Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Saudi Arabia’s PIF associate part of ‘50 Next Generation Project Leaders’
celebrated by Project Management Institute (PMI) Faisal Alsulami from PIF and Walid Yahfoufi from Glassline Industries, Project Management Professionals (PMPs) from Saudi Arabia, honored for their cutting-edge work across industries including construction Riyadh, Saudi Arabia, December 4, 2024— The Project Management Institute (PMI) recently honored 50 exceptional young leaders who are transforming the world by leveraging their […]
NDMC and Tarmeez Capital Partner for Savings Products
The National Debt Management Center (NDMC) has partnered with Tarmeez Capital Company to develop new government-supported savings products in Saudi Arabia. This collaboration, in line with Vision 2030, aims to enhance financial planning and create a more robust savings culture within the Kingdom.
PIF and Bpifrance Assurance Export sign $10 billion memorandum of understanding
PIF and Bpifrance Assurance Export, represented by the French Treasury office in Riyadh, today announced the signing of a memorandum of understanding (MoU) to strengthen the bilateral partnership and cooperation between the two institutions and for Bpifrance Assurance Export to provide financing support for up to $10 billion to PIF and PIF portfolio companies. The […]
Saudi Tech Market Surges 12.3%, Hits $24.2 Billion in 2023
Saudi Arabia’s burgeoning technology market has reached a record $24.2 billion in 2023, fueled by robust digital infrastructure and ambitious Vision 2030 goals. This impressive growth signals a transformative era for the Kingdom’s digital economy.
The World United in Istanbul: Calls for Global Solutions at the TRT World Forum
İstanbul — Influential leaders, intellectuals, and experts worldwide convened in Istanbul for TRT World Forum 2024. Held for the 8th time this year under the theme “A World at Breaking Point: Managing Crises and Transformations”, the forum took place on November 29-30, gaining significant global attention as a platform for exploring solutions to pressing global […]
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Dell Technologies and Ras Al Khaimah Economic Zone Collaborate to Drive Innovation and New Growth Opportunities
Dubai, UAE – 05 December 2024 Dell Technologies and Ras Al Khaimah Economic Zone (RAKEZ) signed a Memorandum of Understanding (MoU) to enhance security, flexibility, and scalability for the companies in the economic zone’s thriving business ecosystem. The MoU, signed by Walid Yehia, Managing Director – Gulf, Dell Technologies, and Alida Helena Scholtz, Chief Financial […]
Nokia launches NextGen Lab in Riyadh to support Saudi Arabia’s digital transformation
04 December 2024 Riyadh, Saudi Arabia – Nokia today announced that it has opened a ‘NextGen Lab’ providing an interactive environment for local businesses and partners to experience and explore Nokia’s latest technologies. The Lab is in Riyadh’s thriving technology district, Laysen Valley, and aims to accelerate Saudi Arabia’s digital infrastructure ambitions as outlined in its […]
Foodics Becomes Official Technology Sponsor of Million Pound Menu
Riyadh, December 4, 2024 – Foodics, a leading restaurant management and fintech solutions provider, has announced its collaboration as the official technology partner for the renowned TV show Million Pound Menu. The program, dedicated to food entrepreneurs, allows participants to pitch their concepts to prominent investors in hopes of securing funding. Million Pound Menu will soon […]
Lower interest rates, robust project pipeline, and increased transparency fuel optimism in Saudi Arabia’s real estate sector: JLL
Industry experts at exclusive roundtable highlight opportunities in logistics, hospitality, and residential sectors, driven by rising demand and strategic infrastructure Jeddah, Saudi Arabia; December 4, 2024 – As the global macroeconomic backdrop brightens and headline inflation eases, Saudi Arabia’s real estate market is witnessing a surge in investment driven by lower interest rates and proactive government […]
Vertiv Introduces Compact, High-Power Density UPS for Large Data Centers and Other Critical Applications
Vertiv™ PowerUPS 9000 UPS system provides highly energy-efficient, scalable and reliable power protection for space-constrained environments Dubai, UAE [December 4, 2024] – Vertiv (NYSE: VRT), a global provider of critical digital infrastructure and continuity solutions, today introduced the Vertiv™ PowerUPS 9000, an energy-efficient, high-power density uninterruptible power supply (UPS) system with a compact footprint. The system is engineered to […]
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Subject: New Murabba Unveils Ambitious ESG and Decarbonization Strategies Aligned with Saudi Vision 2030
Riyadh, 03 December 2024 —New Murabba, a PIF company, proudly announces the launch of its groundbreaking Environmental, Social, and Governance (ESG) and Decarbonization strategies ahead of International ESG Day. These strategic frameworks reinforce New Murabba’s commitment to sustainable development and align with the Kingdom’s Vision 2030. New Murabba’s comprehensive decarbonization strategy charts a clear path toward […]
Social Development Bank Signs an MoU to Renew Partnership with UNCTAD’s Empretec Program in Saudi Arabia
Riyadh, 2 December 2024: The Social Development Bank (SDB) has signed a Memorandum of Understanding (MoU) with the United Nations Conference on Trade and Development (UNCTAD) to renew its implementation of the Empretecprogram, the leading international program by UNCTAD that focuses on developing the entrepreneurial capabilities of business owners in small and emerging enterprises. The signing […]
stc Group Receives Approval from the Spanish Council of Ministers as a Strategic Investor in Telefónica
stc Group receives strategic investor approval from Spanish Council of Ministers to increase voting rights to 9.97% in Telefónica, marking a significant milestone in its international expansion strategy. The Saudi telecom giant gains rights to board representation, strengthening its position as one of Telefónica’s largest shareholders.
Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
SAS-sponsored research by Economist Impact suggests global politics and innovation will influence the insurance sector’s fate Cary, NC (Nov 27, 2024) By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the […]
Focused and Future-Ready the Middle East M&A Market Drives Economic Diversification
Riyadh, 26 November 2024 – Middle Eastern mergers and acquisitions (M&A) continue to forge ahead with resilient investment and a strong focus on economic diversification. According to BCG’s 2024 M&A Report, Middle East deal volume rose 7% in the first nine months of 2024, even as global deal volume declined by 13%. Middle Eastern investors are expanding […]
Aramex Partners with ChannelEngine to Offer Gateway to Marketplaces across the Middle East and Beyond
Dubai, UAE; 26 November 2024: Aramex (DFM: ARMX), a leading global provider of comprehensive logistics and transportation solutions, has announced a new partnership with ChannelEngine, a global leader in marketplace integration technology. Through this collaboration, brands and retailers can now unlock new sales channels across the Middle East and beyond, enhancing their ability to reach new […]
Survey Finds Technology Partners Predict Major Revenue Shift to AI, Citing Infrastructure, Cybersecurity, and Customer Experience as Key Drivers in Saudi Arabia
RIYADH, Saudi Arabia, 26 November, 2024 – Cisco, the worldwide leader in networking and security, released findings from its new Cisco Global AI Partners Study. The study, titled Bridging the Customer AI Readiness Gap – The opportunities ahead for partners, revealed that IT partners around the world are anticipating a transformative wave of AI technology demand that will drive […]
Fortinet Posts Robust Q3 2024 Results, Raises Revenue Guidance
Fortinet® (Nasdaq: FTNT), a global leader in cybersecurity, reported a strong financial performance for the third quarter of 2024, ending September 30, driven by growth in key business segments and a record operating margin. The company’s total revenue grew by 13% yearly, bolstered by a 19% rise in service revenue, signalling continued demand for Fortinet’s […]
Under the Patronage of HRH the Crown Prince, Saudi Arabia is readying to Host Landmark World Investment Conference (WIC) 2024 in Riyadh.
This year’s conference theme: ‘Harnessing Digital Transformation and Sustainable Growth:Scaling Investment Opportunities’. Riyadh, Saudi Arabia, 24 November 2024: Under the patronage of His Royal Highness Crown Prince and Prime Minister Mohammed bin Salman bin AbdulAziz Al Saud, the World Association of Investment Promotion Agencies (WAIPA) and Invest Saudi are organizing the 28th annual World Investment Conference (WIC) from November 25 to 27, in Riyadh. This prestigious event will gather global leaders in investment, government, and international organizations to address the theme, ‘Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities’. His Excellency Khalid Al-Falih, Minister […]
Gulf Mercantile Exchange wins ‘Middle East Exchange of the Year’ Award
Dubai, UAE, 25 November 2024: Gulf Mercantile Exchange (GME), the leading commodity exchange in the Middle East region, has received the prestigious ‘Middle East Exchange of the Year’ award presented by FOW (Futures and Options World). This recognition underscores GME’s commitment to excellence, innovation, and leadership within the global commodities market. The Middle East Exchange of the Year award […]
Mohamed Yousuf Naghi Group Forms Jiad International Holding Company to Lead Strategic Restructuring for Future Growth
Jeddah, Saudi Arabia; 24th November 2024: Mohamed Yousuf Naghi Group has announced the formation of Jiad International Holding Company, a strategic initiative aimed at optimizing the Group’s diverse portfolio of investments and accelerating long-term growth across key sectors, including automotive, transportation, logistics, and consumer goods distribution. This new corporate structure highlights Mohamed Yousuf Naghi Group’s […]
Imdaad Expands Strategic Presence in Oman through New Joint Venture ‘Omdaad’ in partnership with Oris
Dubai, 21 November 2024: Imdaad, a UAE-based group of companies providing integrated and sustainable facilities management services that enhance the operational efficiency of physical assets, has announced its strategic regional expansion into Oman through a joint venture with Oman Real Estate and Investment (Oris), part of Ominvest Group. This groundbreaking partnership has paved the way for […]