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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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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.