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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)
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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.

 

 

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Saudi Crown Prince Orders Measures to Balance Riyadh’s Real Estate Market

Saudi Crown Prince and Prime Minister Mohammed bin Salman. SPA
Saudi Crown Prince and Prime Minister Mohammed bin Salman. SPA
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Saudi Crown Prince Orders Measures to Balance Riyadh’s Real Estate Market

Saudi Crown Prince and Prime Minister Mohammed bin Salman. SPA
Saudi Crown Prince and Prime Minister Mohammed bin Salman. SPA

Saudi Crown Prince and Prime Minister Mohammed bin Salman has issued directives for a series of comprehensive measures aimed at stabilizing land and rental prices in Riyadh, following an in-depth study by the Royal Commission for Riyadh City.

The Crown Prince’s directives are in response to the significant surge in land and rental prices witnessed in recent years. The measures are designed to achieve balance in the real estate sector and increase access to affordable housing.

As part of the initiative, the Crown Prince ordered the lifting of restrictions on land transactions — including sales, purchases, subdivisions, and construction permits — in two key northern areas of Riyadh.

The first spans 17 square kilometers, bounded by King Khalid Road and Prince Mohammed bin Saad Road to the west, Prince Saud bin Abdullah bin Jalawi Road to the south, Asmaa bint Malik Street to the north, and Al-Arid District to the east.

The second covers 16.2 square kilometers north of King Salman Road, bordered by Abi Bakr Al-Siddiq Road and Al-Arid District to the east, Prince Khalid bin Bandar Road to the north, and Al-Qirawan District to the west.

These areas are in addition to previously released areas totaling 48.28 square kilometers, bringing the total area released for development to 81.48 square kilometers.

The Crown Prince also instructed the Royal Commission for Riyadh City to provide between 10,000 and 40,000 fully planned and developed residential plots annually over the next five years, based on market demand.

These plots will be offered at prices not exceeding SAR1,500 per square meter to eligible Saudi citizens — specifically, married individuals or those aged 25 and above with no previous property ownership.

Conditions include a ten-year restriction on selling, renting, or mortgaging the land — except for loans to build on it. If construction is not completed within the decade, the land will be reclaimed and its value refunded.

Additional measures include the rapid implementation of proposed amendments to the White Land Tax Law within 60 days to enhance real estate supply, and regulatory actions within 90 days to ensure fair and balanced relationships between landlords and tenants.

Finally, the General Real Estate Authority and the Royal Commission for Riyadh City have been tasked with monitoring real estate prices in the capital and submitting regular reports to ensure transparency and market stability.