Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Report: Disruptive technologies to evolve GCC real estate sector
The GCC real estate market has witnessed remarkable growth over the past years, with the sector remaining resilient despite the effects of oil price fluctuations. In the UAE alone, the local industry is expected to climb at a compound annual growth rate of 6.4 per cent from 2015 to 2019. Despite the regional market’s strong […]
Huawei obtains a commercial license to invest in the kingdom of Saudi Arabia and establish a center for innovations Total purchases from the local market are estimated at SR 300 million
During the scheduled visit of His Royal Highness Prince Muhammad bin Salman bin Abdulaziz, Deputy Crown Prince and Chairman of the Council of Economic and Development Affairs to China, Huawei; a leading global ICT solutions provider, received on Wednesday, August 31, 2016, an investment license from his excellency Dr. Majid Al-Qasabi, Minister of Commerce and […]
KING ABDULLAH ECONOMIC CITY SIGNS HIGH-VOLTAGE CABLE FACTORY DEAL WITH INTERNATIONAL TRADE GATEWAY
King Abdullah Economic City (KAEC) has signed a contract with The International Trade Gateway Co. Ltd. (ITG) for the purchase of a 9,000sqm area of land located in Phase 1 of the Industrial Valley at KAEC. The land will be used to build a high voltage cable factory to international standards, and will be the […]
SWIFT Facilitates ISO 20022 Global Harmonisation
Following the launch of the ISO 20022 Harmonisation Charter, an industry-driven framework to facilitate the rollout of ISO 20022 globally, SWIFT has formed a global market practice task force of markets infrastructures and banks. Sponsored by the Payments Market Practice Group (PMPG), the task force aims to address the evolving ISO 20022 standards requirements of […]
Puridiom Acquisition Extends the Capabilities of the BravoAdvantage platform.
(ME NewsWire): Tejari, the strategic procurement technology provider, has announced BravoAdvantage, its procurement platform, will now offer a complete end to end source-to-pay solution in light of sister company BravoSolution’s acquisition of privately-held on-demand procurement and AP solutions company, Puridiom. This capability will help businesses efficiently manage the entire procurement lifecycle to drive superior savings. […]
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Award Winning KSA Pharmaceutical Chain ‘Al Dawaa’ Launches E-Store Exclusively on SOUQ.com
SOUQ.com, the Middle East’s largest online retail and marketplace platform has announced the launch of an exclusive e-store of the award winning Al Dawaa Pharmacies in the Kingdom of Saudi Arabia (KSA). This collaboration will provide customers in the KSA a convenient access to an extensive collection of cosmetic and personal care products along with […]
Sakr Real Estate: Introducing the Unprecedented Concept of SMART VALLEY Changing the paradigm of the Real Estate Sector
(ME NewsWire) In a bold move towards advancement and innovation, Sakr Real Estate unveiled their unparalleled project entitled “The Smart Valley”, a unique concept to be done for the first time in the Middle East, through two consecutive day’s event that hosted a big number of attendance including Celebrities, public figures and clients. The event took place […]
Saudi Industrial Development Fund and SAP Partner to Enhance IT Solutions
The Saudi Industrial Development Fund (SIDF) and global enterprise software company SAP announced today with a new partnership. Driving the manufacturing sector’s innovation-led growth, the government organization SIDF will use advanced SAP enterprise resource planning, business planning and consolidation, and business intelligence to enhance the SIDF’s ability to issue loans for manufacturers. “SIDF is working […]
10th World Future Energy Summit Demonstrates the Business Case for Sustainability
With the cost of solar energy plummeting, the World Future Energy Summit 2017 (WFES) will showcase an unprecedented range of financially profitable clean energy solutions, opening up opportunities for green tech companies as the MENA region moves to achieve ambitious sustainability targets. Figures from the International Renewable Energy Agency (IRENA) show the installed cost of […]
axiom Brings ‘Experiential Shopping’ to Abu Dhabi with First-of-its-Kind Retail Concept in the Emirate
Shopper expectations in the UAE capital are evolving from being product-based to experience-based, according to the CEO of UAE’s largest mobility retailer, axiom telecom. “Abu Dhabi shoppers are largely comprised of young Millennials who are looking for a non-traditional retail experience, one characterized by the ability to experience products before making a purchase,” says Fahad […]
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Moody’s: Kuwait’s Fuel Subsidy Reform Is Credit Positive
On 1 August, Kuwait’s (Aa2 negative) cabinet approved a series of fuel-related subsidy reforms, including an 83% increase in higher-quality ultra-premium petrol prices and a 42% increase in lower-quality octane-91 petrol prices, which will go into effect on 1 September. Moody’s says that these fuel price reforms are credit positive for the sovereign because they […]
Saudi Arabia showing great interest in BYOD style of working,
Organisations in the MENA region are taking steps to embrace the ‘Office of the Future’ concept, revolutionising how their employees work and operate. This is evident in the Office Insights 2016 report released by Canon which states that 63% of organisations in the MENA region see value in the ability to print remotely from a […]
Business Confidence in the Middle East on the Rise
(ME NewsWire ) The latest Global Economic Conditions Survey (GECS) from ACCA and IMA, suggested positive signs for businesses in the GCC but a stark forewarning of how the shock of Brexit will hit a fragile recovery in global business confidence. Responding to the findings, Lindsay Degouve de Nuncques, head of ACCA Middle East said, […]
HID Global Acquires DemoTeller to Broaden Portfolio into Instant Issuance of Payment Cards
HID Global®, a worldwide leader in secure identity solutions, today announced that it has acquired DemoTeller, a leading provider of instant issuance solutions for the financial market. With this acquisition, HID Global is now able to address the needs of financial institutions and retailers for instant issuance of personalized financial or payment cards, such as […]
Rebounding Oil Prices Signal Moment for Energy Innovation to Support Saudi Vision 2030
Rebounding oil prices signal the moment for Saudi oil and gas firms to invest in technology innovation, supporting Saudi Vision 2030 and driving nearly USD 300 billion in oil exports, industry experts announced today. The Kingdom is the world’s largest petroleum exporter, producing 10 million barrels per day, and is taking on increased global importance […]
Watermark makes its mark at the Summit International Awards 2016
(ME NewsWire)- The jury of the Summit Creative Award 2016 have spoken. Dubai-based Advertising and Integrated Marketing Boutique Agency Watermark walks away with three Silvers and one bronze Summit Creative Awards for their innovative creatives. The leading agency won the silver award in the Sales/Press Kit and Industry Self- Promotion collaterals categories, while they bagged […]
KSA HOLIDAY MAKERS ARE SET TO SPEND NEARLY A WHOLE WORKING WEEK ON THEIR SMARTPHONE THIS SUMMER
Huawei honor, the no 1 smartphone e-brand, predicts that holidays-goers this summer will spend up to a staggering 35 hours a week on their smartphone. Three quarters of residents in Saudi will spend upwards of an hour a day taking pictures on their phones, with more than one third spending between 41 minutes to an […]
MICE Industry Enhances the Kingdom’s position as the business hub of the region
Along with the Economic and Cultural developments witnessed in the Kingdom and the region, The MICE industry recorded considerable growth over the past few years, by approving 6584 events in 2015 thus achieving a 23% increase compared to the previous year. As one of the major economic sectors that indicates healthy economic development, the MICE […]
TechAccess Hosts Extreme Networks Focused Training Session for Partners
TechAccess, the leading value added distributor in the Middle East, North Africa, LEVANT, Pakistan and Afghanistan has successfully concluded its first technical training session for new partners of Extreme Networks. Partners were introduced to TechAccess’ business model, given an overview of Extreme Networks’ products and solutions, and received immersive training on basic switch configuration at […]
UAE among top performers in E-Government Development Index 2016
The UAE prominently featured major developments in its e-services and ranked high in the latest UN Department of Economic and Social Affairs’ (DESA) E-Government Development Index (EDGI) Survey 2016, according to UN DESA’s Vincenzo Aquaro, Chief E-Government Branch, Division for Public Administration & Development Management. The statement reflects the huge success and progress in the […]
Enhance Customer Service Experience Using Self-serviceby Nidal Kamouni, CEO, PCCI Group
The essence of customer service can be traced to time immemorial. On the other hand, the method of delivery of the customer service experience needs to be continually updated to match the desires and expectations of an ever-changing customer base and that is why we believe that the customer experience landscape is ripe for disruption with companies […]
GCC fertilizer capacity to expand by 14% over the next five years,
Fertilizer production in the Arabian Gulf is set to expand to 43.1 million tons in the next five years, according to a new report by the Gulf Petrochemicals and Chemicals Association (GPCA). At 37.8 million tons, the GCC’s current fertilizer capacity earns US$6.3billion in sales revenue, according to the GPCA’s 2015 Fertilizer Indicators report. Additionally, […]