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Saudi FinTech Firms Secure $23 Million Funding in March

It is expected that the number of users of digital banking services will reach 2.5 billion by 2024, up from 1.9 billion in 2020 (Reuters)
It is expected that the number of users of digital banking services will reach 2.5 billion by 2024, up from 1.9 billion in 2020 (Reuters)
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Saudi FinTech Firms Secure $23 Million Funding in March

It is expected that the number of users of digital banking services will reach 2.5 billion by 2024, up from 1.9 billion in 2020 (Reuters)
It is expected that the number of users of digital banking services will reach 2.5 billion by 2024, up from 1.9 billion in 2020 (Reuters)

Saudi Arabia’s financial tech sector has scored over $23 million in funding since March, marking a surge from last year’s 51% share.

The sector saw investments topping $704 million in 2023, with the number of companies ballooning from 10 to around 207. Saudi Arabia aims to push this to 525 by the decade’s end.

A report issued by the Islamic Corporation for the Development of the Private Sector revealed that, driven by a youthful population of over 35 million, with 65% under 35, Saudi Arabia boasts a GDP per capita exceeding $23,000 and a 93% internet penetration rate.

This fertile ground has propelled the financial tech sector to prominence, contributing 51% of the Kingdom’s total bold investments in 2023.

In 2024, “Moyasar” financial company led its first investment round with $21 million, while “Rakeez Financial” secured $2 million.

Globally, the fintech industry is booming, with digital banking users projected to hit 2.5 billion by 2024, up from 1.9 billion in 2020, according to a report by Juniper, a technology research firm.

This shift is fueled by the rise of mobile phones, banking apps, and digital payment methods like “Apple Pay” and “PayPal.”

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Business

Musk Says SpaceX Could Bring $1 Trillion in Revenue by 2030

Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid
Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid
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Musk Says SpaceX Could Bring $1 Trillion in Revenue by 2030

Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid
Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid

Elon ‌Musk said on Sunday that his rocket company, SpaceX, could bring in $1 trillion in revenue by 2030, making the statement two days after the company went public, valuing it at over $2 trillion.

"And I would be surprised if revenue ‌is not greater ‌than $1T in 2031," he ‌wrote ⁠on his social ⁠media platform X, replying to journalist and financial commentator Jon Erlichman.

SpaceX on Friday became the sixth-largest US firm, cementing Musk's status as the ⁠world's first trillionaire.

However, the ‌company ‌still makes far less money than similarly ‌valued tech giants like ‌Broadcom and Amazon.com.

In 2025, SpaceX's revenue jumped to $18.67 billion from $14.02 billion a year earlier, but the ‌company swung to a net loss of $4.94 billion from ⁠a ⁠profit of $791 million.

Some Wall Street analysts are cautious about the company's growth.

Goldman had estimated that SpaceX's revenue would exceed $470 billion in 2030, while Morgan Stanley projected it would reach nearly $330 billion, according to a Wall Street Journal report from earlier this month.

Business

Fitch Affirms China's Credit Rating at 'A'

A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)
A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)
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Fitch Affirms China's Credit Rating at 'A'

A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)
A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)

Global ratings agency Fitch on Monday affirmed China's long-term sovereign rating at "A" with a stable outlook, citing its large and diversified ‌economy, which supports ‌prospects for solid ‌GDP ⁠growth and the ⁠country's important role in global trade.

China, which faced high US tariff uncertainty last year, should see some relaxation after US President ⁠Donald Trump's visit, Fitch said, ‌even ‌as it warned of weak ‌household confidence weighing on goods ‌consumption.

Data from last month showed China's official manufacturing purchasing managers' index dropping to 50 from ‌50.3 in April, its lowest reading in three months ⁠as ⁠demand weakened. A level below 50 typically signals contraction.

"The energy price shock may pose a challenge, but large crude oil inventories, substantial refining capacity and diversified energy sources should cushion risks," the ratings agency said.

Business

Saudi Arabia's Inflation Edges Up to 1.8% in May

People shopping in a market in Saudi Arabia (SPA)
People shopping in a market in Saudi Arabia (SPA)
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Saudi Arabia's Inflation Edges Up to 1.8% in May

People shopping in a market in Saudi Arabia (SPA)
People shopping in a market in Saudi Arabia (SPA)

Saudi Arabia’s consumer price index (CPI) rose 1.8% year-on-year in May 2026, compared with the same month a year earlier, according to official data released on Sunday.

The General Authority for Statistics said the annual increase was driven mainly by a 3.7% rise in housing, water, electricity, gas and other fuels costs, supported by a 4.7% increase in actual housing rents.

Higher prices in several other categories also contributed to the increase. Restaurant and hotel prices rose 1.7%, while transport costs increased 1.5%.

Prices in the personal care and miscellaneous goods and services category climbed 5.6%, largely due to a 20.0% jump in jewelry and watches prices.

The overall rise in inflation was partly offset by a 0.5% annual decline in furniture and household equipment prices, the statistics authority said.

Slight Monthly Price Changes

On a monthly basis, Saudi Arabia’s consumer price index edged up 0.2% in May from April. The increase was driven primarily by a 0.6% rise in transport prices, largely due to a 1.9% increase in passenger transport services.

Food and beverage prices rose 0.1% month-on-month, while housing and water costs increased 0.2%.

Meanwhile, prices in the personal care and miscellaneous goods and services category fell 0.2%, as did furniture and household equipment prices. Clothing and footwear prices also declined 0.1% from the previous month.

Housing and Transport Lead Inflation Drivers

The housing, water, electricity, gas and other fuels remained the largest contributor to annual inflation in May, accounting for 0.7 percentage points.

The personal care and miscellaneous goods and services category was the second-largest contributor, adding 0.3 percentage points to the annual inflation rate.

Transport and food and beverages each contributed 0.2 percentage points, while the remaining 0.3 percentage points came from other components of the consumer basket, according to the authority.