Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
SAP Invests USD 200 Million in UAE and Opens New MENA HQ
SAP SE today announced a five-year USD 200 million investment in the UAE, underpinning objectives outlined by the UAE Vision 2021 plan to create economic diversity and jobs for youth. Senior officials participated in the official ribbon-cutting VIP ceremony and inaugurated the new SAP MENA headquarters in Dubai Internet City. Ammar Al Malik, Executive […]
The Euromoney Saudi Arabia Conference Set to Examine Saudi Vision 2030
One year on from the official announcement of the “Saudi Vision 2030” to diversify the economy and reduce the Kingdom’s reliance on oil, The Euromoney Saudi Arabia Conference is set to return to Riyadh to analyse progress made to date. The major conference will bring senior government representatives and leading financiers together to discuss a […]
SWIFT announces Business Forum Egypt in Cairo on March 20 under patronage of Central Bank of Egypt
SWIFT will host the first Business Forum Egypt in Cairo on 20 March 2017 under the patronage of the Central Bank of Egypt. The event brings together senior representatives from Cairo’s banking and financial industry to discuss the most significant issues facing the region. His Excellency Tarek Amer, Governor of the Central Bank of Egypt, […]
Retail Visitors Up in 2016, Records Sàvant Data System (SDS)
Unperturbed by the fall in oil prices and global economic uncertainties, the number of retail visitors has gone up significantly in the UAE according to a market study conducted by Sàvant Data System, a leading solutions and services company providing business intelligence (BI) to the retail sector in GCC. Per the report, the UAE accounted […]
Three Critical Accelerators to Closing the Gender Pay Gap for Class of 2020, Accenture Research Finds
Women graduating from university in developing markets in 2020 could be the first generation to close the gender pay gap in their lifetimes, according to new research from Accenture (NYSE: ACN). The report, Getting to Equal 2017, reveals that, within decades, the pay gap could close if women take advantage of three career equalizers and […]
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Etisalat Group Reports Strong Performance in Annual Financial Results
Etisalat Group announced today its consolidated financial statements for the 12 months ending December 31 2016. Financial Highlights for 2016 Aggregate subscriber base reached 162 million. Consolidated revenues amounted to AED 52.4 billion and increased year over year by 2%. Consolidated EBITDA totaled AED 26.3 billion, resulting in EBITDA margin of 50%. Consolidated net profit […]
Energ y Amid Saving, Welfare and the Environmental Impact
It goes without saying that electricity is now an imperative aspect of our modern day lives. Not only is it the primary driver of our daily interactions, but also far more than a mere luxury as perceived in the past days. One is unable to distract their attention away from the fact that energy is […]
Empower pays tribute to women on the occasion of International Women’s Day
To celebrate womanhood and to recognise the power of the femininity, HE Ahmad Bin Shafar, CEO of the Emirates Central Cooling Systems Corporation (EMPOWER), asserted the importance of femininity – the powerful, compassionate and resilient drivers of change in the society. At Empower, women have played an instrumental role in driving the company towards its […]
Qatar’s USD 3 Billion Digital Transformation Market Driven by Information Management
On the eve of QITCOM, digital transformation enabler SAP announced plans to launch a private cloud data center to accelerate Qatar’s USD 3 billion digital transformations. Showing the strong growth potential of digital transformation, Qatar’s commercial sector is set to increase its ICT spending by 50 percent from about USD 2 billion in 2015 to […]
Waseela Appoints New Chief Technical Officer
Waseela, the leading regional Information and Communication Technology (ICT) system integrator, announced today the appointment of Mr. Bilal Al-Anani as its Chief Technology Officer. Mr. Bilal, who holds an M.Sc. in Electrical Engineering Systems from the University of Michigan, with more than 18 years of industry experience, joins Waseela from Cisco Systems where he held […]
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Digitization Drives Half a Million New Saudi Jobs by 2020
Saudi youth are primed to take on the half-million jobs that are expected to be created from nationwide digital transformation by 2020, experts commented today on a recent report by The Economist Corporate Network. The Kingdom faces a crucial juncture in its economic growth and youth employment. Through 2025, the Kingdom will see 226,000 new […]
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 […]
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 […]