Global management consulting firm Alvarez & Marsal has released its second-quarter analysis of the state of Saudi Arabia's banking sector. Aggregate net income decreased by 8.1% quarter-on-quarter to SAR 11.0 billion, with the increase in net interest income not able to offset the higher operating expenses (+13.7% quarter-on-quarter) and higher impairments (+82% quarter-on-quarter).
Jordan’s tourism sector boomed prior to the Covid-19 pandemic, and following a rebound from the 2020 collapse the industry is expected to surpass pre-pandemic levels in 2022, with further growth on the cards in the years beyond according to a strategic market analysis by Glasgow Consulting Group.
Total financial wealth in the UAE stood at $600 billion at the end of 2020, 69% of which is coined as ‘investable wealth’, meaning that the assets are relatively liquid. In the coming five years, UAE financial wealth is expected to witness strong growth of 4% CAGR to reach $700 billion by 2025, a $100 billion increase from 2020.
GITEX Global x Ai Everything, the world’s most influential technology sourcing and networking event of 2021, is returning for its 41st edition at Dubai World Trade Centre (DWTC) from 17th-21st October as the United Arab Emirates prepares to celebrate its 50th anniversary.
Software group Oracle will launch an innovation training hub in Riyadh as the global giant expands its presence in Saudi Arabia. The hub will provide training programs in collaboration with Tuwaiq College for both students and professionals who want to improve their skills and gain recognized qualifications in a range of tech innovations, including Oracle Cloud Infrastructure, Artificial Intelligence, Java, and Devops.
Saudi Arabia saw its largest Seed round ever (a $6 million raised by ‘buy now, pay later’ company Tamara). The UAE notably reached the EMEA top 10 fintech deals list, thanks to the $800 million private equity investment by Silverlake into Abu Dhabi-based Group 42 (an AI-driven cloud computing companies that focus on the digitization of businesses).
Batic Investment and Logistics Company has completed all procedures related to the acquisition of 35.8% of Smart Cities Solutions Company for Communication and Information Technology from Smart Parking Holding Company for a cash payment. The value of the deal amounts to SAR 107.87 million which was financed through credit facilities from Bank AlJazira, Batic said in a bourse disclosure on Monday.
Public Investment Fund, the Saudi sovereign wealth fund, has completed the acquisition of a 25 percent stake in Emaar The Economic City (EEC), the master developer of the kingdom’s mega business zone on the Red Sea coast. EEC issued new shares to PIF via a 2.833 billion riyals ($755 million) debt conversion.
Panasonic Corporation recently announced that it has completed the acquisition of Blue Yonder, the leading end-to-end digital fulfillment platform provider. Panasonic has now purchased the remaining 80% of shares of Blue Yonder, adding to the 20% which Panasonic acquired in July 2020. The investment values Blue Yonder at USD8.5 billion.
Digital transformation powerhouse Devoteam is on the verge of launching the sixth edition of its Devogame in France and Saudi Arabia, with cybersecurity this year’s overarching theme. The Devogame is an annual competition that challenges tech-savvy students from engineering and business backgrounds to solve a pressing challenge in the business landscape.
Regional consulting firm ValuStrat has expanded its Transaction Advisory division with the launch of new service line dedicated to the real estate sector. The new arm will provide institutional clients buy-side and sell-side advisory for acquisition and disposition of real estate assets.
international technology consultancy SoftServe has opened a new office in Dubai, the firm’s first office in the Middle East and 36th worldwide. Around three years ago SoftServe won its first client in the Middle East, and since then the firm has landed an increasing number of mandates, mainly large conglomerate customers in the retail, finance, and energy sectors.
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