Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
SAP Partners with Saudi Aramco to Create Digital Business Marketplace Solutions Using SAP Saudi Cloud Hub
SAP is partnering with Saudi Aramco in creating a new solutions platform to enable Saudi Aramco to launch a digital business marketplace with thousands of Saudi Aramco buyers and suppliers in partnership with SAP Ariba. Saudi Aramco says the move forms part of its digital transformation strategy and will help it and its global subsidiaries […]
SWIFT extends KYC Registry membership to all supervised financial institutions
SWIFT announces today that it has opened membership in its KYC Registry to all supervised financial institutions globally. Since the launch of The KYC Registry in December 2014, membership has been limited to SWIFT-connected supervised institutions. Starting in September 2017, all supervised financial institutions which are licensed by authorities such as central banks and regulatory […]
SAP Leads in the Database and Data Management Solutions Industry Based on Market Share Revenue Growth in Gartner Report
SAP SE (NYSE: SAP) today announced that it has been named a market share leader by Gartner in the combined market categories supporting enterprise information management — data integration, data quality, and master data management (MDM) — worldwide based on revenue for 2016.* SAP believes the achievement demonstrates its success in helping global businesses understand, […]
Kawar Energy and Huawei set out the shape of future collaboration in solar PV
Kawar Energy, the leading renewable energy solution provider in Jordan, will use Huawei string inverters in future PV plants as part of a full cooperation agreement between the two companies. Both parties will join hands together to develop the PV (photovoltaic) market in the Middle East. Mr. Hanna Zaghloul, CEO, signed the agreement on behalf […]
HUAWEI Listed on Forbes’ Most Valuable Brands of 2017
Forbes released its list of the Most Valuable Brands of 2017 recently. HUAWEI ranked the 88th with a brand value of $7.3 billion, up by 9% year on year, and was the only Chinese brand making the list. Forbes selected 100 most valuable brands every year from a pool of over 200 international brands worldwide. […]
Middle East Infrastructure Spend Tops USD 280 Billion by 2018
With the Middle East and North Africa’s infrastructure spend set to top USD 280 billion by 2018, one of the region’s largest players of people-moving machinery, ETA MELCO, is ramping up its support for mega-projects with a complete digital transformation with SAP. Across the Middle East and North Africa, governments are pouring investment into infrastructure, […]
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Amazon and SOUQ.com announce completion of acquisition
Amazon (AMZN) and SOUQ.com confirm the official completion of the acquisition of SOUQ.com by Amazon. As the first step of integration, customers can now log on to SOUQ.com using their Amazon credentials. Joining the Amazon family enables SOUQ.com to continue to bring even more products and services to customers in the region and further expand […]
Gartner Forecasts Worldwide Cloud-Based Security Services to Grow 21 Percent in 2017
Growth in worldwide cloud-based security services will remain strong, reaching $5.9 billion in 2017, up 21 percent from 2016, according to Gartner, Inc. Overall growth in the cloud-based security services market is above that of the total information security market. Gartner estimates the cloud-based security services market will reach close to $9 billion by 2020 […]
Empower Wins 2Gold Awardsat the 108thInternational District Energy Association’s (IDEA) Annual Conference& Tradeshow in Scottsdale, U.S.A
Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, has topped off a stellar year by winning two goldenawards for ‘Total Number of Buildings’, and ‘Total Square Footage’ committed to district cooling services outside North America’ at a special ceremony held as part of the the 108thInternational District Energy Association’s (IDEA) […]
IDB Wins Banker Middle East Award for Digital Transformation
The Islamic Development Bank (IDB), a multilateral development financing institution with 57 member countries as shareholders, is now fully delivering on its mandate to foster socio-economic development among its member countries, thanks in large part to the recent transformation of its core banking technology, using SAP. IDB supports the growing Islamic Finance, with a recent […]
Panasonic HIT Solar Module Achieves World’s Highest Output Temperature Coefficient
Panasonic has once again achieved the highest efficiency of solar panels with a temperature coefficient of -0.258%/°C. This coefficient is the world’s highest level for a mass-produced solar panel. This time, Panasonic has improved the output temperature coefficient by 0.032 points (from -0.29%/°C) by making improvements to the “heterojunction technology,” which is a characteristic of […]
New Study from GSMA and CAICT Forecasts That China Will Be the World’s Largest 5G Market by 2025
Chinese operators are on track to launch commercial 5G networks by 2020 and are expected to establish China as the world’s largest 5G market by 2025, according to a new study by GSMA Intelligence and the China Academy of Information and Communications Technology (CAICT). The new study ‘5G in China: Outlook and Regional Comparisons’, which […]
Empower presents best practices and innovations at International District Energy Association’s (IDEA) Annual Conference & Tradeshow in United States
Ahmad Bin Shafar, CEO of Emirates Central Cooling Systems Corporation (EMPOWER), the world’s largest district cooling services provider, shared some of its latest best practices and innovations at the International District Energy Association’s (IDEA) 108th Annual Conference & Tradeshow held in Scottsdale, USA,from26 to 29 June2017. “District Cooling has emerged as one of the best […]
SWIFT offers 200,000 EUR for FinTech community to leverage gpi platform
SWIFT invites FinTech companies worldwide and the region to develop new overlay services that leverage its SWIFT global payments innovation (gpi) platform. SWIFT will provide up to 200,000 EUR funding for the two winning FinTech finalists of an Industry Challenge. The FinTech winners will work with banks on collaborative innovation concepts that solve additional industry […]
Maqta Gateway Reveals New Innovative Solutions covering Online Payment and Licensing Services
Maqta Gateway a subsidiary of Abu Dhabi Ports, and the developer and operator of Maqta Port Community System (MPCS), has announced the launch of new innovative solutions including Maqta Payment Solution and Maqta License Management System. The reveal took place during the Ramadan iftar hosted by Maqta Gateway, in the presence of representatives from the […]
Selection of Preferred Bidder for the Sale of Toshiba Memory Corporation
Toshiba Corporation (TOKYO:6502) hereby announces that its board of directors today resolved to select the consortium of Innovation Network Corporation of Japan, Bain Capital Private Equity LP, and Development Bank of Japan (“the Consortium”) a preferred bidder in respect of the sale of Toshiba Memory Corporation (“TMC”). TMC was split from Toshiba Corporation on April […]
Middle East Offers Robust Growth Opportunities in IoT Adoption
As the Internet of Things (IoT) comes into focus, a majority of organizations across the world are trying to understand its role and relevance to their growth. IoT already connects more than 10 billion devices worldwide and over the next five years, this number is expected to grow to 100 billion. By 2025, IoT will […]
KAL Launches Open Banking Technology Ahead of Europe’s PSD2 Initiative
KAL, a world-leading provider of banking software, is delighted to announce the launch of its new open banking technology designed to help banks get ready for the upcoming Second Payment Services Directive (PSD2). PSD2 will transform the European financial sector, establishing what is widely known as Open APIs for banking. PSD2 aims to increase competition […]
Microland Positioned as a Major Contender in Everest Group’s PEAK Matrix™ for Solutions: IT Infrastructure Services Automation 2017
Microland, a leading global hybrid IT service provider, announced that it has been positioned as a “Major Contender” in Everest Group’s PEAK Matrix™ for Solutions: IT Infrastructure Services Automation 2017. As a part of this report, Everest Group analyzed 15 leading service providers on a combination of analyst assessment and feedback, collated from client interviews. […]
HID Global Shares IFSEC Study Revealing How Trusted Identities Bridge Gap Between Connected Workers and Smart Buildings
A recent study conducted by IFSEC Global reveals how trusted identities can serve as the backbone for smart buildings and today’s connected workforce. Sponsored by HID Global, the access control study on the connected workplace explores the trends in smart buildings and the increasingly important need for identity-aware building systems that offer greater convenience, security […]
New Study Compares Performance of Masimo Next Generation SedLine® Patient State Index (PSi) to Original PSi During Anesthesia
Masimo (NASDAQ: MASI) announced today the findings of an abstract presented at Euroanaesthesia 2017 in Geneva, Switzerland. In the study, researchers at University Medical Center Groningen, Netherlands, compared original and Next Generation versions of Masimo Patient State Index (PSi, a processed EEG parameter related to the effect of anesthetic agents) during Masimo SedLine® brain function monitoring of patients under […]
Middle East Small Businesses Drive Big Data Market to USD 12 Billion by 2020
Middle East medium and smaller businesses will drive the region’s USD 12 billion business intelligence market, according to the newly appointed channel head at digital transformation enabler SAP. While small- and medium-sized enterprises comprise the majority of Middle East enterprises, they lag in digital technology adoption. Among SMEs in the region, only 18 percent in […]