Economy & Business
Business news, economic analysis, fintech innovations, startup ecosystems, and market trends shaping Saudi Arabia's digital economy and Vision 2030.
Cost of Living Evolves in Saudi Arabia in line with Swift Economic Progress, Mercer 2023 Report Shows
Riyadh, June 15, 2023: The recently released Cost of Living 2023 survey by Mercer provides an in-depth view of worldwide affordability. According to the data, Riyadh and Jeddah have ascended the rankings to the 85th and 101stspots respectively, however, they are still positioned among the more economically favorable cities globally for expatriates. Moreover, Saudi Arabia continues to display robust […]
Olayan Financing Company participates and purchases credits in world’s largest carbon credit auction in Nairobi
Olayan Financing Company among 16 other Saudi companies invited to bid at second auction held by Saudi PIF’s RVCMC NAIROBI, KENYA – 15 June 2023: Olayan Financing Company participated and purchased in the second Regional Voluntary Carbon Market Company’s (RVCMC) carbon credit auction, held from 13 to 14 June 2023 in Nairobi, Kenya. The auction marked a significant milestone, with over 2 […]
FedEx and Floship Form Commercial Partnership to Deliver What’s Next in E-Commerce
Investment from FedEx Innovation Lab and innovative collaboration strengthens FedEx end-to-end digital fulfillment and returns solution Dubai, UAE, June 15, 2023 — FedEx Corp. (NYSE: FDX) and Floship, a leading global circular supply chain solutions provider for e-commerce brands, announced a partnership to provide enhanced fulfillment and logistics services to e-tailers worldwide. Through investment by the FedEx Innovation Lab (FIL), […]
Mastercard Economics Institute Releases Travel Industry Trends 2023
Saudi Arabia, Riyadh – 14 June 2023: New insights from the Mastercard Economics Institute reveal that consumers, including those from Middle East and Africa (MENA), are taking advantage of a more traditional travel ecosystem in 2023, prioritizing leisure travel and pioneering new corridors around the world. The Travel Industry Trends 2023 report delivers key insights about the global state of […]
ENGIE appoints Mohammed Alhajjaj as CEO of ENGIE KSA and promotes Turki Alshehri to Group Vice President for Key Clients in Paris
ENGIE, the global leading provider of low-carbon energy services and solutions for integrated utilities management, has appointed the Saudi veteran executive in multinational companies and government institutions, Mohammed Alhajjaj, as the Chief Executive Officer of Engie KSA, to succeed Turki Alshehri who has been promoted to a global role as the Group Vice President for Key […]
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Petrojet partners with Huawei Digital Power on Renewable Energy Projects
Cairo, Egypt – June 14, 2023: Petrojet and Huawei Digital Power signed a Memorandum of Understanding (MoU), with the aim of cooperating in the field of Renewable Energy, in line with Egypt’s 2035 strategy for integrated and sustainable energy. The MoU was signed by Mr. Jim Liu, CEO of Huawei Egypt, and Eng. Waleed Lotfy, President […]
Forbes Middle East Reveals The Region’s Top 100 Listed Companies
Meet The Middle East’s 100 Biggest Public Firms Dubai, June 13, 2023: Forbes Middle East has revealed its flagship ranking of the Middle East’s Top 100 Listed Companies for 2023, highlighting the region’s biggest public companies. To construct the list, Forbes Middle East compiled data from listed stock exchanges in the Arab world and ranked companies […]
#Red_Sea_International completes 51% stake acquisition in First Fix
Riyadh: Red Sea International (RSI) announced the acquisition of 51% of the share capital of The Fundamental Installation for Electric Work Company Ltd, First Fix, by means of cash consideration. The agreement was executed on Tuesday in Riyadh. The acquisition closure will be subject to satisfaction of certain regulatory and corporate conditions, as well as RSI’s due diligence. […]
Unlocking Innovation Potential: ADL’s Benchmark Report Unveils the Path to a 30% Boost in R&D Returns
Dubai, UAE, 13 June 2023: Arthur D. Little (ADL the leading management consultancy firm) launched its 2023 Global Innovation Management Excellence Benchmark Report, which highlights that of the $2 trillion per year that companies invest in R&D, financial returns from innovation have fallen across sectors since 2012. Companies report a 33 percent drop in satisfaction with their […]
PepsiCo announces six start-ups selected for the 2023 Greenhouse Accelerator Program: MENA Sustainability Edition
Riyadh, Saudi Arabia – 12 June 2023 – Today, PepsiCo announced the six companies that will be part of the second cohort of its Greenhouse Accelerator Program: MENA Sustainability Edition. Following a rigorous multi-stage selection process, this year’s cohort brought forward innovative ideas across five key criteria: alignment to PepsiCo’s sustainability strategy – PepsiCo Positive (pep+) – […]
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US$10 BILLION IN INVESTMENT AGREEMENTS SIGNED DURING FIRST DAY OF 10th ARAB-CHINA BUSINESS CONFERENCE
Riyadh, Saudi Arabia, June 12, 2023: The 10th Arab-China Business Conference, the largest edition to date and the first hosted by Saudi Arabia, marked its first day with the signing of US$10 billion in investment agreements, spanning more than 30 deals across an array of sectors including technology, renewables, agriculture, real estate, minerals, supply chains, tourism and […]
Google brings its flagship event, Google Marketing Live, to the Kingdom
AI in PerformanceMax, automatically generated creative assets and Merchant Centre Next available in the Kingdom 7 June 2023 (Riyadh) Google held its flagship event for Ads and Commerce, Google Marketing Live in Saudi Arabia today in Riyadh and announced a range of new AI-powered solutions to benefit advertisers and shared new insights about consumers in the […]
ZainTech partners with Mastercard to provide unique AI and Machine Learning data solutions to businesses
Dubai, United Arab Emirates – June 7th, 2023 ZainTech, the one-stop digital solutions powerhouse of Zain Group, has signed a memorandum of understanding (MoU) with Mastercard to create unique data-driven and innovative solutions for businesses across Middle East and North Africa (MENA). The partnership will help streamline clients’ operations, including enhancing productivity and cost savings. ZainTech and Zain […]
The GCC is keeping its shadow economies in check, with GDP impact 10% smaller than the global average, reveals Arthur D. Little Viewpoint
Arthur D. Little (ADL), the world’s first management consulting firm, today released an exclusive viewpoint report titled “Delivering Inclusive Growth.” The report outlines recent initiatives and presents innovative strategies designed to further diminish the shadow economy and bolster small and medium-sized enterprises (SMEs) by enhancing economic and financial inclusion. Gulf Cooperation Council (GCC) countries boast […]
As digitalization demands increase, IT leaders miss vital connection between the enterprise network and employee experiences
Research suggests more organizations realize the network’s impact on broader business objectives but opportunity remains to unlock full potential Dubai, UAE – Jun 06, 2023 – Despite the continued demand for hybrid working, global IT leaders are failing to recognize the full extent of the connection between their enterprise network and employee experiences. That’s according to […]
Saudi Fund for Development Signs Two Development Loan Agreements Worth $150 Million in Guyana
Georgetown, Guyana, 5 June 2023 In implementation of the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and HRH Crown Prince and Prime Minister, Mohammed bin Salman; and in the presence of H.E. President of the Co-operative Republic of Guyana, Dr. Mohamed Irfaan Ali; the Saudi Fund for Development (SFD) […]
Joyalukkas Exchange Oman adopted Artificial Intelligence aided technology to enhance the efficacy of sanctions screening
Muscat, Oman, 5 June 2023 – With the success story in UAE, Joyalukkas Exchange has expanded the rollout of Artificial Intelligence-enabled compliance solutions to other countries. Joyalukkas Exchange is one of the leading money exchange houses in the Gulf and Effiya is the analytics technology partner in their journey of transforming AML/CFT compliance with AI and Machine learning. The […]
Standard Chartered and Larsen & Toubro issue first-ever green guarantee in the Kingdom of Saudi Arabia
Kingdom’s first green guarantee issued for a hydrogen project Riyadh, Saudi Arabia, 5 June 2023: Standard Chartered has issued the Kingdom’s first-ever green guarantee for Larsen and Toubro (L&T), a global leader in engineering, procurement, and construction (EPC) projects. The green guarantee is issued for the green hydrogen project development at NEOM where L&T Saudi Arabia […]
Strategic investment of Alpha MBM Investments LLC in Astra Enterprise
Alpha MBM Investments LLC, the esteemed private investment company of Sheikh Mohammed bin Maktoum bin Juma Al Maktoum, proudly announces its strategic investment in Astra Enterprise. This collaboration brings together innovative minds to revolutionize the compliance landscape across various sectors, leveraging Astra Enterprise’ globally patented technology. Astra Enterprise leads the charge on financial compliance by […]
MENA M&A value for Q1 2023 grows by 42% in comparison to Q1 2022
Dubai, UAE – 1 June 2023: The MENA region witnessed a 42% increase in the total value of merger and acquisition (M&A) deals in Q1 2023 compared to the same period last year, according to the latest EY MENA M&A Insights report. Overall, the first quarter of the year saw 165 deals amounting to US$25.8b. The United […]
PIF Enters into an Agreement to Invest in Tamimi Markets, One of Saudi Arabia’s Leading Grocery Chains
RIYADH, KSA –1 June 2023 – The Public Investment Fund (“PIF”) announced today the signing of a share subscription agreement (the “Agreement”) to invest in Tamimi Markets Company LLC (“Tamimi Markets” or “the Company”), one of Saudi Arabia’s leading grocery store chains, by way of a capital increase and subscription for new shares. The signing of this Agreement […]
“Q Holding” and “Trojan General Contracting” forge a partnership to build 1742 villas for Emiratis in Abu Dhabi
Q Holding Group signed two important agreements with Trojan General Contracting, one of the leading local contracting and development companies, to design and build 1742 villas for Emiratis in Al Samha and West Baniyas region of Abu Dhabi for Q Holding. The two agreements follow the partnership between Q Holding and Abu Dhabi Housing Authority […]