Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
UL Solutions and Aramco Plan to Collaborate on Joint Projects to Help Enhance Safety in Saudi Arabia
The MoU between UL Solutions and Aramco aims to advance workplace and public safety and supports Saudi Arabia’s Vision 2030 goals NORTHBROOK, Ill.–(BUSINESS WIRE)– UL Solutions (NYSE: ULS), a global leader in applied safety science, today announced its collaboration with Aramco, one of the world’s leading integrated energy and chemicals companies, to explore opportunities to […]
RedotPay Secures $40 Million Series A Funding to Accelerate Global Crypto Payment Solutions
Investment Led by Lightspeed to Fuel Expansion of Borderless Payment Ecosystem Hong Kong, 17 March 2025, Massive Media: RedotPay, a leading crypto payment platform, today announced the successful close of a $40 million Series A funding round led by Lightspeed following their commitment in December 2024, with significant investments from HSG and Galaxy Ventures. The round also […]
Emirates NBD partners with VFS Global to empower consumers with exclusive benefits and services
Emirates NBD, the leading banking group in the MENAT (Middle East, North Africa and Turkey) region, has signed a partnership agreement with VFS Global — the world’s largest visa outsourcing and technology services specialist — to offer consumers across the Kingdom access to exclusive benefits. The agreement was signed by Ghassan Najmeddin, Head of Retail […]
PIF launches Al Waha, first Saudi-owned duty-free retailer
PIF today announced the establishment of Al Waha Duty-Free Company (Al Waha), a travel retailer and the first Saudi-owned duty-free operator. Al Waha, a wholly owned PIF company, will become a leader in travel retail and secure a greater share of passenger spending for the Saudi economy. Al Waha will develop luxury retail outlets in […]
Riyadh Holding launches an Innovation Hub at FoodSphere in Collaboration with Hungerstation to Support Next Superfoods Projects
Riyadh, 03.13.25: Driven by its efforts to support entrepreneurship in the food sector, Riyadh Holding Company announced the signing of a cooperation agreement with Hungerstation to launch the “Hungerstation Innovation Hub” within the Al Tahlia Oasis – FoodSphere, a pioneering first phase of the Riyadh Oases project. The hub will offer a range of advanced digital […]
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RemotePass and Wafeq Partner to Automate Payroll and Accounting for UAE & KSA Businesses
Dubai – March 13, 2025: RemotePass, a UAE-based global payroll platform, and Wafeq, a UAE-based accounting software provider, have partnered to fully automate payroll accounting for businesses in the UAE and KSA. This integration seamlessly syncs payroll and financial data from RemotePass to Wafeq’s accounting system in real-time, eliminating manual entry, reducing errors, and ensuring […]
ALEC Achieves 29% YoY Growth Driven by Ongoing Saudi Expansion and Subsidiaries’ Strong Performance
Construction firm’s growth in Saudi signals impressive early success of ongoing expansion in the Kingdom Dubai, United Arab Emirates – 11 March 2025 – With a healthy pipeline of projects in progress, ALEC Engineering and Contracting LLC (ALEC) has continued its strong business momentum. During 2024, the company — one of the largest construction firms in […]
AIM Congress 2025 to Host Roundtables Addressing Key Global Investment Trends and challenges
Abu Dhabi, UAE, 12 March 2025: The 14th edition of AIM Congress, set to take place from April 7 to 9, 2025, at the Abu Dhabi National Exhibition Centre, will feature high-level roundtable discussions tackling the most pressing global investment challenges. AIM Congress 2025 held under the theme “Mapping the Future of Global Investment: The […]
Menakart Partners with Tabby and Tamara to Enhance Customer Payment Options
Dubai, UAE, 19 February 2025: Menakart.com, UAE’s leading online shopping platform, has teamed up with Tabby and Tamara to offer flexible “Buy Now, Pay Later” (BNPL) payment options to customers. This collaboration allows Menakart shoppers to split their purchases into 4 easy, interest-free monthly payments via Tabby or Tamara. As pioneers in the BNPL space, Tabby […]
Saudi Arabia is Poised to Become a Key Player in the Global Entertainment Parks Industry BCG Report Reveals
Riyadh, 26 February 2025 – Saudi Arabia’s entertainment parks sector is experiencing rapid growth, fueled by strategic national objectives to diversify the economy and position the Kingdom as a leading entertainment destination. A recent report by Boston Consulting Group (BCG), titled Entertainment Parks Industry: Trends & Opportunities for Saudi Arabia, highlights the high level of interest in theme and water […]
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Fortinet Reports Fourth Quarter and Full Year 2024 Financial Results
Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the fourth quarter of 2024 and full year ended December 31, 2024. “In the fourth quarter, we successfully balanced growth and profitability as our non-GAAP operating margin increased 720 basis points year-over-year to a company record of 39%, while […]
GAL, AMMROC AND PANNESMA COMPANY LIMITED SIGN STRATEGIC AGREEMENT TO STRENGTHEN DEFENSE INDUSTRY COLLABORATION BETWEEN KSA AND UAE
Abu Dhabi, UAE – February 21, 2025: Global Aerospace Logistics (GAL) and Advanced Military Maintenance, Repair, and Overhaul Center (AMMROC) have announced a landmark contract agreement with Pannesma Company Limited, a distinguished subsidiary of Atheeb Holding Group during IDEX 2025. The agreement is set to strengthen collaboration in advanced aircraft maintenance, upgrades, and overhaul services bolstering […]
Saudi Arabia Ranks Third Globally in 5G Speed, Averaging 243.7 Mbps
Jeddah: Saudi Arabia continues to impress in the global mobile network landscape, with new insights from Opensignal’s Global Network Excellence Index. The report, which evaluates the mobile experience across countries with large land areas (over 200,000 square km), places Saudi Arabia 20th globally in overall network performance. Notably, Saudi Arabia secured third place worldwide in 5G […]
Bank of Singapore Unveils “2025 Supertrends” Highlighting Key Aspects Influencing Global Investment Outlook
Dubai, 20 February 2025: Bank of Singapore successfully concluded the CIO Summit, held in Dubai, where its leadership and expert panelists explored key investment themes, their implications on global investment, and strategies for success. During the summit, the Bank unveiled its highly anticipated “2025 Supertrends Report,” a refreshed outlook building upon the insights of the 2024 edition. This […]
Saudi Real Estate Refinance Company (SRC) Completes Pricing of its First USD 2 Billion International Sukuk Offering
Sukuk Programme lists on the International Securities Market (ISM) of the London Stock Exchange (LSE), integrating the Saudi economy with global markets London, 21 February 2025: The Saudi Real Estate Refinance Company (SRC), a PIF Company, has completed the pricing of its first government-guaranteed international Sukuk, valued at USD 2 billion. The issuance, structured in two […]
Alinma Bank launches new platform powered by IBM Hybrid Cloud & AI technology to fuel innovation for Digital Banking
The new platform stimulates innovation in Saudi Arabia’s fintech ecosystem and unlocks new possibilities for businesses Riyadh, Saudi Arabia, 19 February 2025: IBM and Alinma Bank announce that Alinma Bank, a leading financial institution in Saudi Arabia, has adopted IBM’s advanced hybrid cloud and AI integration technologies. This move aims to enhance Alinma Bank’s IT infrastructure […]
KoçSistem Participates in LEAP Expo as a Leading Tech Brand from Türkiye
KoçSistem, Türkiye’s leading technology brand, participated in LEAP 2025, one of the most prestigious global technology expos. The event brought together companies operating in the Middle East’s technology sector. Riyadh — Attending the event alongside KoçDigital, its subsidiary specializing in data science, artificial intelligence, and analytics, KoçSistem showcased its cutting-edge domestic technologies, ranging from digital publishing to cybersecurity. […]
Databricks to invest up to $300 million in the Kingdom of Saudi Arabia over the next five years
Data intelligence pioneer announces investment in KSA and commitment to data engineering and data and AI upskilling programs at LEAP 2025 Riyadh, Kingdom of Saudi Arabia – February 17, 2025 – At LEAP 2025, Databricks, the data and AI company, announced its plans to invest up to USD 300 million in the Kingdom of Saudi Arabia (KSA) over the next […]
Qme Closes $3 Million Seed Round Led by AHOY to Advance AI-Driven Customer Journeys in MENA
– Qme is an AI-based digital infrastructure platform integrating booking, queuing, analytics, and payment solutions – Cairo, Egypt, 17 February 2025, Massive Media: Qme, an emerging B2B SaaS startup based in Egypt, has raised $3 million in a seed funding round led by AHOY, a multisector technology company, along with a group of angel investors from the GCC. […]
PIF launches third edition of Private Sector Forum; 100 portfolio companies showcased
PIF today launched its third Private Sector Forum, along with an accompanying exhibition, at Riyadh’s King Abdulaziz International Conference Center. The forum, which takes place on February 12-13, is the largest platform of its kind in Saudi Arabia and is dedicated to enhancing partnerships and creating opportunities for the local private sector. The event is […]
Why Daily Food Company Relies on Huawei Cloud for Scalable, Secure, and Localized Cloud Infrastructure
Daily Food’s partnership with Huawei Cloud has driven significant advancements in digital transformation, enhancing operational efficiency and customer experience in Saudi Arabia through localized, scalable cloud solutions.
STC Bank Partners with PLDT Global to Expand Digital Payment Solutions and Enhance Customer Experience
Riyadh, Saudi Arabia; 12th February 2025: STC Bank, a leading Saudi digital bank, has entered into a strategic partnership with PLDT Global Corporation (PLDT Global), the international arm of PLDT Inc., to enhance digital financial solutions and payment accessibility for its customers in Saudi Arabia. As part of the strategic partnership, STC Bank will be […]