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Mada card transactions surge 28% to reach $4.32bn in May
E-commerce sales via Mada cards in Saudi Arabia surged by 28 percent annually to reach SR16.22 billion ($4.32 billion) in May.
Data from the Saudi Central Bank indicates that this included online shopping, in-app purchases, and e-wallet…
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Saudi finance minister heads Kingdom’s delegation to G20 ministerial meeting in Brazil
Ongoing global challenges, financial sector issues, and the international economic outlook will be key topics as Saudi Arabia participates in a meeting of G20 finance ministers and central banks in Brazil this week.
Finance Minister…
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NEOM projects to receive $27.7m of cement from Al Jouf and Webuild partnership
NEOM projects are set to receive cement worth SR104 million ($27.7 million) as Saudi Arabia’s Al Jouf Cement Co. partners with Italy’s Webuild SpA.
The Saudi company has officially entered into an agreement with Webuild SpA, in a deal…
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Riyad Bank introduces first AI center in Saudi banking industry
Saudi Arabia’s digital banking has achieved a significant advancement after a leading bank introduced artificial intelligence technology, significantly enhancing its operational efficiency and customer experience.
Riyad Bank announced on…
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Dubai’s economy grows 3.2%, driven by financial, trade and transport sectors
Dubai’s economy saw 3.2 percent year-on-year growth in the first quarter of 2024, with its gross domestic product reaching 115 billion dirhams ($31.3 billion).
The transportation and storage industry, as well as the financial and…
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GCC banks eye Turkiye, Egypt and India for growth prospects
Gulf Cooperation Council banks aim to diversify their business models and enhance profitability by entering high-growth markets such as Turkiye, Egypt and India, a new report has revealed.
Fitch Ratings noted that this growing interest…
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Kuwait turns to deficit of 1.6 bln dinars in FY 2023/24, finance ministry says
Kuwait registered a deficit of 1.6 billion dinars ($5.23 billion) in fiscal year 2023/24 from a surplus of 6.4 billion dinars in the previous year, its finance ministry said in a statement on Wednesday.
Kuwait’s oil revenues fell to…
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Turkiye, Saudi Arabia end $5bn deposit agreement
Turkiye has terminated a $5 billion deposit agreement made with the Saudi Fund for Development as part of a review of its reserve management strategy.
The decision to end the arrangement, finalized with Saudi authorities, is expected to…
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Saudi Arabia leads GCC bond market with $37bn issuance in H1
Saudi Arabia emerged as the top issuer in the Gulf Cooperation Council bond market during the first half of 2024, raising $37 billion through 44 issuances, according to recent data.
The Markaz GCC Bonds and Sukuk Market Report indicated…
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SAMI to become authorized repair center for C-130 Hercules aircraft, Airbus rotorcraft platforms
Aerospace and defense firm Saudi Arabian Military Industries will become an authorized center for C-130 Hercules aircraft and Airbus rotorcraft platforms as it extends its maintenance, repair, and overhaul capabilities.
MRO services…
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