Latest news with #SAR2
Gulf Today
3 days ago
- Business
- Gulf Today
Saudi-GCC non-oil trade surplus achieves 203% annual growth: GASTAT
The non-oil trade surplus of Saudi Arabia with the Gulf Cooperation Council (GCC) countries recorded an annual growth rate of 203.2% to more than SAR2 billion in April. It soared to around SAR3,511 million from SAR1,158 million in the same month last year. According to preliminary data from the International Trade Bulletin for April, published by the General Authority for Statistics (GASTAT), the total volume of non-oil trade, including re-exports, between Saudi Arabia and GCC countries amounted to around SAR18,028 million. This reflects a year-on-year growth of 41.3%, with an increase of SAR5,271 million from SAR12,757 million in April 2024. Non-oil commodity exports, including re-exports, rose by 55%, totaling SAR10,770 million, up from SAR6,958 million in April of the previous year, an increase of over SAR3,812 million, Saudi Press Agency (SPA) reported citing the GASTAT figures. Meanwhile, the value of national non-oil commodity exports reached around SAR3,031 million, compared to SAR2,675 million in April 2024, achieving a year-on-year growth rate of 13.3%, with an increase estimated at SAR356 million. Additionally, the value of re-exports surged by 81%, reaching SAR7,738 million compared to SAR4,282 million, an increase of SAR3,456 million. Saudi Arabia's imports from GCC countries stood at SAR7,258 million in April 2025, compared to SAR5,799 million last year, achieving a year-on-year growth of 25.2%, with an increase of SAR1,459 million. The data indicated that the United Arab Emirates ranked first in terms of non-oil trade volume with Saudi Arabia, amounting to SAR13,533 million, representing about 75.1% of the total. Bahrain followed in second place with a trade value of SAR1,798 million (10%), while Oman ranked third with SAR1,454 million (8.1%). Kuwait was fourth with SAR819.9 million (4.5%), and Qatar came next with a value of SAR422.1 million (2.3%). WAM
Fintech News ME
24-06-2025
- Business
- Fintech News ME
Saudi Arabia Updates Credit Card Rules to Cut Fees and Boost Transparency
The Saudi Central Bank (SAMA) has announced an overhaul of the Kingdom's credit card regulations, aimed at improving transparency, reducing costs for consumers, and supporting the national transition towards digital payments. The new rules will be implemented within a period of 30 to 90 days. Under the revised framework, credit card holders can expect lower fees and clearer information on charges. Issuers are now required to notify customers via SMS of any changes to fees or charges. Customers will also have a 14-day window to cancel their credit card agreements without incurring penalties once notified of such changes. As part of efforts to encourage digital adoption, fees on e-wallet top-ups made through credit cards have been removed. Cash withdrawal fees have been adjusted to reduce costs. For withdrawals below SAR2,500, the fee is capped at 3% of the transaction value, while withdrawals of SAR2,500 and above are subject to a maximum fee of SAR75. Previously, a flat fee of SAR75 applied to withdrawals up to SAR5,000, with higher amounts attracting a 3% charge capped at SAR300. The updated structure represents a notable reduction in potential charges for users. A fee of 2% will now apply to international transactions based on the purchase value. Additionally, credit card users will be permitted to deposit sums exceeding their credit limit and withdraw those excess funds without additional charges. These changes are designed to improve flexibility and align with evolving customer needs. As part of its broader digital transformation agenda, SAMA noted that 79% of retail payments in Saudi Arabia are now conducted digitally. The credit card regulation updates reflect this shift, aiming to make digital financial tools more accessible, affordable, and secure. Card issuers are now required to notify customers of all financial transactions in real time and to deliver monthly statements via SMS. Furthermore, customers must be provided with tools to estimate international charges and rewards prior to making purchases. The regulations also introduce a minimum 25-day grace period for repayments, allowing cardholders to pay their full balance without incurring late fees. All fees, charges, and benefits must now be disclosed using standardised templates, promoting consistency and clarity across financial institutions. While several fees have been reduced or eliminated, a few standard charges remain in place. These include a SAR25 fee for filing invalid transaction disputes and a SAR25 fee for requesting printed account statements. In developing the revised framework, SAMA collaborated with international payment companies to benchmark costs and identify areas for reduction.
GMA Network
28-05-2025
- Business
- GMA Network
265 fully-funded scholarships opened for Pinoys to study in Saudi Arabia
The Kingdom of Saudi Arabia announced Wednesday 265 fully-funded scholarships covering undergraduate and graduate studies for Filipino students to enroll in Saudi universities, as part of a program that the two countries have been implementing for over 30 years. Under the program, scholars will be provided financial stipends, accommodation, medical insurance, and annual round-trip air tickets, among others. They will also be engaged in cultural and community activities that focus on intercultural dialogue. 'The relationship between Saudi Arabia and the Philippines is not confined to the realm of diplomacy — it is a relationship deeply rooted in cultural and scientific cooperation, and a legacy of civilizational exchange spanning decades,' Ambassador-Designate Faisal Ebraheem Alghamdi said in a speech in Makati City. 'These scholarships, therefore, serve as a strong bridge between the youth of our two nations, strengthening cultural and intellectual ties and reaffirming the Kingdom's commitment to supporting education in friendly countries,' he added. According to Economics and Cultural Affairs Officer Kamal Jameel Alwidyani, the scholarships are estimated to be worth SAR800 to SAR2,000 per month depending on the degree. This is equivalent to P11,841.00 to P29,602.50 monthly based on the prevailing rate of SAR1:P14.80. The scholarships will be available to applicants between the ages of 17 and 25 for the bachelor's degree and the Diploma in Arabic Studies, and for those aged 35 and younger for the doctorate program. These are offered internally or to students already in Saudi, and externally or to students outside the Kingdom 'These opportunities will enable Filipino students to join prestigious Saudi universities, where they will study alongside peers from around the world in academic environments that seamlessly blend tradition and innovation — offering an enriching educational experience unlike any other,' Ambassador-Designate Alghamdi said. Filipinos outside Saudi Arabia will have until June 14, 2025 to apply for the bachelor's degree, and until October 31, 2025 for the post-graduate studies. Those inside Saudi will have from June 15 to July 31, 2025 to apply for the bachelor's program and until October 31, 2025 for the post-graduate program. Applicants should not have had previously attained a scholarship to study in any educational institute in the Kingdom, and must pass a medical exam stipulated by Saudi law and the Ministry of Education. Among the possible majors are politics, law, education, business administration, economics, engineering and natural sciences, computer science, agriculture, Shariah and Arabic, and media. Theory-based majors will be taught in the Arabic language, while practical-based majors are taught in English. The participating schools include Al-Baha University, Bisha University, Hafr Al Batin University, Ha'il University, Imam Abdulrahman Bin Faisal University, Imam Mohammad University, Islamic University of Madinah, Jazan University, Jeddah University, Jouf University, King Abdulaziz University, King Faisal University, King Khalid University, King Saud University, Majmaah University, Najran University, Northern Border University, Prince Sattam Bin Abdulaziz University, Princess Nourah University, Qassim University, Saudi Electronic University, Shaqra University, Tabuk University, Taibah University, Taif University, and Umm Al-Qura University. The acceptance of male and female students in all Saudi universities will depend on the number of spaces available, with 5% allocated for scholars in each university, except for the Islamic University of Madinah which has allocated 85%. 'We look forward to seeing many enthusiastic and talented Filipino applicants, and we hope these scholarships mark a new chapter in strengthening the academic and cultural bonds between out two nations,' the Ambassador-Designate said. 'The Embassy of the Kingdom of Saudi Arabia in Manila remains fully committed to providing all necessary support and facilitation to ensure the success of prospective students on their educational journey,' he added. — RSJ, GMA Integrated News
Zawya
09-04-2025
- Business
- Zawya
NWC starts work on $533mln water, sanitation projects in Riyadh
Saudi Arabia's National Water Company (NWC), through its Central Cluster, has announced that it has begun work on 30 new water and sanitary drainage projects in Riyadh region. These projects, which involve a total length of lines and networks of 1,955 km, is being implemented at a total cost of SAR2 billion ($533 million). These projects are part of NWC's ongoing efforts to implement its strategic plans to develop water and environmental services infrastructure and increase service coverage for its customers. According to NWC, the water projects it has begun implementing comprise 16 projects in Riyadh city and several governorates. These projects cover parts of the following districts in Riyadh; Al-Taawun, Al-Janadiriyah and Leban, Al-Diriyah, Dirab; and parts of Al-Quwaiyah, Afif, Al-Dawadmi, Al-Muzahimiyah, Al-Reen, Al-Kharj, Hawtat Bani Tamim, Al-Hariq, Al-Majmaah, Al-Zulfi, and Thadiq governorates, as well as Al-Ayinah and Al-Jubaila centers, said NWC in a statement. The projects include line and network lengths exceeding 1,192 km, the construction of 18 water reservoirs with a total capacity of nearly 85,000 cu m and pumping stations with a daily volume of over 247,000 cu m at a total cost of over SAR1 billion. Work has also begun on another 14 sewerage projects within Riyadh Region, encompassing Riyadh city and several governorates. NWC said this project package was part of its efforts to strengthen the water distribution system, eliminate environmental damage, and achieve water security and environmental balance.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
08-04-2025
- Business
- Trade Arabia
NWC starts work on $533m water, sanitation projects in Riyadh
Saudi Arabia's National Water Company (NWC), through its Central Cluster, has announced that it has begun work on 30 new water and sanitary drainage projects in Riyadh region. These projects, which involve a total length of lines and networks of 1,955 km, is being implemented at a total cost of SAR2 billion ($533 million). These projects are part of NWC's ongoing efforts to implement its strategic plans to develop water and environmental services infrastructure and increase service coverage for its customers. According to NWC, the water projects it has begun implementing comprise 16 projects in Riyadh city and several governorates. These projects cover parts of the following districts in Riyadh; Al-Taawun, Al-Janadiriyah and Leban, Al-Diriyah, Dirab; and parts of Al-Quwaiyah, Afif, Al-Dawadmi, Al-Muzahimiyah, Al-Reen, Al-Kharj, Hawtat Bani Tamim, Al-Hariq, Al-Majmaah, Al-Zulfi, and Thadiq governorates, as well as Al-Ayinah and Al-Jubaila centers, said NWC in a statement. The projects include line and network lengths exceeding 1,192 km, the construction of 18 water reservoirs with a total capacity of nearly 85,000 cu m and pumping stations with a daily volume of over 247,000 cu m at a total cost of over SAR1 billion. Work has also begun on another 14 sewerage projects within Riyadh Region, encompassing Riyadh city and several governorates.
