Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Mistral AI Raises $830M to Expand European AI Data Centre Capacity
Mistral AI secures $830 million in debt financing to buy 13,800 Nvidia GB300 GPUs for its Paris-area data centre, pushing toward a 200MW European compute target by 2027.
AI Data Preservation in Saudi Arabia: Why Backup Strategy Is Now Core Infrastructure
WD’s regional sales director argues that AI data preservation is now core infrastructure for Saudi organizations, warning that missing backup strategies put AI investments at serious risk.
Relm Secures Full VARA Broker-Dealer License in Dubai, Enabling Regulated Digital Asset Services
Relm, a subsidiary of XBD Group, has received its full VASP license from Dubai’s VARA, authorising regulated digital asset broker-dealer and OTC trading services for institutional clients.
Careem Ramadan Trends 2026: Grocery Orders Triple at Suhoor, Bike Riders Cut 40 Tons of CO2
Careem released Ramadan 2026 usage data showing grocery orders tripled at Suhoor, one DineOut user saved SAR 2,388, and Medina bike riders removed 40.76 tons of CO2.
Fake Shipment Tracking Scams Surge Across Middle East and Africa, Group-IB Warns
Group-IB researchers warn that fake shipment tracking scams are surging across the Middle East and Africa, driven by Phishing-as-a-Service platforms targeting parcel delivery users.
Shane Heraty Appointed as Cisco Vice President and General Manager for Middle East, Africa, Türkiye, Romania and CIS
Cisco has appointed Shane Heraty as Vice President and General Manager for the MEA–TRC region, effective May 1, 2026. Heraty brings over 30 years of technology experience, including more than 20 years at Cisco.
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Open Digital Platforms and AI: How MBRF’s Digital Knowledge Hub Is Shaping the Arab Knowledge Economy
MBRF’s analysis positions open digital platforms as central to the Arab knowledge economy, with its Digital Knowledge Hub providing tens of millions of free digital items worldwide.
KFSH Wins Sigma’s Healthy Work Environment Award for Nursing Support Program
King Faisal Specialist Hospital and Research Centre received Sigma Theta Tau International’s Healthy Work Environment Award in the Clinical Category at a ceremony in Washington, D.C. The honor recognizes the hospital’s Immediate Psychological Support Program for nursing staff.
SDAIA Issues Guidelines for Saudi Arabia’s Year of Artificial Intelligence 2026
SDAIA issued comprehensive guidelines on March 26, 2026, to coordinate national efforts for the Year of Artificial Intelligence 2026, following Cabinet approval on March 10.
Huawei Unveils AI-Powered Government Services Blueprint at MWC 2026
Huawei presented its Global Government Services Solution at MWC 2026 in Barcelona, outlining an AI-driven blueprint to modernize public service delivery. The company estimates its chat-to-execution model can raise citizen satisfaction and administrative efficiency by 30%.
Lucidya Launches Enterprise AI Customer Platform Targeting MENA Expansion
Lucidya launched its enterprise AI customer platform on March 26, 2026, following a $30 million Series B round. The cloud-based system targets MENA enterprises with Arabic dialect support and autonomous customer service capabilities.
Reflection AI Startup Seeks $25 Billion Valuation in $2.5 Billion Funding Round
Nvidia-backed Reflection AI startup is in talks to raise $2.5 billion at a $25 billion valuation, as it builds open-source AI models to compete with Chinese alternatives.
SpaceX Globalstar Deal Edges Closer to $10 Billion Acquisition, Analyst Says
Satellite analyst Tim Farrar says the SpaceX Globalstar deal is nearing a $10 billion close, with SpaceX likely outbidding Amazon to block a rival’s expansion into direct-to-device connectivity.
Meta and Google Lose Landmark Social Media Addiction Trial, Face $3 Million Damages
A California jury found Meta Platforms and YouTube liable in a landmark social media addiction trial, ordering $3 million in damages for a 20-year-old plaintiff.
CUSP Wealth Hybrid Advisory Model Combines AI and Human Expertise for UAE Investors
CUSP Wealth details its hybrid advisory model combining AI portfolio optimisation with human financial advisors, offering a 0.75% annual fee and a $25 minimum investment in the UAE.
Vertiv Acquires ThermoKey to Expand Heat Rejection Portfolio for AI Data Centers
Vertiv has agreed to acquire Italian heat-exchange specialist ThermoKey S.p.A., with the deal expected to close in Q2 2026 and expand Vertiv’s thermal management portfolio for AI data centers.
Trip.com Partners with Checkout.com to Streamline Global Travel Payments
Trip.com and Checkout.com have formed a strategic partnership to improve digital payment performance across Saudi Arabia, Japan, the UK, and North America. The deal targets faster transactions and higher acceptance rates for global travelers.
Edge Riyadh Al Rabie Names Kozhaya Tannous as Cluster General Manager
Edge Riyadh Al Rabie by Rotana has appointed Kozhaya Tannous as Cluster General Manager, bringing over 20 years of regional hospitality experience to the role as the brand expands across Saudi Arabia.
Vantage Her Vision Series Highlights Women Leaders in CFD Trading
Vantage Markets launches the Her Vision interview series to highlight women professionals in CFD trading and financial services, featuring IB partners Minh Anh and Cao Hang.
Denodo Joins Open Semantic Interchange to Standardize Data and AI Interoperability
Denodo has joined the Open Semantic Interchange, an open source initiative led by Snowflake to standardize semantic data definitions across AI and analytics platforms.
MovitOn Pre-Sale Raises $2M to Build Web3 Logistics Platform
MovitOn closed a $2 million community pre-sale in February 2026 to fund its Web3 peer-to-peer logistics platform. The Dubai-based company targets a TESTNET launch in April 2026 and claims up to 75% cost savings over traditional couriers.
Mobile Money Transactions Surpass $2 Trillion in 2025, GSMA Report Finds
Mobile money transactions surpassed $2 trillion in 2025, with active accounts growing 15% year-on-year to 593 million, according to the GSMA’s latest annual report.