Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Bahrain’s Al Jazira Boosts Operational Efficiency with Infor CloudSuite WMS
Infor, a global leader in business cloud software specialized by industry, today announced that Al Jazira, a Bahraini retailer and fast-moving consumer goods (FMCG) distributor, is automating its warehouse with Infor CloudSuite WMS (Warehouse Management System ) to help boost operational efficiency and gain visibility of its inventory. Al Jazira is expanding rapidly. It […]
Dell Technologies adds Russia to its Digitally Advanced Markets in Middle East, Turkey and Africa region
News Summary: Digital transformation continues to play a fundamental role in shaping the future of digital economies across key markets in the Middle East, Russia, Africa and Turkey (MERAT) region Mohammed Amin, Sr. Vice-President, META will oversee Russia with the aim of helping customers harness advanced technologies to be at the forefront of the digital […]
Image PwC’s GCC Capital Markets Watch – Q2 2019
A slight increase in IPO activity marked the second quarter of this year, with two companies listing on Saudi Arabia’s Tadawul. Both the UAE’s promising pipeline and Tadawul stock exchange’s development offer some optimism for the GCC market. Despite this, GCC market activity continues to be slow with only two IPOs on Tadawul in Q2 […]
Huawei Announces H1 2019 Revenue: 23.2% YoY Growth
Huawei announced its business results for the first half of 2019: USD $58.34 billion in revenue, a 23.2% increase over the same period last year. The company’s net profit margin for H1 2019 was 8.7%.[1] According to Huawei’s Chairman, Liang Hua, operations are smooth and the organization is as sound as ever. With effective […]
Northern Trust Appointed by Introspect Capital to Provide Global Custody and Brokerage Solutions
(BUSINESS WIRE/AETOSWire)– Dubai-based asset manager Introspect Capital has appointed Northern Trust (Nasdaq: NTRS) to provide global custody and brokerage services. Through its asset servicing and global capital markets capabilities, Northern Trust is helping drive efficiencies for Introspect Capital across its fund operations – supporting its business strategy by enabling the investment team to focus directly on portfolio […]
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Saudi Ports Authority in new international shipping deal
This new Maersk shipping license is the fourth of its kind to be issued to foreign investors in the Kingdom. Maersk joins other major lines of Barwil, Hapag-Lloyd and the Mediterranean Shipping Company, already operating. Saad Abdul Aziz Al-Khalb, President of the Saudi Ports Authority, (Mawani) commented that “We have issued a license to Maersk […]
HP Commits to Everything-as-a-Service, Growing Contractual Channels
HP Inc. (NYSE: HPQ), the global leader in printing, today unveiled its next wave of Office Printing innovations empowering partners with seamless integration into the modern workplace. “We continue to lead and innovate around products and solutions for our partners – no matter where they are in their journey with HP,” said Narayanan Venkataraman, Managing […]
HUAWEI LEAPS 11 SPOTS ON 2019 FORTUNE 500 LIST
Continuing a multi-year track record of acceleration, Huawei has ranked 61st on the Fortune 500 list. This year’s ranking represents an 11 point jump from last year and an impressive 68 point leap from 2017. The Fortune 500 list ranks companies according to their revenue and profit, focusing on the size of the companies […]
Middle East economic confidence index dips in Q2 2019 finds latest economic research from ACCA and IMA
Volatile oil prices have dented economic confidence in the Middle East, according to the Q2 analysis from the latest Global Economic Conditions Survey (GECS) from ACCA (the Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants). The global poll of 1162 accountants shows that confidence remains above the record low reached at […]
Sharjah Finance Department strengths ties with Japan finance industry
A delegation from Sharjah Finance Department (SFD) visited Tokyo, Japan and met with key Japanese finance officials to discuss various possibilities that can help bolster relationships between the two sides. The meetings were held at the Japan Bank for International Cooperation (JBIC) and was attended by Sharjah’s delegation headed by HE Waleed Al Sayegh, […]
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Pakistan’s MCR Selects GetSwift for Last-Mile Delivery Technology at Pizza Hut
MCR Pvt. Ltd., operator of Pizza Hut franchises across Pakistan, is pleased to announce it has selected software-as-a-service (SAAS) provider GetSwift Limited (ASX: GSW) for its last-mile delivery solutions. “Based on the success of GetSwift in other Yum Brands/Pizza Hut markets, GetSwift was a natural choice for us in Pakistan,” said Danyal Rashid, Executive Director […]
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 […]
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 […]