MasterCard: Saudi Arabia steadily moves toward cashless society

Updated 26 December 2013
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MasterCard: Saudi Arabia steadily moves toward cashless society

MasterCard has unveiled a new global report “The Cashless Journey” that positions Saudi Arabia among those economies that have begun accelerating their move toward becoming a cashless society.
The report, produced by MasterCard Advisors, explores the evolution of consumer payment patterns in 33 countries from five regions, representing more than 85 percent of global GDP, taking in both developed and developing nations, using a single methodology.
MasterCard Advisors’ research indicates that a country’s readiness to move to a cashless society is determined by factors like the accessibility and affordability of financial services, the scale and market share of retailers, the level of technology that is available, and participation of consumers in the formal economy.
With a readiness score of 57, Saudi Arabia has eliminated many of the typical macro-economic barriers for going cashless. However, low rates of financial inclusion, indicated by the Kingdom’s majority unbanked population, may continue to have an adverse impact on the growth of cashless payments. With a trajectory indicator of 30, Saudi Arabia seems to be moving at a better than average pace on its cashless journey and the key reason for reduced cash share appears to be a substantial share shift from cash to debit cards between 2006 and 2011.
The share indicator score for Saudi Arabia is 19, which puts the market in a category of countries that Advisors refer to as “Inception”, countries that are just starting their cashless journey.
Kevin Stanton, president, MasterCard Advisors, comments: “While each nation’s journey is unique and requires an understanding of local realities, the benefits that come with a more cashless society are universal — more convenience for consumers, better efficiencies for governments, higher productivity for businesses and greater financial inclusion for society as a whole by bringing more citizens into the economic mainstream. This report provides a roadmap for how countries can reap these benefits and enable a better life for all constituents.”
Khalid Hariry, market manager, KSA, Bahrain and Yemen, MasterCard, said: “Saudi Arabia is indeed moving at a better than average pace on its cashless journey, which has been significantly spurred along by government leadership. Regulation mandating wages assignment of employees’ to bank accounts has vastly increased access to electronic payment methods for the Saudi population over a short period of time.

These changes, coming alongside initiatives to spur acceptance, and a push to migrate payments made during the Haj and Umrah pilgrimages, can be expected to shift substantial share of consumer payments away from cash in the coming years.”


Lamborghini wows luxury car show in Jeddah

Updated 24 March 2019
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Lamborghini wows luxury car show in Jeddah

Lamborghini Saudi Arabia participated in the EXCS International Luxury Motor Show, which was held in Jeddah March 14-17.
Wayne Banoub, COO of Samaco Automotive Company, the exclusive dealer of Lamborghini in the Kingdom, said: “Lamborghini cars are known worldwide as one of the most sophisticated cars, this famous brand has wide recognition in Saudi Arabia in particular and in the region in general; in view of its deep roots, elegance and development, it is one of the first luxury car brands that appeared in the Saudi market.”
Banoub said Lamborghini’s sales have doubled in Saudi Arabia since Samaco acquired its distribution rights last year.
“Over the years, this brand has played hard to fortify its place in the market and achieve a substantial portion in the market of luxury sports cars. Since Samaco got its dealership in Saudi Arabia, its sales have doubled and even exceeded our quota.”
Launched in 2018, the Urus is the world’s first sport SUV, delivering best-in-class lightweight technologies, with innovation in design and engineering.
The Urus features a 4.0 liter V8 twin-turbo engine delivering 650 hp at 6,000 rpm, maximum 6,800 rpm, and 850 Nm of maximum torque already at 2,250 rpm. With 162.7 hp/l, the Urus claims one of the highest power outputs in its class and the best weight-to-power ratio.
Claimed as the Nürburgring-Nordschleife production car record holder, completing a 20.6 km lap in just 6:44.97 minutes, the Aventador SVJ is fitted with a naturally aspirated V12 engine which produces 770 HP and torque of 720 Nm partied with a 7-speed automatic transmission model ISR.
The Aventador SVJ is designed to achieve high performance and accelerates from 0 to 100 km/hour in 2.8 seconds with a top speed of 350 km/hour. The car is limited to 900 production units only.
The 12th edition of EXCS was held amid intense competition in the Saudi luxury car sector. The motor show provides a platform for luxury car companies and dealers in Saudi Arabia to showcase the latest models that arrived in the Kingdom during the year.
The luxury car sector is one of the fastest growing sectors of the automotive industry in Saudi Arabia, thanks to the increasing demand for this category of vehicles.
Lamborghini Car Owners Club organized a visit for a number of the club members to Lamborghini’s pavilion at the International Luxury Motor Show, where they interacted with other visitors, discussing the many features of Lamborghini cars.