Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
The Dubai Supreme Council of Energy (DSCE) launches the fourth edition of Emirates Energy Award (EEA) 2020
Under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, the Dubai Supreme Council of Energy (DSCE) launched today the fourth edition of Emirates Energy Award (EEA) – 2020 to be held under the theme – ‘Inspiring Innovation for Sustainable Energy.’ The fourth edition […]
NEW TECHNOLOGIES CAN TRANSFORM GLOBAL TRADE AND CARGO MOVEMENT – SULTAN AHMED BIN SULAYEM
Global trade enabler DP World has highlighted its ambition to use Hyperloop and blockchain technologies to revolutionize cargo movement across borders. Speaking at the Future Investment Initiative in Riyadh, Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, already the biggest investors in Hyperloop technology, announced that it is working on a new type […]
Easier for Entrepreneurs to Start a Business Today, Says Netflix Founding Executive
Dubai Science Park (DSP), a holistic science-focused business community, and the American Middle East Institute (AMEI), a Pittsburgh-based independent non-profit organisation, welcomed Mitch Lowe, Founding Executive of Netflix, to a joint conference, held on the sidelines of the 38th GITEX Technology Week in Dubai. Themed Disruptive Technologies and the Next Economy, the institute’s 11th annual […]
Mercer releases Global Pension Index survey results for Saudi Arabia
Mercer, a global consulting leader in advancing health, wealth and careers, and a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC) today released the results of their Global Pension Index survey in Saudi Arabia. The index compares the retirement income systems of 34 countries covering a diversity of pension policies and practices. The […]
Transguard Group to Digitally Transform the UAE’s USD $1 Billion Outsourcing Market
Aimed at fostering a digital connection between the UAE’s complicated ecosystem of managers, suppliers, Transguard Group, one of the nation’s largest employers, has announced a partnership with SAP that is aimed at digitally transforming the country’s USD $1 billion job outsourcing market. A Bayt.com survey found two-thirds (66 percent) of Middle East employers plan to […]
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Lessons from the UAE: Digitizing VAT
By Mansoor Sarwar, Technical Director at Sage Middle East The extensive use of technology during the introduction and post-implementation of value-added taxes in the UAE, on the part of the government and UAE-based businesses, has led to a smooth transition to a taxation regime. It is a remarkable feat, especially in a region that has […]
SWIFT creates financial sector API blueprint
SWIFT has today published a blueprint for common API standards following collaboration with European banking standards bodies, STET and Berlin Group NextGenPSD2 – who together represent many of the region’s banks and payment service providers. As pressure from regulators and customers shift banking towards more open access to financial services, SWIFT is playing a lead […]
Sage Foundation Donates £25,000 to Non-profit Organisations at GITEX
Sage Foundation, the philanthropic arm of Sage, awarded £25,000 (AED120,787) worth of grants for the Big Give Live, a social impact initiative that provides non-profits with access to human and financial capital at GITEX Technology Week 2018, in Dubai. The initiative is part of Sage’s efforts to invest in non-profit organisations that help disadvantaged communities […]
Nabta Startup Wins First Place at Accenture Innovation Awards During GITEX Technology Week
Accenture has recognized leading startups at its second Accenture Innovation Awards held during GITEX Technology Week 2018. The initiative, in partnership with Expo 2020 Dubai, Fintech Hive at DIFC and Etisalat Digital, recognizes up-and-coming start-ups that play a major role in changing and improving aspects of people’s lives. The awards are part of the company’s […]
Cisco Announces Appointment of Salman Faqeeh as Managing Director of Cisco Saudi Arabia
: As part of its commitment to invest in supporting and developing local talent and encouraging the future leaders who have the potential to contribute towards the development of the technical sector and the national economy, Cisco, the worldwide leader in technology, announced the appointment of Salman Abdulghani Faqeeh as Managing Director for Cisco Saudi […]
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Ghassan Aboud Group Appointed as Hindustan Petroleum Distributor
UAE headquartered multi-business conglomerate Ghassan Aboud Group was appointed as a Distributor for export markets by Indian public sector petroleum giant Hindustan Petroleum Corporation Limited (HPCL) through its 100% subsidiary in the UAE, HPCL Middle East FZCO. HPCL is a Global Fortune 500 company with US$ 35 billion in revenues, that owns and operates the […]
Cloud Enables Saudi Arabia’s Future Tech, Says 83 Percent of IT Decision-Makers
Cloud is the foundation for Saudi business and Smart Cities innovation, with 83 percent of IT-decision makers saying cloud is important for integrating artificial intelligence, machine learning, Internet of Things, and blockchain, according to a new YouGov survey launched today during GITEX Technology Week. Public-private partnerships are bringing to life Smart City deployments, especially NEOM. […]
UAE to tap into US$ 11.5 billion digital health start-ups industry, says new Arab Health report
Arab Health, the largest exhibition for healthcare and trade professionals in the MENA region, has outlined the role of tech start-ups in playing a more vital role in the healthcare industry in areas such as personalized medicine and more efficient technology-enabled care models. The report titled “Technology: Accelerating Innovation Across Healthcare” revealed that digital health […]
Back to basics: VAT Accounting 101
It has been ten months since the introduction of value-added taxes in the UAE, and the tax returns deadlines have come and gone. As part of my job, I regularly meet with start-ups, small and medium businesses and enterprises, and it is surprising to learn that there is still significant uncertainty about VAT, and how […]
Cisco Announces Appointment of Salman Faqeeh as Managing Director of Cisco Saudi Arabia
As part of its commitment to invest in supporting and developing local talent and encouraging the future leaders who have the potential to contribute towards the development of the technical sector and the national economy, Cisco, the worldwide leader in technology, announced the appointment of Salman Abdulghani Faqeeh as Managing Director for Cisco Saudi Arabia […]
Gartner Survey Finds Governments Making Slow Progress with Digital Initiatives
Digital business initiatives are high on governments’ agendas. However, governments’ ability to scale these initiatives is increasing slowly and progress lags behind that of other industries, according to a survey* by Gartner, Inc. Half the government respondents to the survey are looking to digital government to support a combination of transformation and optimization goals. The […]
SABB and Emirates Skywards launch Visa co-branded credit card
SABB, Emirates Skywards and Visa have partnered to launch the SABB Emirates Visa Signature Credit Card. The first Emirates Skywards co-branded card in Saudi Arabia, the card offers customers the opportunity to earn Skywards Miles whilst enjoying a range of benefits both in Saudi Arabia and internationally. The agreement was signed at a ceremony held […]
SMART CROWD CLOSES SEED FUNDING ROUND WITH OVERSUBSCRIBED $600,000 INVESTMENT
Smart Crowd, the innovative new real estate crowd funding investment platform, is celebrating the successful completion of its Seed funding round – having attracted major financing from one of the region’s leading investment firms – Shorooq Investments – along with backing from cutting-edge DLT firm Abaxx Technologies; early-stage venture fund and seed accelerator, 500 Start-ups, […]
SOUQ.com shows commitment to the employment of women as the gold sponsor of Glowork Career Fair in Saudi
SOUQ.com today announced its participation as the gold sponsor of the Glowork Career Fair that aims to encourage more women into the Kingdom’s workforce. Under the patronage of HRH Reema Bint Bandar Bin Sultan Al Saud, Glowork is the largest women’s employment and recruitment event in the Middle East and will be held in Riyadh […]
UAE Contributes AED12.5 Billion to Support Bahraini Fiscal Balance Programme
The United Arab Emirates (UAE) signed a financial cooperation agreement worth AED12.5 billion (US$3.4 billion) with the Government of Bahrain to support the financial stability of the country and stimulate its economic growth. The contribution will be managed by Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid. The AED12.5 billion […]
Unprecedented Global Study Finds Saudi Arabia Ranks 65th Among Nations Investing in Education and Health Care
Saudi Arabia ranks 65th in the world for its investments in education and health care as measurements of its commitment to economic growth, according to the first-ever scientific study ranking countries for their levels of human capital. The nation placed just behind Bosnia and Herzegovina (ranked 64th) and just ahead of Argentina (ranked 66th). Saudi […]
SOUQ.com shows commitment to the employment of women as the gold sponsor of Glowork Career Fair in Saudi
SOUQ.com today announced its participation as the gold sponsor of the Glowork Career Fair that aims to encourage more women into the Kingdom’s workforce. Under the patronage of HRH Reema Bint Bandar Bin Sultan Al Saud, Glowork is the largest women’s employment and recruitment event in the Middle East and will be held in Riyadh […]