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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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SPARK Attracts More Than 60 Investors

 A solar energy project in Saudi Arabia (Asharq Al-Awsat)
 A solar energy project in Saudi Arabia (Asharq Al-Awsat)
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SPARK Attracts More Than 60 Investors

 A solar energy project in Saudi Arabia (Asharq Al-Awsat)
 A solar energy project in Saudi Arabia (Asharq Al-Awsat)

The King Salman Energy Park (SPARK), located in Buqayq in eastern Saudi Arabia, has successfully attracted more than 60 investors, with total investments exceeding $3 billion.
SPARK was developed as an integrated industrial ecosystem aimed at maximizing economic benefits by strengthening the energy sector in the Kingdom and the broader region. It plays a key role in advancing the goals of Vision 2030 by supporting efforts to build a strong, prosperous, and diversified economy.
The city is also positioned as a prime destination for investors seeking growth and success within a global industrial ecosystem founded on excellence and innovation. It is expected to contribute over $6 billion annually to Saudi Arabia’s GDP and create up to 100,000 direct and indirect jobs.
On Sunday, the King Salman Energy Park announced that seven factories are already operational, with an additional 14 under construction.
By the end of last year, SPARK had signed lease agreements with two new investors, in addition to the start of construction on several major projects by existing investors.
These developments are key to SPARK’s continued growth and progress, playing a crucial role in its mission to localize essential products and services within the energy sector’s value chain.
The total value of the lease agreements exceeds SAR 30 million, marking significant investments that will drive sustainable industrial growth in the Kingdom.
As part of these deals, Abdulaziz & Brothers (A&BC), a company specializing in professional safety tools and equipment, will begin producing high-quality personal protective gear for the industrial and construction sectors by establishing its first facility in SPARK.
Meanwhile, Enjaz Al Mustaqbal Industrial Company plans to build a facility to support localization efforts in the heating, ventilation, and air conditioning (HVAC) sector.
SPARK also revealed the start of construction on two major projects with a combined investment of SAR 250 million.
BAS Gulf Industrial Company, a subsidiary of the National Metal Manufacturing and Casting Company (Maadaniyat), plans to expand its operations by the fourth quarter of 2024, focusing on the manufacturing of industrial valves and providing post-sales technical services.
Global software and engineering leader Emerson has also begun construction at SPARK, preparing to launch its advanced technology operations, which are expected to commence by the fourth quarter of 2024.