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Backbase Wins Best in Class Award in Small-Business Digital Account Opening

Backbase wins Best in Class award in Javelin Strategy & Research’s 2021 Small Business Digital Account Opening Scorecard, ranking as a Leader in all three evaluation categories.   Al Riyadh, Saudi Arabia – July 28, 2021 - Backbase today announced it has won a “Best in Class” recognition in Javelin’s 2021 Small-Business Digital Account Opening Scorecard, further solidifying its leading position for Digital Sales solutions. The report provides a rigorous analysis of the Small-Business customer onboarding vendor landscape, including profile comparison of six different solutions. The breadth of solution’s applicant-facing customer journey, comprehensive administrative tools for bankers, as well as user experience, contributed to Backbase’s Best in Class ......read more

Logistics Executive Group Launches New Office in Riyadh, Saudi Arabia Led by Managing Partner, Mr. Mohammed Mosly

Global Supply Chain Advisory and Search firm Logistics Executive Group expands it Middle East operations with the launch of its new office in the Kingdom of Saudi Arabia Saudi – July 26th, 2021: Logistics Executive Group announced today, the launch of its newest global office in Riyadh, Saudi Arabia, to be headed by Managing Partner, Mr. Mohammed Mosly.  A leading Corporate Advisory, Consulting, M&A and Executive Search firm, Australian headquartered Logistics Executive Group has operated its Logistics Centre of Excellence and Services Hub in the United Arab Emirates for nearly two decades. Specialising in bring strategic, functional and execution capabilities across the supply chain, logistics, food and manufacturing sectors, the firms push into Saudi Arabia increases its global presence to eleven countries, ......read more

Standard Chartered Global Focus Q3 2021: Navigating a Vulnerable Recovery

25, July 2021:  Standard Chartered expects global growth to rebound to 5.8% in 2021 from -3.3% in 2020 as economies reopen and vaccination rollouts gain momentum.   According to the latest Global Focus – containing the Bank’s economic forecasts for Q3 – it sees two key downside risks to the outlook: (1) a more extensive resurgence of pandemic cases resulting from new variants, which could force the extension or re-imposition of restrictions; and (2) a more sustained surge in inflation that damages consumer confidence and forces a swifter tightening of monetary policy.   The two risks are linked, as current supply-chain pressures (and related costs) could worsen if a COVID resurgence disrupts global production again. Eighteen months on from the first COVID-19 cases, some parts of the world are ......read more

Saudi Arabia's SISCO Completes 21.2% RSGT Stake Sale to PIF and CSPL; Proceeds will Fund Future Growth

Jeddah, Saudi Arabia- 15, July 2021: Saudi Industrial Services Company (“SISCO”, the “Company” or the “Group”), Saudi Arabia’s leading strategic investor in ports and terminals, logistics parks and services, and water solutions, has announced the completion of its divestment of a 21.2% direct equity stake (the “Transaction”) in Red Sea Gateway Terminal Limited (“RSGT”) to Saudi Arabia’s Public Investment Fund (“PIF”) and COSCO SHIPPING Ports Limited (“CSPL”).    SISCO will receive total gross proceeds of SAR 556.5 million for the Transaction. The application of the proceeds, which is currently under review, will support the Company’s strategic objectives of enhancing shareholder returns and optimizing its ......read more

LG Releases Preliminary Earnings for Second-quarter 2021

July 12, 2021:  LG Electronics Inc. (LG) today announced its preliminary earnings results for the second quarter of 2021. LG reported tentative consolidated revenues of KRW 17.1 trillion, an increase of 48.4 percent from the same quarter the previous year and the highest quarterly revenue in the company’s history. Operating profit of KRW 1.1 trillion is expected to be 65.5 percent higher than the second quarter a year ago. With the official closure of the LG Mobile Communications Company at the end of the month, the unit’s earnings will not be reflected in this quarter’s earnings report and will be treated as discontinued operating losses. Earnings for the first quarter of 2021 will also be adjusted to reflect this change, to KRW 17.8 trillion in revenues and KRW 1.8 trillion in operating profit. These ......read more

Saudi Arabia's Tourism Development Fund Deploys ‘Cloud First' Strategy with Oracle to Better Enable the Kingdom's Tourism Industry

A full suite of Oracle cloud infrastructure solutions and Oracle Fusion Cloud Applications will contribute to enhancing the financial support provided by the Fund for companies promoting tourism in Saudi Arabia Pilot project initiated to incorporate Artificial Intelligence capabilities to enhance customer and employee experience   Riyadh, Saudi Arabia, 8 July 2021 –  Oracle today announced that Tourism Development Fund (TDF) has completed a major Oracle Cloud implementation supporting the organization’s objective in enabling investors and drive the development of Saudi’s tourism sector With a capital of USD 4 billion, TDF aims to be the key enabler of tourism development in the Kingdom. By providing financing solutions for investors, TDF aims to drive the development of distinguished tourism ......read more

Project Management Institute Announces 2021 Future 50 List Celebrating 50 Young Rising Leaders Changing the World

Five Future 50 list features five changemakers from the Middle East and North Africa From transforming healthcare in Saudi Arabia to make history by sending the first Arab country – the UAE – to Mars, this year’s notable changemakers have set an inspiring example for all in a year unlike any other 08 July 2021: Today, Project Management Institute (PMI) announced its second annual Future 50 list, which features 50 rising leaders using bold and innovative thinking to transform the world through notable projects. Five out of the 50 represent the Middle East and North Africa region, namely Saudi Arabia, UAE, Iraq, and Egypt. The 50 standout project leaders, highlighted in a new digital experience on PMI.org and a special issue of PM Network® magazine, represent a new generation of fearless, young innovators ......read more

The Saudi Investment Bank: First bank in the Kingdom to adopt Cisco Innovative Technologies'

Cisco’s innovative network infrastructure enables The Saudi Investment Bank to quickly adapt to changes in business needs while improving the services provided to customers RIYADH, KSA -  4, July 2021: Cisco has today announced that The Saudi Investment Bank (SAIB) has become the first financial institution in the Kingdom to adopt the entire Cisco SDN Architecture.  This enables SAIB to automate its network to quickly respond to changing business needs while improving customers service. With the implementation of its new network, powered by Cisco SD Wan, SAIB will be able to automate an increasing number of processes. This will allow SAIB to accelerate time to market in deploying applications and adding new services.  Faisal Al-Omran – CEO of The Saudi Investment Bank said: “We are ......read more

The Saudi Investment Bank: First bank in the Kingdom to adopt Cisco Innovative Technologies

Cisco’s innovative network infrastructure enables The Saudi Investment Bank to quickly adapt to changes in business needs while improving the services provided to customers RIYADH, KSA, 1 July 2021: Cisco has today announced that The Saudi Investment Bank (SAIB) has become the first financial institution in the Kingdom to adopt the entire Cisco SDN Architecture.  This enables SAIB to automate its network to quickly respond to changing business needs while improving customers service. With the implementation of its new network, powered by Cisco SD Wan, SAIB will be able to automate an increasing number of processes. This will allow SAIB to accelerate time to market in deploying applications and adding new services.  Faisal Al-Omran – CEO of The Saudi Investment Bank said: “We are delighted to ......read more

Residential Sales Volumes Recover to pre-Covid Levels Across Saudi Arabia

- 25,700 mortgage contracts issued in April across The Kingdom - 38,285 mortgages issued for purchasing villas and townhouses in Q1; the highest level in at least five years - SAR 48 billion worth of residential mortgages for homes and land issued in Q1 – the highest level in at least 5 years   Riyadh, KSA – June 30, 2021:  The number of residential mortgages issued in Saudi Arabia during April has hit a five-year high, according to Global property consultants, Knight Frank.  Faisal Durrani, Head of Middle East Research at Knight Frank notes: "The vast apparatus that is Vision 2030 is percolating through to the Kingdom's residential market, with rising residential mortgage rates, helping the government to realise its ambitions of higher home ownership rates. Indeed at 60% at present, the ......read more

Cisco Unveils New 5G Industrial Router Portfolio to Unite the IoT Edge

News Summary: • Cisco’s new IoT router portfolio is the broadest on the market, bringing reliable connectivity to any IoT edge use case to run connected operations securely and at scale. • The portfolio provides unprecedented modularity to future-proof the network with a broad variety of access technologies including Wi-Fi 6, 5G, 4G, Private LTE, FirstNet and Wi-SUN. • Leading brands around the world including Landis+Gyr share how they are working with Cisco to unite edge networks and scale IoT deployments.   KSA, Riyadh, 29 June 2021 — Today, Cisco (NASDAQ: CSCO) announced a new portfolio of Catalyst industrial routers to extend the power of the enterprise network to the edge with the flexibility, security and scalability needed for IoT and digitization success. Featuring 5G capabilities ......read more

Honeywell Survey Shows Healthier Buildings Remain a Priority in Saudi Arabia

More than 4 in 5 surveyed facility managers in Saudi Arabia say COVID-19 has caused them to permanently rethink how their building operates RIYADH, Saudi Arabia, June 23, 2021:   According to a report released today by Honeywell (Nasdaq: HON), 81% of surveyed building managers in Saudi Arabia say COVID-19 has caused them to permanently rethink how their building operates. More than 6 in 10 respondents (64%) are more likely to invest in indoor air quality optimization and other healthy building solutions, while 7 in 10 are now more willing to invest in smart building solutions that help drive efficiency and support sustainability efforts. The report, “Rethinking Buildings Post-COVID-19,” is the first in Honeywell’s 2021 Building Trends series, and introduces the challenges, priorities and assessments ......read more

5 things to know about renewing Philippine ePassport in the Kingdom of Saudi Arabia

1. Who can apply for ePassport renewal?    Philippine nationals living in the Kingdom of Saudi Arabia holding ePassport can apply for a renewal at the VFS Global ePassport Renewal Centre. Pursuant to the communication received from the Department of Foreign Affairs, The Republic of Philippines, ePassport should be renewed 10 months prior to the expiry date. Passports issued to adults (18 years and above) will be valid for 10 years and for minors the validity period is 5 years.   It is important to note that the centre accepts applications only for the renewal of ePassport. ePassports are embedded with a microchip which contains personal data and biometric detail of the passport holders.    Requests to make changes on the details of the biographical page, must be directed to to the Philippine ......read more

Backbase Middle East Awarded the Best User Experience Solution Provider Award

June 13, 2021:  Backbase, the Engagement Banking platform provider, has won the award for the ‘Best User Experience Solution Provider’ at the MEA Finance Banking Technology Summit and Awards 2021. The award recognizes Backbase’s customer-centric platform approach that leverages a single technology platform to orchestrate the entire customer journey across multiple devices and touchpoints. Recognizing that customers today have gone digital, expecting personalized, enhanced, and seamless experiences at every step of their journey, Backbase empowers banks and financial institutions to take full control of customer engagement across their entire financial lifecycle. Backbase’s Engagement Banking Platform delivers ready-to-go capabilities that instantly transform the digital experience for customers as well ......read more

“KPMG Private Enterprise” Launches Debut Competition for Saudi's Top Tech Innovators

1. Following the success of British edition, the competition has been expanded to 16 countries, including UAE, Saudi Arabia 2. Inaugural Saudi edition by KPMG Private Enterprise Tech Innovator competition will hunt Tech Innovators of Today; Titans of Tomorrow, in the Kingdom 3. KPMG Private Enterprise global network for Emerging Giants   Riyadh, Saudi Arabia – June 2, 2021:  KPMG is looking for Saudi Arabia’s top tech innovators who are poised and prepared to become tech titans with the launch of Saudi edition of the “KPMG Private Enterprise Tech Innovator Competition”, with the tagline – Tech Innovators of Today; Titans of Tomorrow.   Following the success of KPMG’s “Best British Tech Pioneer”, which has crowned innovators such as Echo Health and ......read more

EZVIZ Smart Home Sensor Kit Receives the Prestigious iF Design Award for Refreshing the Connected Smart-Life Style with Refined Product Design

EZVIZ thoughtfully designed its winning Smart Home Sensor Kit to empower intelligent homes through innovative and interoperable technologies. Saudi,  May 30, 2021:  EZVIZ, a global leading brand in smart home security, has reaffirmed its unparalleled innovation capacities by winning the iF Design Award 2021. The EZVIZ Smart Home Sensor Kit, which is among the very few sensor systems awarded this year, receives high recognition for integrating advanced technologies with effective product designs. An integrated security solution at its core, the Home Sensor Kit provides real-time detection against home invasion, gas and water leaks, and fire hazards, and blends in gracefully with any modern home environment. “The iF Award speaks to our dedication to original, user-centered design, which has formed the ......read more

New Cisco Research Reveals Collaboration, Cloud, and Security are IT's Top Challenges in EMEAR

IT leaders in the region are adapting to new challenges by prioritizing digitzation, with collaboration, cloud and security more crucial than ever before   News Summary:   • Report identifies core priorities essential to IT and digital transformation success including: focusing on security and collaboration for a hybrid workforce, delivering the best end-user experience, driving innovation and security in a cloud-first world, and leveraging technology to invest in employees and tackle societal issues. • To address these challenges, 50% of IT decision makers are investing network security, 49% in cloud applications, 44% in cloud security, and 40% in multi-cloud infrastructure in 2021-2022. • Read the full report.   Al Riyadh, Saudi Arabia, 24 May 2021 — According to Cisco’s ......read more

BinDawood Holding Reports 8.2% Sequential Increase in Net Profit in Q1 2021

Expecting Quarterly Sequential Growth throughout 2021   BinDawood announces a 10-store expansion in Riyadh province     Jeddah, Saudi Arabia - 10, May 2021  [TBD]– BinDawood Holding Co. (Tadawul: 4161 and the “Company”), one of the leading grocery retail operators of hypermarkets and supermarkets in the Kingdom of Saudi Arabia (‘KSA’), today reported its first quarter 2021 financial results.   Financial Highlights    (SAR M) Q1 2021 Q1 2020 % Up / (Down)   Q4 2020 % Up / (Down) Revenue ......read more

Shaker Reports SAR 4.5 Million Net Profit in Q1 2021; Year-on-Year Revenue Growth of 30.5%

• Q1 net profit of SAR 4.5 million compared to net loss of SAR 3.3 million in 2020 • Q1 revenue of SAR 288.3 million improved by 30.5% from 2020 • Earnings per share improved to SAR 0.10 • Shaker and LG have deployed robotics technology at Saudi manufacturing facility    Riyadh, Saudi Arabia, 6 May 2021: Al Hassan Ghazi Ibrahim Shaker Co. (“Shaker” or the “Company”), Saudi Arabia’s leading importer, manufacturer and distributor of Air Conditioners and Home Appliances, has announced its financial results for the 3-month period ended 31 March 2021. Shaker achieved revenue of SAR 288.3 million, growing by 30.5% compared to Q1 2020, and by 46.7% compared to the previous quarter. Gross profit of SAR 57.6 million increased by 16.8% year-on-year. Shaker’s Q1 ......read more

Saudi Arabia to Significantly Reform Kingdom's Education System through its Human Capital Development Vision Realisation Program

Education sector offers an abundance of opportunities for operators, developers and equity investors alike. 05, May 2021, Dubai, UAE:  Knight Frank has released its Saudi Arabia 2021 Education report which focuses on the four key segments of education: Pre-primary education, Primary and secondary education, Tertiary education and Technical and vocational training. The education sector in the Kingdom of Saudi Arabia is undergoing rapid transformation at all stages of education, especially as policies stemming from Saudi Vision 2030 are put into play. Incredibly, the Kingdom's schoolgoing population is almost three times that of the rest of the GCC and with the growing interest towards private education, as well as a higher acceptance of foreign curricula, it creates a compelling case to invest in the education space of ......read more

Saudi Arabia's Agricultural Development Fund Chooses Oracle Cloud Applications to Scale Operations in the Kingdom

Digitization initiative will enable Saudi credit provider to utilize real-time agricultural data to improve support for farmers and innovate new services Saudi — May 4, 2021:  Oracle today announced that the Agricultural Development Fund (ADF) of Saudi Arabia will automate its core finance, procurement and HR functions with Oracle Fusion Cloud Applications Suite. The implementation will help ADF drive data integration across the organization, reduce operational costs, and develop a secure, scalable IT infrastructure to help support the fund’s rapid expansion and innovation of new services. ADF is the Saudi government’s principal credit institution specialized in financing agricultural activities in Saudi Arabia. The fund also works to develop the country’s agricultural sector through scientific and ......read more

Cisco Ranks Number 1 on List of KSA's Greatest Workplaces



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Saudi Arabia's SISCO reports Q1 2021 net income growth of 21.4%

• Q1 revenues increased 51.6% y-o-y, excluding accounting construction revenue • Strong performance by ports and logistics segments drive top-line growth • Net income grew 21.4% y-o-y, with earnings per share improving to SAR 0.40     Jeddah, Saudi Arabia, 2 May 2021: Saudi Industrial Services Company (“SISCO”, the “Company” or the “Group”), Saudi Arabia’s leading strategic investor in ports and terminals, logistics parks and services, and water solutions, has announced its financial results for the 3-month period ended 31 March 2021. The following analysis and commentary on revenue growth and margins excludes accounting construction revenue, which has no impact on gross profit or net income.   First quarter revenue (excluding accounting ......read more

Virgin Mobile KSA Celebrates Earth Day and Removes 100% of Single-Use Plastic From Its Operations

• Achievement forms part of the brand’s commitment to eradicating single-use plastic from its MEA operations  • The mobile telecommunications leader also announced a review of its carbon footprint in Saudi Arabia by end of 2021Sustainability goals reflect the brand’s global commitment to be a responsible corporate citizen • Over 50 tonnes of single-use plastic have already been eliminated since 2017   22, April 2021:  In a major move towards realising its local and regional sustainability ambitions, Virgin Mobile Saudi Arabia has eliminated all single-use plastic from its operations across the Kingdom.    The achievement marks Virgin Mobile Saudi Arabia’s local efforts in support of Virgin Group’s wider aspirations to boost its sustainability ......read more

Saudi Payments Launches Instant Payments System ‘sarie' in Cooperation with IBM and Mastercard

The system aims to increase non-cash transactions in the Kingdom, supporting “Saudi Vision 2030” RIYADH, Saudi Arabia, April 21, 2021 – Saudi Payments, under the supervision of the Saudi Central Bank (SAMA) announced the launch of Saudi Arabia’s instant payments system ‘sarie’ in cooperation with IBM (NYSE: IBM) and Mastercard (NYSE: MA), the leading technology company in the global payments industry. This collaboration marks a key milestone for payments innovation in the region and is aligned with Saudi Payments’ aim to improve the Kingdom’s financial ecosystem, mainly through the adoption of faster payments and improvements to banking reconciliation. Today, ‘sarie’ supports all Saudi banks across the Kingdom and is available for use by their customers.   The ......read more

Deloitte Middle East's KSA Hospitality Market Report: An Overview of 2020

21 April, 2021 — Deloitte Middle East Financial Advisory launched the Kingdom of Saudi Arabia (KSA) Hospitality Market report which provides an overview of the hospitality market in 2020 and compares the performance on regional and global levels.     The COVID-19 crisis impacted the hospitality sector in an unprecedent manner resulting in falling performance metrics across all key cities in Saudi Arabia. Its recovery is dependent on the roll out of vaccines to restore traveler and guest confidence and will likely accelerate with the completion of some of the major announced leisure and entertainment projects.   Robin Williamson, Head of Real Estate, Deloitte Middle East, said, “The KSA hotel market has experienced a major shock and has had to adapt during a very difficult period, however the ......read more

Lilly Saudi Names New Additions to Board of Directors

Saudi Arabia,  April 15, 2021 – Eli Lilly Saudi Arabia, a leading pharmaceutical company, has announced the appointment of Dr. Mustafa Al Jawadi and Dr. Ahmed J. Al Buraidi to its Board of Directors in Saudi Arabia as of March 2021.  Dr. Ahmed J. Al Buraidi is a seasoned professional executive with over 24 years of experience in the pharmaceutical industry managing all aspects of corporate and government affairs in Saudi Arabia. Holding a Bachelor of Pharmacy from King Saudi University, Al Buraidi joined Lilly in 1997 as Regulatory Associate, before being promoted through the ranks to Director – Scientific Office and Governmental Affairs.  Joining Lilly in 2018, Dr. Mustafa Al Jawadi is a veteran of the pharmaceutical industry with almost two decades of professional experience working across numerous ......read more

Saudi Aramco's Profit Halved in Two Years, Market Cap $210B Below Apple's

April 14, 2021:   Even before the pandemic, the oil and gas industry was faced with slumping prices. However, with a record collapse in oil demand amid the lockdowns, the COVID-19 crisis has further shaken the market, causing massive revenue and market cap drops for even the largest oil companies. According to data presented by Finaria.it, the net income of the world's biggest oil producer and one of the largest publicly listed companies, Saudi Aramco, dropped to $49bn in 2020, a 55% plunge in two years. The COVID-19 Crisis and Oil Price War Cut Profits by Almost $40B in a Year In preparation for its IPO, which took place in December 2019, Saudi Aramco had published 2018 profits. With a net income of $111.1bn, Saudi Arabia's state-run oil giant ranked as the most profitable publicly listed company in the ......read more

Saudi Arabia Viewpoint: Taxing Dividends, Boosting Investments

Key takeaways    •        Incentives are key to support the US$2.7trn 10-year domestic investment program, but a funding gap constrains implementation. •        Past precedents suggest the Shareek program could be a highly beneficial scheme to banks if the terms are right. •        Saudi Aramco could maintain dividends for minority shareholders while limiting government dividends to support investments.     Macro - investment program puts focus on diversification   We estimate the overall investment program announced by the authorities aims to increase domestic non-central government investments from the SAR4trn (US$1.1trn) level realized over 2009-2018 to SAR10trn (US$2.7trn) over the next decade, an ambitious ......read more

The Journey Through Time Masterplan Marks a Major Step in Protecting and Sharing the AlUla Cultural and Heritage Site With the World

Saudi - April 08, 2021:  Five unique districts, connected by a 20km-long public realm called the Wadi of Hospitality, will protect 200,000 years of natural and human history across the 20km-long core historical area of AlUla, a unique cultural landscape located in north-west Arabia, encompassing a wadi (seasonal river valley) and culminating in the Nabataean city of Hegra, a UNESCO World Heritage Site.   The first masterplan in a series for AlUla is conceived as a Living Museum and includes 15 new cultural assets, a 9km rejuvenated Cultural Oasis, 10 million square meters of green and open spaces, and a 46km low-carbon tramway, while contributing to AlUla’s hospitality offer with 5,000 additional hotel keys. AlUla, Saudi Arabia, 7 April 2021: His Royal Highness the Crown Prince Mohammed bin Salman, Chairman ......read more

BinDawood Holding's FY2020 proves resilient as it reports 6.8% rise in net profit to SAR 447.7M

Jeddah, Saudi Arabia -  29 March 2021:  BinDawood Holding Co. (Tadawul: 4161 and the “Company”), one of the leading grocery retail operators of hypermarkets and supermarkets in the Kingdom of Saudi Arabia (‘KSA’), today reported its fourth quarter and full year 2020 financial results. Financial Highlights      FY2020 (SAR M) FY2019 (SAR M) % Up / (Down) Revenue 5,156.5 4,843.8 6.5% Gross Profit 1,671.9 1,644.5 1.7% Operating Profit 514.6 518.3 (0.7)% Net ......read more

SolarWinds Head Geeks to Discuss Next Normal Network Improvements Needed at Cisco Live! 2021

Company to showcase IT monitoring tools NetPath, PerfStack, and Orion Maps    March 24, 2021:  SolarWinds (NYSE:SWI), a leading provider of powerful and affordable IT management software, today announced its participation at the Cisco Live!® global digital event, March 30 – April 1, 2021. The company will showcase three key IT monitoring tools—NetPath™, PerfStack™, and Orion® Maps—beneficial to monitoring newly implemented technologies as part of the IT response to support distributed and remote workforces precipitated by COVID-19 and provide recommendations and guidance on how to best leverage their usage moving forward.     "The events of last year brought unprecedented changes across the globe in 2020, especially to how business and IT teams ......read more

Abdullah Al-Othman Founder and Chairman, geidea

Saudi - March 22, 2021:   Abdullah Al-Othman is the founder and chairman of geidea, a leading and fully licensed payment service provider offering digital payments solutions. In his role, Abdullah is highly committed to achieving geidea’s vision of providing accessible, affordable and customer-centric payment solutions for everyone. As one of Saudi Arabia’s prominent and promising young business leaders, Abdullah’s career began in the world of real estate in 2008. Driven a long-running passion for all things digital, Abdullah’s initial success in the kingdom’s real estate sector enabled him to invest in a new fintech venture, geidea, in 2011.  Initially launched with the goal of increasing the efficiency and availability of digital payment channels in the Saudi market, geidea began by ......read more

News Direct and Media OutReach Form Distribution Partnership for Asia Pacific and America*

Two Industry Disruptors Share Their Strong Distribution to Benefit Global Clients March 22, 2021:   News Direct and Media OutReach - two newswires that are revolutionizing the news distribution industry with advances in technology, analytics, security and workflow - have entered into a reciprocal press release distribution arrangement covering the United States and Asia Pacific region. Media OutReach clients will benefit from News Direct's full-fledged access to The Associated Press distribution network in the US, which includes the nation's leading newspapers, magazines, radio and television stations, and online sites. Additionally, releases are posted to AP's popular app and apnews.com, the news agency's heavily trafficked consumer-facing site. News Direct's geographic distribution ......read more

Shaker Reports SAR 10.1 Million Net Profit in first Profitable Year Since 2016; Annual Revenue Growth of 5.6%

• Breakthrough Program, completed in 2020, had significant impact on top- and bottom-line results   • 12M net profit of SAR 10.1 million compared to net loss of SAR 50.9 million in 2019 • 12M revenue of SAR 932.7 million improved by 5.6% from 2019 • Earnings per share improved to SAR 0.15 • Agile response to Covid-19 and economic recovery drove growth    Riyadh, Saudi Arabia, Sunday 22 March 2021: Shaker (“Al Hassan Ghazi Ibrahim Shaker Co.”, the “Company” or the “Group”), Saudi Arabia’s leading importer, manufacturer and distributor of Air Conditioners and Home Appliances, has announced its first profitable year since 2016. Financial results for the 12-month period ended 31 December 2020 showed full-year revenue of SAR 932.7 ......read more

KSA Leads by Example in CSR Adoption and Integration

Cicero & Bernay Public Relations and YouGov publish the first regional CSR survey report, ranking KSA second in adoption and integration of CSR in businesses   March 22, 2021:  The Kingdom of Saudi Arabia (KSA) has emerged as one of the foremost countries in adoption and integration of corporate social responsibility (CSR) practices, as per the findings of the first annual MENA CSR Survey Report 2020, conducted by Cicero & Bernay Public Relations (C&B), a leading regional communication agency, in partnership with YouGov, an international research and data analytics group. The C&B YouGov report identified the use and implementation of CSR across select countries in the GCC, Levant, and North Africa. UAE, KSA, and Egypt took the lead, with Saudi Arabia proving to be a frontrunner in adopting CSR as a ......read more

Bybit Adds ADA, DOT and UNI to Its USDT Margined Offerings

SINGAPORE - Media OutReach - 18 March 2021 - Cryptocurrency derivatives exchange Bybit has announced today the arrival of three new USDT trading pairs with Cardano's ADA, Polkadot's DOT and Uniswap's UNI.   The introduction of these new trading pairs is the second expansion of Bybit's markets in as many weeks, following the arrival of BTCUSD0625 futures contract on March 11. ADA/USDT, DOT/USDT and UNI/USDT join the existing linear perpetual trading pairs of BTC/USDT, ETH/USDT, LINK/USDT, LTC/USDT, XTZ/USDT and BCH/USDT, as well as Bybit's inverse perpetual and futures markets.   Traders will be able to select between 1-25x leverage on these new contracts. USDT-margined linear contracts allow traders to use the stablecoin Tether (USDT) as collateral, so they can profit from the volatility while limiting ......read more

News Direct and Media OutReach Form Distribution Partnership for Asia Pacific and America

Two Industry Disruptors Share Their Strong Distribution to Benefit Global Clients 18 March 2021:  News Direct and Media OutReach - two newswires that are revolutionizing the news distribution industry with advances in technology, analytics, security and workflow - have entered into a reciprocal press release distribution arrangement covering the United States and Asia Pacific region.   Media OutReach clients will benefit from News Direct's full-fledged access to The Associated Press distribution network in the US, which includes the nation's leading newspapers, magazines, radio and television stations, and online sites. Additionally, releases are posted to AP's popular app and apnews.com, the news agency's heavily trafficked consumer-facing site.   News Direct's geographic distribution ......read more

Shaza Makkah Announces the Appointment of Bassam Khanfar as General Manager

Saudi - March 10, 2021:    Shaza Makkah, the 5-Star hotel among the first in line hotels in Jabal AlKa’bah to Al Masjid Al Haram, announced the appointment of Bassam Khanfar as the new General Manager. Bringing a wealth of skills and multi-dimensional expertise with decades of experience, Bassam Khanfar joined Shaza Makkah holds a degree in Banking and Finance, as well as a Masters Certificate in Hospitality Management from Cornell University. Khanfar has extensive experience within the GCC region having worked with several leading brands most recently Rotana Hotels. He also enjoys extensive relevant experience where he worked in the hospitality sector of the Holy City of Makkah since 2009. Shaza Hotels know Bassam from his days in Kempinski Hotels in Jordan where he worked as a Director of ......read more

Henkel Delivers Overall Robust Performance in Fiscal 2020 Despite Substantial Impact From Covid-19 Pandemic

 Balanced portfolio, strong innovations, financial strength, and dedicated team as key enablers for robust business performance in a global crisis  2020 results at upper end of full-year guidance: - Group sales reach 19.3 billion euros, organic: -0.7 percent - EBIT margin* at 13.4 percent, -260 basis points, corresponding to an operating profit* of 2.6 billion euros - Earnings per preferred share (EPS)*: 4.26 euros, -17.9 percent at constant exchange rates   Very strong free cash flow of 2.3 billion euros, net financial position significantly improved  Proposed dividend on prior-year level: 1.85 euros per preferred share  Implementation of agenda for purposeful growth on track, clear roadmap for further execution in 2021 and beyond   Outlook for ......read more

Other Top Stories from Banking and Investments
 
KPMG Survey: Saudi Female Business Leaders Poised for Growth…

News Highlights:  • International Women’s Day  • Survey covered 675 female leaders from 52 countries • 47% of Saudi female leaders do not expect Covid-19 to slow down progress on diversity and inclusion • 92% of global and 80% of Saudi female leaders say we are still a long way from gender diverse boards and management teams    March ......read more

Fahad Alanazi named General Manager, IBM Saudi Arabia…

RIYADH, Saudi Arabia/March 3, 2021/ --IBM (NYSE: IBM) announced today that Fahad Alanazi has joined IBM as General Manager of IBM Saudi Arabia.  “I am privileged to join IBM and lead its business in Saudi Arabia,” says Alanazi. “Technology is a core component of the Kingdom's Vision 2030. By leveraging IBM's hybrid cloud and AI solutions, services and our ......read more

Cisco Small Business Partner Summit to Explore Growth Opportunities Across MEA…

Changing Market Conditions and Strategic Priorities for the Sector to be Showcased During Regional Event Riyadh, KSA, 2 March 2021 – Cisco’s Small Business Partner Summit is taking place virtually this week, outlining the importance and growth potential of the small business sector across the Middle East and Africa. Small businesses account for 44% of all IT spending and ......read more

AMAALA Signs MoU With the Saudi Federation for Cyber Security, Programming and Drones…

AMAALA and Saudi Federation for Cyber Security, Programming and Drones to work on joint initiatives related to drones, programming, and artificial intelligence   Chief Executive Officer at AMAALA, John Pagano                        Chief Executive Officer of The Saudi Federation for Cybersecurity, Programming and Drones, ......read more

#TogetherForOurPlanet: British Embassy Riyadh Launches Social Media Campaign to Encourage Action ...…

Following Saudi Arabia’s G20 Presidency last year, and ahead of COP26, the UN’s Climate Change Conference in Glasgow in November, the British Embassy in Riyadh is asking all of society to make a change #TogetherForOurPlanet Saudi Arabia, Riyadh - 27 February 2021:   As we recover from COVID-19, it is critical that we build back greener and more resilient, protecting ......read more

Cisco Reveals Top Cybersecurity Threats of 2020*…

Defending Against Critical Threats Report identifies migration to remote working and evolution of ransomware as key contributors towards diverse criminal activity Riyadh, KSA, 17 February 2021 – Cisco has revealed the findings of its Defending Against Critical Threats Report, noting changes in criminal activity during 2020 and new methods of exploitation, arising as a result of the ......read more

Saudi Arabia Set to Become the Next Cloud Computing Hub as Major Leaders Share Their Vision at ...…

Endorsed by Saudi Cloud Computing Association, World Cloud Show is gearing up to virtually connect the most influential voices in the Saudi's cloud space this March. Notable speakers include the likes of Fahad A Alhamed, Dr Fatmah Ba Othman, Badar Khan & more. Saudi Arabia, Feb 14, 2021:   Having hosted multiple high-level conferences across the globe, World Cloud Show ......read more

Saudi Arabia's Public Investment Fund Anchors NBK Capital Partners' Private Lending Fund…

 Targeted US$ 300 Million Shari’ah Credit Opportunities Fund to Invest in Saudi Arabia, UAE and Select MENA Countries    Riyadh, KSA – 10 February 2021:  NBK Capital Partners has announced the successful first closing of a targeted US$ 300 million Shari’ah credit fund anchored by Saudi Arabia’s Public Investment Fund and other institutional ......read more

Government's Focus on Balancing growth and stability to buoy KSA property market, says JLL…

JLL releases KSA 2020 Year in Review Report Riyadh, KSA, 27 January 2021 – While much of 2020 was prioritizing the response to COVID-19, Saudi Arabia remained focused on growth and stability, long-term economic sustainability, diversification and an enhanced quality of life for its people, according to JLL’s KSA 2020 Year in Review report released today.  This was ......read more

Arab Megastar Hussain Al Jassmi and Pepsi® Pay Tribute to Saudi Arabia in New Ode to Kingdom…

Saudi -  January 24, 2021:   As a long supporter of creative talent and artistic expression, Pepsi® is proud to collaborate with the Arab world’s renowned singer, Hussain Al Jassmi. The partnership will see the launch of a new song called ‘Hay Hal Sot’ composed by the talented singer himself and written by Saudi Arabia’s leading poet and literary icon, ......read more

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