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Telecom Service Providers Yield $19.5 Bn in Saudi Arabia in 2018

Telecom Service Providers Yield $19.5 Bn in Saudi Arabia in 2018
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Telecom Service Providers Yield $19.5 Bn in Saudi Arabia in 2018

Telecom Service Providers Yield $19.5 Bn in Saudi Arabia in 2018

The financial indicators of Saudi Arabia's telecom sector have witnessed an increase in the companies’ profitability by SR11 billion ($2.9 billion) in 2018, up 18 percent from 2017, according to official reports.

The telecom companies’ market value has also increased to SR62 billion ($16.5 billion) while total revenues of telecommunications service providers amounted to SR73.3 billion ($19.5 billion) by the end of 2018.

Saudi Communications and Information Technology Commission (CITC) explained during ICT Indicators Forum 2019, which was held in Riyadh on Wednesday, that number of YouTube users in Saudi Arabia has reached 19.1 million, followed by Facebook with 16.8 million, WhatsApp with 15.2 million, Instagram with 15 million, and SnapChat with 9.4 million.

It revealed that the Kingdom ranked 45th in the Speed Global Index for the development of Internet speeds, surpassing Japan and the United Kingdom.

CITC Governor Dr. Abdulaziz al-Ruwais stressed during the forum on the importance of the statistical information as a tool to help knowing the market’s current status and the availability of services in it.

He said this aims at developing strategies and regulatory policies that ensure the availability of infrastructure, basic equipment and the spread of services to all Saudi regions.

Ruwais also pointed to the expanded service provision, with total subscriptions in mobile telecom services market amounting to 49.7 million.

The prevalence of voice services has also risen to 127 percent among people in addition to the 4G coverage for about 90 percent of Saudi regions, including centers, villages and remote areas.

The latest global reports indicate an increase in the average speed of mobile Internet download in Saudi Arabia to 31.06 Mbps, Ruwais added, compared to the world average speed of downloading, which is 25.27 Mbps, indicating Saudi progress at the speeds of mobile Internet at the global level.

He referred to the spread of modern communication technologies across Saudi Arabia through launching many spectrum auctions that aim at raising the total spectrum allocated for mobile communications services in the Kingdom from 260 MHz to 1010 MHz, which will contribute to doubling the Internet speed.

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Egypt’s Net Foreign Assets Jump in March after IMF Review Approval

Visitors look out towards the Giza pyramid complex as they tour the Grand Egyptian Museum in Giza on the southwestern outskirts of the capital Cairo on May 5, 2025. (AFP)
Visitors look out towards the Giza pyramid complex as they tour the Grand Egyptian Museum in Giza on the southwestern outskirts of the capital Cairo on May 5, 2025. (AFP)
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Egypt’s Net Foreign Assets Jump in March after IMF Review Approval

Visitors look out towards the Giza pyramid complex as they tour the Grand Egyptian Museum in Giza on the southwestern outskirts of the capital Cairo on May 5, 2025. (AFP)
Visitors look out towards the Giza pyramid complex as they tour the Grand Egyptian Museum in Giza on the southwestern outskirts of the capital Cairo on May 5, 2025. (AFP)

Egypt's net foreign assets jumped by $4.9 billion in March, central bank data showed, apparently boosted by the approval of the fourth review of the country's IMF program.

Net foreign assets climbed to the equivalent of $15.08 billion from $10.18 billion at the end of February, according to Reuters calculations based on official central bank currency exchange rates.

The International Monetary Fund in early March approved the disbursement to Egypt of $1.2 billion after completing its review of the country's $8 billion economic reform program. It also approved a request for a $1.3 billion arrangement under the IMF's resilience and sustainability facility.

Foreign investors were significant purchasers of Egyptian pound treasury bills after the approval and as one-year bills acquired after the March 2024 IMF agreement matured, two bankers said.

Egypt had been using foreign assets, which include assets held by both the central bank and commercial banks, to help prop up its currency since as long ago as September 2021. Net foreign assets turned negative in February 2022 and only returned to positive territory in May last year.

Foreign assets increased in February at both the central bank and commercial banks, while foreign liabilities rose at the central bank but declined at commercial banks.