Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Dubai Internet City Concludes GITEX Global 2023 with Six Developments to Accelerate Global Digital Transformation
Dubai, UAE, 23 October 2023: Dubai Internet City, the mainstay of Dubai’s digital transformation for over two decades, has wrapped up a successful edition of GITEX Global 2023 with onboarding agreements for new customers, partnerships with leading global entrepreneurship agencies, and captivating activations showcasing artificial intelligence (AI) innovation within the vibrant technology district. Major developments […]
SAR +1 Billion: Lendo’s Milestone in Transforming Saudi SME Financing
RIYADH — October 23, 2023 — Lendo has crossed a significant milestone, facilitating more than 1 billion SAR in financing through over 2,500 transactions to support Saudi Arabia’s Small and Medium Enterprises (SMEs). Operating under the regulatory framework of the Saudi Central Bank, Lendo operates as a Shariah-compliant debt crowdfunding platform, specializing in the pre-financing of […]
FedEx Spotlights ‘Smart Logistics’ Solutions at Supply Chain Logistics Conference in Saudi Arabia
Riyadh, Saudi Arabia, October 23, 2023 – FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) and the world’s largest express transportation company, joined industry experts at the ‘Supply Chain and Logistics Conference’ in Saudi Arabia as the official Diamond Sponsor. To support the digital transformation of Saudi Arabia’s logistics and transportation system, FedEx joined the […]
Saudi EXIM Bank and Trafigura Sign Credit Facility Agreement
To connect Saudi producers with global markets Riyadh, Saudi Arabia, 23 October, 2023: The Saudi Export-Import (Saudi EXIM) Bank has signed an agreement with Trafigura, a market leader in the global commodities industry, to extend a three-year credit facility of USD 500 million. In the presence of Mr. Jeremy Weir, Executive Chairman and CEO of Trafigura, […]
ACCIONA CELEBRATES ONE MILLION MAN-HOURS WITHOUT INJURIES ON THE CONSTRUCTION OF THREE SEWAGE TREATMENT PLANTS IN SAUDI ARABIA
CONSTRUCTION AND OPERATIONCommissioned by SWPC, ACCIONA will be responsible for the development, design, financing, construction, operation and maintenance of the facilities for 25 years. MORE THAN TWO MILLION INHABITANTSOnce completed, the three wastewater treatment plants will serve a total of more than two million inhabitants. RIYADH, OCTOBER 17, 2023. ACCIONA and its respective local partners, […]
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SCCC and SAP join hands to expedite the digital transformation process in the Kingdom
Riyadh, Saudi Arabia, October 22, 2023: the Saudi Cloud Computing Company (SCCC), a subsidiary of stc Group, an engine of digital transformation, and SAP have recently formed a significant partnership focused on strengthening collaboration in the realm of digital transformation in Saudi Arabia. As part of this partnership, SAP solutions will be hosted locally in SCCC […]
PIF and Hyundai Motor Company Sign Joint Venture Agreement to Establish New Automotive Manufacturing Plant in Saudi Arabia
RIYADH/ SEOUL –October 22, 2023: The Public Investment Fund (PIF) and Hyundai Motor Company (Hyundai) have announced the signing of a joint venture agreement to establish a highly automated vehicle manufacturing plant in Saudi Arabia. PIF will hold a 70% stake in the new joint venture with Hyundai holding the remaining 30%. Hyundai will also […]
MECS+R Celebrates 29 Years of Retail Excellence at Retail Congress MENA: The Year of Reinvestment
Dubai, UAE — October 20, 2023 — MECS+R, the largest association in retail industry, is thrilled to announce the grand celebration of its 29th year anniversary at the Retail Congress MENA. Themed “The Year of Reinvestment,” this prestigious event will take place at the luxurious Ritz Carlton DIFC, Dubai, on October 23-24, 2023. Kick-Off Cocktail Party: […]
Dubai Internet City and Korea National IT Industry Promotion Agency Sign MoU to Bolster Global Technology Sector
Dubai, UAE, 20 October 2023: Dubai Internet City, the region’s leading technology hub and part of TECOM Group PJSC, has signed a memorandum of understanding (MoU) with the National IT Industry Promotion Agency (NIPA), backed by the Government of South Korea, to foster innovation and entrepreneurship efforts that bolster the growth of the global technology […]
Experts Rethink the Enterprise in Era of Rapid Digitalisation as GITEX GLOBAL 2023 Comes to a Successful Close
A report by Khazna Data Centres found that 89% of business leaders believe digitalisation will be critical to business success Experts at a cybersecurity panel highlighted the need for cyber diplomacy based on bilateral agreements to share threat intelligence UAE, October 20, 2023: Day 5 of GITEX GLOBAL 2023 saw experts come together to re-evaluate how organisations […]
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Abu Dhabi Chamber concludes its successful participation at the World Investment Forum 2023
20 October 2023 – Abu Dhabi, United Arab Emirates: The Abu Dhabi Chamber of Commerce and Industry (ADCCI) concluded its participation in the World Investment Forum 2023, as a Strategic Partner. The event, which ran for five days, brought together more than 7,000 global leaders, decision makers and experts from 160 countries to discuss key […]
The World Investment Forum Hosts “Make It In The Emirates: Unlocking Opportunities for Sustainable Prosperity” session
Abu Dhabi, UAE, 20 October 2023 – An insightful panel discussion on “Make It In The Emirates” was conducted during the 8th World Investment Forum in Abu Dhabi. The discussion shed a light on the unparalleled opportunities that the UAE offers in sustainable investments and growth. As the nation inevitably phases down from fossil fuels, its commitment to […]
EdVentures Unveils Expansion of Investment Portfolio in Arab Region at GITEX Dubai 2023
Dubai, October 2023 – EdVentures, the EdTech corporate venture capital firm and investment arm of Nahdet Misr Group, one of the leading education institutions in the Middle East, announces its latest investments in the Arab region during its participation in GITEX Dubai 2023. EdVentures has revealed a new seed investment round of $400,000 with Crafty […]
Mastercard and Pemo partner to fuel UAE’s SME sector
New collaboration will provide SMEs with greater control over their finances and spend management processes Dubai, UAE; 19 October 2023: Mastercard and Pemo, a UAE-based fintech startup that supports businesses across the Middle East, North Africa and Pakistan (MENAP), have initiated a strategic partnership to promote cashless, flexible expense management for small and medium-sized businesses (SMEs) in the […]
GITEX GLOBAL Weighs in on Sustainability, E-government, Smart Homes and Future of Computing on Day 4
The UAE has established a Circular Economy Committee to promote investments in circularity and adopt circular economy practices Quantum computers’ calculation ability can transform multiple industries, from cybersecurity, telecommunications, and healthcare, to mobility, finance and defence UAE, October 19, 2022: Last year, the UAE announced the “UAE Net Zero by 2050 Strategic Initiative”, a national drive […]
The World will gather in Riyadh in December to discuss the future and challenges of the labor market
Riyadh, Saudi Arabia, 19 Oct. 2023: The Ministry of Human Resources and Social Development of the Kingdom of Saudi Arabia is launching the first annual Global Labor Market Conference (GLMC). GLMC will be held on December 13 – 14, 2023, with the aim of advancing labor market resiliency for all stakeholders. The conference’s objectives include […]
Saudi Fund for Development Signs First $100 Million Development Loan Agreement to Establish a Climate Smart Infrastructure Project in Grenada
Marrakech, Morocco, 14 October 2023 The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, signed today SFD’s first development loan agreement in Grenada with the Minister of Finance of Grenada, Hon. Dennis Cornwall, through which SFD is contributing $100 million USD to fund the construction of the “Climate Smart Infrastructure Project”, marking it […]
HUAWEI eKit Joins Hands with Distribution Partners to Explore Unlimited Opportunities in the Middle East and Central Asia SME market
Dubai, United Arab Emirates, October 19, 2023, At GITEX GLOBAL 2023, Huawei unveiled its latest HUAWEI eKit distribution business solutions for Small and Medium-sized Enterprises (SMEs) in the Middle East and Central Asia region, which aims to enhance the digital capabilities of SMEs and help them grow in the digital and intelligent transformation era. Huawei unveiled […]
Ajman Bank Unveils Instant Bank Account Feature on ‘Ajman Bank Digital’ App at GITEX Global 2023
Ajman Bank set new digital banking benchmark showcasing its instant bank account feature in ‘Ajman Bank Digital’ app at the Ajman Digital Government pavilion at GITEX Global 2023. The state-of-the-art Ajman Bank Digital app is available for download for both iOS and Android users and is designed to create a seamless experience for Ajman Bank customers with its user-friendly and […]
Accredify from Singapore beats 260 startups to win the 2023 Supernova Challenge
Accredify wins top prize of $100,000 at the Supernova Challenge at Expand North Star The Supernova Challenge is the biggest pitch competition in the Middle East, Africa and South Asia Dubai, UAE, October 19, 2023: Accredify, a Singapore-based startup and service provider for issuing verifiable documents and information, has emerged as the champion of the 2023 […]
Bain & Company announces a new report assessing MENA’s climate ambitions, corporate response and consumer awareness
Climate change in the MENA region presents not only risks but also opportunities. The task is complex and multifaceted, yet the potential rewards position the region to emerge as a global leader in a world that must adapt to a new environmental reality. Dubai, United Arab Emirates – October 18, 2023— Bain & Company, the leading global management […]
FedEx Express Highlights Cross-Border Trade Opportunities for Saudi Exporters
Riyadh, Saudi Arabia, October 18, 2023: FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) and the world’s largest express transportation company, is showcasing its wide range of shipping solutions for local businesses at the “Made in Saudi” exhibition, organized in cooperation with the Saudi Export Development Authority, from October 16 to 19, 2023. FedEx participation […]