Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Saudi Arabia Payments Revenue Projected to Reach $21.7 Billion by 2028, Reflecting Strong Market Expansion
Riyadh, December 17, 2024 – Saudi Arabia’s payments industry is set for substantial growth, with total revenues projected to reach $21.7 billion by 2028, according to the latest Global Payments Report 2024 from Boston Consulting Group (BCG). Amid a global slowdown, Saudi Arabia’s strategic focus on digital innovation and infrastructure development positions it as a key player within […]
Mastercard Economics Institute’s Economic Outlook 2025 for Saudi Arabia: Steering through change
Riyadh, Saudi Arabia; 17 December 2024: The Mastercard Economics Institute released ‘Economic Outlook 2025’, its annual report identifying the themes that will shape next year’s economic landscape. The global economy has managed through a series of shocks admirably over the past few years. The report anticipates 2025 to be defined by shifts in monetary and fiscal policy and […]
GMG marks landmark year of growth and innovation in Saudi Arabia, aims to double workforce in Saudi Arabia
Riyadh, Saudi Arabia, December 16, 2024: GMG, a global retail conglomerate, today announced significant achievements in its Saudi Arabian operations throughout 2024, marking another year of strategic expansion and digital transformation in the Kingdom. The company’s growth strategy aligns with emerging consumer trends showing increased demand for premium retail experiences and digital engagement. Following the successful […]
ZATCA Launches Self-Service for Personal Vehicle Imports
The Zakat, Tax and Customs Authority (ZATCA) has introduced a self-service option for individuals who import personal vehicles through its land and sea customs ports. This new feature allows users to submit the necessary documents and complete the import process directly on the ZATCA website. To begin the process, individuals must register on the ZATCA […]
Aqualia Showcases Breakthrough Innovations at the IDRA 2024 World Congress
Aqualia highlights transformative solutions for water scarcity through advanced desalination and reuse technologies at the International Desalination and Reuse Association (IDRA) World Congress in Abu Dhabi. Abu Dabi, 15 December 2024 Aqualia, a global leader in water cycle management, took center stage at the IDRA (International Desalination and Reuse Association) World Congress in Abu Dhabi […]
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Mastercard collaborates with Jeel to drive payment modernization in Saudi Arabia
Riyadh, Saudi Arabia – 15 December 2024: Mastercard and Jeel — a subsidiary of Riyad Bank — are joining forces to enable digital and cutting-edge solutions such as AI to drive innovation in Saudi Arabia. Introducing the novel offering to the Kingdom will allow the two entities to work together to serve all non-banking financial institutions (NBFI) market […]
PIF completes its acquisition of 15% stake in Heathrow Airport
PIF today announced that it has completed the acquisition of an approximately 15% stake in FGP TopCo, the holding company of Heathrow Airport Holdings Ltd., from Ferrovial SE and certain other FGP TopCo shareholders. Concurrently, Ardian, the private investment house, has acquired approximately 22.6% of FGP TopCo from the same shareholders through a separate vehicle. […]
Digital stadiums key to transforming Saudi Arabia’s sports ambitions, highlights latest PwC Middle East report
December 12, 2024; Riyadh, KSA – A new report by PwC Middle East identifies digital stadiums as a game-changer for Saudi Arabia’s sports sector, transforming fan experiences and operational dynamics ahead of more major world sporting events set to be hosted in the Kingdom. The report emphasizes the role of immersive, tech-driven sports facilities in competing with the […]
CODE81 Launches Riyadh Office Following Spin-Off from GBS, Strengthening Support for Saudi Vision 2030
Riyadh, Saudi Arabia – 12 December 2024: CODE81, a leading technology services provider, has announced the launch of its Riyadh office, marking a key milestone following its strategic spin-off from Gulf Business Solutions (GBS). This move allows CODE81 to sharpen its focus on delivering advanced digital transformation solutions tailored to Saudi Arabia’s needs, aligning closely with […]
New data reveals growth of Black Friday conversational customer communications
Record year-on-year growth in customer communications interactions on Infobip’s platform United Arab Emirates, Dubai—12 December 2024—New data from global communications platform Infobip shows customers prefer conversational experiences on the day of Black Friday, driven by rich channels. Infobip recorded new levels of total customer communications interactions on its platform this year, with 3.4bn interactions on […]
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Sustainable Urban Development: New Murabba Partners with National Vegetation Center | Saudi Vision 2030
Riyadh, KSA – 12 December 2024: New Murabba signed a Memorandum of Understanding (MoU) with the National Center for Vegetation Cover Development and Combating Desertification (NCVC) in a landmark agreement for sustainable urban development. This strategic partnership underscores New Murabba’s unwavering commitment to environmental stewardship and its ambitious goal of achieving net-zero emissions by 2060, which aligns […]
New Murabba Shines as Platinum Partner at MIPIM Asia Summit 2024
Hong Kong, 11 December 2024 — New Murabba, a PIF company, concluded its participation as the Platinum Partner at the MIPIM Asia Summit held in Hong Kong on December 3-4, 2024. This prestigious event convened key industry leaders and stakeholders to discuss the future of urban development. This year’s MIPIM Asia Summit marks New Murabba’s second engagement […]
Logimotion propels the next generation of innovators and professionals in logistics and mobility
During its inaugural edition this week, Logimotion has launched two new industry initiatives, the Logimotion Innovation Terminal (LIT) and Logicareer LIT provides a platform for innovators and startups in logistics and mobility, while Logicareer fosters the talents of the industry’s future workforce Both initiatives have been a highlight of the two-day event, which concludes today […]
Middle East’s global investments drive regional eMobility and AI growth: PwC report
11 December 2024; Dubai, United Arab Emirates – PwC Middle East’s 2024 Climate Tech report highlights the shifting dynamics of climate tech investment in the region. Over the past year, US$3.6 billion flowed from Middle Eastern investors into global climate tech, a 28% decline from 2023. Investment into local climate tech ventures also dropped sharply, falling 41% to […]
Canon Middle East and AlNahda Fuel Vision 2030 by Empowering Saudi Women in Creative Sectors
Riyadh, Saudi Arabia, December 11, 2024 – Canon Middle East, a global leader in imaging solutions, has launched its “Women Who Empower” initiative in Saudi Arabia in collaboration with AlNahda, a pioneering non-profit organization dedicated to women’s empowerment since 1963. The program will provide specialized training for up to 15 Saudi women, supporting the Kingdom’s visionof increasing […]
Technology and Security are Key Drivers of Saudi Arabian Small Business Success, reveals GoDaddy’s 2024 Global Entrepreneurship Survey
GoDaddy data shows that technology adoption and enhanced security measures are essential for small businesses’ growth and competitiveness. JEDDAH — As small business owners continue to adapt to digital demands, GoDaddy’s 2024 Global Entrepreneurship Survey highlights the growing importance of digital tools for small businesses and the need for stronger cybersecurity measures to help ensure long-term […]
EY explores how economic expansion drives tax transformation in KSA
Riyadh, Saudi Arabia 10 November 2024: EY hosted the KSA Annual Tax and Zakat Seminar 2024 in Riyadh, Jeddah and Al Khobar with the aim of guiding Saudi businesses in navigating the Kingdom’s evolving tax landscape. The latest edition of the event provided an overview of the significant developments in the Saudi tax system that have […]
PIF launches Hotel Management Company (Adeera) to develop distinct new Saudi hospitality brands
PIF today announced the launch of the Hotel Management Company (Adeera), a new hospitality management firm that will operate and manage hotels. The firm will combine the highest industry standards with timeless, authentic Saudi hospitality. Adeera, a wholly owned PIF company, will be a national champion, leading the Saudi hospitality sector and enhancing local talent […]
EFQM Recognizes Tourism Development Fund with “Qualified” Certification
Riyadh – December 10, 2024: The Tourism Development Fund (TDF), the national enabler of the Kingdom’s tourism sector, has been awarded the “Qualified” certification as an organization using the EFQM Model by the European Foundation for Quality Management. The Assessment covered seven main criteria: strategy, leadership, sustainability, organizational performance, stakeholder engagement, performance indicators results, and stakeholder […]
Saudi Investment Recycling Company to be First in Kingdom to Deploy SAP Sustainability Control Tower, Driving Circular Economy Goals
SIRC adopts RISE with SAP and cutting-edge SAP solutions to drive centralized, scalableAI-infused operations, and build a solid foundation for introducing domestic carbon credits Seated: Abdulrahman AlObayed, Executive Vice President, HR & Shared Services, SIRC, and Dr Fahd Nawwab, Vice President, SAP KSA. Standing: Rajagopal Seenivasan, Director, SAP Center of Excellence and Digital Transformation at […]
SADAFCO and Hyperview Forge Partnership to Accelerate Sustainable Transportation in Saudi Arabia
Dammam, Saudi Arabia – Dec 9, 2024: Saudia Dairy and Foodstuff Co. (SADAFCO) and Hyperview Logistics Co., owned by Hyperview Mobility (Shanghai) Co., Ltd., have signed a Non-Binding Groundbreaking Memorandum of Understanding (MOU) to drive the adoption of hydrogen-powered logistics in Saudi Arabia. This collaboration marks a significant step toward achieving sustainable transportation and aligns with […]
Beltone Capital and CRIF Enter into a Joint-Venture Agreement to Offer a Holistic Set of Rating Solutions
Cairo – December 09, 2024: Beltone Holding (“Beltone”), announced today that its wholly owned subsidiary, Beltone Capital, has signed a joint-venture agreement with CRIF S.p.a. (“CRIF”) – a global company specializing in credit and business information systems, analytics, outsourcing and processing services, as well as advanced digital solutions for business development and open banking- to launch […]