Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Ajman Bank sets New Record Jumping to 117.1 million up by 139% profit before tax (AED 107.4 million net profit)
Ajman Bank has reported an all time high quarterly profit in Q1 2024 of AED 107.4 million. This is on the back of a 7.0% increase in total operating income to AED 400.3 million as compared to AED 374.0 million in corresponding period of 2023, and net operating income of AED 194.8 million. Return on […]
Finastra integrates AI ESG scoring into trade and supply chain finance offering with TradeSun
Users can power more sustainable business flows, tapping into automated reports to measure key data against internationally-recognized frameworks Dubai, UAE – 9 May, 2024 – Finastra today announced that it has integrated AI-powered ESG (environmental, social and governance) scoring capabilities into its working capital solution, Trade Innovation. The integration, with CoriolisESG by TradeSun, enables users to book […]
Taiba Investments joins FHS Saudi Arabia 2024 as Founding and Platinum Sponsor
Taiba Investments participated in Riyadh’s Future of Hospitality Summit as a Founding and Platinum Sponsor. FHS Saudi Arabia, the most significant investment event of its kind, brought together an exclusive group of government leaders, investors, owners, and operators in the hospitality sector. The summit took place at the Mandarin Oriental Al Faisaliah Riyadh Hotel from […]
Saudi Arabia Continues to Rise as a Growing Destination for Global Talent
Riyadh, May 6, 2024— Saudi Arabia has made remarkable progress in attracting global talent in a world adapting to new economic realities and the rise of emerging virtual mobility trends amidst a complex international landscape characterized by geopolitical shifts and financial uncertainty. The Kingdom, with its unique blend of quality job opportunities, favorable living conditions, and […]
Mastercard partners with The BENEFIT Company to drive payment innovation and financial inclusion in Bahrain
Riyadh, Saudi Arabia – 08 May 2024: Mastercard has signed a memorandum of understanding (MoU) with The BENEFIT Company (BENEFIT), Bahrain’s leading fintech company and the national electronic payment infrastructure operator, to explore opportunities for collaboration in driving innovation and financial inclusion in the country’s dynamic payments ecosystem. Under the terms of the agreement, the two […]
stc announced its interim condensed consolidated financial results for the period ending at 31 March 2024
stc Group net profit for the first quarter of 2024 increased by 44.5% as compared to the previous quarter, and by 5.69% as compared to the comparable quarter of last year, and it distributes SAR 0.40 per share dividends for the 1st quarter of 2024. Riyadh, May 8, 2024 Revenues for the 1st quarter of 2024 […]
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Dubai FinTech Summit concludes with over 8,000 visitors from 118 countries
Dubai, 8 May 2024: The 2nd edition of Dubai FinTech Summit (DFS) organised by Dubai International Financial Centre (DIFC), under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of DIFC, concluded with resounding success. The 3rd edition […]
MENA region leads global growth in luxury travel, reveals Mastercard Affluent Travel report
Riyadh, Saudi Arabia; 7 May 2024: The Middle East and North Africa (MENA) region has emerged as one of the main regions driving growth in affluent travel, recording high spends, while also displaying an appetite for sustainable eco-luxury and meaningful cultural experiences. Mastercard’s latest report, ‘Affluent Travel: A Middle East Perspective’, released during the Arabian Travel Market 2024, unpacks […]
Alat boosts sustainable manufacturing capabilities with the launch of Electrification and AI Infrastructure business
Riyadh, May 6, 2024 – Alat, a PIF company focused on transforming global industries (electronics and industrials) and creating a world-class manufacturing hub in the Kingdom of Saudi Arabia, today announced at the Milken Institute Conference in Los Angeles, USA, the launch of two new business units – Electrification and AI Infrastructure. The two business units […]
Mastercard redefines strategic leadership roles to drive focus on growth and digital transformation across Middle East markets
The technology giant appoints Adam Jones as Division President for West Arabia Riyadh, Saudi Arabia – 6 May 2024: Mastercard has announced strategic enhancements to its leadership roles in the MENA region. The move is part of the company’s efforts to strengthen its regional leadership with a focus on fast-tracking growth, deepening stakeholder engagement and enhancing […]
Saudi Fund for Development and the UK’s Foreign, Commonwealth, and Development Office Sign Joint Cooperation Arrangement to Advance Global Development
Riyadh, Saudi Arabia – May 6, 2024 The Saudi Fund for Development (SFD) and UK’s Foreign, Commonwealth and Development Office (FCDO) signed today a Joint Cooperation Arrangement (JCA) in Riyadh, in the presence of the Supervisor General of King Salman Humanitarian Aid and Relief Centre (KSrelief), H.E. Dr. Abdullah Al Rabeeah, the UK’s Deputy Foreign Secretary […]
General Directorate of Passports visits NEOM to preview the latest airport technologies
NEOM, Saudi Arabia, May 2, 2024 – Lieutenant General Sulaiman bin Abdulaziz Al-Yahya, Director General of Passports (Jawazat), has visited NEOM – the sustainable development taking shape in northwest Saudi Arabia – this week. Received by NEOM CEO, Nadhmi Al-Nasr, Al-Yahya and his delegation toured NEOM Bay Airport, along with the project’s command-and-control center and other key […]
stc Group Joins ‘KSA Sustainability Champions’
Riyadh: 30 April 2024 – stc Group, the digital enabler in the region, has reinforced its position as a leader in sustainability by joining the inaugural edition of the ‘KSA Sustainability Champions’ program, launched today by the Ministry of Economy and Planning at the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for […]
Mastercard collaborates with SingleView to usher in new era of commercial efficiency
Riyadh, Saudi Arabia; 01 May 2024: Mastercard is collaborating with SingleView to empower businesses across the region with greater access to corporate and commercial solutions powered by SingleView technology. The strategic agreement will see the two partners work closely together to enable enterprises in the Kingdom to unlock the value of data safely and securely. Leveraging […]
Huawei Iraq Digital Week event paves the way for digitalization collaboration and advancement of the intelligent world
[Sulaymaniyah, Iraq, May 1, 2024] – Huawei has successfully concluded its Iraq Digital Week event, which took place from April 28-30 at the Grand Millennium Hotel Sulaymaniyah. With the theme “Advancing the Intelligent World”, the event aimed to promote digitalization in the Iraq market and showcase Huawei’s latest technologies and solutions, launched at the 2024 […]
BlackRock signs agreement with PIF to accelerate growth of capital markets in Saudi Arabia by launching a Riyadh-based multi-asset investment management platform
BlackRock Saudi Arabia and the Public Investment Fund (PIF) today announced the signing of a memorandum of understanding (MoU) by which BlackRock will establish a Riyadh-based multi-asset class investment platform. It will be anchored by an initial investment mandate of up to $5 billion from PIF, subject to the achievement of agreed milestones between the […]
Third edition of Mastercard Women SME Leaders Awards to celebrate success of women business leaders in EEMEA region
Riyadh, Saudi Arabia; 30 April 2024: Mastercard announces the return of Women SME Leaders Awards for its third edition, shining a spotlight on the remarkable achievements of women-owned and led businesses across Eastern Europe, Middle East, and Africa (EEMEA). Nominations are now open for the awards, inviting entries from women-owned and operated SMEs with a turnover of less than […]
ACCIONA PRESENTS IT FIRST TALKS ABOUT REVERSE OSMOSIS DESALINATION
POSITIVE IMPACTThe first series of these events at the Spanish Embassy in Riyadh highlights reverse osmosis desalination, the solution for water sustainability in the Kingdom. RIYADH, APRIL 30, 2024. ACCIONA, a global company and a leader in providing regenerative solutions for a decarbonized economy, held its first-panel discussion in its series of Talks designed to […]
Saudi Space Agency to Launch the Centre for Space Futures with the World Economic Forum
Riyadh, Saudi Arabia, 29 April – The World Economic Forum has signed an agreement with the Saudi Space Agency to establish a Center focused on space. The Centre for Space Futures, set to open in autumn 2024 will be hosted by the Saudi Space Agency with the aim of facilitating public-private discussions on space collaboration, […]
Localized data centers are key to business empowerment in KSA
Riyadh: Saudi Arabia is at the crossroads of digital transformation. Its ambitious Vision 2030 seeks to propel the nation into a new era of economic diversification, social progress, and technological advancement. The Saudi government has embraced digital transformation as an integral and pragmatic strategy in line with this vision. This transformation aims to enable and accelerate […]
Dyna.Ai partners with Dubai FinTech Summit
Dubai, 29 April 2024: Dyna.Ai, a leading artificial intelligence technology service company headquartered in Singapore, has joined the Dubai FinTech Summit, organised by Dubai International Financial Centre (DIFC), the leading global Financial Centre in the MEASA region, as a Powered By sponsor. Dyna.Ai focuses on leveraging cutting-edge AI techniques to foster business digitalisation and ‘intelligentisation’. The company serves a […]
Special Meeting 2024 – Revitalizing Growth, Development and Collaboration Amid Global Fractures
Riyadh, Saudi Arabia, 29 April 2024 – Amid rising geopolitical tensions and a deepening North-South divide, the World Economic Forum brought together 1,000 global leaders and experts from government, business, international organizations and civil society to chart a collective course towards a more stable, sustainable and inclusive future. The Special Meeting on Global Collaboration, Growth and […]