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FINANCE & ECONOMY

VAT hike will change Saudi spending habits, say citizens, traders
July 2, 2020

JEDDAH/RIYADH: Saudis on Wednesday were coming to terms with a hefty hike in the Kingdom’s value-added tax (VAT) on goods and services from 5 to 15 percent.

As citizens began looking at ways to adjust spending habits, many people told Arab News that the new tax rate would have a huge impact on their shopping behavior and would require some belt-tightening.

Rahaf"...

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SR16 share price announced for Amlak International’s IPO
July 2, 2020

RIYADH — NCB Capital, financial advisor, lead manager, bookrunner and underwriter for Amlak International’s IPO, announced the successful completion of the book building process for institutions and investment funds subscribing to the company’s shares, with the coverage ratio reaching 5x. The shares will be offered at a price of SR16 per share.

Public and private funds and DPMs amounted to 43.4% of the coverage, while the authorized"...

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Tawazun continues its SEEDS program through virtual internships
July 1, 2020

ABU DHABI — Tawazun Economic Council (Tawazun) has unveiled an innovative virtual training solution through its partnership with six defense and aerospace companies and four universities in order to ensure continuance of the SEEDS (Sustain and Enhance Emiratization in Defense and Security) program by creating virtual internships.

Sixty UAE national engineering students benefit from the program that enables them to complete their summer industrial"...

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Diriyah Gate Development Authority starts work on major heritage project
July 1, 2020

JEDDAH: Diriyah Gate Development Authority (DGDA) started the first phase of the biggest cultural project in the world at cost of SR75 billion ($20 billion), marking the start of a bold new era of construction for the city of Diriyah in Riyadh province.
Seven square kilometers of the historic city of Diriyah, just 15 minutes northwest of Riyadh, are to be transformed into one of the world’s foremost lifestyle destinations for culture, hospitality, retail"...

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Relieved Saudis welcome the ‘new normal’
July 1, 2020

JEDDAH: Residents across the Kingdom are making the most of their newfound freedom 10 days after the lifting of coronavirus lockdown restrictions.

As cities come alive again with traffic returning and shops opening, it is business as usual for almost everyone.

Social life and commercial activity in towns and cities"...

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Ground Station Opens to Track Satellite Built by AURAK Students
June 30, 2020

A ground station that will track and communicate with a satellite built by American University of Ras Al Khaimah (AURAK) students has opened on the University’s campus.

The ground station is capable of communicating with satellites in orbit by sending commands and receiving telemetry, images and science data back from them.

The"...

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PDI Insights Cloud Broadens Ability to Serve Retailers and CPGs Globally with On-Demand Data and Analytics
June 30, 2020

PDI (www.pdisoftware.com), a global provider of ERP, Fuel Pricing, Logistics and Marketing Cloud solutions for the convenience retail and petroleum wholesale industries, today announced it has enhanced its Offers and Insights business capabilities with PDI Insights Cloud, formerly SwiftIQ, to include real-time data and analytics that can help support convenience and fuel retailers and consumer packaged goods (CPG) brands as they begin to recover from the COVID-19 pandemic. Insights Cloud is now available to global convenience retailers and CPG (known internationally as fast-moving consumer goods) brands, giving them the ability to monitor daily and weekly trends as well as access more granular, receipt-level data. The solution also provides CPGs with data from chain and independent operators. Understanding......

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Entersekt Offers Guidance on Securing the Mobile Channel Amidst FBI Cautions
June 29, 2020

Entersekt, a global specialist in digital security solutions, today released its updated guidance for financial institutions, Securing the Mobile Banking Channel, a white paper. This follows the FBI warning that an increase in attacks on banking applications by cybercriminals and fraudsters is likely, as consumers stuck at home during the COVID-19 pandemic rely more heavily on these platforms. And with recent research pointing to a marked distrust in banking communications among banking customers in the United Kingdom, it has never been as important for financial institutions to get the security of the mobile channel right. “Current solutions to digital fraud have failed to alleviate consumer uneasiness around mobile banking security and have had a negative impact on the user experience,” said Christian Ali, SVP product, Entersekt. “Meanwhile, mobile malware is evolving fast, threatening to make the situation worse. If banks want to protect......

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Teijin Receives Marketing Approval for Merz’s Xeomin® Botulinum Toxin Type A in Japan
June 29, 2020

Merz Pharmaceuticals GmbH, a leading neurotoxin company and subsidiary of Merz Pharma GmbH & Co. KGaA, and Teijin Pharma Limited, the core company of the Teijin Group’s healthcare business, jointly announced today that Teijin Pharma has been granted approval by Japan’s Ministry of Health, Labor and Welfare (MHLW) to market Xeomin® (incobotulinumtoxinA) for intramuscular injection in 50, 100 or 200 units for the treatment of upper limb spasticity.

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Moody’s Analytics Wins Seven Risk Technology Awards
June 29, 2020

Moody’s Analytics has won seven categories in this year’s Risk Technology Awards. Five are repeat wins. 3 years in a row: Credit Data Provider of the Year Wholesale Credit Modelling Software of the Year 2 years in a row: Enterprise-Wide Stress Testing Product of the Year IFRS 9 – ECL Modelling Solution of the Year IFRS 9 – Enterprise Solution of the Year First-time wins: Credit Stress-Testing Product of the Year Life and Pensions ALM System of the Year “We’re honored to have earned seven Risk Technology Awards this year,” said Steve Tulenko, President of Moody’s Analytics. “It is particularly gratifying that these awards recognize both our longstanding capabilities, like credit data and modeling, and newer offerings like pensions ALM and IFRS 9 accounting.” “We congratulate Moody’s Analytics on another fine showing,” said Antony Chambers, Publisher of Risk. “Seven......

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