Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Wipro Positioned as a “Leader” in Gartner’s Magic Quadrant for SAP® Application Services, EMEA
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today announced that it has been positioned as a “Leader” in Gartner’s Magic Quadrant for SAP® Application Services, EMEA. The report, authored by Gilbert van der Heiden, Neil Barton and Fabio Di Capua, was published on […]
Huawei highlights growth opportunities in Emerging Markets
During its participation at the world’s biggest ICT show, Huawei hosted its Global Digital Transformation Forum (GDTF), which saw keynote speeches and address from Huawei officials and a host of industry players from around the world. During the one-day event, officials from Huawei highlighted the ICT sector’s role in advancing economic and social development, during […]
For third consecutive year, Empower is awarded Dubai Chamber CSR Label
Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, has been awarded the Dubai Chamber CSR Label for the third consecutive year, in recognition of the company’s social initiatives which seek to raise social and environmental awareness among its employees, clients and the whole society. “Empower’s social commitment is inspired by […]
Ooredoo to Participate at Mobile World Congress 2017
Ooredoo has today announced that it will showcase next-generation solutions and services on its pavilion at the 2017 Mobile World Congress in Barcelona this month, demonstrating the incredible progress the company has made in recent years. The company is pushing to become a data experience leader across its footprint in the Middle East, North Africa […]
Saudi Small Businesses Set to Gain from On-the-Move Decision-Making
Saudi small businesses are set to grow their bottom when executives can make decisions on the move. By enabling employees to use their own or company-provided smartphones and tablets running business applications, Saudi small businesses can grow their contribution to GDP by 15 percent, from 20 percent to 35 percent by 2030, experts announced today […]
Empower Participates in the IDEA Campus Energy 2017 in Miami, USA
HE Ahmed bin Shafar, CEO of Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, is participating in the IDEA Campus Energy 2017 which is being held in Miami, Florida, USA under the theme “A Sustainable Future”. This conference is held in sync with the IDEA Board of Directors Meeting. HE […]
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LG cements strategic focus on innovative and premium product line-up at Innofest 2017
Building upon a long history of award-winning designs and leading the way with innovative technologies and elegant designs, LG Electronics (LG) – a global leader and technology innovator, is solidifying its market-leading position by showcasing its 2017 premium product line-up at the company’s annual two-day innovation event – InnoFest 2017. Kicking off in Barcelona, Spain […]
STS hosts "Embrace Digital Transformation" event in partnership with Microsoft
Specialized Technical Services (STS) held an “Embracing Digital Transformation” event in partnership with Microsoft, focusing on driving digital transformation within organizations to maximize a company’s potential. During the opening address, General Manager of STS, Kamal Masri said “Technology plays a role in almost everything we do, and organizations are adopting digital solutions to help improve […]
Empower achieves a net profit of AED 641 million in 2016
Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, recorded a net profit of AED 641 million for 2016. Total revenues for the year reached AED 1.84 billion, which indicates an 11% increase for the company year on year. HE Ahmad Bin Shafar, CEO of Empower revealed the financial results in […]
170216-Major global transaction banks are live with SWIFT gpi
SWIFT announces today that global transaction banks are actively using SWIFT’s new global payments innovation (gpi) service, which opened for live payments in January 2017. ABN AMRO, Bank of China, BBVA, Citi, Danske Bank, DBS Bank, Industrial and Commercial Bank of China, ING Bank, Intesa Sanpaolo, Nordea Bank, Standard Chartered Bank and UniCredit are live […]
Sage Announces Partnership with Dynamic Cloud in Saudi Arabia
Sage, the market and technology leader for integrated accounting, payroll and payment systems, has appointed Dynamic Cloud as an authorized partner for Sage X3, Sage X3 People, Sage 300 and Sage CRM business management solutions in Saudi Arabia. Dynamic Cloud, a subsidiary of Dynamic Energy, provides cloud-based business management software including ERP solutions in the […]
Ooredoo Wins Two Investor Relations Excellence Awards
Ooredoo Q.S.C. (“Ooredoo”) – Ticker: ORDS won “Best Company for Excellence in Investor Relations” and “Best Investor Relations Website” awards at the second Qatar Stock Exchange (QSE) Investor Relations Excellence Awards ceremony. Held on Monday, February 6th 2016, the event recognized Ooredoo’s best practice in investor relations and its superior contribution to ensuring transparency and […]
Fortinet Reports Fourth Quarter and Full Year 2016 Financial Results
Fortinet® (NASDAQ: FTNT), a global leader in high performance cyber security solutions, today announced financial results for the fourth quarter and full year ended December 31, 2016. “We are pleased with our strong finish to 2016, demonstrating our strong technology advantage and revenue growth,” said Ken Xie, founder, chairman and chief executive officer. “Our ability […]
SOUQ.com and SAP Tie-Up to Accelerate Real-Time Transactions and Fuel Middle East E-Commerce
Real-time digital transactions will transform Middle East e-commerce by 2020, SOUQ.com, the region’s largest e-commerce platform, announced today in a tie-up with SAP. In line with this prediction, the partnership between SOUQ.com and SAP will help accelerate real-time transactions to support the scaling up of Middle East small- and medium-sized enterprises (SMEs), and further drive […]
What’s on the horizon for Saudi real estate market?
The consumers’ current economic trends and surgical budget trims have recently impacted the Kingdom’s real estate market. However, the big cheer from the home buyers is the recent mortgage reform announcement from the government to revive the industry, which includes: mortgage cap to 85%; buyer investment/down payment to 15%; and several housing units by the […]
65% of Businesses in UAE and Saudi Arabia Confess Lack of Digital Skills and Budget Hinder Digital Transformation
According to a new research by Dell Technologies, only 42% of businesses in the UAE and Saudi Arabia exhibit a strong growth on their journey to digital readiness. Furthermore, emphasizing on the overall regional capabilities, the research states that businesses in the Europe, Middle East and Africa (EMEA) region are maintaining an average pace of […]
Saudi Construction Market to Double to Over SAR 360 Billion by 2025
Advanced construction technology will be vital for delivering Saudi Vision 2030 mega-projects on time and on budget, experts announced today ahead of The Big 5 Saudi Arabia. The Kingdom’s construction market is set to more than double, reaching a record high of SAR 362 billion in 2025, from SAR 170 billion in 2016, according to […]
Energizing the Infrastructure Industry with Phoenix Contact’s Inspiring Innovations
Phoenix Contact, an electrical engineering company is set to participate at the upcoming 42nd edition of the Middle East Electricity (MEE) 2017. The Phoenix Contact stall will be located at booth number 6A10 in hall number 6 at the Dubai World Trade Centre from 14 – 16 February 2017. Phoenix Contact will be displaying a […]
Abu Dhabi Ports attracts Emirati talents at Tawdheef 2017
With the aim of attracting Emirati talent aspiring to lead the dynamic operations of ports and industrial zones, Abu Dhabi Ports, is participating at Tawdheef 2017 which is being held between 30 January and 1 February at Abu Dhabi National Exhibition Centre (ADNEC). As part of its participation at Tawdheef, Abu Dhabi Ports will unveil […]
Millennial Appetite for Mobile Apps Fueling Growth of UAE Tech Startups
Today we live in a world where we can complete our most routine, yet often time consuming tasks, be it doing the laundry, booking transportation, scheduling a delivery, or merely ordering food, with the touch of a button. And in a market where there is a distinct appreciation for convenience, this is proving to be […]
Empower heads to ASHRAE Winter Conference and AHR Expo 2017 in USA
A senior delegation headed by HE Ahmad Bin Shafar, CEO of Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, has headed to Las Vegas, USA, to participate in the American Society of Heating, Refrigerating, and Air-Conditioning Engineers (ASHRAE) Winter Conference 2017 and AHR Expo 2017 which are being held from 28 […]
LG ANNOUNCES FOURTH-QUARTER AND FULL-YEAR 2016 FINANCIAL RESULTS
LG Electronics Inc. (LG) today announced a 2016 operating profit of KRW 1.34 trillion (USD 1.16 billion), 12.2 percent increase from 2015 due in large part to strong performance by home appliances, air solutions and home entertainment. For full-year 2016, LG reported revenues of KRW 55.37 trillion (USD 47.92 billion) and net income of KRW […]