Latest news with #SAR5
Leaders
07-07-2025
- Business
- Leaders
National Development Fund Signs SAR5 Billion Credit Facility Deals
The National Development Fund (NDF) has signed two credit facility agreements with Al Rajhi Bank and Arab National Bank, according to the Saudi Press Agency. With a total amount of SAR5 billion, the move seeks to further support development projects across the Kingdom and empower its 12 developments funds and banks to achieve their objectives. NDF's Vice Governor Khalid Shareef noted that this initiative perfectly aligns with the fund's strategy to boost collaboration between the government and the private financial sector. Such collaboration would further provide credit products to the development system through the fund and its associated development banks. Consequently, these institutions would efficiently carry out their strategic projects and turn their plans into real actions. Therefore, they would significantly contribute to the economic growth and fulfill the Saudi Vision 2030 objectives as well. National Development Fund Signs SAR5 Billion Credit Facility Deals Crucially, the new deals stand as a testament to the NDF's commitment to strengthen economic growth and achieve comprehensive and sustainable development. Overall, the initiative aims to foster the Kingdom's economic growth and accelerate the national transformation process. Related Topics: Georgian Prime Minister Meets CEO of Saudi Fund for Development Finance Minister Wraps Up OPEC Fund Engagements SVC Announces Major Investment in Global Ventures VC Fund Short link : Post Views: 20 Related Stories
Fintech News ME
24-06-2025
- Business
- Fintech News ME
Saudi Arabia Updates Credit Card Rules to Cut Fees and Boost Transparency
The Saudi Central Bank (SAMA) has announced an overhaul of the Kingdom's credit card regulations, aimed at improving transparency, reducing costs for consumers, and supporting the national transition towards digital payments. The new rules will be implemented within a period of 30 to 90 days. Under the revised framework, credit card holders can expect lower fees and clearer information on charges. Issuers are now required to notify customers via SMS of any changes to fees or charges. Customers will also have a 14-day window to cancel their credit card agreements without incurring penalties once notified of such changes. As part of efforts to encourage digital adoption, fees on e-wallet top-ups made through credit cards have been removed. Cash withdrawal fees have been adjusted to reduce costs. For withdrawals below SAR2,500, the fee is capped at 3% of the transaction value, while withdrawals of SAR2,500 and above are subject to a maximum fee of SAR75. Previously, a flat fee of SAR75 applied to withdrawals up to SAR5,000, with higher amounts attracting a 3% charge capped at SAR300. The updated structure represents a notable reduction in potential charges for users. A fee of 2% will now apply to international transactions based on the purchase value. Additionally, credit card users will be permitted to deposit sums exceeding their credit limit and withdraw those excess funds without additional charges. These changes are designed to improve flexibility and align with evolving customer needs. As part of its broader digital transformation agenda, SAMA noted that 79% of retail payments in Saudi Arabia are now conducted digitally. The credit card regulation updates reflect this shift, aiming to make digital financial tools more accessible, affordable, and secure. Card issuers are now required to notify customers of all financial transactions in real time and to deliver monthly statements via SMS. Furthermore, customers must be provided with tools to estimate international charges and rewards prior to making purchases. The regulations also introduce a minimum 25-day grace period for repayments, allowing cardholders to pay their full balance without incurring late fees. All fees, charges, and benefits must now be disclosed using standardised templates, promoting consistency and clarity across financial institutions. While several fees have been reduced or eliminated, a few standard charges remain in place. These include a SAR25 fee for filing invalid transaction disputes and a SAR25 fee for requesting printed account statements. In developing the revised framework, SAMA collaborated with international payment companies to benchmark costs and identify areas for reduction.
Asharq Al-Awsat
28-04-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Boosts Food Security
Saudi Arabia is accelerating efforts to strengthen food security, a strategic objective rooted in the Kingdom's founding and shaped by its desert geography and limited water resources. As part of its Vision 2030, the Kingdom has placed food security among its top priorities, implementing a national strategy to boost local production and promote long-term agricultural sustainability. The agricultural sector's contribution to GDP rose to SAR114 billion ($30.4 billion) in 2024, up from SAR109 billion ($29 billion) the previous year, according to the latest Vision 2030 annual report. Government support, particularly through the Agricultural Development Fund, has fueled the sector's growth. Agricultural loans increased by 54% between 2018 and 2024, reaching SAR5 billion ($1.33 billion). Saudi Arabia has achieved higher self-sufficiency rates across several key products. Domestic production in 2024 included 2.95 million tons of fruit, 3.38 million tons of vegetables, 1.83 million tons of grains, 399,000 tons of eggs, 2.7 million tons of milk, 274,000 tons of red meat, 1.15 million tons of poultry, 217,000 tons of fish, and 8,500 tons of honey. Aquaculture has seen significant growth, with fish production rising from 40,000 tons in 2016 to over 246,000 tons in 2024, driven by investments in sustainable technologies and marine projects. Saudi Arabia is positioning itself as an emerging regional hub for aquaculture. The Kingdom's progress reflects its long-term commitment to food security, supported by initiatives to enhance supply chains, stimulate private sector investment, and advance research and innovation in modern farming technologies. Authorities say the achievements so far signal Saudi Arabia's ability to continue advancing toward self-sufficiency in a more resilient and sustainable agricultural environment.
Asharq Al-Awsat
16-04-2025
- Business
- Asharq Al-Awsat
Saudi Arabia's Arab League Trade Exceeds SAR87 Billion in Q4 2024
Saudi Arabia's trade with Arab League nations, including the Gulf Cooperation Council (GCC), reached SAR87,768 billion in the fourth quarter of 2024, representing 17.2% of the Kingdom's total global trade of SAR510,974 billion. This trade volume demonstrates a 6.2% annual growth rate, exceeding the Q4 2023 figure of SAR82,679 billion by over SAR5 billion, SPA reported. According to the General Authority for Statistics' quarterly International Trade Bulletin, the Kingdom's trade surplus with Arab League countries, including the GCC, significantly increased to SAR30,461 billion in Q4 2024, up from SAR22,185 billion in the same period of 2023, marking a 37.3% annual growth. Saudi Arabia's total exports to Arab League countries amounted to SAR59,114 billion. Of this, SAR39,507 billion were destined for GCC nations, accounting for 14.2% of the Kingdom's total global exports of SAR277,932 billion. Exports to non-GCC Arab League countries reached SAR19,607 billion, representing 7.1% of total exports. Saudi Arabia's imports from Arab League countries totaled SAR28,653 billion, or 12.3% of total imports. Within this, SAR18,354 billion came from GCC countries, and SAR10,298 billion from other Arab League nations. The Kingdom's total global imports were SAR233,042 billion. The United Arab Emirates emerged as Saudi Arabia's top Arab export destination in Q4 2024, with exports exceeding SAR23,512 billion. Bahrain followed with SAR8,423 billion, Egypt with SAR8,353 billion, Oman with SAR4,434 billion, and Jordan with SAR2,999 billion.
Zawya
16-04-2025
- Business
- Zawya
Saudi Arabia's Arab League trade exceeds $23.2bln in Q4 2024
RIYADH - Saudi Arabia, propelled by its ambitious Vision 2030, is surpassing economic projections and cementing its position as a significant global force. Its strategic geographical location, connecting three continents, enhances its role as a vital trade and investment hub, supported by progressive economic policies and infrastructure. The Kingdom's diversification efforts are yielding substantial growth, with non-oil exports and strategic partnerships contributing to record figures. Saudi Arabia's trade with Arab League nations, including the Gulf Cooperation Council (GCC), reached SAR87,768 billion in the fourth quarter of 2024, representing 17.2 percent of the Kingdom's total global trade of SAR510,974 billion. This trade volume demonstrates a 6.2 percent annual growth rate, exceeding the Q4 2023 figure of SAR82,679 billion by over SAR5 billion. According to the General Authority for Statistics' quarterly International Trade Bulletin, the Kingdom's trade surplus with Arab League countries, including the GCC, significantly increased to SAR30,461 billion in Q4 2024, up from SAR22,185 billion in the same period of 2023, marking a 37.3 percent annual growth. Saudi Arabia's total exports to Arab League countries amounted to SAR59,114 billion. Of this, SAR39,507 billion were directed to GCC nations, accounting for 14.2 percent of the Kingdom's total global exports of SAR277,932 billion. Exports to non-GCC Arab League countries reached SAR19,607 billion, representing 7.1 percent of total exports. Saudi Arabia's imports from Arab League countries totalled SAR28,653 billion, or 12.3 percent of total imports. Within this, SAR18,354 billion came from GCC countries, and SAR10,298 billion from other Arab League nations. The Kingdom's total global imports were SAR233,042 billion. The United Arab Emirates emerged as Saudi Arabia's top Arab export destination in Q4 2024, with exports exceeding SAR23,512 billion. Bahrain followed with SAR8,423 billion, Egypt with SAR8,353 billion, Oman with SAR4,434 billion, and Jordan with SAR2,999 billion.
