WASHINGTON: Shareholders of the International Monetary Fund agreed this week on the importance of addressing challenges faced by low-income countries, many of which are facing unsustainable debt burdens, IMF Managing Director Kristalina Georgieva said on Friday. Multiple reports from the IMF and the World Bank this week sounded the alarm about economic developments and prospects … Read more
RIYADH: The Kingdom’s leading mobile wallet, stc pay, has received approval from the Saudi Central Bank to proceed with its transformation into STC Bank. This beta launch will enable selected users to upgrade their accounts from an stc pay digital wallet into an STC Bank account. They will also be provided an International Bank Account … Read more
RIYADH: The share of retail consumer electronic payments in Saudi Arabia surged to 70 percent of total transactions in 2023, up from 62 percent in the previous year, official data showed. According to the Saudi Central Bank, also known as SAMA, this increase is attributed to the substantial growth of transactions processed through national … Read more
MONTEVIDEO, Uruguay: The UAE and Peru have announced that they will start talks for a free trade agreement later this year. The announcement came on the sidelines of a World Trade Organization meeting in Abu Dhabi, and builds on a decision by Peru earlier this month to open an embassy in the UAE. The … Read more
PIF’s Tasaru inks 3 deals to propel Saudi Arabia’s mobility sector into future RIYADH: Self-driving taxis may soon be a reality in Saudi Arabia as Tasaru Mobility has secured deals to introduce automated vehicles to the Kingdom. In its first significant international agreement since launching in October, the Public Investment Fund subsidiary has signed three … Read more
RIYADH: The Kingdom’s fintech sector is experiencing continued growth, with the Saudi Central Bank, known as SAMA, recently issuing licenses to two additional payment service providers. Network International Arabia has been granted the right to operate in the Kingdom, enabling it to provide payment services via point-of-sale solutions. In addition, SAMA also licensed Barraq to … Read more
RIYADH: Saudi Arabia’s journey in turning raw information into valuable insights is evolving, as the General Authority for Statistics continues to carry out surveys and censuses. At the Future Real Estate Forum in Riyadh, Fahad Al-Dossari, president of GASTAT, underscored the evolving approach to analytical developments. He stated: “The statistical products in the recent period … Read more
Saudi Arabia’s industrial sector set to thrive on innovative production principles RIYADH: Saudi Arabia is looking to adopt pioneering manufacturing techniques as it seeks to turn its industrial sector into a key driver of growth, according to a top analyst. Karim Shariff, Middle East head of advanced manufacturing services practice at Bain & Co., told Arab … Read more
RIYADH: The role of Shariah-compliant funding in fostering sustainable economic growth will take center stage at the 43rd Islamic Financial Services Board council meeting. Taking place on Dec. 29 at Jeddah’s Ritz-Carlton, the forum will be chaired by the Governor of the Saudi Central Bank and Chairman of the IFSB, Ayman Al-Sayari. This event signifies … Read more
RIYADH: Saudi Arabia marked a milestone in its ongoing bilateral trade discussions with South Korea as the Kingdom’s industry minister met with his Korean counterpart in Seoul. Saudi Industry and Mineral Resources Minister Bandar Alkhorayef met Korean Trade, Industry and Energy Minister Lee Chang-yang on Dec. 16 to discuss opportunities to enhance industrial cooperation between … Read more