Latest news with #AlEqtisadiah
Argaam
2 days ago
- Business
- Argaam
SAMA expects new payment interface to support entry of e-stores
The Saudi Central Bank (SAMA) expects the newly launched payment interface to facilitate the entry of new e-commerce stores, particularly local businesses that have previously faced technical and regulatory challenges. The initiative is part of efforts to unify integration standards with the Mada system, with the goal of enhancing the competitiveness of the Saudi market and expanding the base of payment service providers. According to Al Eqtisadiah newspaper, SAMA stated that the interface targets five key beneficiary groups: payment gateways, technical payment service providers, hosting banks and financial institutions, relevant government and private entities within the e-commerce ecosystem, and individual consumers—who will benefit from a more seamless and secure payment experience. The central bank explained that the interface will allow banks and financial institutions, in their role as hosting entities, to establish direct financing relationships with e-commerce merchants. This will enable financing based on actual sales generated through e-payments, allowing financial institutions to provide funding solutions backed by merchants' transaction data. According to data available with Argaam, SAMA launched the new e-payment interface earlier this month as part of a strategic initiative to improve payment system efficiency and accelerate the Kingdom's digital transformation in line with the rapid growth of the e-commerce sector.
Argaam
16-02-2025
- Business
- Argaam
Saudi construction sector to grow 5% annually until 2030: SCA Chairman
Saudi Arabia's construction sector is forecast to grow at an annualized rate of 5% until 2030, Mohammed Alajlan, Chairman of the Saudi Contractors Authority (SCA), told Al Eqtisadiah newspaper. This growth reflects expansion across related industries, including suppliers, manufacturing, and labor, he added. According to Alajlan, as much as 18,000 projects are currently underway in Saudi Arabia, fueling trillions of SAR-denominated investments by 2030. He noted a significant influx of foreign companies into the Saudi construction sector, driven by market demand for their expertise. These firms would form alliances with local contractors, therefore facilitating knowledge exchange and collaboration.
Argaam
07-02-2025
- Automotive
- Argaam
KAEC's Industrial Valley hosts 12 carmakers, auto service providers: CEO
Majid Matbouly, CEO of the Industrial Valley and Special Economic Zone at King Abdullah Economic City (KAEC), said the Industrial Valley hosts six factories for car manufacturing and assembly, along with six companies offering automotive logistics, Al Eqtisadiah newspaper reported. Further, KAEC is home to 115 local and international investors operating in key sectors, such as automotive, pharmaceuticals, packaging, logistics services, building materials, and consumer goods, Matbouly said. He added that the Industrial Valley and the Special Economic Zone together house approximately 48 factories, with total investments reaching SAR 12 billion. There are other investors in the Special Economic Zone having investments of more than SAR 15 billion, including the National Automotive Co. (Ceer), Lucid Motors, Hyundai Motor, and the automotive logistics company Park Masarat.
