海角直播

Saudi e-commerce sales using Mada cards reach $4.65bn in November

Mada, the Kingdom鈥檚 national payment card system, supports both debit and prepaid services within its network. File
Mada, the Kingdom鈥檚 national payment card system, supports both debit and prepaid services within its network. File
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Updated 14 January 2025

Saudi e-commerce sales using Mada cards reach $4.65bn in November

Saudi e-commerce sales using Mada cards reach $4.65bn in November

RIYADH: 海角直播鈥檚 e-commerce sales using Mada cards reached SR17.44 billion ($4.65 billion) in November 2024, a year-on-year growth of 29.4 percent, according to recent data from the Saudi Central Bank.

This figure includes payments for online shopping, in-app purchases, and e-wallet transactions, but excludes payments made through credit cards such as Visa and MasterCard.

The rise in e-commerce activity aligns with 海角直播鈥檚 goal to make digital commerce 80 percent of the retail sector by 2030, with 70 percent of transactions conducted online by the same year.

Mada, the Kingdom鈥檚 national payment card system, supports both debit and prepaid services within its network. The cards utilize near-field communication technology for contactless payments, enabling secure transactions at both physical retailers and online. Mada cards play a crucial role in 海角直播鈥檚 transition to a cashless economy.

In addition to the surge in sales, the number of e-commerce transactions also saw a significant increase, rising by 26.49 percent year on year to nearly 99 million transactions in November alone.

The spike in e-commerce activity in 海角直播 can be attributed to a combination of demographic and economic factors. With 60 percent of the population under the age of 30, the Kingdom is witnessing a growing trend toward digital consumption, largely driven by a tech-savvy youth demographic eager to embrace online shopping.

Furthermore, the expanding middle class and the rising influx of expatriates are contributing to greater financial capacity, while the growth of dual-income households further bolsters spending power.

This evolving economic landscape, paired with shifting consumer expectations for personalized and seamless digital experiences, is driving businesses to innovate and enhance their online offerings.

Ongoing infrastructure development鈥攊ncluding the construction of new cities and modern shopping centers鈥攁dds to the momentum. As these trends continue, 海角直播鈥檚 e-commerce sector is poised for substantial growth, reshaping the Kingdom鈥檚 retail environment in the coming years.

According to the latest data from the Ministry of Commerce, the Kingdom鈥檚 e-commerce sector saw a total of 40,953 businesses registered by the fourth quarter of 2024, reflecting a 10 percent year-on-year increase. Riyadh led in business registrations with 16,834, followed by Makkah and the Eastern Province. This uptick is a testament to 海角直播鈥檚 push toward a digitally-driven, diversified economy, with e-commerce playing a central role in the transformation.

In parallel, the fintech sector also experienced notable growth, with the Ministry of Commerce reporting a 12 percent increase from the previous year. A total of 3,152 new fintech business registrations were recorded in the fourth quarter of 2024, highlighting the sector鈥檚 expanding role in supporting secure and seamless online transactions.

The growth of e-commerce and fintech is part of a broader trend of innovation across various sectors in 海角直播. Recent reports highlight significant advances in cloud computing services, solar panel manufacturing, and real estate development鈥攁ll in alignment with the goals of Vision 2030, which seeks to diversify the economy and promote sustainability.

With its rapidly expanding digital economy, 海角直播 is well-positioned to lead in the future of global e-commerce, as the country continues to embrace technological innovation and sustainability.


Closing Bell: Saudi main index sheds; trade volume nears $2bn

Closing Bell: Saudi main index sheds; trade volume nears $2bn
Updated 26 August 2025

Closing Bell: Saudi main index sheds; trade volume nears $2bn

Closing Bell: Saudi main index sheds; trade volume nears $2bn
  • MSCI Tadawul 30 Index dropped 0.31% to settle at 1,404.24
  • Parallel market Nomu slipped 0.09% to close at 26,184.04

RIYADH: 海角直播鈥檚 Tadawul All Share Index fell on Tuesday, losing 23.30 points, or 0.21 percent, to close at 10,874.74. 

The total trading turnover reached SR7.32 billion ($1.95 billion), with 380.6 million shares exchanged, as 135 stocks advanced while 110 declined. 

The MSCI Tadawul 30 Index dropped 4.32 points, or 0.31 percent, to settle at 1,404.24.

The parallel market Nomu also ended lower, slipping 24.41 points, or 0.09 percent, to close at 26,184.04, with 29 gainers and 53 losers. 

The day鈥檚 top performer was Saudi Research and Media Group, which gained 8.28 percent to close at SR181.80. 

Other strong gainers included Development Works Food Co., up 7.24 percent at SR117.00, Alandalus Property Co., rising 6.16 percent to SR20.50, and SAL Saudi Logistics Services Co., which climbed 5.88 percent to SR180.00. Thimar Development Holding Co. also rose 5.61 percent to SR43.32. 

On the losing side, Halwani Bros. Co. recorded the steepest decline, dropping 5.60 percent to SR41.16, followed by ACWA Power Co., which fell 3.94 percent to SR216.90. 

Saudi Industrial Investment Group slipped 2.80 percent to SR18.38, while National Shipping Co. of 海角直播 declined 2.35 percent to SR22.01. Al Kathiri Holding Co. also edged down 2.29 percent to SR2.13.

On the announcement front, Aljouf Mineral Water Bottling Co. reported a 28.16 percent year-on-year increase in net profit for the first half of 2025, reaching SR2.01 million compared to SR1.57 million a year earlier.  

Revenue rose 2.24 percent to SR36.72 million, supported by higher wholesale sales. The company鈥檚 shares, however, closed 1.04 percent lower at SR1.90. 

Banque Saudi Fransi announced its intention to issue US dollar-denominated Tier 2 capital notes under its Medium Term Note Program. The issuance will be conducted through a special purpose vehicle and offered to eligible investors in 海角直播 and internationally.  

Proceeds will be used for general banking purposes. Shares of BSF ended the session down 1.47 percent at SR16.73. 

Leen Alkhair Trading Co. posted revenues of SR134.74 million for the first half of the year, an 11.45 percent increase compared to SR120.90 million in the same period last year.  

Despite higher sales, net profit fell 8.01 percent to SR3.68 million, driven by rising costs. The stock closed 1.21 percent higher at SR15. 

Al Kuzama Trading Co. reported a sharp 41 percent decline in net profit for the first half of 2025, falling to SR10.78 million from SR18.27 million in the same period of 2024.  

Revenue dropped 3.95 percent to SR150.24 million, with the company citing weaker catering revenue and lower sales during the Muslim fasting month of Ramadan. Its shares slipped 6.30 percent to close at SR76.60. 

Meanwhile, Alqemam for Computer Systems Co. announced the start of issuing its third and final tranche of sukuk denominated in Saudi riyals, valued at SR3 million.  

The issuance will be conducted via the electronic platform of Sukuk Financial Co., licensed by the Capital Market Authority.  

The sukuk will be offered to eligible natural and legal persons within 海角直播.  


海角直播鈥檚 digital government push driving top-10 ranking ambition: KPMG

海角直播鈥檚 digital government push driving top-10 ranking ambition: KPMG
Updated 26 August 2025

海角直播鈥檚 digital government push driving top-10 ranking ambition: KPMG

海角直播鈥檚 digital government push driving top-10 ranking ambition: KPMG

RIYADH: 海角直播 is fast-tracking the unification of its government platforms, with 267 already merged as the Kingdom seeks a top-10 global ranking by 2030, according to KPMG Middle East.

The firm鈥檚 latest report, 鈥淔rom Citizen Experience to Empowerment鈥,  sets out how the Kingdom is poised to integrate its fragmented digital services into a singular ecosystem, capitalizing on its advanced infrastructure, centralized governance, and digitally native population.

The move builds on the Kingdom鈥檚 Digital Government Strategy 2023鈥2030, which seeks to consolidate more than 800 separate platforms into a coherent, citizen-centric ecosystem. 

In its report, KPMG stated: 鈥満=侵辈 has the opportunity to enter this transformation with strategic advantages: strong leadership commitment under Vision 2030, streamlined governance, advanced digital infrastructure, and a digitally native population.鈥 

This transformation leverages artificial intelligence, blockchain, predictive analytics, and Internet of Things technologies.  

In July, the Digital Government Authority announced the integration and closure of 267 digital platforms across various sectors as part of ongoing efforts to improve efficiency and user experiences. 

DGA also reported that the 2025 Digital Experience Maturity Index reached 86.71 percent, classified as 鈥淎dvanced,鈥 following an assessment of 50 digital platforms across 20 themes.

The report outlines how 海角直播鈥檚 digital strategy is designed to meet growing expectations for seamless and intuitive government services.  

It draws upon the success of platforms like Absher, Tawakkalna, and Musaned, which serve millions of users.  

Absher alone supports over 28 million citizens with a unified digital ID and offers more than 500 services.  

Tawakkalna, initially a health-tracking application, now provides access to over 600 government services in real-time. 

Despite progress, KPMG highlights the challenges associated with service duplication and inconsistent user experiences due to platform fragmentation. 

To address this, DGA launched the Whole-of-Government program in 2022, focusing on unifying service design, platform governance, and shared IT resources. 

The program has reduced government platforms from 817 at launch to 550 by mid-2025. It aims to optimize resources, deliver more effective digital services, and enhance beneficiary satisfaction. 

鈥淭he unified design system provides standardized guidelines to ensure consistency across government platforms,鈥 the report noted. 

海角直播鈥檚 commitment to digital transformation is reflected in global benchmarks. 

The Kingdom rose 25 positions in the latest UN E-Government Development Index and now ranks fourth globally in the Digital Services Index.  

A unified digital government in 海角直播 will depend on several key enablers: strong governance, workforce upskilling, strategic leadership alignment, and proactive citizen engagement.  

KPMG recommended a national chief information officer council to coordinate integration and enforce compliance across entities.  

鈥淎chieving platform unification requires a multi-tiered governance framework, with strong leadership at the central government level,鈥 the report stated. 

The roadmap includes establishing a national digital identity for secure single sign-on access and deploying standardized APIs for data interoperability.  

AI-driven personalization will be central to delivering tailored services. Blockchain will be used for secure identity verification and transparent records, while IoT will enhance real-time responsiveness. 

The initiative also places significant emphasis on inclusivity and accessibility. Services will be adapted for citizens, expatriates, domestic workers, and international visitors.  

Multiple languages, adaptive technologies, and simplified user flows will ensure equitable access regardless of digital literacy levels. 

To support the transformation, public sector employees will undergo training in AI, customer experience methodologies, cybersecurity, and digital service design.  

A cultural shift toward collaboration, innovation, and continuous improvement will be promoted through change management programs and co-design initiatives with citizens. 

The final stage envisions a predictive and anticipatory governance model, where services are delivered before citizens request them.  

Real-time dashboards, continuous feedback, and AI-powered decision-making will reinforce agility and responsiveness.  

As dependency on digital systems increases, cybersecurity resilience and decentralized infrastructure will become vital. 

Through a phased, integrated approach, 海角直播 is charting a path toward a resilient, inclusive, and globally competitive digital government. 

鈥淭his comprehensive and integrated approach fully aligns with Vision 2030, positioning the Kingdom as a global benchmark in next-generation digital governance,鈥 the report concluded.


Kuwait records $3.46bn budget deficit in 2024-2025, well below forecast

Kuwait records $3.46bn budget deficit in 2024-2025, well below forecast
Updated 26 August 2025

Kuwait records $3.46bn budget deficit in 2024-2025, well below forecast

Kuwait records $3.46bn budget deficit in 2024-2025, well below forecast
  • Total actual revenues reached 22.06 billion dinars
  • 19.36 billion dinars were derived from oil income

RIYADH: Kuwait recorded an actual budget deficit of 1.06 billion dinars ($3.46 billion) for the 2024-2025 fiscal year ending March 31, significantly lower than the projected shortfall of 5.6 billion dinars.

According to Reuters, citing data published in the official gazette Kuwait Al-Youm, total actual revenues reached 22.06 billion dinars, surpassing the estimated 18.9 billion dinars. Of the total, 19.36 billion dinars were derived from oil income.

This comes as government spending came in at 23.11 billion dinars, lower than the 24.5 billion dinars initially forecast in the state budget plan.

Economic researcher Mohammed Ramadan said the lower-than-expected deficit was 鈥渘ormal,鈥 attributing it to Kuwait鈥檚 conservative approach to budgeting, Reuters reported.

鈥淭he government usually underestimates revenues and overstates expenditures, which makes the projected deficit appear somewhat exaggerated,鈥 he said.

鈥淯nfortunately, this policy leads the government to spend less than it should, which in turn reduces investment in development projects that grow more expensive over time due to inflation and other factors,鈥 he added.

Total expenditures declined by nearly seven percent compared to the previous fiscal year, when spending stood at 23.64 billion dinars.

Ramadan said the decrease was primarily due to reduced allocations for grants. 

These typically include support for foreign countries, international organizations, and some domestic institutions.

He also noted a reduction in the goods and services category, which encompasses a wide range of operational spending. 

鈥淭his indicates a broad reduction in government spending across many items in this category,鈥 he said.

In February, the government approved the draft budget for 2025-2026, projecting the deficit to widen by 11.9 percent to 6.31 billion dinars.

The draft, which still requires final approval by Emir Sheikh Meshal Al-Ahmed Al-Sabah, expects revenues to drop to 18.2 billion dinars, while expenditures are set at 24.5 billion dinars.

Kuwait鈥檚 economy saw a 3 percent contraction in 2024 according to official data published in May, which also showed the contribution of non-oil sectors to GDP increased by 3.7 percent during the 12-month period.

Despite the forecasted full-year deficit, Kuwait posted a surplus of 150.4 million dinars during the first half of the 2024-2025 fiscal year, according to Ministry of Finance data published in November. The surplus was driven by higher revenues and reduced spending.


Egypt petroleum ministry says work underway in three new wells in Zohr gas field

Egypt petroleum ministry says work underway in three new wells in Zohr gas field
Updated 26 August 2025

Egypt petroleum ministry says work underway in three new wells in Zohr gas field

Egypt petroleum ministry says work underway in three new wells in Zohr gas field

CAIRO: Work is underway at three new wells in the Zohr gas field in the Mediterranean in the current financial year, Egypt's petroleum ministry said on Tuesday.
Another well, the Zohr-6 well, has added about 65 million cubic feet per day of gas to Egypt鈥檚 output, the ministry added.
Italian energy group Eni, Zohr's operator, resumed drilling at the Zohr field in February after production was curbed because of arrears owed to foreign oil companies.
Output in the largest gas field found in the Mediterranean dropped to 1.9 billion cubic feet per day in early 2024, well below the peak reached in 2019.
Zohr was discovered in 2015 by Eni and began producing gas in late 2017. It holds an estimated 30 trillion cubic feet of gas.
The field is operated by Petrobel, a joint venture of Eni and state-owned Egyptian General Petroleum Corp.


Saudi Kafalah program drives 98% financing surge for entertainment SMEs

Saudi Kafalah program drives 98% financing surge for entertainment SMEs
Updated 26 August 2025

Saudi Kafalah program drives 98% financing surge for entertainment SMEs

Saudi Kafalah program drives 98% financing surge for entertainment SMEs

JEDDAH: Entertainment focused small and medium enterprises in 海角直播 experienced a 98 percent year-on-year increase in financing during the second quarter of 2025. 

The Small and Medium Enterprises Financing Guarantee Program, also known as Kafalah, supported 32 establishments and issued guarantees exceeding SR79 million ($21 million), the Saudi Press Agency reported. 

The number of beneficiary establishments rose 78 percent compared with the same period in 2024. By the end of the quarter, 94 enterprises had benefited from the program鈥檚 entertainment sector product, receiving total financing of more than SR304 million and guarantees totaling SR225 million.

Kafalah works in partnership with the General Entertainment Authority and financial institutions to provide guarantees that reduce financing risks and broaden access to capital. The initiative is part of Saudi Vision 2030鈥檚 strategy to foster economic growth and develop promising sectors.  

The SPA report noted that this growth in the entertainment sector highlights 鈥渢he effectiveness of the product in supporting the sector鈥檚 growth and facilitating establishments' access to appropriate financing solutions.鈥 

It added: 鈥淭he Kafalah program continues its commitment to supporting vital sectors by providing financial guarantees that contribute to reducing financial risks and expanding the scope of financing through effective partnerships with financing entities, supported by an integrated technical and knowledge system.鈥 

Kafalah鈥檚 Entertainment Product provides financial guarantees to SMEs across various entertainment sectors, including supporting industries, offering coverage of up to 90 percent of the funding value, according to its website.  

Maximum guarantee limits are SR2.5 million for micro enterprises, SR5 million for small enterprises, and SR15 million for medium enterprises. Enterprises can apply directly through cooperating financial institutions or via the SME Bank鈥檚 finance portal, with the program reviewing requests and issuing guarantees to the financier upon approval. 

Since its inception in 2020, Kafalah has issued more than 64,000 guarantees valued at SR72.5 billion, supporting over 23,000 enterprises and creating nearly 1 million jobs, according to a release issued in September 2024.  

Twenty-seven enterprises have transitioned from medium-sized firms to the parallel market, while 8 percent of micro-enterprises have grown into small and medium-sized businesses. 

The program also reduced the average processing time for guarantees from 48 working days to just 36 hours using AI-driven systems. Studies conducted with King Fahd University of Petroleum and Minerals found that Kafalah-supported enterprises experienced a 17.3 percent increase in employment compared with those relying on traditional financing. 

Over the past five years, the Kafalah program has contributed nearly SR27 billion to 海角直播鈥檚 gross domestic product, highlighting its role in expanding the Kingdom鈥檚 SME ecosystem.