عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Digital Payments Market Attracts Global Investments

Visitors to the Fintech 24 Conference in Riyadh (Photo: Turki Al-Aqili)
Visitors to the Fintech 24 Conference in Riyadh (Photo: Turki Al-Aqili)
TT
TT

Saudi Digital Payments Market Attracts Global Investments

Visitors to the Fintech 24 Conference in Riyadh (Photo: Turki Al-Aqili)
Visitors to the Fintech 24 Conference in Riyadh (Photo: Turki Al-Aqili)

Saudi Arabia is pushing to increase digital payments to 70% by 2030, creating significant opportunities for global companies to expand in the region.
According to the Saudi Central Bank, electronic payments in the retail sector grew by 12% in 2023, reaching 70% of total transactions. Cashless transactions hit 10.8 billion, up from 8.7 billion in 2022, driving international companies to establish regional headquarters and capitalize on this growing market.
Nouf Al-Salama, Business Development Manager at PayerMax, told Asharq Al-Awsat that the company has opened a regional office in Saudi Arabia to strengthen its presence in the Middle East and North Africa (MENA) region.
She noted that the Gulf Cooperation Council (GCC) countries are expected to experience rapid growth in e-commerce, with Saudi Arabia and the UAE leading the change. According to CNNB Solutions, both countries are seeing a compound annual growth rate (CAGR) of 39% and 38%, respectively.
Federico Pienovi, Head of Commercial Operations for Asia, the Middle East, and Oceania at Argentine company Globant, revealed the company’s ambitions to generate $1 billion in revenue in the Saudi market over the next five years.
He said that Saudi Arabia has been selected as Globant’s regional headquarters, although the company is expanding across the region. With these ambitions, Globant plans to create over 500 local jobs in the coming years, continue its expansion, support national talents, and work on major projects that bring cutting-edge technology innovations to the Kingdom, he underlined.
Mordor Intelligence projects a 15.4% CAGR for Saudi Arabia's payment market between 2022 and 2027, making it one of the most advanced markets transitioning towards a cashless society.
PayerMax estimates the global digital payments market, valued at $7.79 trillion in 2022, will reach $14.77 trillion within five years, driven by the growth of digital wallets, smartphones, and payment technologies. Emerging economies’ rapid smartphone adoption is expected to further fuel this growth.

 

 

Most Viewed

 
 
Business

Saudi Arabia Implements Int’l Customs System to Facilitate Temporary Import of Goods

Jeddah Islamic Port (Asharq Al-Awsat)
Jeddah Islamic Port (Asharq Al-Awsat)
TT
TT

Saudi Arabia Implements Int’l Customs System to Facilitate Temporary Import of Goods

Jeddah Islamic Port (Asharq Al-Awsat)
Jeddah Islamic Port (Asharq Al-Awsat)

Saudi Arabia has started implementing an international customs system that facilitates the temporary import of goods for up to one year without the need to pay any fees, taxes, or undergo customs procedures.

In June, the Zakat, Tax, and Customs Authority started accepting the ATA Carnet temporary admission document at all its land, sea, and air customs points. This step is part of the Kingdom's commitment to the Istanbul Convention on Temporary Admission, supporting the business sector and enhancing Saudi Arabia's status as a global destination for events, exhibitions, and activities.

On Thursday, the Federation of Saudi Chambers announced the issuance of the first ATA Carnet since the official adoption of this system, making Saudi Arabia the 80th country worldwide to implement this international customs system. The document was delivered to Swiss company Richemont.

Logistics expert Zaid Al-Jarba told Asharq Al-Awsat that adopting the ATA Carnet system is a pivotal step in enhancing Saudi Arabia’s logistics environment, adding that the move aligns with the Kingdom’s national transportation and logistics strategy, facilitating international trade by streamlining customs procedures.

He stressed that this system strengthens the country’s infrastructure readiness, supports the growth of the logistics services sector, increases Saudi Arabia’s global competitiveness, and boosts its ability to attract and host international events and exhibitions.

Businesses and interested parties can apply for the ATA Carnet through the Federation’s website and collect it from their headquarters in Riyadh.

The Zakat, Tax, and Customs Authority clarified when announcing the start of the ATA Carnet that eligible goods include items intended for display or use in exhibitions, markets, meetings, or similar events, professional equipment, containers, pallets, packing materials, samples, and other goods related to commercial operations. Additionally, goods imported for educational, scientific, or cultural purposes can also be temporarily admitted under the system.

The Federation of Saudi Chambers has been designated as the authorized guarantor in the Kingdom for the ATA Carnet, approved by the Zakat, Tax, and Customs Authority. The Federation is also the issuing body, with the right to delegate others. Beneficiaries can import goods temporarily under the ATA Carnet without needing to provide financial guarantees.