
SAMA Grants License to Awn Alraidah Company for Consumer Microfinance Activities
This move aligns with SAMA's ongoing efforts to strengthen the financial sector, improve transaction efficiency, and encourage innovative financial solutions that support broader financial inclusion across Saudi Arabia.
SAMA emphasizes the importance of dealing only with licensed financial institutions. A complete list of authorized entities is available on the official SAMA website.
Related Topics:
GASTAT: Saudi Arabia's Inflation Holds Steady at 2.2% in May 2025
Saudi Arabia's Inflation Rate Eases to 1.9% in December
Rental Prices Drive Inflation in August 2024: GASTAT
SAMA Officially Launches 'Samsung Pay' in Saudi Arabia
Short link :
Post Views: 15 Related Stories

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Saudi Gazette
13 hours ago
- Saudi Gazette
Barq marks first year with 7 million users and SR73 billion in transactions, powering Saudi Arabia's digital shift
In a scene that reflects the Kingdom's rapid shift toward a cashless economy, Barq, the digital payments application, has recorded exceptional performance in its first year of operation. The number of its users has surpassed 7 million, representing 150 nationalities from around the globe. The app has encompassed a wide range of digital payments and money transfers, contributing effectively to advancing the Kingdom's non-cash economy objectives. In its first year, Barq issued more than 6.5 million digital payment cards, enabling users to conduct their transactions with ease and security. The app offers banking services through an advanced digital platform tailored to meet the needs of individuals as well as small and medium-sized enterprises (SMEs), providing innovative payment solutions under a license granted by the Saudi Central Bank (SAMA). Since its launch in July of last year, the app has processed over 500 million financial transactions, with a total transaction volume reaching SR73 billion, cementing its position as the fastest-growing digital wallet in the Kingdom and one of the leading success stories in the digital financial transformation aligned with the Saudi Vision 2030 goals. Barq has also strengthened its international presence through strategic partnerships, facilitating payments for visitors and residents from outside the Kingdom. This initiative supports the digital tourism sector and contributes effectively to the objectives of the Financial Sector Development Program and Vision 2030, by fostering a digitally empowered society and an innovation-driven economy. With a clear vision for empowering individuals and businesses, Barq continues to shape the digital payments landscape in the Kingdom, playing a vital role in realizing the Vision 2030 aspiration of building a thriving cashless society.


Saudi Gazette
17 hours ago
- Saudi Gazette
Saudi Arabia's real GDP grows 3.9% in Q2 2025 on broad-based economic expansion
Saudi Gazette report RIYADH — Saudi Arabia's real gross domestic product (GDP) recorded a 3.9% growth in the second quarter of 2025 compared to the same period last year, according to flash estimates released by the General Authority for Statistics (GASTAT). The increase reflects positive growth across all major economic sectors. Non-oil activities posted an annual growth rate of 4.7%, reinforcing the Kingdom's ongoing economic diversification. Meanwhile, oil activities expanded by 3.8%, underlining the continued strength of the energy sector. Government activities grew by a modest 0.6% year-on-year. In terms of contributions to seasonally adjusted real GDP growth, oil activities led with 1.3 percentage points, followed by non-oil activities with 0.9 both government activities and net taxes on products subtracted 0.1 points analyzing contributions to total real GDP growth, non-oil activities emerged as the primary driver, contributing 2.7 percentage activities added 0.9 points, while government activities and net taxes contributed 0.1 and 0.2 points, data highlights the resilience and adaptability of the Saudi economy, which continues to grow from multiple sources with an increasing focus on reducing oil International Monetary Fund recently revised its forecast for Saudi Arabia's economic growth in 2025 and 2026, citing higher expected oil revenues and accelerating non-oil IMF now projects 2025 GDP growth at 3.6%, up 0.6 percentage points from its April estimate. For 2026, growth is expected at 3.9%, up from the earlier forecast of 3.7%.


Arab News
18 hours ago
- Arab News
Saudi economy expands 3.9% in Q2, driven by non-oil activity
RIYADH: Saudi Arabia's economy expanded by 3.9 percent year on year in the second quarter of 2025, led by a strong performance in non-oil sectors, official data showed. According to flash estimates from the General Authority for Statistics, growth in non-oil activities reached 4.7 percent, outpacing the 3.8 percent expansion in the oil sector and a 0.6 percent rise in government services. The non-oil sector contributed the largest share to GDP growth, adding 2.7 percentage points, followed by oil activities at 0.9 percentage points. Government activities and net taxes on products each contributed 0.1 and 0.2 percentage points, respectively, to the overall expansion. The data aligns with the macroeconomic outlook from S&P Global Ratings, which projects Saudi Arabia's real GDP to grow at an average rate of 3.5 percent between 2025 and 2028, surpassing the 0.8 percent growth recorded in 2024. 'Seasonally adjusted real GDP increased 2.1 percent in Q2/2025, compared to the previous quarter Q1/2025,' GASTAT said in its quarterly update. #GASTAT publishes flash estimates of real GDP for Q2 of 2025. — الهيئة العامة للإحصاء (@Stats_Saudi) July 31, 2025 'This increase was due to the largest increase in oil activities since Q3/2021, up by 5.6 percent this quarter. Non-oil activities grew by 1.6 percent while government activities recorded a decrease of 0.8 percent,' it added. GASTAT said oil activities accounted for 1.3 percentage points of the quarterly growth, with non-oil sectors adding 0.9 percentage point. However, government activities and net taxes on products each had a negative impact of 0.1 percentage point. Supporting the non-oil growth trend, Saudi Arabia's non-oil exports, including re-exports, rose to SR31.11 billion ($8.29 billion) in May, marking a 6 percent increase compared to the same month in 2024, according to preliminary data from GASTAT released last week. The UAE remained the top destination for the Kingdom's non-oil goods, with exports amounting to SR9.54 billion. India was the second largest partner at SR2.78 billion, followed by China at SR2.03 billion, Bahrain at SR989.1 million, and Turkiye at SR924.7 million. Meanwhile, in its report titled 'Saudi Credit Trends: Change in Progress,' published on July 30, S&P Global said that Vision 2030 initiatives are 'set to enhance non-oil growth over the medium term,' supported by construction activity, rising consumer demand, and a broader labor force. Female labor force participation has more than doubled since 1999, stabilizing at 36 percent since 2022. S&P Global said that tourism now contributes approximately 6 percent of GDP and 14 percent of current account receipts in 2024, up from 5 percent in 2022. The sector is expected to grow further due to improved visa processes and a broader leisure economy. Despite projected fiscal deficits averaging 4.4 percent of GDP through 2028, public investments tied to Vision 2030, including major events like Expo 2030 and the 2034 FIFA World Cup, are expected to sustain economic momentum, S&P said.