Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Moody’s: Saudi Banks’ Rising Provisioning Charges Erode Profits
Last Thursday, the last Saudi domestic bank submitted its preliminary financial results for 2016 to the Saudi stock exchange. Saudi banks reported a 5.4% year-on-year decrease in net profits, mainly because of rising provisioning charges, a credit negative. The provisioning increase reflects asset quality challenges amid low oil prices. In line with 2016 results, we expect that Saudi […]
Smart Stores Expo Ends on a Positive Note
Smart Stores Expo that concluded on Wednesday, 25th January 2017, hosted several local and international retail solution providers and attracted numerous attendees in the three-day event. According to the organisers, the show received an overwhelming response from industry peers and visitors alike, with exhibitors delighted with the quality of the visitors. The event played host […]
RMB internationalisation stalls in 2016
SWIFT data shows that compared to 2015 the payments value for the RMB decreased by as much as 29.5% in 2016. The RMB’s share as an international payments currency dropped from 2.31% in December 2015 to 1.68% in December 2016, ending the year as the sixth most active currency for international payments. RMB payments value […]
Smart Stores Expo 2017 continues to Garner Huge Industry Response
UAE retail sector is fast adopting innovative technologies; this was evident from the latest technologies showcased at Smart Stores Expo being held at Abu Dhabi International Convention Centre from 23 to 25 January 2017. The largest event for the retail sector in the region, for the first time, showcased innovative concepts in four broad categories […]
Sage ‘Advice Roadshow’ to discuss SMAC for Business Innovation
Sage, the market and technology leader for integrated accounting, payroll and payment systems, will hold a luncheon discussion on the role of SMAC (social, mobile, analytics, and cloud) technologies in business innovation. The event takes place on 06 February 2017 from 8:30AM—2:00PM at Shangri-La Hotel, Sheikh Zayed Road, Dubai. The Sage luncheon discussion will include […]
Panasonic Wiring devices certified by Emirates Authority for Standardization and Metrology (ESMA) for Emirates Quality Marking
Panasonic received the Emirates Quality Mark for its wiring devices, demonstrating the company’s commitment to product excellence and customer safety. Panasonic Homes & Living offers a broad spectrum of Switches & Sockets, LED Lightings, Switchgears, Solar Panels, Energy Recovery Ventilators (ERV), Air Moving Equipment (AME), Ventilation Fans, and Ceiling Fans & Electric Fans. Ranked no […]
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Barclays Reinforces Wealth and Investment Management team servicing MENA
Barclays announced today the appointment of three new senior bankers in its Wealth and Investment Management division for Middle East and North Africa (MENA). Antoine Roger Chemali and David Stephan both join Barclays Wealth and Investment Management division as directors, while Owen Dayson joins as a Vice President. All three bankers will cover MENA with […]
H.E. Mohamed Helal Al Muhairi Opens Smart Stores Expo 2017
H.E. Mohamed Helal Al Muhairi, Director General, Abu Dhabi Chamber, inaugurated the first edition of Smart Stores Expo 2017 at Abu Dhabi National Exhibition Centre (ADNEC) on 23 January. The inaugural event opened its door to several leading retail professionals across the region to showcase the future of retail empowered by technological innovations and advancements. […]
FTSE 100 CEO Stephen Kelly says small businesses are still being ignored as Davos wraps up
Global research by Sage highlights that only 67% of small businesses feel represented by politicians in their country’s decision making. The data was published in the week of the annual World Economic Forum (WEF) where politicians and big business will gathered in Davos to debate the global economic picture. In Dubai where 95% of the […]
AlertEnterprise Expands Operations in the Middle East, Responding to Growing Business Ahead of INTERSEC 2017 in Dubai
Responding to growing business in the Middle East and North Africa, AlertEnterprise, the leading Silicon Valley based provider of Security Convergence software, has appointed Amid Al-Shanteer as Vice President of Sales for the Middle East and North Africa (MENA) market effective January 16, 2017.In a region dominated by critical industries such as Oil & Gas, […]
The IDE summits registered a growth of 44.21% in 2016 compared to 2015 with 2600+ participants from the related businesses all across the globe
IDE is a leading global procurement firm, creating exclusive, captivating, and unique deal flow initiatives to boost businesses and elevate corporations’ presence in the market. As one of the emerging leaders in the B2B realm, IDE is committed to creating value for each and every participant in related events by delivering remarkable experiences that build […]
New Research Cisco Reveals the Current State of Digital Transformation in Retail
Cisco (NASDAQ: CSCO) – Analysts are hailing 2016 as the best year for holiday sales growth since 2005. However, this growth is not coming from the traditional brick and mortar channel. Instead, Internet shoppers saved the holiday season by setting new records for online sales during Black Friday, Cyber Monday and Bounceback Tuesday. This has huge […]
Middle Eastern Debt issuance reached US$77.8 billion in 2016
Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today released the annual investment banking analysis for the Middle East region. According to estimates from Thomson Reuters / Freeman Consulting, Middle Eastern investment banking fees reached US$820.8 million during 2016, an 18% increase compared to fees recorded during 2015 and the highest […]
New Sabre report identifies consumer behaviours driving opportunities for hotels in Middle East
A study released by global technology provider, Sabre Corporation (NASDAQ: SABR), in collaboration with TrendWatching, has revealed new consumer shopping and buying trends emerging among European and Middle Eastern consumers that could present new opportunities for hotels in 2017. The technology company, which provides hotel reservations, distribution and marketing technology to more than 32,000 hotel properties […]
Empower participates in World Future Energy Summit in Abu Dhabi
Emirates Central Cooling Systems Corporation (EMPOWER), the world’s largest district cooling service provider, is participating in the 10th World Future Energy Summit (WFES), being held as part of Abu Dhabi Sustainability Week 2017, until Thursday (19 January), at the Abu Dhabi National Exhibition Centre. The company underscored its determination to highly contribute in implementing the Dubai Clean Energy […]
Abu Dhabi Ports Launches HSE Award
As part of its efforts to reinforce safety practices in workplace, Abu Dhabi Ports, the master developer, operator and manager of the Emirate’s commercial and community ports as well as Khalifa Industrial Zone, has launched a health, safety and environment (HSE) award. Aimed at recognising the contributions of individuals, government and private entities and partners […]
Digital technology and online shopping re-shaping UAE Retail Industry
Consumer sentiment and spending levels continue to rise despite the effect of falling oil prices on the regional economy, according to a recent survey conducted by Virtual Info Systems (VIS), organisers of the first Smart Stores Expo (SSE) happening at ADNEC, Abu Dhabi from 23rd-25th January 2017. The survey conducted over a period of six […]
QNB Group: Financial Results for the Year Ended 31 December 2016
QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the year ended 31 December 2016. For the twelve months ended 31 December 2016, Net Profit reached QAR12.4 billion (USD 3.4 billion), up by 10% from last year. Total assets reached QAR720 billion (USD198 billion), up by […]
Empower braces for active participation in World Future Energy Summit in Abu Dhabi
Emirates Central Cooling Systems Corporation (EMPOWER), the world’s largest district cooling service provider, has announced its participation in the 10th World Future Energy Summit (WFES), which will be held as part of Abu Dhabi Sustainability Week 2017, under the theme of ‘Practical Steps Towards a Sustainable Future’ from January 16 to19 at the Abu Dhabi National Exhibition Centre The […]
Six technology trends that SMEs should watch out for in 2017
Sage, the market leader in Cloud accounting software, has predicted that chatbots, collective intelligence, and blockchain are some of the big technology trends that will change the way entrepreneurs run their businesses in 2017. Sage Chief Technology Officer, Klaus-Michael Vogelberg, said: “As every business – big or small – is transforming more or less intensively […]
Saudi Arabia Energy Minister, H.E. Khalid A. Al-Falih, to Lead Kingdom’s Largest Ever Delegation at World Future Energy Summit
Saudi Arabia’s Minister of Energy, Industry and Mineral Resources, H.E. Khalid A. Al-Falih, will lead the Kingdom’s biggest-ever presence at the 10th World Future Energy Summit (WFES) when the event gets under way next week. The official delegation forms part of Kingdom’s strong support for WFES as the country seeks to showcase the business opportunities […]
Akbar Travel selects Sabre technology to support global expansion strategy
Akbar Travel has selected global technology company, Sabre Corporation (NASDAQ: SABR), to enhance its online customer experience offering, drive operational efficiencies and support its global growth, which will see the leading Middle East agency expand into new markets across GCC. Akbar Travel will also invest in new technology such as mobile, online, data and automation […]