Umm Al-Qura University, represented by the College of Islamic Economics and Finance, was placed joint second in the Bloomberg and Misk Foundation Economic Research Challenge in its second edition. The challenge was launched in November 2020, focusing on the use of the Bloomberg platform in Saudi Arabia, as the first scientific challenge in university economic research 2020–2021.

The Dean of the College of Islamic Economics and Finance, Dr. Muhammad Ibrahim bin Samman, said that the university competed in the challenge with two teams of its students, among 64 teams from 13 universities, in a scientific experiment simulating the scope of economic work at the global level, following the steps of typical economic analysts, in preparing specialized scientific research. This shall contribute to the development of their skills and cognitive abilities.

Dr. Bin Samman stated that the college previously held a partnership agreement with the Bloomberg platform, under the umbrella of the Misk Foundation, to provide training courses for students and academic staff members. This is in addition to bridging knowledge and skills between academic institutions and the business world, and supporting the field of research studies, according to the university's orientations and future aspirations. The aim of these steps is to invest the capabilities of its researchers, employ them in developing scientific production, and serve the labor market with research products in line with the objectives of the Saudi Vision.

Bloomberg is a global leader in publishing news and broadcasting financial information around the clock, including financial statements and commercial transactions. It provides its services through the Bloomberg Terminal, using a system that allows platform users around the world to access a large number of recent data and analyses for a full month.