Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
SWIFT publishes new ‘Pay Later’ API standard
SWIFT has today published a standard for ‘Pay Later’ APIs in a key step toward enabling the rapid adoption of an innovative new consumer payment model. ‘Pay Later’ is an instant online payment facility which offers customers the ability to use traditional bank loan financing to pay for goods purchased online. By selecting Pay Later […]
DXC Technology to Acquire Leading Digital Innovator LuxoftAccess to Digital Talent, Complementary Capabilities Promise to Catalyze Growth
DXC Technology (NYSE: DXC) and HYPERLINK “https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.luxoft.com%2F&esheet=51921599&newsitemid=20190107005557&lan=en-US&anchor=Luxoft&index=2&md5=c52f97d14e0abcf3b7286e60894655a4” Luxoft Holding, Inc (NYSE: LXFT) today announced a definitive agreement for DXC to acquire Luxoft, a global-scale digital innovator with differentiated offerings, deep vertical industry expertise and world-class digital talent. Pursuant to the agreement between DXC and Luxoft, all of the issued and outstanding Luxoft Class A and Class B […]
Grundfos Digital Tools; Discover New Frontiers in Innovation to Push your Business Forward
In line with its commitment to sustainability and to making the world a better place, Grundfos, the award-winning world leader in advanced pump and water application systems keeps moving the limits towards new heights of innovation and quality. While the quality of products and services was the key driver of customer loyalty and business growth for […]
Grundfos Takes Part in the WAX Seminar
Grundfos, the award-winning world leader in advanced pump and water application systems, took part in the WAX Seminar, a leading event organized by the Royal Danish Embassy in Riyadh on December 4, 2018, to promote Danish water and wastewater service and solutions in Saudi Arabia. Grundfos was in alliance with the Danish embassy for this […]
SWIFT gpi breaks 50% barrier
SWIFT’s gpi payments service continued to radically transform correspondent banking. With the support of hundreds of financial institutions, including the world’s 60 biggest banks, it is now being used to send hundreds of billions in payments every day – more than half (55%) of SWIFT’s cross-border traffic. Luc Meurant, Chief Marketing Officer at SWIFT, said: […]
Rexton Technologies Middle East launches IS300 Series – a revolutionary concept in Weather Protected Isolator Switches.
Leading electrical manufacturer Rexton Technologies Middle East, the industrial arm of Kingston Holdings FZC, has recently launched the new and improved range of Weather Protected Isolator Switches IS300 series from its Sharjah manufacturing facility making UAE the first market in the region to witness the launch of this product. Complying with IP66 and rating of […]
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Datamount launches Oman’s largest data center in Jebel Akhdar
Data center hosting services company – Datamount announced that it has launched the nation’s largest commercial data center at Jebel Akhdar. A cost-efficient, data center facility with a total floor area of around 9000 square meters, the center will accommodate around 1000 racks, making it the Sultanate’s largest scale-data center. The company will leverage this […]
Sharjah Finance Department Cooperate With Sharjah Islamic Bank to Facilitate Payment Services
Sharjah Finance Department signed yesterday on Monday, an agreement with Sharjah Islamic Bank to cooperate in banking services to be provided to clients of both sides, in the context of Making the payment service easer to the clients and enabling them to pay service charges and Government transactions easy and safe way. The signing ceremony […]
LG welcomes its best maintenance technicians from around the world in Seoul
More than 44 technicians from the Maintenance Department participated in the LG World Olympiad held in Korea, representing LG dealerships and distributors around the world. LG organized a two-day World Maintenance Skills Olympiad in which participants had to undergo several challenges that test their skills. At the end of the Olympiad, the winners were selected […]
OPPO to Invest USD 1.4 Billion in Research & Development in 2019
OPPO made a range of new announcements at its technology focused ‘2018 OPPO Technology Exhibition’ in Shenzhen. Tony Chen, Founder, and CEO of OPPO, announced an increase in R&D spending to USD 1.43 billion next year – a 150% year-on-year increase – and that the company would continue to increase investment on a yearly basis. […]
SWIFT pilots integrated payment validation service as gpi captures more than 50% of payment volumes
SWIFT today announces it will begin piloting an integrated pre-validation gpi payments service, focussing on enabling the speedy identification and elimination of errors and omissions in payment messages. The pilot is the first stage in the roll-out of the ambitious gpi validation programme, which will also be rolled out in the Middle East and North […]
An Unprecedented Initiative Supported By the United Arab Emirates
“A common vision for Arab Digital Economy” is the bold plan driven by the Council of Arab Economic Unity (CAEU) at the League of Arab States to boost political and social stability in the Arab World through Digital Economy. Dr. Ali Mohammed Al Khouri, Advisor to the Council of Arab Economic Unity, said that the […]
CE-Ventures Acquires Significant Stake in UAE-based Logistics Firm Transcorp
CE-Ventures, the corporate venture capital arm of UAE-headquartered global conglomerate Crescent Enterprises, today announced that it has invested in Transcorp International (Transcorp), one of the UAE’s most efficient logistics and last-mile distribution service providers, acquiring a sizeable minority stake. Through this strategic investment, CE-Ventures also aims to support the expansion of Transcorp across the MENA […]
Middle East Poised for Higher e-Commerce Growth
China is leading the world with more than 40 percent of the world’s e-Commerce transactions which accounted for just 1 percent of transactions a decade ago according to a McKinsey report in 2017. Digital technology platform innovators such as Alibaba, Tencent and JD, combined and massive comfort levels of a mobile savvy population in China […]
Jean-Damien Marie appointed as Head of Investments EMEA in Barclays Private Bank & Overseas Services
Barclays announces today that Jean-Damien Marie has joined as Head of Investments EMEA in Private Bank & Overseas Services. With over 20 years’ experience in capital markets, asset and wealth management business development and portfolio construction for large asset owners, Jean-Damien brings deep private banking and investment expertise to the team to support the delivery […]
Abu Dhabi to Host 2nd India-UAE Strategic Conclave Opening Doors Of Next-Level Mutual Growth Opportunities
The capital city of Abu Dhabi will host the second edition of Economic Times India-UAE Strategic Conclave on November 27, 2018 under the patronage and in the presence of His Excellency Sheikh Nahyan Bin Mabarak Al Nahyan, the UAE Minister of Tolerance. The day-long Conclave will feature key discussion topics including ‘Fresh ideas for the […]
Two-thirds of businesses in the Middle East don’t know why their customers are loyal, finds CollinsonGlobal
A commissioned study conducted by Forrester Consulting on behalf of Collinson, a global leader in customer benefits and loyalty, unearths that a significant proportion of businesses around the world, including across the UAE and KSA, do not understand what is driving their customers’ brand loyalty, ultimately putting customer relationships and profitability at risk. Surveying decision […]
Dubai Internet City Launches ‘GoFreelance’ to Attract International and Local Tech Talent
Dubai Internet City (DIC), the largest technology business hub in the region, has launched its GoFreelance permit that will enable freelance talent to work in the technology sector. This product will further enhance Dubai’s global credentials as an incubator that thrives by innovating. Introduced by TECOM Group, a member of Dubai Holding, the GoFreelance package […]
Nov. 16, 2018 Jiangsu Honggang Petrochemical Co., Ltd. to Utilize INVISTA’s Latest P8 Technology for New PTA Line
INVISTA’s technology and licensing group, INVISTA Performance Technologies (IPT), and Jiangsu Honggang Petrochemical Co., Ltd. (Honggang) have reached agreement for the licensing of INVISTA’s latest purified terephthalic acid (PTA) process technology. This is the first time that INVISTA and Honggang would be collaborating to build state-of-the-art PTA assets; a further recognition by the PTA industry of the […]
Snapchatters are Fueling the Region’s E-commerce Boom
While the Middle East is poised to be among the next great e-commerce hub, Snapchat users in the UAE and Saudi Arabia are already browsing, deal hunting, and purchasing online. New data from GlobalWebIndex Q1-Q2 2018 shows that Snapchat users in the two largest GCC economiesare particularly keen to search and buy online, with more […]
Partnership helps develop cooperation among more than 360 financial institutions across MEA markets
Refinitiv, formally the Financial & Risk business division of Thomson Reuters, announced a partnership with Union of Arab Banks (UAB) to develop a strategic networking platform for UAB’s members, the financial and compliance community across Middle East and Africa (MEA). The partnership develops cooperation on a strategic dimension that benefits more than 360 financial institutions in MENA. As […]
National Committee for Steel Industry Highlights Key Role of the Steel Industry Supporting Saudi Vision 2030 and Stimulating the Saudi Economy
Saudi Arabia’s leading steel manufacturers took the stage at the 13th Arab Steel Summit this week to elevate a discussion of how the government and private sector can work together to ensure the future competitiveness of one of the nation’s most strategically significant industries that could greatly contribute to the success of Vision 2030’s economic […]