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SAMA: E-Payments Exceed Target

Saudi Arabian Monetary Authority (SAMA) logo
Saudi Arabian Monetary Authority (SAMA) logo
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SAMA: E-Payments Exceed Target

Saudi Arabian Monetary Authority (SAMA) logo
Saudi Arabian Monetary Authority (SAMA) logo

The Saudi Arabian Monetary Authority (SAMA) revealed that electronic payments for the retail sector amounted to more than 36 percent of all payments available, exceeding the target percentage of the Financial Sector Development Program.

SAMA indicated that the program, one of Vision 2030 programs, stipulates that the share of non-cash transactions should be increased by 28 percent by 2020.

This achievement is based on SAMA's strategy for payment systems and the Financial Sector Development Program, which aims to enhance electronic payment and reduce cash handling to reach 70 percent of total payments in the Kingdom by 2030, for its many positive effects.

These include providing customers with excellent experience in facilitating payment processes, reducing cash transaction costs on the local economy, enhancing transparency in transactions, and direct impact on the efficiency of the national economy.

The reduction of cash transactions is one of the most important strategic objectives that SAMA has been working on during the past period through the completion of several initiatives, projects and investments in the digital payments sector in line with the objectives of the Program.

E-payment methods varied, with the card payments making the largest share of approximately 31.3 percent, while other means varied between payments platform “SADAD”, remittances and others.

SAMA pointed out that the record growth rates witnessed in the electronic payments through the national payment system “Mada”, which recorded unprecedented spikes in the number and value of purchasing transactions in the past years.

The growth rate until the end of September 2019 was about 50 percent.

SAMA pointed out that the growth indicators in the point of sale service were also accompanied by a noticeable expansion in the number of devices and their base of spread which included various commercial sectors. The total number of devices exceeded more than 407 thousand devices by the end of September 2019 compared to 107 thousand devices by the end of 2013.

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Logistics Zones Spread in Saudi Arabia to Consolidate World Trade

Containers are seen at King Abdul Aziz Port, also known as Dammam Port. SPA
Containers are seen at King Abdul Aziz Port, also known as Dammam Port. SPA
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Logistics Zones Spread in Saudi Arabia to Consolidate World Trade

Containers are seen at King Abdul Aziz Port, also known as Dammam Port. SPA
Containers are seen at King Abdul Aziz Port, also known as Dammam Port. SPA

Data has shown a spread of logistics areas in Saudi Arabia, bringing the total number of existing centers to 22 in the past year, a 267% increase compared to the base year 2021, with a total area exceeding 34 million square meters.

This year, several international companies announced the opening of new logistics areas, the latest of which was the opening of Maersk, the Danish international container shipping company, which represents the largest logistics investment in Jeddah port in Western Saudi Arabia valued at 1.3 billion riyals (350 million dollars).

Saudi Arabia also continues its efforts to enhance its transport and logistics services system, planning to reach 59 logistics areas by 2030, to strengthen competitiveness, and support trade and industrial movement.

According to the Warehousing and Logistics Statistics Publication 2023 of the General Authority for Statistics, the Eastern Region had the highest number of logistics centers, with 6 centers covering an area of 6.3 million square meters, followed by Riyadh Region and Makkah Region, each with 5 logistics centers, with a total area of 20 million square meters in Makkah and 4.9 million square meters in Riyadh.

The publication said data indicated that the total quantity of cargo imported and exported via maritime transport reached 308.7 million tons, and the quantity of external cargo via land transport reached 24.9 million tons. The quantity of cargo transported by railway was 14.3 million tons, while the quantity of cargo via air transport, both imported and exported, accounted for 918 thousand tons.

Data also revealed that the total number of warehouses in the Kingdom was 12,451, covering an area of 22.8 million square meters. Riyadh Region had the highest number of warehouses and area, with 6,584 warehouses covering an area of 10.6 million square meters, followed by Makkah Region with 2,224 warehouses, covering an area of 6.5 million square meters.

The number of general warehouse licenses was the highest, totaling 6,923 licenses, which constituted 55.6% of the total licenses. This was followed by humidity-controlled warehouses with 2,115 licenses, accounting for 17% of the total licenses, and refrigerated warehouses with 2,006 licenses, making up 16% of the total licenses.

In 2023, the number of valid licenses for good transport (activities) reached 7,963 licenses, where Riyadh Region had the highest number of active licenses at 1,996.

According to the data for 2023, the total number of sales outlets of postal service exceeded 1,300. The number of cargos reached over 140 million, with an average delivery time of 2.45 days.

As for the total number of customs clearance activity licenses valid for 2023, they amounted to 170 licenses. Customs authority licenses were the highest in the number of licenses valid for 2023, with 57 licenses, followed by air ports licenses with 47 licenses.

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, who is also Chairman of the Supreme Committee for Transport and Logistics, launched in 2023 the Master Plan for Logistics Centers, which aims to develop the infrastructure of the Kingdom’s logistical sector, diversify the local economy, and enhance Saudi Arabia's status as a leading investment destination and a global logistical hub.