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Saudi Gazette
10-07-2025
- Business
- Saudi Gazette
Annual growth of Saudi – GCC non-oil trade surplus soars 203% in April
Saudi Gazette report RIYADH — Saudi Arabia's non-oil trade surplus with other Gulf Cooperation Council (GCC) states recorded an annual growth of 203.2 percent during April 2025. This figure posted an increase of more than SR2 billion, reaching approximately SR3,511 million, compared to SR1,158 million in the same month last year, according to the preliminary data from the International Trade Bulletin for April 2025, issued by the General Authority for Statistics (GASTAT). The report showed that the total volume of non-oil trade, including re-exports, between the Kingdom and the GCC countries amounted to approximately SR18,028 million, recording an annual growth of 41.3 percent, an increase of SR5,271 million, compared to SR12,757 million in April 2024. Non-oil commodity exports, including re-exports, increased by 55 percent, reaching SR10,770 million, compared to SR6,958 million in April last year, an increase of more than SR3,812 million. Non-oil national commodity exports amounted to approximately SR3,031 million, compared to SR2,675 million during the same period in 2024, achieving an annual growth of 13.3 percent, an increase of SR356 million. The value of re-exports also jumped by 81 percent, reaching SR7,738 million, compared to SR4,282 million in April 2024, a difference of SR3,456 million. As for imports from Gulf countries, their value reached SR7,258 million, compared to SR5,799 million in April last year, achieving an annual growth of 25.2 percent, with an increase of SR1,459 million. The data showed that the United Arab Emirates ranked first in terms of the volume of non-oil trade exchange with the Kingdom, with a value of SR13,533 million, representing approximately 75.1 percent of the total. Bahrain came in second place with a value of SR1,798 million (10 percent), followed by Oman with a value of SR1,454 million (8.1percent), while Kuwait in the fourth place with SR819.9 million (4.5 percent), and Qatar comes last with a value of SR422.1 million (2.3 percent).
Gulf Insider
07-07-2025
- Business
- Gulf Insider
Saudi Fines Up to SR100K for Electricity Meter Tampering
Saudi Arabia's Electricity Regulatory Authority has introduced sweeping amendments to its enforcement regulations, significantly increasing penalties for violations under the Kingdom's Electricity Law. The amendments, approved this week, include updated fine assessment mechanisms and stricter penalties based on the severity and circumstances of each infraction. Among the most notable amendments are steeper fines for tampering with electricity meters. Offenders now face penalties ranging from SR5,000 to SR100,000, depending on the breaker's amperage capacity. For example, tampering with a meter connected to a 100-amp or smaller breaker carries a SR5,000 fine, while tampering with one over 400 amps could incur the maximum SR100,000 penalty. Violations involving individuals who do not own the meter account or are not actual beneficiaries will automatically incur a SR50,000 fine — subject to increase if the violation is deemed serious or has been repeated more than twice, as per the criteria set by a designated committee. The amendments define 10 core violations, including failure to comply with the authority's directives in handling complaints (SR20,000) and failure by licensed entities to provide requested information (up to SR100,000). Other violations include SR2,000 fine for missing statutory deadlines related to electrical services, SR50,000 for non-compliance with performance standards, and SR3,000 for violations related to small-scale photovoltaic systems and electric vehicle charging frameworks. The new regulations also update procedures for assessing repair costs and compensation in cases of meter tampering. If a tampering incident causes a reduction in consumption, the responsible party must cover the cost of the unrecorded electricity as well as repair expenses. For residential users, repair costs range between SR250 and SR1,150 if the meter remains intact, and SR1,150 to SR4,050 if a replacement is needed. In non-residential cases, fines range from SR300 to SR2,050 (no replacement), and SR1,150 to SR4,950 (with replacement). A new provision targets direct, unmetered connections to the national grid. In such cases, violators must cover the value of unregistered consumption and pay for grid repairs based on the cable's diameter. Fines range from SR1,300 to SR17,000 for residential and SR1,700 to SR33,000 for non-residential connections. The authority also introduced requirements for service providers to remove violations, repair damage, and refer cases for compensation claims. Providers must complete all legal procedures related to enforcement and cost recovery. Also Read: Riyadh Financial Hub Earns Guinness Record For 15.46 km Pedestrian Skyway
Arabian Post
21-06-2025
- Business
- Arabian Post
Saudi Bank Unveils New Credit‑Card Rules to Drive Transparency
Arabian Post Staff -Dubai The Saudi Central Bank has introduced sweeping reforms in the rules governing credit-card issuance and operation, aiming to reduce consumer costs, bolster transparency and align with global standards. The changes include mandatory fee notifications, reduced cash withdrawal charges, capped international transaction fees and improved disclosures. SAMA will implement these updates within 30 to 90 days. Key changes include a requirement for issuers to send SMS alerts before any fee or term modification, allowing cardholders a 14-day window to cancel agreements without penalty under the updated terms. E-wallet top-ups using credit cards will now incur no charges, a move intended to incentivise digital payments. ADVERTISEMENT Cash withdrawals of SR2,500 or less will carry a maximum fee of 3% of the transaction value; those of SR2,500 or more are capped at SR75. Previously, cash advance fees applied sharply until SR5,000 with a flat SR75, and beyond that 3%, up to SR300—making the new cap notably more favourable for larger withdrawals. International purchases will now attract a clear 2% fee of the transaction amount. A notable enhancement allows customers to deposit amounts beyond their credit limit and withdraw them at any point without additional charges, enhancing flexibility and consumer agency. Account statements must now be issued via SMS at least 25 days before payment, detailing balances, due dates and fees. Immediate notifications must follow any credit-card transaction, including details such as merchant, amount and remaining limit. Issuers are also required to provide pre‑transaction tools for estimating international charges and reward benefits. Repayment provisions maintain consumer safeguards: a 25-day minimum grace period is mandated before term costs apply. The rules prohibit levying additional fees for full balance payments and outlining clear terms for minimum payments and their implications. These reforms are underpinned by standardised disclosure templates for fees and benefits, inclusive of promotional terms—a step towards consistency across the market. Issuers must emphasise APR, term costs and expiration timelines for rewards or promotions, with SMS reminders 14 days in advance. SAMA's emphasis on mandatory due diligence and creditworthiness checks prior to card issuance is reinforced under the new framework. Criteria now include explicit customer consent via authenticated channels, formal credit record assessments and eligibility conditions aligned with industry best practices. Procedures for supplementary cards, default reporting and dispute resolution have also been clarified. For example, the minimum repayment remains 5% of the due balance, and any default procedures must include consumer advisory services before legal or collection measures begin. SMS has been designated the primary channel for disclosures, with issuers obliged to inform customers of account activity, fee changes and promotional developments. Financial institutions must adhere to SAMA‑specified notification templates to promote uniformity and clarity. According to a senior official within SAMA, the goal is to 'establish minimum requirements to promote disclosure, transparency and fair practices, as well as to limit credit risk.' Industry reaction has been generally positive. Analysts from regional banks suggest the rules will 'enhance consumer protection while supporting digital payment growth.' Critics, however, note potential implementation challenges—particularly in updating existing systems to align with stricter notification and compliance requirements. The timing reflects SAMA's broader strategy to modernise the financial sector and accelerate digital payments as part of Saudi Vision 2030. A 2020 directive mandated real‑time notifications for debit card and e-wallet transactions, laying foundational infrastructure for today's enhanced SMS regime. Collaboration with global payment networks—such as Visa, MasterCard and American Express—has helped shape caps on international and cash advance fees. Banks and fintech firms are now preparing compliance roadmaps. One major lender has initiated system-wide updates to include the new SMS templates, fee calculators and balance‑flexibility features. Industry trade bodies are urging transparency in implementation timelines to ensure consumers are well informed ahead of the rollout. As SAMA positions Saudi Arabia's credit‑card framework at par with international best practice, key areas to monitor include transparency in third‑party charges, enforcement mechanisms for non-compliant issuers, and feedback from consumer‑protection advocates.
Saudi Gazette
20-06-2025
- Business
- Saudi Gazette
New SAMA rules limit credit card fees: 3% cash withdrawal, 2% foreign purchases, free e-wallet top-ups
Saudi Gazette report RIYADH — The Saudi Central Bank (SAMA) announced on Thursday updated rules for the issuance and operation of credit cards, aimed at lowering costs for customers and increasing levels of disclosure and transparency. The new regulations will take effect within 30 to 90 days. Among the key updates, credit card issuers must notify customers of any changes in fees via SMS, with customers allowed to terminate their agreement within 14 days of receiving the notice. E-wallet top-ups via credit cards are now free of charge. For cash withdrawals below SR2,500, fees are capped at 3% of the transaction amount. For withdrawals of SR2,500 or more, fees are limited to a maximum of SR75. International purchases will now carry a 2% fee of the transaction value. Customers are also permitted to deposit additional amounts above their credit limit and withdraw them at any time without incurring charges. SAMA worked with global payment companies to assess and reduce associated transaction costs, as part of its mission to enhance Saudi Arabia's digital payment ecosystem and provide a diverse array of payment options for customers and visitors. Transparency measures now require issuers to notify customers immediately of any financial transactions and to send account statements via SMS. Issuers must also provide tools for customers to estimate rewards and international charges before making a purchase. Regarding repayment, customers may pay off their full outstanding balance without incurring late fees, with a mandatory grace period of at least 25 days. The regulations also unify disclosure templates for all fees, charges, and benefits within credit card agreements, promoting greater clarity for consumers. Previously, cash withdrawals carried fees of SR75 for transactions up to SR5,000 and 3% of the transaction amount for amounts over SR5,000, with a maximum fee of SR300. The new cap of SR75 for larger transactions offers more favorable terms. International transactions are now subject to a clear 2% fee, and additional charges include SR25 for invalid transaction disputes and account statement requests.
Saudi Gazette
15-06-2025
- Business
- Saudi Gazette
Gulf stock markets tumble amid Israel-Iran escalation
Saudi Gazette report RIYADH — Financial markets across the Arabian Gulf and Egypt plunged sharply on Sunday, as escalating military tensions between Israel and Iran triggered widespread selloffs and heightened volatility across the region's stock exchanges. The downturn followed a weekend of intensified hostilities, with both sides exchanging airstrikes since Friday, rattling investor confidence and driving oil prices up nearly 7% by the close of trading on Friday. In Saudi Arabia, the Tadawul All Share Index (TASI) opened down by around 3%, before recovering slightly to close 1.81% lower at 10,647 points. Trading volumes exceeded SR2 billion. Despite the overall market drop, shares in Saudi Aramco rose 1.76%, buoyed by the oil price surge, peaking at SR25.50 on a trading value of more than SR357 million. The Kuwait Stock Exchange experienced the steepest losses, initially falling by 5%, which triggered a temporary trading ended the session down 3.9% at 8,507 points, shedding 348 points. Total trading exceeded 446 million shares, valued at KWD 127.7 stock market suffered one of its worst single-day losses in recent benchmark EGX 30 index fell 6.26% to 30,475 points, while market capitalization lost more than EGP 120 billion within the first 15 minutes of trading, as a wave of panic selling swept the Qatar Stock Exchange index also dropped 2.8% to 10,334 points, and the Muscat Securities Market slid 1.8% to 4,461 points. The Bahrain Bourse recorded a milder decline of 0.7%.
