stc pay Gets SAMA Approval for Transition to STC Bank

The beta launch enables selected users to upgrade their accounts from an stc pay digital wallet to an STC Bank account. stc pay website
The beta launch enables selected users to upgrade their accounts from an stc pay digital wallet to an STC Bank account. stc pay website
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stc pay Gets SAMA Approval for Transition to STC Bank

The beta launch enables selected users to upgrade their accounts from an stc pay digital wallet to an STC Bank account. stc pay website
The beta launch enables selected users to upgrade their accounts from an stc pay digital wallet to an STC Bank account. stc pay website

The Kingdom’s leading mobile wallet, stc pay, has been given formal approval by the Saudi Central Bank (SAMA) to move to the next phase of its transformation journey into STC Bank.

The beta launch is limited to preselected customers and is a preparation for a full public launch later in the year, stc pay said in a statement on Thursday.
According to the statement, the new step affirms SAMA’s commitment to playing “a pivotal role in digital transformation and empowerment.”

The beta launch enables selected users to upgrade their accounts from an stc pay digital wallet to an STC Bank account. Customers will be provided with an STC Bank International Bank Account Number (IBAN) and get additional banking services.

STC Bank aims to provide Sharia-compliant banking services and financial solutions whilst ensuring “the utmost security and customer protection through the utilization of cutting-edge financial technologies,” the statement said.

It added that the bank will be “a significant addition to the Saudi banking sector” by offering traditional banking services through a customer-centric digital approach.



Hilton to Quadruple Its Presence in Saudi Arabia amid Tourism Surge

Carlos Khneisser, Hilton’s Vice President of Development for the Middle East and Africa (Asharq Al-Awsat) 
Carlos Khneisser, Hilton’s Vice President of Development for the Middle East and Africa (Asharq Al-Awsat) 
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Hilton to Quadruple Its Presence in Saudi Arabia amid Tourism Surge

Carlos Khneisser, Hilton’s Vice President of Development for the Middle East and Africa (Asharq Al-Awsat) 
Carlos Khneisser, Hilton’s Vice President of Development for the Middle East and Africa (Asharq Al-Awsat) 

Hilton, one of the world’s leading hotel groups, has announced plans to significantly expand its footprint in Saudi Arabia, aiming to reach 100 hotels by the end of 2025. This marks a fourfold increase from its current presence and would make the Kingdom Hilton’s largest market across Europe, the Middle East, and Africa.

Carlos Khneisser, Hilton’s Vice President of Development for the Middle East and Africa, revealed that the group currently operates 20 hotels in Saudi Arabia with around 6,500 rooms. An additional 77 hotels are under development across 14 Hilton brands, expected to add over 21,000 rooms over the coming years.

Khneisser noted that two-thirds of these developments are already under construction. He emphasized that Hilton’s growth strategy is closely aligned with Saudi Arabia’s Vision 2030, which aims to diversify the economy and attract 150 million visitors annually by the end of the decade.

Saudi Arabia has already surpassed its previous goal of 100 million visitors, originally set for 2030. Khneisser attributed this success to major tourism projects like The Red Sea and Rua Al Madinah, as well as global events such as Riyadh Season and Formula 1. Religious tourism, entertainment, and business travel are all contributing to strong hotel demand.

According to Khneisser, Hilton recently launched its midscale brand “Spark by Hilton” in Makkah, offering 329 rooms near the holy sites. Other upcoming projects include three resorts in Al-Ahsa, a Waldorf Astoria in Diriyah, and openings in Medina and Riyadh’s “The Avenues” complex. These developments are expected to create over 15,000 jobs, with half reserved for Saudi nationals. Current Saudization rates at Hilton properties exceed 55%.

He added that the company is also prioritizing training and hiring local talent through partnerships with institutions like Bunyan Academy, ZADK, and the Human Resources Development Fund. More than 55 people with disabilities have been employed across Hilton hotels in cooperation with the Ministry of Human Resources.

Sustainability and digital innovation are also key areas of focus. Hilton has reduced energy use in its Saudi properties by 42% and water consumption by 64%. Digital check-in and room key technologies are now in place at over 90% of its hotels, with AI tools being used to enhance guest experience in real time.

Khneisser concluded by highlighting Saudi Arabia’s growing reputation as a global destination for major conferences and events, saying the Kingdom led regional hotel revenue growth in early 2025.