Saudi POS Transactions up 28% in September

Saudi Arabia's GDP growth is expected to pick up in 2018 and 2019, according to Moody's. Reuters
Saudi Arabia's GDP growth is expected to pick up in 2018 and 2019, according to Moody's. Reuters
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Saudi POS Transactions up 28% in September

Saudi Arabia's GDP growth is expected to pick up in 2018 and 2019, according to Moody's. Reuters
Saudi Arabia's GDP growth is expected to pick up in 2018 and 2019, according to Moody's. Reuters

Point-of-sale (POS) transactions in Saudi Arabia rose 28 percent to SAR19.3 billion (USD5.1 billion) in September from SAR15.1 billion (USD4 billion) a year earlier, figures from the Saudi Arabian Monetary Authority (SAMA) showed.

Data showed that 88.5 million transactions were processed through nearly 339,000 points-of-sales in shopping malls, retail stores and pharmacies.

Based on the main economic indicators issued by SAMA on Sunday, the Saudi economy achieved during the second quarter a growth of 1.61 percent, greater than the growth rates achieved in the first quarter of this year.

Saudi Arabia’s economic growth is set to rise to 2.5 percent by the end of this year and 2.7 percent in 2019, according to new forecasts from Moody’s Investors Service, instead of its previous expectations of 1.3 percent and 1.5 percent for the same period.

Moody’s has given Saudi Arabia an A1 stable rating with a stable outlook.

It expects developments in the non-oil sector to contribute to stronger GDP growth. In its recent review, Moody’s noted that plans to diversify the Kingdom’s economy away from oil are likely to contribute to the country’s medium and long-term growth.

These revised numbers from Moody’s even exceed the forecasts of the Government announced in the preliminary statement of the 2019 budget announcement.

Public debt is expected to remain well below 25 percent of GDP in the medium term and small relative to the government’s robust financial buffers.



FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.