabi. As the Middle East and North Africa leapfrog into the digital future, the UAE has quickly become a key market for Mambu. As a state-of-the-art hub, UAE is […]
SWIFT enables instant 24/7 cross-border payments
Brussels and London, 8 December 2020 — SWIFT announces the activation of the world’s first live gpi Instant connection, a new service that enables consumers and businesses to send payments in seconds across borders, around the clock via their financial institutions. Lloyds Banking Group is the first to go live with the service, and the UK […]
DP WORLD, UAE REGION’S PIONEERING DIGITAL INITIATIVES ATTRACT THE LIMELIGHT AT GITEX 2020
The company’s digital strategy empowers the UAE’s logistics sector, assisting the country in achieving its development goals. Jebel Ali Port and Jafza connect consumers to over 3.5 billion people Since its launch, Dubai Trade’s Electronic Delivery Order crosses 52,000 transactions, valued at AED120 million in less than a year. Dubai, United Arab Emirates, December 8, […]
Bespin Global MEA Becomes the First to Achieve Datadog’s Gold Tier Partner in the Middle East
09 December 2020, Dubai, UAE – Bespin Global MEA, a leading cloud technology consulting and management company, is now Datadog’s first Gold tier Partner for Managed Service Providers (MSP) in the Middle East. Datadog is a leading cloud-scale application monitoring service provider that brings together and provides monitoring of servers, databases, containers, tools, and services through […]
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Salesforce Raises FY21 Revenue Forecast to $21B Following 20% Revenue Growth in Q3 FY21
Following a record performance during the third quarter of its fiscal year 2021 (Q3 FY21), which ended on October 31, 2020, Salesforce raised its overall revenue forecast for the fiscal year 2021 (FY21) and fiscal year 2020 (FY22) considerably. According to the research data analyzed and gathered by the Finnish website Sijoitusrahastot, its revenue totaled $5.42 […]
Citi Names Elissar Farah Antonios as the first woman to run its MENA Operations
UAE, Dubai- 09 December 2020: Citi is pleased to announce Elissar Farah Antoniosas Head of the MENA Cluster. As MENA Cluster Head, Elissar will assume overall responsibility for driving Citi’s business in the MENA region Citi’s global network is one of the key differentiators, and the emerging market access Citi provides its clients is unparalleled. Last year, Citi formed the EMEA Emerging Market (EM) Cluster to bring […]
Refinitiv & ICD 2020 Report: Global Islamic Finance Assets Expected to Hit $ 3.69 trillion in 2024
Malaysia, Indonesia, Bahrain, UAE and Saudi Arabia ranked as the top five developed countries globally in Islamic Finance Indonesia jumped to second place in IFDI ranking backed by government knowledge initiatives Islamic finance assets increased 14 percent to US$ 2.88 trillion in 2019, the highest recorded growth for the industry since the global financial crisis […]
Breakbulk Middle East introduces pioneering initiatives for the 2021 edition
By collaborating with the local government and key players, Breakbulk Middle East will introduce new initiatives to boost youth participation and help businesses prepare for a post-pandemic era Suhail Al Mazrouei: The marine industry is one of the foundations for the economic development of the UAE UAE _Dubai _December 9_ 2020: Held under the patronage […]
Lulu joins hands with Empay for contactless payment
Customers can now shop with Empay app Dubai, United Arab Emirates– Dec 7, 2020-(AETOSWire)- Region’s leading hypermarket and supermarket chain Lulu Group has become the first major retailer to sign up on Empay, the world’s first contactless lifestyle payment ecosystem with instant credit. Empay, designed and developed within the UAE’s Smart Government program framework, is a […]
Seatrade Maritime Middle East Virtual emphasises on the need for digital transformation in the industry
The event will highlight technology-enabled solutions that will assist the sector’s move to smart operations, enabling a digital revolution in the industry Dubai, United Arab Emirates, 6 of December 2020: Seatrade Maritime Middle East Virtual 2020 (SMMEV), the region’s leading event in the shipping industry, will take place virtually from 14 to 16 December 2020, with its live […]
Tejari/JAGGAER confirms participation at #GITEX2020
The leading spend management company will showcase the latest technology and products to support procurement teams in the Middle East region Dubai, United Arab Emirates, 6th December 2020: Tejari/JAGGAER, the world’s largest independent spend management company, has announced its participation in the 40th GITEX Technology Week, which starts today and continues until the 10th December, at the Dubai […]
EVOTEQ to showcase key projects at UAE’s first unmanned stand at GITEX
Company to highlight how its focus on innovation & digitization helps clients to adapt to new market conditions December 5, 2020 – EVOTEQ, a digital transformations solutions provider leading enterprises and governments through their digitization journeys, will showcase key projects at the first unmanned stand in the UAE during its participation at GITEX Technology Week 2020 from December […]
US E-commerce Thanksgiving Weekend Spending Hits a Record $29 Billion
The pandemic has changed holiday season shopping traditions, like people flocking to online platforms instead of stores. The changing trends are evident based on the revenue generated over the Thanksgiving holiday. Data presented by Buy Shares indicates that the United States e-commerce shopping revenue during Thanksgiving holiday weekend hit $29.6 billion. The revenue is from Cyber Monday, […]
Ericsson again selected for inclusion in the Dow Jones Sustainability Indices (DJSI)
Ericsson is one of the top-ranked companies within its industry group in the highly respected evaluation of sustainability-driven, publicly listed companies. The results of the annual Dow Jones Sustainability Indices (DJSI) were announced on November 13, 2020 and showed Ericsson as one of the top-ranked companies within its industry group: technology, hardware and equipment. The […]
Amazon’s 2020 brand value grows by 60% as the top 10 firms’ value surpasses $1.1 trillion
This year has been a significant test for major brands to maintain their market value amid the pandemic. Brands that offered essential services during the pandemic have seen their value surge to new highs. Data presented by Bankr indicates that the top ten firms have a cumulative brand value of $1.15 trillion as of November 2020. American […]
Refinitiv And Saudi Central Bank Inaugurates 12th round the Compliance and Anti Money Laundry Seminar in Saudi Arabia.
SAUDI ARABIA – Refinitiv and The Saudi Central Bank inaugurated today the 12th edition of the Compliance and Anti Money Laundry Seminar in Saudi Arabia. His Excellency Dr. Ahmed bin Abdul Karim Al-Kholifey, Governor, Saudi Central Bank, and Chairman of the Anti-Money Laundering Permanent Committee, delivered a keynote speech at the opening ceremony highlighting the emergence […]