Saudi Arabia’s fintech sector has garnered more than $23 million in investments since March, up from 51% year-on-year.
The sector recorded investments that exceeded $704 million in 2023, and the number of companies increased from 10 to approximately 207. Saudi Arabia aims to increase that number to 525 by the end of the decade.
A report published through the Islamic Private Sector Development Corporation found that, driven by a young population of more than 35 million people, 65% of whom are under the age of 35, Saudi Arabia boasts a GDP per capita of more than $23,000. and a penetration rate of 93%.
This fertile soil has propelled the fintech sector to the forefront, contributing to 51% of the Kingdom’s total investments in 2023.
In 2024, the monetary corporation “Moyasar” made its first investment circular with $21 million, while “Rakeez Financial” received $2 million.
Globally, the fintech industry is booming and the number of virtual banking users is expected to reach 2. 5 billion by 2024, up from 1. 9 billion in 2020, according to a report by Juniper, a generation research company.
This shift is driven by the emergence of mobile phones, banking apps, and virtual payment strategies such as “Apple Pay” and “PayPal. “
The Saudi Fund for the Health Sector showed how healthcare evolves during Ramadan, breaking records. More than four million individual donations have been made, with four7 charitable projects and four associations contributing to this generosity.
According to the Saudi Vision 2030, the fitness sector strives to improve people’s fitness and create colorful communities. One of the key systems is the Health Sector Transformation Programme, which is undertaking a number of projects to achieve these goals.
One notable initiative is the Health Endowment Fund, the Kingdom’s first independent fitness fund. It supports the physical care of the most vulnerable and commits the network to helping those in need through partnerships.
To achieve transparency and efficiency, the fund works with specialized auditing firms. It also partners with monetary experts to manage investments with monetary sustainability in mind.
Another vital endeavor is the development of the best fitness centers. It’s about improving infrastructure, upgrading equipment, and employing technology in fitness facilities and the patient experience.
These projects reflect the Fund’s commitment to fitness care across the sector and provide timely assistance to those in need. Overall, the fund aims to create a stylish fitness fund that can tackle demanding fitness situations with the help of the community.
The Saudi private sector is stepping up its involvement in the military industries to boost the sector’s progress and the good fortune of long-term projects. The aim is to achieve the Kingdom’s goal of localising more than a portion of its military spending by 2030.
Recently, the Federation of Saudi Chambers announced the status quo of the first national committee of its kind for the Kingdom’s military industries. Salman Al-Shatri was elected chairman of the committee, while Zeyad Al-Mohaimeed is its vice-chairman.
This is the first time that a committee for the military industries sector has been formed under the aegis of the personnel sector, represented through the Federation of Saudi Chambers, in collaboration with competent bodies such as the General Authority for Military Industries (GAMI), the Saudi Army. Industries (SAMI) and other authorities.
Speaking to Asharq Al-Awsat, Al-Shatri said that the purpose of the committee is to increase the number of corporations in the sector and manage the accumulation of investments well through collaboration.
In addition, the committee aims to constitute the personnel sector at national and international level, and to work closely with GAMI to ensure that the systems respond to the wishes of the sector.
Al-Shatri explained that the committee will speak directly with the relevant ministries to carry out certain local and sustainable projects in the sector. They will share their feedback with governments such as the Ministry of Industry, the Ministry of Investment, and others to remove barriers and utilize programs. .
He highlighted the Committee’s focus on generation localization and research. They will work heavily with the defense progress and governance of the military industry to expand the necessary technologies and safely allocated resources.
Al-Shatri said achieving the goals of Saudi Vision 2030 requires an enabling environment for research, progress and business infrastructure. That’s what the committee intends to address next.
The creation of the new committee follows the directives of the Saudi Chambers of Commerce, aimed at modernizing the economy in accordance with the Kingdom’s vision.
Among the priority spaces is the military industry, which aims to locate more than 50% of its operations by 2030.
The government’s efforts have led to a significant increase in the capabilities of the military industry, with localization rates expanding from 4% to 13. 6% through the end of 2022.
Saudi Arabia has granted entry permits to 265 companies in the military sector and announced more than 74 investment opportunities to localize the chain of origin.
In February, Riyadh hosted a defense exhibition with more than 773 exhibitors from 75 countries and the participation of defense ministers and senior officials.
Iraq on Sunday signed a memorandum with Siemens Energy and Schlumberger to fight fuel flaring and channel captured resources to boost the country’s power generation capacity.
Deputy Prime Minister for Energy Affairs and Petroleum Minister Hayan Abdul Ghani said the MoU aligns with the ministry’s plan to use related fuel for power generation. “This will provide productive and valuable force for power plants and the national grid,” he told a news conference. Press conference after the signing ceremony.
“The MoU paves the way for the creation of joint ventures with tech giants,” Abdul Ghani said.
Thanking the German embassy chargé d’affaires Maximilian Rach for the collaboration, he expressed his country’s support for Iraq’s efforts to increase its energy production and reduce its carbon emissions. He expressed the hope that the partnership would be extended to other sectors.
The head of Siemens Energy Iraq, Muhannad Al-Saffar, underscored the importance of the MoU as a launching pad for long-term cooperation that will put an end to fuel burning and the process of capturing fuel for power generation.
“This will help ensure energy security, minimize imports and the environment,” he said.
Izzat Sabre, Undersecretary of Gas at the Ministry of Petroleum, said: “Cooperation with major foreign corporations will strengthen the sector, optimize expenditures and ensure environmental protection. “
Wissam Al-Azm, CEO of Schlumberger Iraq, highlighted the shared commitment to finding answers and leveraging cutting-edge technologies for a sustainable energy future.
QatarEnergy CEO Saad Al Kaabi announced on Sunday that the company has finalized several charter contracts with several Asian shipowners to bolster its maritime fleet of 19 LNG vessels in anticipation of an increase in LNG production.
In a rite at its headquarters in Doha, state-owned QatarEnergy signed contracts to charter six vessels from CMES LNG Carrier Investment, six vessels from Shandong Marine Energy, three vessels from MISC Berhad and four vessels from Kawasaki Kisen Kaisha and Hyundai Glovis.
QatarEnergy had previously signed a contract to build 77 ships at Korean and Chinese shipyards in the early stages of its LNG vessel procurement program.
The expansion of QatarEnergy’s North Field will strengthen its position as the world’s largest LNG exporter. It contains 8 LNG trains that will increase Qatar’s liquefaction capacity from 77 million tonnes per annum (mtpa) to 142 mtpa by 2030, an 85% increase in production.
Egypt will get the first tranche of an extended loan deal with the International Monetary Fund (IMF) next week, Prime Minister Mostafa Madbouly told a convention on Saturday.
The expanded $8 billion monetary program provides $820 million for its early release, according to an IMF statement.
Madbouly said he was following up with central bank governor Hassan Abdullah on foreign exchange flows and said the first tranche of the IMF loan would be secured next week.
It is also under pressure for the government to try to put the finishing touches on all reforms and return dollar flows to normal.
The IMF announced that its Executive Board had conducted the first and second reviews of Egypt’s economic program and the construction of the initial $5 billion agreement with Egypt.
In a statement, the Fund said Egypt could withdraw some $820 million immediately, indicating that the implementation of economic policies under the program is to address the country’s macroeconomic challenges.
He added that the Ras Al-Hekma investment deal would ease monetary pressures in the short term, noting that external shocks and delayed policy changes have affected economic activity in Egypt, with expansion slowing to 3. 8% in the 2022-2023 fiscal year. . .
“The challenging external environment generated by Russia’s war in Ukraine was further exacerbated by the standoff in Gaza and Israel, as well as tensions in the Red Sea. These developments have increased the complexity of challenging macroeconomic situations and required decisive domestic policy action backed by a physically stronger external financing program, added by the IMF,” he said.