American Express targets 90% Saudi POS coverage following rapid growth: CEO
American Express targets 90% Saudi POS coverage following rapid growth: CEO/node/2570099/business-economy
American Express targets 90% Saudi POS coverage following rapid growth: CEO
American Express 海角直播's CEO Fahad Mubarak Al-Guthami was speaking on the sidelines of the 24 Fintech conference in Riyadh. AN Photo
Short Url
https://arab.news/cd93g
Updated 04 September 2024
MANAL AL-BARAKATI
and
REEM WALID聽
American Express targets 90% Saudi POS coverage following rapid growth: CEO
American Express has achieved a 180% increase in its point-of-sale acceptance in 海角直播 in the last two years
Company鈥檚 strategy involved partnering with banks to integrate American Express into their systems
Updated 04 September 2024
MANAL AL-BARAKATI and REEM WALID聽
RIYADH: Card payment provider American Express has achieved a 180 percent increase in its point-of-sale acceptance in 海角直播 over the past two years, according to CEO Fahad Mubarak Al-Guthami.聽
The company aims to reach 90 percent coverage by the end of 2025.聽
Speaking on the sidelines of the 24 Fintech conference in Riyadh, Al-Guthami said that this growth aligns with 海角直播鈥檚 goal to achieve 70 percent non-cash transactions by 2030, under the Financial Sector Development Program.聽
鈥淩ight now, many places around the Kingdom are accepting American Express鈥t鈥檚 part of our strategy,鈥 Al-Guthami told Arab News.聽
He revealed that the company鈥檚 strategy, which began about two years ago, involved partnering with banks to integrate American Express into their systems.聽
鈥淚n 2024, we鈥檝e already increased the number of points of sale accepting American Express by 180 percent. Our objective is to reach 90 percent by the end of 2025,鈥 Al-Guthami said.聽
鈥淲e want to be leading for the global American Express and the local as well,鈥 he added.聽
On small and medium enterprises, Al-Guthami said: 鈥淕lobally, we鈥檝e been very strong with SMEs. In 海角直播, as part of our strategy, the key is to ensure we have acceptance across the country. This will give SMEs the opportunity to use either digital or plastic cards for any purchases they want.鈥澛
He added that SMEs value transaction transparency, audit compliance, and return on investment. 鈥淪o, all of that is something that we鈥檙e building on based on what we have already. So, it鈥檚 nothing new; it鈥檚 just a tweak and we already started that journey,鈥 the CEO added.
Regarding fintechs, he said that they fundamentally represent innovation and one could either develop solutions independently or partner with a fintech.聽
For instance, he said applications and data analytics are examples of fintech solutions, with the company managing these aspects in-house.聽
鈥淏ut then, if I go into the open banking area, I can integrate; it鈥檚 faster speed to market and provides us a win-win situation. It gives us access to all financial institutions at the press of a button, and we get access to the customers so we can service them better,鈥 Al-Guthami said.聽
He added that the same principles apply to personal finance management. These features allow users to view their spending on the application鈥檚 dashboard and analyze their expenditures. He explained that while they have the data, the challenge is to analyze and present it in an attractive way for the customer.聽
The 24 Fintech conference, co-organized by Tahaluf 鈥 a joint venture between Informa PLC, the Saudi Federation for Cybersecurity, Programming and Drones, and the Events Investment Fund 鈥 aims to establish 海角直播 as a global fintech leader in line with Vision 2030.聽
The event, running from Sept. 3-5, is expected to attract over 30,000 participants, 300 exhibitors, and more than 350 investors, underscoring the Kingdom鈥檚 rapid growth in the fintech sector.聽
Global Markets 鈥 stocks rise, yields fall as Powell opens door to September rate cut
Updated 22 August 2025
Reuters
LONDON: Stocks rose and US Treasury yields and the dollar fell on Friday after Federal Reserve chair Jerome Powell pointed to a possible rate cut at the central bank鈥檚 September meeting.
Powell stopped short of committing to cutting interest rates as he tried to walk a narrow line acknowledging growing risks to the job market while also saying risks of higher inflation remain.
His remarks, to the annual central banking symposium at Jackson Hole, are his final address as chair of the Fed.
Share markets rallied in response to Powell鈥檚 speech, and the S&P 500 and Nasdaq Composite rose 1.4 percent and 1.6 percent respectively. The Dow Jones Industrial Average rose 1.6 percent to a record intraday high.
Government bonds also welcomed the news with the rate-sensitive two-year Treasury yield down nearly 10 basis points at 3.69 percent. Benchmark 10-year yields fell 6 bps to 4.27 percent.
Powell鈥檚 past speeches at the event have often moved markets, and this year鈥檚 remarks are under particularly close scrutiny as his position has come under heavy criticism from US President Donald Trump, sparking concerns about potential threats to the Fed鈥檚 independence.
His comments open the door to a rate cut at the Fed鈥檚 Sept. 16-17 meeting, and while he put heavy weight on jobs and inflation reports that will be received before then, analysts said Powell appeared to be putting greater weight on the former.
鈥淐hair Powell was able to talk about the balance of risk shifting and therefore the potential of shifting of policy would be appropriate,鈥 said Art Hogan, chief market strategist, B. Riley Wealth.
鈥淭hat鈥檚 a clear hint that Chair Powell is open to supporting rate cuts in the future.鈥
But he offered little guidance about how soon or how quickly rates might continue to move lower, likely stoking further pressure from Trump, who contends there is no risk of inflation and that the Fed should slash rates immediately.
European markets echoed the moves by their US peers, but in a more muted manner.
Europe鈥檚 broad STOXX 600 index was last up 0.6 percent, while Germany鈥檚 10-year yield, the euro zone benchmark, was down 3 bps at 2.72 percent.
The comparatively larger fall in US yields weighed on the dollar, which was down 0.7 percent on the Japanese yen at 147.3 yen.
The euro rose 0.64 percent to $1.1683.
China tech
Earlier in the day, the focus was on Chinese shares and the CSI 300 Index gained 2.1 percent, after DeepSeek released an upgrade to its flagship V3 AI model and Reuters reported that Nvidia had asked Foxconn to suspend work on the H20 AI chip, lending support to Chinese rivals.
Tech stocks listed in Hong Kong rose 2.7 percent.
Also in Asia, Japanese data showed core consumer prices slowed for a second straight month in July but stayed above the central bank鈥檚 2 percent target, keeping alive expectations for a rate hike in the coming months.
Gold edges down on stronger dollar, Powell鈥檚 remarks in focus
Updated 22 August 2025
Reuters
BENGALURU: Gold prices edged lower on Friday on a stronger dollar while investors awaited US Federal Reserve Chair Jerome Powell鈥檚 speech at the annual Jackson Hole symposium that could offer fresh clues on the monetary policy path.
Spot gold fell 0.3 percent to $3,329.19 per ounce by 9:07 a.m. Saudi time. US gold futures for December delivery lost 0.3 percent to $3,372.10.
The US dollar index hovered near a two-week high, making gold less attractive to overseas buyers.
Fed officials appeared lukewarm on Thursday to the idea of a rate cut next month as investors geared up for Powell鈥檚 speech, due at 5:00 p.m. Saudi time on Friday.
鈥淲ith a Russia-Ukraine peace deal still a possibility, and the USD attracting some buyers, gold is facing headwinds,鈥 KCM Trade chief market analyst Tim Waterer said.
鈥淏ut if Powell鈥檚 message is interpreted as being a dovish shift, the USD could be undone, and gold may be on the move higher again.鈥
Futures markets indicate a 75 percent chance of a quarter-point rate reduction next month, according to CME鈥檚 FedWatch tool.
Recent labor data showed US jobless claims rose last week by the most in nearly three months, while unemployment claims the previous week hit a near four-year high.
The challenge for Fed policymakers is that even though there are signs of labor market weakening, inflation remains above the central bank鈥檚 2 percent target and could go higher due to the Trump administration鈥檚 aggressive tariff hikes.
Russian President Vladimir Putin is demanding that Ukraine give up all of the eastern Donbas region, renounce ambitions to join NATO, remain neutral and keep Western troops out of the country, three sources familiar with top-level Kremlin thinking told Reuters.
Elsewhere, spot silver was down 0.4 percent to $38.01 per ounce, platinum fell 0.6 percent to $1,345.06, and palladium rose 0.2 percent to $1,113.19.
Saudi Fund for Development continues lending helping hand to emerging economies
Updated 22 August 2025
Nirmal Narayanan
RIYADH: At a time when the world is getting fragmented due to geopolitical tensions and ongoing wars, 海角直播鈥檚 development fund is becoming a beacon of hope, as it continues to provide soft loans and grants for emerging economies.
Established in 1974 and commenced operations in 1975, the Saudi Fund for Development has financed more than 800 development projects in over 100 countries, with a cumulative value exceeding $21 billion.
SFD鈥檚 financing spans across multiple sectors, including health, education, and transport, as well as water and energy, with the aim of improving living conditions, enhancing capacity building, and creating job opportunities for millions of people in emerging nations.
As the fund now celebrates its 50th year of operations, SFD鈥檚 offerings for developing nations show no signs of slowing down.
Here are the highlights of its activities so far this year:
Water security project in Somalia
The signing of the MoU between SFD and Somalia. SFD
In January, Sultan Abdulrahman Al-Marshad, CEO of SFD, signed a memorandum of understanding with Bihi Egeh, Somalia鈥檚 minister of finance, to provide a $2 million grant from the Kingdom through the fund.
The grant was part of the fifth phase of the Saudi Well Drilling and Rural Development Program in Africa.
The deal aims to enhance access to clean water in Somalia鈥檚 rural areas by drilling wells and establishing solar-powered water supply networks.
鈥淭his initiative seeks to enhance water and food security, provide safe drinking water, combat water scarcity, and reduce reliance on contaminated water sources in Somalia,鈥 said SFD in a statement at the time.
The program, valued at $330 million, has provided clean drinking water to over 5 million people since its initiation.
Launched in 1982, the Saudi Well Drilling and Rural Development Program has addressed the needs of African nations by funding the construction of more than 10,000 potable water facilities in 20 countries across the continent.
Power expansion project in Suriname
SFD CEO Sultan Abdulrahman Al-Marshad signed an agreement with Kermechend Raghoebarsing, minister of finance and planning of Suriname. SFD
In February, SFD signed an agreement to provide its first concessional development loan, worth $20 million, to Suriname to expand the country鈥檚 power generation, transmission, and distribution systems.
SFD said the project aims to expand the electricity transmission and distribution network in Paramaribo, the capital, and the city of Nickerie, boosting power supply for beneficiaries and improving the efficiency of the South American nation鈥檚 electrical grid.
鈥淭his agreement represents the beginning of development cooperation between SFD and the Republic of Suriname, underscoring SFD鈥檚 50-year commitment to supporting developing nations in overcoming economic, social, and developmental challenges,鈥 said SFD.
Transport and housing solutions in Maldives
In April, the fund signed a second development loan agreement valued at $17 million to support the expansion and development of the Velana International Airport Project in the Maldives, bringing SFD鈥檚 total financing for the facility to $217 million.
The fund said that the financing will be used to construct terminal buildings for international and domestic flights, as well as a seaplane terminal.
鈥淭he project is designed to increase the airport鈥檚 capacity to accommodate up to 7 million passengers annually, enhance operational efficiency, and meet the growing demand for travel and tourism,鈥 said SFD.
The project is also expected to prepare the facility for future expansion to handle up to 15 million passengers per year, contributing to the economic growth and global connectivity of the South Asian nation.
Al-Marshad participated in the groundbreaking ceremony for the Affordable Housing Project in the Maldives.
The project is being financed through a $25 million concessional development loan from SFD.
It aims to provide more than 400 fully integrated housing units, benefitting over 2,700 individuals, and includes the development of essential infrastructure and services to ensure suitable and sustainable living conditions.
It also seeks to enhance resilience against natural disasters such as cyclones and flooding, while promoting economic and social development within local communities.
Since 1978, SFD has provided 17 development loans to the Maldives, financing 14 key projects and programs with a total value exceeding $488 million.
These projects span critical sectors such as transportation, water and sanitation, health, and infrastructure.
Renewable energy loan to Solomon Islands
SFD CEO Sultan Abdulrahman Al-Marshad signed a development loan agreement with the Solomon Islands鈥 Minister of Finance and Treasury Manasseh Sogavare. SFD
In April, SFD signed its first-ever development loan agreement with the Solomon Islands, valued at $10 million, to finance a renewable energy project.
The fund will help the construction of solar power plants with a total capacity of 35.5 megawatts, integrated with hourly energy storage systems to bolster the Pacific nation鈥檚 energy infrastructure.
鈥淭his initiative is designed to reduce reliance on conventional energy sources, support environmental sustainability, and advance the UN Sustainable Development Goals, while contributing to economic and social progress across the region,鈥 said SFD.
This first-ever loan agreement also marked the beginning of development cooperation between SFD and the Solomon Islands, underscoring the fund鈥檚 growing role in supporting small island developing states to combat developmental, economic, and environmental challenges.
Multiple development projects in Tunisia
In March, SFD successfully handed over 330 residential units under its social housing development project in the Ben Arous governorate in Tunisia.
The initial phase of the project, supported by concessional financing from the SFD, valued at $150 million, aims to deliver 4,715 social housing units, spanning several governorates in the North African country.
In June, SFD also signed a new development loan agreement worth $38 million to finance the establishment of an Oasis Hub Project in southern Tunisia.
The project aims to support sustainable rural development through the reclamation of more than 1,000 hectares of agricultural land across various regions of the country.
It also includes the drilling and equipping of 22 wells, the expansion of rural villages and their infrastructure, and the construction of over 285 housing units for local beneficiaries.
鈥淭he project will enhance the region鈥檚 infrastructure by building roads, pipelines, and networks for potable and irrigation water, while also supporting the development of educational institutions, agricultural facilities, and cultural, social, and commercial centers,鈥 said SFD.
鈥淭hese efforts collectively aim to improve the quality of life and stimulate economic and social growth in Tunisia鈥檚 southern governorates,鈥 it added.
Since the inception of its operations in Tunisia in 1975, SFD has financed 32 development projects and programs, through concessional loans totaling more than $1.2 billion.
Tunisia has also received grants from 海角直播 through SFD, amounting to over $102 million.
Oil Updates 鈥 crude prices set to end losing streak as Ukraine peace process stalls
Updated 22 August 2025
Reuters
LONDON: Oil prices were stable on Friday as hopes for an imminent peace deal between Russia and Ukraine dimmed, putting prices on track for their first weekly gain in three weeks.
Brent crude futures were up 8 cents, or 0.1 percent, at $67.75 a barrel by 11:15 a.m. Saudi time. West Texas Intermediate crude futures rose 12 cents, or 0.2 percent, to $63.64.
Both contracts gained more than 1 percent in the previous session. Brent has risen 2.8 percent so far this week while WTI is up 1.4 percent.
鈥淓veryone is waiting for President Trump鈥檚 next step,鈥 said UBS commodity analyst Giovanni Staunovo. 鈥淥ver the coming days, it seems nothing will happen.鈥
The three-and-a-half-year war continued unabated this week as Russia launched an air attack near Ukraine鈥檚 border with the EU on Thursday and Ukraine said it hit a Russian oil refinery and the Unecha oil pumping station, a critical part of Russia鈥檚 Europe-bound Druzhba oil pipeline.
Hungary said deliveries through the pipeline had been halted.
Trump is seeking to arrange a summit between Russian President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelensky as part of efforts to broker a peace deal for Ukraine.
But arranging such a meeting appears challenging and discussions around potential security guarantees face obstacles, ING analysts said in a client note on Friday. The less likely a ceasefire looks, the more likely the risk of tougher US sanctions on Russia, they said.
Meanwhile, US and European planners have presented military options to their national security advisers after the first in-person meeting between the US and Russian leaders since Russia invaded Ukraine.
Putin demanded that Ukraine give up all of the eastern Donbas region, renounce NATO ambitions and keep Western troops out of the country, sources told Reuters.
Trump pledged to protect Ukraine under any war-ending deal and Zelensky dismissed the idea of withdrawing from internationally recognized Ukrainian land.
Larger than expected fall in US oil stocks
Oil prices were also supported by a larger than expected drawdown from US crude stockpiles in the past week, indicating strong demand.
Stocks fell by 6 million barrels in the week ended August 15, the US Energy Information Administration said on Wednesday. Analysts had expected a draw of 1.8 million barrels.
Weak economic data from Germany on Friday partially offset the stocks draw, showing that Europe鈥檚 largest economy shrank by 0.3 percent in the second quarter, raising concerns over oil demand.
Investors were also looking to the Jackson Hole economic conference in Wyoming for signals of a Federal Reserve interest rate cut next month. The annual gathering of central bankers began on Thursday and Fed Chair Jerome Powell speaks on Friday.
Lower interest rates can stimulate economic growth and increase oil demand, potentially boosting prices.
Closing Bell: Saudi main index slips to close at 10,866聽
Updated 21 August 2025
Reem Walid
RIYADH: 海角直播鈥檚 Tadawul All Share Index edged lower on Thursday, slipping 11.24 points, or 0.10 percent, to end at 10,866.83.
The benchmark鈥檚 total trading turnover stood at SR5.21 billion ($1.38 billion), with 87 stocks advancing and 159 declining.
Similarly, the Kingdom鈥檚 parallel market Nomu fell 94.16 points, or 0.35 percent, to settle at 26,535.79, as 42 stocks gained while 51 retreated.
Meanwhile, the MSCI Tadawul Index inched up 2.43 points, or 0.17 percent, to close at 1,409.05.
The best-performing stock of the day was Saudi Basic Industries Corp., which jumped 7.65 percent to SR61.90.
Other notable gainers included Sahara International Petrochemical Co., up 5.32 percent to SR20.01, and Fawaz Abdulaziz Alhokair Co., which climbed 5.17 percent to SR23.99.
On the other hand, Halwani Bros. Co. posted the sharpest loss, falling 4.92 percent to SR43.26.
Jahez International Co. for Information System Technology fell 3.84 percent to SR22.31, while Saudi Awwal Bank declined 3.73 percent to SR30.96.
On the corporate announcements front, Axelerated Solutions for Information and Communication Technology Co. released its interim financial results for the period ending June 30.
According to a Tadawul statement, the company posted a net profit of SR33.8 million during the first half of the year, up 94 percent from the same period last year.
The profit growth was mainly attributed to a 91 percent surge in gross profit to SR45.4 million, compared to SR23.8 million a year earlier, alongside an SR86.8 million increase in revenue and an SR1.8 million boost in other income.
The company鈥檚 board also recommended distributing SR8.4 million in cash dividends to shareholders for the first half of 2025.
A Tadawul filing showed that 28 million shares are eligible, with a dividend of SR0.30 per share, equivalent to 30 percent of the share鈥檚 par value.
Axelerated Solutions closed the session at SR28, marking a 3.70 percent gain.
Arriyadh Development Co. announced an update on its partnership agreement with Saudi Real Estate Co. and Riyadh Holding Co. to establish a special-purpose vehicle to develop educational complexes.
Arriyadh Development Co. ended the day at SR32.70, up 0.86 percent.
