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Saudi MADA Prepares to Launch ‘Apple Pay’

Saudi MADA Prepares to Launch ‘Apple Pay’
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Saudi MADA Prepares to Launch ‘Apple Pay’

Saudi MADA Prepares to Launch ‘Apple Pay’

The Saudi Payment Network (MADA) announced it will soon introduce ''Apple Pay'' in Saudi Arabia.

In a statement issued on Friday, MADA confirmed that this falls under its continuous work to provide digital payment options according to the fastest and highest safety standards, in cooperation with its partners from Saudi banks and international payment systems.

MADA focused, since the beginning of the year, on the spread of Atheer service in stores – the service has become available in almost all points of sale in Saudi Arabia.

MADA activated the online payment service through MADA cards during the first quarter of the current year, and after that, it launched Android payments through MADA Pay.

MADA’s efforts fall under the Saudi Arabian Monetary Authority (SAMA) efforts to achieve the goals of Saudi Vision 2030 and the program to develop the financial sector.

SAMA has started implementing an ambitious plan to develop MADA in order to support and reinforce digital payments in the country through a unified digital payments strategy.

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Oil Fluctuations, Market Corrections Pressure the Saudi Stock Market Index

Investors in the trading hall of the Saudi Stock Exchange in Riyadh (SPA)
Investors in the trading hall of the Saudi Stock Exchange in Riyadh (SPA)
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Oil Fluctuations, Market Corrections Pressure the Saudi Stock Market Index

Investors in the trading hall of the Saudi Stock Exchange in Riyadh (SPA)
Investors in the trading hall of the Saudi Stock Exchange in Riyadh (SPA)

The Saudi stock market index (TASI) closed the first trading session of the week with a 0.83% decline, ending a seven-session streak of gains that followed the interest rate cut.
Experts attributed the drop to four main reasons: geopolitical tensions, a significant resistance level, corrective technical indicators in the banking sector, and fluctuations in oil prices.
In financial market technical analysis, a resistance level refers to a price point where significant selling pressure is expected, preventing further upward movement. Corrective technical indicators help identify potential points of decline after strong upward or downward movements, allowing analysts to predict potential pullbacks or reversals in stock prices or the overall market.
Abdullah Al-Jabali, a member of the Saudi and International Union of Analysts, explained to Asharq Al-Awsat that the index reaching 12,300 points is one of the key resistance levels at the moment. He noted that the technical correction in the banking sector made it natural for the market to begin a corrective phase during Sunday’s session.
Al-Jabali further clarified that the Saudi market’s decline is due to a combination of technical indicators alongside the geopolitical developments in the Middle East, with the slight impact of the US interest rate cut on global markets also playing a role. He added that if the index continues to decline throughout the rest of the week, it is likely to touch the 11,900-point level, considered the most important support level based on recent trading activity.
For his part, Mohammed Al-Maimouni, financial consultant at Al Motadawel Al Arabi (Arab Trader), said the Saudi market's decline was mainly due to geopolitical tensions and oil price fluctuations, noting that the index had reached a profit-taking level at 12,300 points.
He added that despite this decrease, the market did not experience the maximum 10% drop, but pressure was observed primarily from the banking and basic materials sectors.
Al-Maimouni predicted that the upcoming month of October could be positive for the Saudi stock market, especially with Goldman Sachs betting on oil prices returning to the $77 level. He stressed that if geopolitical conditions stabilize, the market could witness a significant recovery.
Stock Performance
In terms of individual stocks, Saudi Aramco —the heaviest weight on the index—recorded its most significant decline since August, dropping by about 1% to SAR 27.25. Al Rajhi Bank also saw a decrease of 1.67%, closing at SAR 88.10.
On the other hand, ACWA Power, the second most influential stock on the index, continued its gains, rising by approximately 1% to SAR 490. The stock had reached an all-time high of SAR 500 during the previous week.