Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
A1RWATER’s New DIC Facility to Create Over 100,000 Liters of Clean Water Daily from Air
Dubai, UAE – 2nd September 2024: A1RWATERTM, a global leader in atmospheric water generation, proudly announces the launch of its state-of-the-art facility in Dubai Industrial City (DIC), poised to produce over 100,000 liters of pure water daily, directly from the air. This landmark development contributes to the region’s sustainability goals and further accelerates the UAE Circular Economy Policy through […]
PIF signs $15 billion revolving credit facility
PIF has obtained a $15 billion revolving credit facility for general corporate purposes. This replaces the previous $15 billion revolving credit facility agreed in 2021. This $15 billion revolving credit facility is offered for an initial three years and is extendable for up to two additional years. The facility agreement was signed with a diverse […]
LG EXPANDS INVESTMENT IN AI AND DEEP TECH STARTUPS
Company Joins SBVA’s AI Fund and Continues Efforts to Nurture Future Businesses Through Open Innovation Activities SEOUL, August 28, 2024 — LG Electronics (LG) is making significant investments in startups specializing in artificial intelligence (AI) and deep tech. LG has committed USD 10 million as a key limited partner in the newly established USD 130 million “Alpha […]
Swisslog to drive KSA’s logistics evolution with advanced automation solutions at Saudi Logistics Expo 2024
Riyadh, KSA, August 28 – Swisslog, the global leader in innovative robotic, data-driven, and flexible automated solutions, will be at the Saudi Logistics Expo 2024, taking place from September 2-4. This premier event is Saudi Arabia’s largest platform dedicated to supply chain, warehousing, and logistics, bringing together over 11,000 industry professionals and showcasing the latest in innovative technologies and solutions. Swisslog will […]
The Avenues – Riyadh: A New Commercial Destination and Touristic Landmark in the Kingdom
Riyadh, 27 August 2024: As Saudi Arabia becomes the fastest-growing tourism destination in the GCC region, work forges ahead on the SAR 17.2 billion (USD 4.586 billion) The Avenues – Riyadh, which is expected to open in the first quarter of 2026. Having broken ground during the first quarter of 2022, the project has reached 44.5% completion. Joining the Kingdom’s numerous new mega projects, The Avenues – Riyadh is a […]
Mastercard and Saudia Partner to Empower Women Entrepreneurs in Saudi Arabia with ‘Her Voice’
Mastercard and Saudia aim to take the third iteration of the female-led series; Her Voice- to new heights, elevating the Kingdom’s community of businesswomen, female changemakers and innovators in the process. Riyadh, Saudi Arabia, 27, August 2024 – Mastercard has partnered with Saudia, the national flag carrier of the Kingdom of Saudi Arabia, to launch the […]
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Saudi home sales surge by 41% during H1 2024
Riyadh, 27th August 2024: Residential transactions, which accounted for 61% of all real estate deals by total value, registered a 41% increase in the number of deals to just under 91,860 sales during H1 2024, totalling SAR 77.6bn compared to the same period last year, according to global property consultancy Knight Frank’s Saudi Arabia Residential Market Review Summer […]
“Roshan” Project in Northern Jeddah: A Premier Opportunity for Investors and an Ideal Destination for Families
Kingdom of Saudi Arabia, Jeddah, 27 August, 2024: Al Gharbia Development and Investment Company, the development arm of Tatweer in the Western Region, has announced that “Roshan” project located in the northern Jeddah, will offer exceptional opportunities for investors and serve as an ideal destination for families. The project aims to create a sustainable community environment that enhances […]
PayerMax to Present Innovative Digital Payment Solutions at 24 Fintech 2024
PayerMax’s Partner, COO , Essay Zhu, will attend a discussion on how PayerMax is leading the future payment solutions inline with evolving preferences of global consumers and demands of Saudi consumers 25 August, Riyadh, Saudi Arabia: PayerMax, a leading global provider of payment solutions, today announced its participation in the 24th Fintech event to showcase its unique position […]
Saudi Arabia’s Digital Leap: Forging a Hyper-Resilient Future
MENA ISC 2024 anchors the Kingdom’s strategic cybersecurity goals by encouraging increased collaboration between various players in the sector to achieve a hyper-resilient cyberinfrastructure Riyadh, Saudi Arabia, 22nd July 2024: Today, the top 5% of cybersecurity teams are setting a new standard in digital trust through robust defense strategies. According to PwC’s 2024 Global Digital […]
stc Group Board of Directors Recommends Raising Annual Dividend Distributions from SAR 1.6 to SAR 2.2
Riyadh, 25 August: The stc Group’s Board of Directors has recommended increasing the annual cash dividends by 37.5%, from SAR 1.6 to SAR 2.2 per share annually, raising the total amount from SAR 8 billion to SAR 11 billion over the next three years. The dividend distribution policy will be presented to stc’s General Assembly […]
NADEC Transforms Operations with SAP Signavio, Boosting Efficiency Across 34 Business Areas
Riyadh, KSA — 21 August 2024 — The National Agricultural Development Company (NADEC) has successfully implemented SAP Signavio, leveraging the technology to advance the company’s digital transformation strategy. The initiative is aligned with the Kingdom’s Vision 2030, and aims to enhance the efficiency of NADEC’s services, supporting diversification of its products and enabling it to enter new sectors in […]
RAKBANK partners with Bitpanda Technology Solutions to unlock digital assets in the UAE
Dubai, 20 August 2024: The National Bank of Ras Al Khaimah (“RAKBANK”), a major UAE bank that has been leading in the digital assets sector, has reached an agreement with Bitpanda Technology Solutions, a leading digital assets infrastructure provider, to provide a robust platform that will enable UAE residents to effortlessly manage digital assets. When […]
Huawei unveils cutting-edge ICT solutions to accelerate Iraq’s digital transformation at Baghdad roadshow
Baghdad, August 21, 2024: Huawei, a global leader in information and communications technology (ICT), kicked off its Middle East & Central Asia Commercial Roadshow in Baghdad recently, marking a significant milestone in Iraq’s journey towards digital transformation. The event brought together over 200 industry leaders, customers, and partners to explore innovative solutions that will shape the […]
Industry Leaders Gather at Huawei ICT Day 2024 in Saudi Arabia to Discuss an Intelligent Future
Riyadh, Saudi Arabia, August 20th, 2024 Huawei cemented its commitment to advancing digital transformation within Saudi Arabia by hosting its annual Saudi ICT Day and Partner Summit on August 20th. Themed “Accelerate Industrial Intelligence,” the event was held at the Hilton Riyadh Hotel & Residences and welcomed over 500 participants, industry experts, and ecosystem partners to […]
Fortinet Reports Second Quarter 2024 Financial Results
Second Quarter 2024 Highlights Riyadh: Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, has announced financial results for the second quarter ended June 30, 2024. “In the second quarter, we successfully balanced growth and profitability as our non-GAAP operating margin increased 820 basis points year-over-year to a company record of […]
Beltone Holding Sustains its Impressive Growth in 1H2024, Operating Revenue Jump to 818% YoY, Net Profit Records EGP 817 Million
Cairo, 19 August 2024: Beltone Holding, one of the fastest-growing financial institutions, announced its consolidated financial and operational results for the six months ending 30, June 2024. Beltone’s successful execution of its turnaround and growth strategy led to a significant surge in consolidated top-line performance, with operating revenue of EGP2.9 billion, recording a significant increase of […]
A Tribute to the Legacy of Late CEO Eng. Sultan Bin Abdulaziz Al-Deghaither
Zain KSA Releases its 2023 Corporate Sustainability Impact Report Zain KSA, the leading telecom and digital services provider, has released its 2023 Corporate Sustainability Impact Report: Into an Innovative and Sustainable World. The release of this report carries significant meaning, being issued in the absence of its visionary architect, Zain KSA’s late CEO, Eng. Sultan […]
Grand Winners Announced in 2024 Stevie® Awards for Technology Excellence
Amazon and Owkin named top winners of the year Amazon, including Amazon Web Services, and Owkin (Paris, France) have won the Grand (“best of show”) Stevie® Award trophies in the first Stevie Awards for Technology Excellence, “the Olympics for technology.” The Stevie Awards for Technology Excellence are an international business awards competition that is open to all organizations worldwide. […]
Is AMD the New CPU King? Q2 2024 Market Share Surge Suggests So
In the heart of the semiconductor industry, AMD continues to challenge the norms, securing its position as a dominant player. The second quarter of 2024 has been momentous for AMD, as reflected in Mercury Research’s latest report. This article delves into AMD’s impressive growth in server and client revenue shares, emphasizing the underlying demand for […]
Convergint Expands into Saudi Arabia, Strengthening Its Position as a Leading Global Technology Systems Integrator
Riyadh, KSA (August 2024) – Convergint, a global leader in systems integration, today announced the expansion of its Middle East & Africa (MEA) operations into Saudi Arabia. The company will offer customers a comprehensive suite of advanced solutions in security, IT infrastructure, and audio-visual systems. With the largest technical workforce in the market, including 10,000 […]
Huawei Cloud Breaks Fintech Barriers with Pioneer Program to Empower Saudi Arabia’s Fintech Industry
Riyadh, Saudi Arabia, August 13, 2024, Huawei Cloud, in collaboration with Fintech Saudi, successfully hosted the Huawei Cloud Fintech Day Saudi Arabia 2024, showcasing innovative cloud solutions for the rapidly evolving fintech industry in the Kingdom. The event brought together industry leaders, government officials, and fintech pioneers to explore the latest trends and technologies shaping […]