Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) announced on Monday that the share of retail consumer electronic payments - one of the Financial Sector Development Program’s KPIs -  reached 70% of total retail payments in 2023, up from 62% in 2022. The achievement is attributed to the significant growth...

Riyadh, Saudi Arabia - Saudi Arabia's tourism sector contributed to a record-breaking $36 (SR135 billion) in spending by international visitors. The surge, reported by the Saudi Central Bank (SAMA), represents a substantial 42.8 percent increase from the previous year.The Kingdom's remarkable performance in tourism was further highlighted by its leading...

Riyadh, Saudi Arabia - Saudi Arabian consumers spent a total of SR11.68 billion ($3.12 billion) through point-of-sale transactions during the initial week of Ramadan, spanning from March 10 to March 16. The data, disclosed by the Saudi Central Bank (SAMA), outlines a total of 168 million transactions during this period.Expenditures...

Riyadh, Saudi Arabia -- Saudi Arabia's international reserve assets decreased by SAR 26.98 billion, or 2 percent, to SAR 1.619 trillion ($431.65 billion) in February 2024, compared to the previous month.On a yearly basis, the Kingdom’s foreign reserve assets plunged 5 percent, or SAR 78.2 billion, Argaam reported, citing Saudi Central...

Riyadh, Saudi Arabia - Saudi Arabia topped the UN Tourism’s ranking for the growth of international tourist arrivals in 2023 compared to 2019 among large destinations, achieving an increase of 56%, according to the World Tourism Barometer report released last month.The kingdom recorded a remarkable tourism recovery rate of 156%...

Riyadh, Saudi Arabia - The Saudi Central Bank Governor (SAMA) Ayman Al-Sayari discussed the recent developments in central banking and the outlook for the global economy in a meeting with President of the European Central Bank (ECB) Christine Lagarde at SAMA’s headquarters in Riyadh on Thursday. Several events were organized...

Riyadh, Saudi Arabia --Consumer spending in Saudi Arabia grew by 8 percent to SAR 111.5 billion ($29.73 billion) in November 2023 from nearly SAR 103.3 billion during the same month a year earlier, according to the Saudi Central Bank's (SAMA) monthly bulletin.Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions,...

Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has invited interested parties and specialists concerned with “Key Principles of Governance in Financial Institutions” to send their feedback via the Public Consultation Platform at the National Competitiveness Center.The amended key principles aim to keep alignment with the latest regulatory changes...

Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has issued rules for regulating buy now pay later (BNPL) companies, as part of its role in supervising and controlling BNPL companies, according to a SAMA press release.The move reflects SAMA's continuous efforts to develop the financial sector as a whole...

Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 4 percent to SAR 110 billion ($29.32 billion) in October, from nearly SAR 105.3 billion during the same month last year, according to the Saudi Central Bank's (SAMA) monthly bulletin. Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce...

Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has signed a three-year currency swap agreement with the Central Bank of China. The maximum value of the swap is 50 billion Chinese yuan ($7.02 billion). The agreement is part of the financial cooperation between the two central banks, which works...

Riyadh, Saudi Arabia -- Foreign investments in Saudi Arabia increased 4 percent year-on-year (YoY) to SAR 2.50 trillion ($666. 39 billion) by the end of Q2 2023, Argaam reported, citing Saudi Central Bank (SAMA) data.The foreign investment balance recorded an increase of 5 percent quarter-on-quarter, or nearly SAR 109.9 billion.Foreign...

The company was approved by the Saudi Central Bank.

Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) signed an agreement with the Monetary Authority of Singapore (MAS) on Wednesday, in the fields of fintech and innovation.The agreement aims to strengthen collaboration between the two organizations. It seeks to facilitate their activities in international markets while respecting the rights...

Riyadh, Saudi Arabia -- Assets held by the Saudi Central Bank (SAMA) declined by SAR 24 billion ($6.39 billion) month-on-month (MoM) to SAR 1.76 trillion in August.When compared to August 2022, SAMA’s assets fell by around SAR 229.2 billion, according to data released by SAMA, Argaam reported.SAMA’s investments in foreign...

Riyadh, Saudi Arabia - The Anti-Money Laundering Permanent Committee (AMLPC) hosted a coordination meeting with relevant Saudi permanent committees on Thursday to discuss enhancing systems of countering money laundering, finance of terrorism, and proliferation.The meeting was chaired by Ayman Al-Sayari, governor of the Saudi Central Bank (SAMA) and AMLPC chairman.The...

Riyadh, Saudi Arabia -- Saudi Arabia achieved a surplus of SAR 22.8 billion ($6.07 billion) in the balance of payments for travel items in the first quarter of 2023, compared to a deficit of SAR 1.6 billion in Q1 2022, the Kingdom's Ministry of Tourism said. The ministry added that...

Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 2 percent to SAR 104.6 billion ($27.88 billion) in July 2023, from nearly SAR 102.97 billion during the same month last year, according to the Saudi Central Bank's SAMA monthly bulletin.Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales...

Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) licensed “Alhulul AlMubassatah Financial Company (SiFi)" to provide E-wallet solutions. With SiFi, there are now 25 licensed companies offering payment services in Saudi Arabia, in addition to 7 companies that have obtained initial approval to operate within SAMA's regulatory sandbox.SAMA is endeavoring...

Riyadh, Saudi Arabia-- Banks in Saudi Arabia have reported a 9.6 percent increase in aggregate profit to $1.71 billion in July, according to official data.The Saudi Central Bank, also known as SAMA, said that the aggregate assets of these banks also rose 8.84 percent year on year in July to...

The decision by the central banks, in the US and most of the Middle East, to hike interest rates are designed to fight off inflationary pressures and maintain economic stability.

Dubai, UAE -- Remittances from expatriates in Saudi Arabia saw a slight decline year-on-year (YoY) to SAR 11.3 billion ($3.01 billion) in May, according to recent data released by the Saudi Central Bank (SAMA).On a month-on-month (MoM) basis, remittances from expats in Saudi Arabia increased 14 percent, or SAR 1.35...

Riyadh, Saudi Arabia-- Saudi Arabia has recorded an 8.7 percent increase in gross domestic product (GDP) in 2022, as against a 3.9 percent jump in 2021, on the back of high oil prices.The kingdom's economy successfully emerged from the Covid-19 crisis and the policies undertaken by the government accelerated the...

The issue is part of the SAR 20 billion local sukuk program.

The majority of per capita insurance spending (60%) went towards health insurance, followed by general insurance (37%) and protection and savings insurance (3%).

Riyadh, Saudi Arabia -- Saudi Arabia's insurance sector grew by 26.9 percent in 2022, bringing gross written premiums to SAR 53 billion ($14.13 billion), Saudi Central Bank (SAMA) said in a report.SAMA said in the 16th Saudi insurance market annual report that health, protection and savings, and motor insurance recorded...

The regional apex banks -- including the CBUAE, SAMA, CBB, and QCB -- have raised rates by 25bps in response to the US Fed's decision to increase its benchmark lending rate.

At least six banks, seeking to open branches in Saudi Arabia, have obtained licenses from the Saudi Central Bank to conduct operations in the Kingdom in the coming months.

The features of the new Standard include standardization of the accounting measurement models for insurance and reinsurance companies around the world.

The Saudi Central Bank, known as Sama, the Central Bank of Bahrain and Qatar Central Bank upped their interest rates by 50 basis points.

Riyadh, Saudi Arabia---The Saudi Central Bank (SAMA) has licensed Manafa, a finance company specialized in debt-based crowdfunding in the kingdom. Manafa  is a closed joint-stock company with a capital of SAR 40 million. The license was granted to the company after a successful trial run in SAMA's Regulatory Sandbox, an...

Riyadh, Saudi Arabia---The Central Bank of Saudi Arabia has authorized four new financial technology companies to work under the umbrella of the legislative pilot environment in open banking. The new companies-- Wali Global Arabia for Information Technology, Sanam Saving Company for Information Technology, and Saber Arabia Company. Finance, and the...

Based on June data of Saudi and UAE central banks, the aggregate assets of Saudi banks (3.529.1 trillion) exceeded those of UAE peers (AED 3.449.2 trillion) for the first time since 2007, taking into account the official exchange rate of AED 1 equals SAR 1.02.

The bank took this step to promote the Regulatory Sandbox's involvement in the Financial Sector Development Program (FSDP), one of the key objectives of the Saudi Vision 2030.

Riyadh, Saudi Arabia - Saudi bank loans granted to public and private sectors grew 14 percent by the end of July to SAR 2.324 trillion ($620bn), compared to SAR 2.034 trillion ($540bn) a year earlier, according to data issued by the Saudi Central Bank (SAMA). Private-sector lending also increased by...

For the first time in more than five years, assets of Saudi Arabia's central bank have shot up to $535 billion, according to data shared by the central bank on its website.

The Saudi Central Bank (SAMA) said a study revealed that electronic payments increased from 44 percent in 2019 to 62 percent of all payments by volume in 2021.

According to the Kingdom’s Unified National Platform, the Kingdom has been moving toward the Saudi Vision 2030 by developing the trade sector and ensuring its sustainability.

Upon the services launch, Mada and NAPS cardholders will be able to carry out POS transactions in the two countries through the Gulf Payments Network

Saudi Central Bank has approved the merger of SABB Takaful with the rival insurer Walaa Insurance, following an agreement between the two groups in February.

The startups presented their innovative solutions following months of hard work that contributed to developing their product strategies and business models.

The Saudi Central Bank (SAMA) has completed electronic linking procedures with the Saudi Center for Economic Business through the “Tanfeeth” program. This program aims to directly link the technical systems of government agencies and banks operating in the kingdom through the Saudi Central Bank in a way that contributes to...

A Joint Operations Center for Saudi Banks tasked with following up and monitoring cases of financial fraud that bank customers may be exposed to has been inaugurated by Saudi Central Bank Governor (SAMA) Dr. Fahd bin Abdullah Al-Mubarak. The center brings together all Saudi banks under one roof to improve...

The Kingdom has allocated $5.3bn to deal with the fallout of rising global prices, with half of the fund going to social insurance beneficiaries and the Citizens' Account program.

Taking a cue from US Federal Reserve's decision to hike interest rate, Saudi Arabia, the UAE, and Bahrain have raised interest rates, too, to tame soaring inflation.

The net foreign assets of Saudi central bank rose by SR4.0 billion ($1.07 billion) to SR1.63 trillion in April, according to the data published on the website of SAMA. The kingdom's net foreign assets increased by 0.2 percent from SR1.63 trillion in March. Over the same period, the central bank's...

Ongoing loan restructurings and the gradual withdrawal of pandemic-related support packages may put further pressure on asset quality. However, the Russian-Ukrainian war will have a minimal impact on the operating environment for banks in Saudi Arabia and UAE, they say.

In order to curb the soaring inflation in the kingdom, the Saudi Central Bank (SAMA) has raised its main interest rates by 50 basis points, in tandem with the US Federal Reserve decision to hike the rate.

SAMA, the Saudi Central Bank, has directed banks in the kingdom to put a stop to the opening of online accounts for individuals or institutions as part of new security measures.

Four Gulf Arab central banks followed in the footsteps of the US Federal Reserve and raised interest rates by a quarter percentage point for the first time since 2018.