Latest news with #Vision 2030
Arab News
38 minutes ago
- Business
- Arab News
New credit card rules redefine consumer protection in Saudi Arabia
To strengthen consumer protection and enhance market transparency, the Saudi Central Bank, known as SAMA, last month announced updated regulations on the issuance, operation, and fees of credit cards. SAMA's updated credit card regulations will replace the previous rules established in 2015 governing the issuance, operation, and charges of credit cards. The new regulations will take effect within 30 to 90 days. For example, updates to fees and charges will be implemented within 30 days, while standardized disclosure sections — detailing all applicable fees, costs, and benefits — will be incorporated into credit card agreements within 90 days. The updated rules establish guidelines for credit card issuers to enhance disclosure, improve transparency, and reduce the cost of credit cards for consumers. The rules also include detailed provisions governing the operational aspects of credit cards to increase consumers' financial awareness and foster a regulatory environment that promotes innovation in the financial sector. In addition, SAMA has collaborated with international card schemes to review and revise the fees and charges for credit card transactions, as part of its broader strategy to enhance digital payments for consumers and visitors to the Kingdom, in line with the objectives of Vision 2030. As part of the key updates to fees and charges, cash withdrawals below SR2,500 will incur a fee capped at 3 percent of the transaction amount, while withdrawals of SR2,500 or more will be subject to a maximum fee of SR75. Additionally, international purchases will now incur a fee of 2 percent of the transaction value. Customers are also allowed to deposit funds exceeding their credit limit and may withdraw these excess amounts at any time without incurring additional charges. With respect to repayments, customers may pay off their full outstanding balance without being subject to late payment fees, provided payment is made within a mandatory grace period of at least 25 days. In addition to enhancing transparency and disclosure, the new regulatory provisions are expected to encourage consumers to hold more credit cards, driven by improved fee structures and reduced charges. SAMA's efforts, in collaboration with international card schemes, to revise transaction fees are expected to encourage broader credit card acceptance among merchants in Saudi Arabia. This will offer consumers greater payment flexibility alongside MADA cards, particularly as credit card usage at POS terminals and for local online purchases remains free of charge. This will not only provide credit card holders with additional payment options but also help merchants boost their sales and revenues. Importantly, the updated credit card regulations are expected to bolster the tourism sector in the Kingdom by facilitating credit card payments for foreign tourists, thereby enhancing overall tourism-generated income. It will also support SAMA's strategy to enhance digital payments for consumers and visitors to the Kingdom. Finally, the regulatory updates will contribute to the Kingdom's transition toward a cashless society and digital economy, in line with the strategic goals of Vision 2030. They also guide credit card issuers and banks, and reflect how this reform aligns with Saudi Arabia's broader strategy to create a more robust, cashless, and consumer-centric financial environment. • Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
Gulf Business
5 days ago
- Automotive
- Gulf Business
Saudi women driving for Uber: How will it reshape mobility?
Image credit: Supplied As Saudi Arabia marks seven years since lifting the ban on women driving, The new feature is designed to expand mobility options for women while offering greater flexibility and opportunity for women drivers. It also supports Saudi Arabia's Vision 2030, which includes boosting female participation in the workforce. Read- 'We're thrilled to witness this dynamic change unfold in Saudi Arabia,' said Youssef Abouseif, General Manager of Uber Saudi Arabia. 'The launch of the Women Drivers product reflects our commitment to empowering women and supporting their mobility and economic independence. We believe initiatives like these play a pivotal role in Saudi Vision 2030.' Seamless experience for female riders The Women Drivers feature will function similarly to UberX, with pricing kept in line with current rates. Women can select the option directly in the Uber app to ensure they are matched only with female drivers. For those looking to plan ahead, the feature will also be available through Uber Reserve, allowing riders to schedule a trip with a female driver up to 30 minutes in advance. 'The future of mobility is electric, shared, and autonomous—but also inclusive,' Abouseif added. 'By giving women more choice, more opportunity, and a stronger sense of community, we're creating a platform that works better for everyone.' The announcement reflects Uber's continued investment in Saudi Arabia's rapidly changing mobility landscape, where more women are now using ride-hailing platforms both as drivers and as riders. Alnahda partnership and community support As part of the launch, Uber has partnered with Alnahda Society, a prominent Saudi non-profit dedicated to empowering women economically and socially. Established in 1962, Alnahda has a long track record of advocacy and capacity-building initiatives for Saudi women. This collaboration will support programs focused on mobility and financial literacy, equipping women with the tools and knowledge needed to pursue economic independence—including the opportunity to earn income by driving via the Uber app. This builds on previous partnerships between Uber and Alnahda, such as the Masaruky initiative, which helped thousands of women learn to drive and obtain a license as part of their journey into the workforce. In addition, Uber will host its first GigSister event in Saudi Arabia, a dedicated community space where female drivers can connect, share experiences, and support one another. The event is part of a broader global initiative to foster community among gig workers. Uber has a history of programs tailored to the Saudi market, including the Wusool initiative, which has provided over 20 million subsidized rides for women commuting to work. Another notable feature, Women Rider Preference, allows women drivers to choose whether to accept rides only from female riders. These initiatives have been designed to break down barriers to employment and enhance access to safe, reliable transportation for women across the Kingdom. 'With this latest product launch and our new partnerships, Uber is going beyond transportation,' said Abouseif. 'We are actively investing in the development and success of women across Saudi Arabia by integrating innovation, empowerment, and local insights into our platform.'
Zawya
5 days ago
- Business
- Zawya
Nesma & Partners buys Saudi group Al Yusr Industrial Contracting
Nesma & Partners, a leading integrated projects solutions company in Saudi Arabia, has announced the successful completion of its acquisition of Al Yusr Industrial Contracting Company (AYTB), a prominent provider of industrial services in the kingdom. This strategic investment positions Nesma & Partners as the leading integrated industrial services platform, enhancing its capabilities across the energy, infrastructure, and industrial sectors in alignment with Saudi Arabia's Vision 2030 development objectives, said the company in a statement. Under the deal, AYTB will continue to operate as an independent company within the Nesma & Partners group, preserving its organisational structure, brand and operational autonomy. This acquisition enhances both companies' capacity to deliver high-value project solutions across the whole asset lifecycle - from consulting, engineering, construction, and commissioning to operations, maintenance, and upgrades. "We are proud to welcome AYTB into the Nesma & Partners family," said Samer Abdul Samad, the CEO of Nesma & Partners and newly appointed Chairman of AYTB. A leading provider of integrated project solutions in the kingdom, Nesma & Partners has grown its footprint both locally through its contracting and industrial services and globally through its wholly-owned subsidiary, Kent, a renowned leader in engineering and project management services. "AYTB has built a remarkable legacy of performance, particularly in Operations & Maintenance and Plant Industrial Services. This partnership is based on mutual respect, complementary strengths, and a shared commitment to operational excellence," he stated. A Saudi, multi-disciplinary industrial contracting company, AYTB provides a range of services and solutions to oil and gas, petrochemical, power generation and other major industrial sectors across the kingdom. As part of this transition, Cristiano Tortelli has been appointed as Chief Executive Officer of AYTB. An industry veteran, Tortelli brings more than 30 years of global experience in energy and industrial services to the role and has been actively involved in the transaction from its early stages. His leadership will support AYTB's next phase of growth while maintaining continuity across all operations. "I am honored to join AYTB as CEO at this exciting moment," stated Tortelli. "Together with the leadership team and the skilled workforce across AYTB, we will strengthen what has already been built, grow with confidence, and deliver sustainable value to our clients and stakeholders," he added. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Arabian Business
11-07-2025
- Business
- Arabian Business
Saudi Arabia's non-oil trade surplus with GCC nations soars 203 per cent to $937m in April 2025
Saudi Arabia's non-oil trade surplus with Gulf Cooperation Council (GCC) countries surged by an impressive 203.2 per cent year-on-year in April 2025, reaching SR2bn ($533m), up from SR1.16bn ($310m) in the same month of 2024, according to preliminary data released by the General Authority for Statistics (GASTAT). The total non-oil trade volume, which includes re-exports, between the Kingdom and its GCC neighbours rose to SR18.03bn ($4.81bn), marking a 41.3 per cent annual increase compared to SR12.76bn ($3.41bn) in April 2024. Saudi non-oil trade with GCC Key figures from April 2025: Non-oil commodity exports (including re-exports): SR10.77bn ($2.87bn), up 55 per cent from SR6.96bn ($1.85bn) National non-oil exports: SR3.03bn ($807 million), up 13.3 per cent from SR2.68bn ($714 million) Re-exports: SR7.74bn ($2.06bn), up 81 per cent from SR4.28bn ($1.14bn) Imports from GCC countries: SR7.26bn ($1.94bn), up 25.2 per cent from SR5.80bn ($1.53bn) The strong performance in re-exports played a major role in lifting the overall surplus and reflects Saudi Arabia's growing role as a regional trade hub. GCC trade partners ranked by volume Bahrain: SR1.80bn ($481 million), 10 per cent share Oman: SR1.45bn ($388 million), 8.1 per cent share Kuwait: SR819.9 million ($219 million), 4.5 per cent share Qatar: SR422.1 million ($113 million), 2.3 per cent share The April 2025 data underscores Saudi Arabia's successful diversification strategy under Vision 2030, with robust growth in non-oil trade reinforcing its economic resilience and strengthening regional ties within the GCC.
Arab News
11-07-2025
- Business
- Arab News
Reimagining Saudi Arabia's future: creating new economies within
Imagine waking up to cool, crisp air, surrounded by rolling green hills and stunning mountain views. Your morning commute is a short, traffic-free drive through scenic roads, and by the evening, you're enjoying dinner on a terrace with year-round comfortable weather. This starkly contrasts the congestion and high-rise density of a major metropolis. Imagine, on weekends, taking a two-hour drive to the beautiful shores of the Red Sea, hiking through the mountains, camping in the desert, or simply enjoying the serenity of Friday morning at a local cafe. For many in Saudi Arabia, this kind of lifestyle is often dismissed as unrealistic. The country's economic heartbeats — Riyadh, Jeddah, and Dammam — have become the primary hubs for jobs and business opportunities, making them the default choice for most professionals. But what if Saudi Arabia's smaller cities and towns — with stunning landscapes, cooler climates, and a balanced pace of life — became viable economic centers? The Future Saudi Cities Program is a collaborative initiative between the Ministry of Municipal and Rural Affairs and the UN Human Settlements Programme. It is part of the Kingdom's Vision 2030 and aims to guide urban transformation by enhancing the livability and sustainability of 17 cities across Saudi Arabia. One such city is Taif — historically known as a summer retreat for royals and elites because of its cooler temperatures and stunning landscapes, and its strategic location close to Makkah and Jeddah. Taif has the potential to be more than just a seasonal destination — it could be a thriving economic hub, attracting professionals looking for an alternative to big-city life. However, like many other secondary cities, it lacks the necessary infrastructure to support a modern workforce and economy. Most professionals and businesses gravitate toward Riyadh, Jeddah, or Dammam because that's where the opportunities exist. Before the announcement of Vision 2030, companies — whether local, regional, or international — prioritized establishing a presence in major cities. The need for proximity to government entities, regulatory and legislative bodies, reliable logistics infrastructure, modern office space, and access to essential services such as schools and health care facilities primarily drove this. However, with Vision 2030's emphasis on digital transformation and the widespread availability of e-services, the business environment has fundamentally evolved. Today, companies can access many government services remotely, reducing the necessity of being physically based in traditional urban centers. Instead of allowing this cycle to continue, why not encourage large corporations to establish offices and operations in smaller cities? What if Taif, Jazan, Hail, or Abha were considered touristic destinations and places where professionals could build their careers without sacrificing quality of life? If multinational and local companies were incentivized to move into these secondary cities — with tax cuts, subsidies, or access to government-backed contracts where applicable — it would trigger a chain reaction of economic and social transformation by creating new jobs and stimulating economic growth. The presence of these corporations in smaller cities would create high-paying jobs, reducing the need for local talent to relocate. With better salaries, residents would spend more locally, supporting small businesses and services. When new industries and professionals settle in these areas, they introduce different lifestyles, work ethics, and cultural perspectives. This shift can lead to greater entrepreneurial activity and a more diversified economy. In addition, unlike the rapid, often unsustainable urbanization seen in major cities, developing secondary urban centers allows for smarter, more environmentally friendly expansion. Just as Riyadh is emerging as a hub for corporate headquarters, secondary cities in Saudi Arabia are being strategically developed as specialized economic zones in alignment with Vision 2030 objectives. For instance, Taif is enhancing its tourism, hospitality, medical, and agribusiness sectors through initiatives like the New Taif project. Similarly, Jazan has been designated a special economic zone to attract international investors. In Tabuk, NEOM encompasses developments like The Line and Trojena. Abha is part of the Future Saudi Cities Program. The future of Saudi Arabia: a multi-city economic powerhouse. Vision 2030 aims to diversify the economy, but diversification should not only be sectoral — it should also be geographical. The opportunity is here — it's time to seize it.
