Latest news with #RIYADH
Arab News
3 hours ago
- Business
- Arab News
Education spending drives Saudi POS transactions to $3.16bn
RIYADH: Education spending in Saudi Arabia increased by 3.6 percent in the week ending July 26, driving total point-of-sale transactions to SR11.87 billion ($3.16 billion), even as most other sectors saw declines. Total POS value remained above the $3 billion mark for the fifth consecutive week despite a 2.7 percent weekly drop, underscoring the resilience of consumer activity across the Kingdom, according to data from the Saudi Central Bank, also known as SAMA. The education sector recorded SR111.18 million in transaction value, with the number of transactions slipping 4.1 percent to 140,000, while overall POS transactions across all sectors declined 2.9 percent to 206.46 million. The hotels sector saw a 1.3 percent increase to SR291.07 million. On July 29, the Saudi Cabinet approved the new statistics law, enhancing the Kingdom's POS reporting with more detailed retail market insights. This update introduces refined subcategories in POS data, improving transparency and supporting data-driven decision-making in line with Vision 2030. According to SAMA's bulletin, the subcategory of books and stationery saw the largest decrease, dropping by 5.8 percent to SR98.11 million. Spending on airlines ranked next, dropping 5.6 percent to SR65.20 million. Food and beverages, the sector with the biggest share of total POS value, recorded a 1.8 percent decrease to SR1.70 billion, while the restaurants and cafes sector saw a 2.4 percent decrease, totaling SR1.55 billion and claiming the second-biggest share of this week's POS. Spending on transportation ranked third despite a 2.2 percent decline to SR945.76 million. The top three categories accounted for approximately 35.3 percent of the week's total spending, amounting to SR4.19 billion. The smallest decline was seen in spending on freight transport, postal and courier services which decreased by 0.9 percent to SR36.13 million, followed by expenditure on telecommunication, which saw a 1 percent dip to SR131.86 million. Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.1 billion, a 2.7 percent decrease from the previous week. Jeddah followed closely with a 3.1 percent dip to SR1.70 billion, while Dammam ranked third, down 2.8 percent to SR566.81 million. Al-Jubail saw the smallest increase, inching up 0.6 percent to SR123.04 million, followed by Al-Baha with a 0.7 percent increase to SR76.12 million. Hail recorded 3.54 million deals in transaction volume, down 3.2 percent from the previous week, while Tabuk reached 3.93 million transactions, dropping 4.3 percent.
Arab News
4 hours ago
- Business
- Arab News
Boursa Kuwait net profit surges 61% in H1
RIYADH: A rise in operating revenues and profitability drove Boursa Kuwait's net profit to 15.11 million Kuwaiti dinars ($49.4 million) in the first half of 2025 — a 61.12 percent annual increase. The growth was underpinned by a 41.13 percent year-on-year rise in total operating revenues to 24.20 million dinars, alongside a 59.53 percent boost in operating profit to 18.47 million dinars, according to a release. Earnings per share surged in tandem, rising from 46.71 fils to 75.27 fils by June 30, while total assets reached 123.87 million dinars, reflecting a 9.26 percent increase year-on-year. Shareholders' equity attributable to equity holders of the parent company climbed 12.68 percent to 66.20 million dinars. The Boursa's growth aligns with the World Bank's forecast for Kuwait's non-oil sector, which is expected to expand by 1.6 percent in 2025, supported by renewed real credit growth and large-scale infrastructure projects such as the Northern Special Economic Zone and Silk City. Boursa Kuwait Chairman Bader Al-Kharafi said: 'These results reaffirm Boursa Kuwait's capacity to navigate the complex geopolitical and economic challenges experienced worldwide while maintaining sustainable growth supported by revenue diversification and enhanced liquidity levels.' He added: 'This growth marks a significant milestone in our journey, giving us greater momentum to advance our development plans to modernize market infrastructure, diversify investment instruments and strengthen its appeal to both local and international investors.' While the oil sector is projected to rebound with 2.2 percent real growth as OPEC+ production cuts ease from May, the broader fiscal outlook remains mixed, with the fiscal deficit forecast to widen to approximately 7.2 percent of gross domestic product due to weaker oil revenues. The performance coincides with major enhancements introduced under Part Two of Phase Three of the Market Development Program, a collaborative initiative involving Boursa Kuwait, the Capital Markets Authority, and Central Bank of Kuwait, as well as Kuwait Clearing Co., local banks, and investment and brokerage firms. Al-Kharafi credited the achievement to 'seamless collaboration across the capital market apparatus and a shared determination to create tangible value for investors,' affirming the company's commitment to 'delivering transformative milestones that secure the long-term sustainability of the national economy.' He also emphasized the role of the private sector, noting that this breakthrough 'underscores the private sector's agility and effectiveness in advancing development and forging impactful partnerships with the public sector.' He extended his gratitude to stakeholders, including shareholders, executive management, regulatory authorities, and investors, stating: 'Our commitment to deliver a superlative investment experience remains unwavering.' The Kuwaiti capital market recorded a surge in activity during the first half of 2025, with traded value jumping 90.39 percent to 12.63 billion dinars, while traded volume rose 82.95 percent to 49.45 billion shares. Market capitalization reached 50.53 billion dinars, a 23.20 percent increase year on year. The 'Premier' Market contributed significantly with traded value up 47.09 percent to 7.34 billion dinars and market capitalization up 24.45 percent to 42.27 billion dinars. Meanwhile, the 'Main' Market posted a 221.36 percent rise in traded value to 5.29 billion dinars, alongside a 17.20 percent growth in market capitalization to 8.27 billion dinars. Boursa Kuwait CEO Mohammad Saud Al-Osaimi highlighted the effectiveness of recent regulatory and operational reforms. 'These positive indicators showcase the robustness of the Kuwaiti capital market's regulatory framework and our continued efforts to enhance infrastructure, diversify products and elevate the investor experience,' he said. He noted the strategic role of market segmentation, stating: 'The 'Premier' Market has maintained stable trading values, while the 'Main' Market has shown remarkable activity.' In pursuit of a stronger international presence, Boursa Kuwait has engaged in roadshows and corporate days in partnership with global financial institutions. These included events in Asia and London, showcasing the exchange's progress and investment potential. Al-Osaimi said: 'Through active engagement with world-renowned investment banks, sovereign wealth funds, pension funds and asset management firms, the exchange has cultivated a robust investor base.' He added that institutional investors account for 65.08 percent of participants. The CEO reiterated the exchange's commitment to expanding its product range, enhancing market efficiency, and strengthening investor confidence through transparency and governance. Since its privatization in 2019 and self-listing in 2020, Boursa Kuwait has introduced multiple market development phases aimed at boosting its global standing and supporting Kuwait's broader economic vision.
Zawya
a day ago
- Business
- Zawya
MoneyGram and Bank AlJazira partner to expand cross-border money movement in Saudi Arabia
RIYADH, Kingdom of Saudi Arabia: MoneyGram, a leading global payments network for consumers, businesses and communities, today announced resuming money transfer services with Bank AlJazira, a leading bank in Saudi Arabia. This partnership expands access to physical and digital cross-border money movement solutions across the Kingdom, supporting Saudi Arabia's Vision 2030 and its goal of building an inclusive, digitally empowered economy. Now, Bank AlJazira's customers can send money to over 200 countries and territories via the bank's digital channels or at FAWRI Retail locations where they can also receive money across the Kingdom, providing convenience for Saudi nationals, residents and visitors. Powered by MoneyGram's global payments network and world-class APIs, customers benefit from a range of transfer methods, including bank accounts, mobile wallet and cash pick up. This announcement of receive service supports millions of visitors who travel to Saudi Arabia year-round for Hajj and Umrah pilgrims, business or tourism. This highlights MoneyGram's strategic focus on enabling inbound remittance services into the Kingdom and serving a broad range of customers from around the world. 'Over the past decade, MoneyGram has partnered with the Kingdom's leading fintechs, mobile wallets and banks to deliver a broad range of cross-border solutions,' said Ahmed Aly, Head of Middle East, South Asia & Asia Pacific at MoneyGram. 'Today, we're proud of our partnership with Bank AlJazira – a trusted brand with strong technological capabilities – to advance our mission of connecting the world by making the movement of money across borders seamless, affordable and reliable for everyone.' Recipients of funds sent from Saudi Arabia will benefit from flexible payout options – whether picking up cash at one of MoneyGram's 480,000+ global retail locations or receiving funds across five billion digital endpoints 'This collaboration delivers greater value to our customers by offering faster and more reliable international money transfer services. It strengthens our commitment to providing seamless and reliable financial solutions, ensuring we meet the evolving needs of our customers, both locally and globally,' said Fahad AlMuteri, Head of Digital Banking at Bank AlJazira. Remittances from Saudi Arabia rose to $4.13B in March 2024, marking a 29.61% year-on-year increase and the highest monthly level recorded in nearly nine years 1. Approximately 42% of the Kingdom's population are immigrants, many of whom have relocated for economic opportunities. These expatriates primarily send money to key remittance corridors, such as India, Indonesia, Pakistan, Bangladesh, Egypt and Yemen. -END- About MoneyGram MoneyGram connects the world by making the movement of money across borders seamless, affordable and secure for everyone. Each year, the company serves more than 50 million people in over 200 countries and territories. Headquartered in Dallas, Texas, with offices in 36 countries, MoneyGram is globally recognized for its high-performance culture and has been honored as a Top Workplaces USA award winner for four consecutive years. MoneyGram Media Contact media@ About Bank AlJazira Bank AlJazira (BAJ) is recognized as one of the leading Shariah compliant fast growing financial institutions in Saudi Arabia, client-driven and service-oriented Saudi Financial Group which provides individuals, businesses and institutions with innovative Shariah compliant financial services through professional and dedicated staff. 1 Arab News 'Saudi Arabia's expat remittances hit near 9-year high at $4.13bn in March'
Arab News
2 days ago
- Business
- Arab News
Closing Bell: Saudi main market closes lower at 10,885
RIYADH: Saudi Arabia's Tadawul All Share Index closed lower on Monday, falling 70.90 points, or 0.65 percent, to end the session at 10,885.32. The total trading turnover on the main market reached SR4.61 billion ($1.2 billion), with 546.78 million shares traded. A total of 72 stocks advanced while 177 declined. The MSCI Tadawul 30 Index also dropped, losing 10.55 points, or 0.75 percent, to close at 1,399.41. On the Kingdom's parallel market Nomu, the index declined by 209.73 points, or 0.78 percent, to finish at 26,781.28. Of the listed companies, 31 gained while 49 fell. Sport Clubs Co. led the gainers, rising 9.92 percent to SR11.19. It was followed by SHL Finance Co., which advanced 6.47 percent to SR23.85, and Allied Cooperative Insurance Group, which rose 6.13 percent to SR11.43. Riyadh Cables Co. posted a gain of 4.73 percent, while Saudi Co. for Hardware rose 3 percent. On the other hand, Tourism Enterprise Co. recorded the sharpest decline of the session, falling 9.84 percent to SR1.10. Banque Saudi Fransi dropped 5.26 percent to SR16.92, while Raydan Food Co. fell 4.07 percent to SR13.66. Thob Al Aseel Co. declined by 3.93 percent, while Northern Region Cement Co. fell 3.89 percent. On the announcement front, Al Majeed Oud Co. reported a 19.6 percent year-on-year increase in revenue for the first half of 2025, reaching SR618.8 million compared to SR517.2 million in the same period last year. The company also posted a 21.5 percent rise in net profit, which grew to SR145.2 million from SR119.5 million over the same timeframe. According to the company, the increase in sales was driven by the performance of newly launched products, retail network expansion, growth in its e-commerce platform, and targeted marketing campaigns during the Ramadan and Hajj seasons. It attributed the rise in net profit to the same commercial factors, along with improved operational efficiency measures. Shares of Al Majeed Oud Co. closed at SR130, down 1.52 percent. Raoom Trading Co. reported a 13.7 percent year-on-year decline in revenue for the first half of 2025, with sales falling to SR51.5 million from SR59.7 million in the same period last year. Net profit also dropped sharply, falling 91.9 percent to SR2.2 million from SR28.3 million. The company attributed the decline in revenue to lower average selling prices driven by market conditions and a reduction in sales volumes. The fall in net profit was also linked to a SR3 million loss from the revaluation of financial assets at fair value, compared to a gain of SR14.8 million in the corresponding period of 2024. Shares of Raoom Trading Co. closed at SR60.55, down 1.54 percent.
Arab News
2 days ago
- Business
- Arab News
Jordan's total exports rise 8.5% YoY in first 5 months
RIYADH: Jordan's total exports rose 8.5 percent year on year in the first five months of 2025 to 3.94 billion Jordanian dinars ($5.55 billion), driven by robust growth in national shipments, official data showed. According to the monthly foreign trade report issued by the Department of Statistics, national exports climbed 9.2 percent during the January–May period to reach 3.58 billion dinars, while re-exports increased 2.3 percent to 360 million dinars, Jordanian news agency Petra reported. The data comes as the kingdom's improving external trade performance aligns with broader regional trends, with the Gulf Cooperation Council economy expanding 1.5 percent year on year in the fourth quarter of 2024, led by gains in the non-oil sector, according to the GCC Statistical Center. 'For May 2025 alone, total exports stood at 901 million dinars, including 826 million dinars in national exports and 75 million dinars in re-exports. Imports for the month totaled 1.581 billion dinars, resulting in a trade deficit of 680 million dinars,' Petra said. During the month, total exports rose by 2.4 percent year on year, driven by a 4.8 percent increase in national exports, while re-exports saw an 18.5 percent decline. Imports for the same month totaled 1.581 billion dinars, marking a 5.6 percent drop, which contributed to a 14.5 percent reduction in the trade deficit. The coverage ratio for May rose to 57 percent, up from 53 percent in May 2024, marking a four-percentage-point improvement. Jordan's economy is projected to grow by 2.7 percent in 2025, with expectations of accelerating to 3.5 percent in the medium term, according to central bank governor Adel Sharkas, who made the projection in March. The upward trend in trade performance is seen as a key contributor to this outlook. The positive trade momentum coincides with modest industrial growth. Jordan's Industrial Production Index rose 2.07 percent in the first five months compared to the same period last year, according to the Department of Statistics. The rise was driven by higher output in manufacturing and electricity production, while quarrying declined. Monthly, the IPI rose 0.74 percent year on year in May and surged 2.95 percent from April. Fitch Ratings in May affirmed Jordan's long-term foreign-currency issuer default rating at 'BB-' with a stable outlook, citing macroeconomic stability and continued reform progress. The US-based agency added that the rating and stable outlook reflect Jordan's resilient financing sources, including a liquid banking sector, a robust public pension fund, and continued international support.
