Saudi Arabia’s point-of-sale transactions increase by 1.2% in October 

Saudi Arabia’s point-of-sale transactions increase by 1.2% in October 
Short Url
Updated 29 November 2021

Saudi Arabia’s point-of-sale transactions increase by 1.2% in October 

Saudi Arabia’s point-of-sale transactions increase by 1.2% in October 

RIYADH: The value of point-of-sale transactions in Saudi Arabia reached SR40.5 billion ($10.8 billion) in October, up by 1.2 percent compared to the previous month, the Saudi Central Bank reported.

Some of the sectors that helped drive the increase were restaurants and cafes, hotels, food and beverages, clothing and footwear. 

For example, sales in restaurants and cafes reached their highest level since at least January 2016.

The number of transactions rose markedly to over 495 million in October from the previous month’s 469 million transactions.

Some of the point-of-sale transactions could be conducted using mobile phones and cards, otherwise referred to as near-field communication technology.

The number of mobile phone transactions continued its expansionary trend, recording a monthly increase of 1.9 percent to hit 179 million transactions in October. Meanwhile, the number of transactions using cards was up by 8 percent to stand at 293 million transactions.

The value of transactions using mobile phones witnessed a 2.5 percent drop to SR11.5 billion in October while those performed using cards recorded an increase of 3.2 percent with the value reaching SR25.7 billion.


Retail e-payments exceed Saudi Vision target in 2021, Central Bank says

Retail e-payments exceed Saudi Vision target in 2021, Central Bank says
Updated 14 sec ago

Retail e-payments exceed Saudi Vision target in 2021, Central Bank says

Retail e-payments exceed Saudi Vision target in 2021, Central Bank says

RIYADH: Electronic payments in retail surpassed the 55 percent target set out by the Financial Sector Development Program, FSDP, one of the main programs of Saudi Vision 2030.

The e-payments exceeded 57 percent of total transactions conducted in 2021, the Saudi Central Bank said in a statement.

Over 5.1 billion transactions were made through the national Mada payment system during 2021, with a growth rate of 81 percent compared to 76 percent in 2020, the statement said.

More than a million Point of Sale terminals were deployed by the end of 2021 compared to 721,000 terminals deployed in 2020.

Additionally, contactless payments methods accounted for 95 percent of all PoS transactions in 2021, alongside other electronic payment methods such as e-commerce payments, ‘SADAD’ system payments and the new Instant Money Transfer through ‘Sarie’ system and others.

The business sector had 84 percent of its total payment transactions electronic in 2021, compared to just 51 percent in 2019, marking a 65 percent increase in electronic payment share during these past two years.

Accordingly, major corporations rely on electronic payments to complete 99.6 percent of their transactions, while the same metric stood at 78 percent for Small Medium Enterprises, and 76 percent for micro enterprises, the Central Bank noted.

The Central Bank is working on promoting electronic infrastructure, expanding electronic payment activities and accelerating the electronic transformation of transactions, Governor of the Bank Fahad Almubarak said.

He added that this most recent achievement was driven by FSDP and the implementation of the bank's strategic plans for the payments sector, primarily aiming to reduce dependency on cash, and increase the rate of electronic payments to 70 percent by 2025.

Almubarak emphasized the joint efforts between the government and private sectors to increase payment choices and implement many payment digitization initiatives.


Egypt unveils 4-wheel natural gas alternative to imported tukuks

Egypt unveils 4-wheel natural gas alternative to imported tukuks
Updated 28 January 2022

Egypt unveils 4-wheel natural gas alternative to imported tukuks

Egypt unveils 4-wheel natural gas alternative to imported tukuks

Egypt has unveiled a four-wheeled light vehicle powered by petrol and natural gas that will replace the country's 3.5 million tuktuks in a bid to reduce their environmental footprint. 

The ministries of trade and industry and military production showed off a prototype of the new vehicle following Egyptian authorities decision on Tuesday evening to ban the import of tuktuks and set a plan to replace them using alternative vehicles.

Tuktuks are three-wheeled vehicles used as taxis, common in a number of countries including Egypt.

Minister of State for Military Production Mohamed Ahmed Morsi explained that this vehicle is a sample of a proposed project between the National Authority for Military Production and the private sector company GB Auto Ghabbour to provide an alternative four-wheeled vehicle. 

Trade and Industry Minister Nevin Gamea said the vehicle will be produced with a dual system engine, petrol and natural gas, which reduces the cost of transportation and operation and makes it environmentally friendly. 

The number of tuktuks in Egypt is approximately 3.5 million, according to estimates, of which just 10 percent have an official licence.

Some see them as a public nuisance while others find them a cheap, convenient method of transportation.


Aramco partners with Japan’s Yokogawa to localize chip manufacturing in Saudi Arabia

Aramco partners with Japan’s Yokogawa to localize chip manufacturing in Saudi Arabia
Updated 28 January 2022

Aramco partners with Japan’s Yokogawa to localize chip manufacturing in Saudi Arabia

Aramco partners with Japan’s Yokogawa to localize chip manufacturing in Saudi Arabia

RIYADH: Tokyo-based Yokogawa Electric Corp. has signed an initial agreement with Aramco to seed and localize semiconductor chip manufacturing in Saudi Arabia and boost growth in the industrial digital business domain.

Under the agreement, Aramco is to explore the possibility of utilizing Minimal Fab technology for semiconductor manufacturing, Argaam reported. 

Minimal Fab is a production system that enables high-mix, low-volume manufacturing of semiconductors and microelectromechanical systems without the need for a cleanroom.

The Japanese company will offer its expertise in deploying the technology to Aramco facilities, with the provision of related training, maintenance, and support services to ensure an end-to-end success.

The announcement comes as the world struggles with shortage of chips, with a recent US government report warning the problem could continue for more than six months.

 


34 US states back Epic Games in anti-trust suit against Apple

34 US states back Epic Games in anti-trust suit against Apple
Updated 28 January 2022

34 US states back Epic Games in anti-trust suit against Apple

34 US states back Epic Games in anti-trust suit against Apple
  • Attorneys-general accuse Apple of stifling competition

OAKLAND, California: Apple Inc. is stifling competition through its mobile app store, attorneys general for 34 US states and the District of Columbia said on Thursday, as they appealed against a ruling that let the iPhone maker continue some restrictive practices.

While dozens of state attorneys general have filed recent antitrust lawsuits against other big tech companies, including Facebook owner Meta Platforms Inc. and Alphabet Inc’s Google, none had so far taken aim at Apple.
Thursday’s remarks, led by the state of Utah and joined by Colorado, Indiana, Texas and others, came in a lawsuit in an appeals court against app store fees and payment tools between “Fortnite” video game maker Epic Games and Apple.
“Apple’s conduct has harmed and is harming mobile app-developers and millions of citizens,” the states said.
“Meanwhile, Apple continues to monopolize app distribution and in-app payment solutions for iPhones, stifle competition, and amass supracompetitive profits within the almost trillion-dollar-a-year smartphone industry.”
The action comes after a US district judge in Oakland, California, mostly ruled against Epic last year.
That decision found that commissions of 15 percent to 30 percent which Apple charges some app makers for use of an in-app payment system the company forced on them did not violate antitrust law.
Epic challenged the ruling in the 9th US Circuit Court of Appeals. On Thursday, professors, activist groups and the states weighed in through court filings that described legal arguments in support.
Apple’s reply is expected in March. On Thursday, the company said it was optimistic that Epic’s challenge would fail.
The states said in their filing that the lower court erred by failing to adequately balance the pros and cons of Apple’s rules and also by deciding that a key antitrust law did not apply to non-negotiable contracts Apple makes developers sign.
“Paradoxically, firms with enough market power to unilaterally impose contracts would be protected from antitrust scrutiny — precisely the firms whose activities give the most cause for antitrust concern,” they said.

 


Apple’s holiday iPhone sales surge despite supply shortages

Apple’s holiday iPhone sales surge despite supply shortages
Updated 28 January 2022

Apple’s holiday iPhone sales surge despite supply shortages

Apple’s holiday iPhone sales surge despite supply shortages
  • Apple to report iPhone sales of $71.6 billion for the October-December period

SAN RAMON, California: Apple shook off supply shortages that have curtailed production of iPhones and other popular devices to deliver its most profitable holiday season yet.
The results posted Thursday for the final three months of 2021 help illustrate why Apple is looking even stronger at the tail end of the pandemic than when the crisis began two years ago.
At that point, Apple’s iPhone sales had been flagging as consumers began holding on to their older devices for longer periods. But now the Cupertino, California, company can’t seem to keep up with the steadily surging demand for a device that has become even more crucial in the burgeoning era of remote work.
Apple’s inability to fully satisfy the voracious appetite for iPhones stems from a pandemic-driven shortage of chips that’s affecting the production of everything from automobiles to medical devices.
But Apple so far has navigated the shortfalls better than most companies. That deft management enabled Apple to report iPhone sales of $71.6 billion for the October-December period, a 9 percent increase from the same time in the previous year.
Those sales gains would have likely been even more robust if Apple could have secured all the chips and other components needed to make iPhones. That problem plagued Apple’s July-September quarter when management estimated that supply shortages reduced its iPhone sales by about $6 billion. The company may address how supply shortages affected its performance in the most recent quarter during a conference call with analysts scheduled later Thursday.
Despite what drag the shortages caused, Apple still earned $34.63 billion, or $2.10 per share, a 20 increase from the same time in the previous year. Revenue climbed from the previous year by 11 percent to $123.95 billion.
Apple’s ongoing success help push the company’s market value above $3 trillion for the first time earlier this month. But its stock price has tumbled 13 percent since hitting that peak amid worries about a projected rise in interest rates aimed at dampening the torrid pace of inflation that has been fueled in part by supply shortages.
Its shares gained more than 3 percent in Thursday’s extended trading after the Apple’s fiscal first-quarter numbers came out.
The supply issues looming around Apple’s devices have magnified the importance of the company’s services division, which is fueled by commissions from digital transactions on iPhone apps, subscriptions to music and video streaming and repair plans.
The up to 30 percent commissions collects from apps distributed through Apple’s exclusive app store have become a focal point of a fierce legal battle that unfolded in a high-stakes trial year, as well as proposed reforms recently introduced in the US Senate that tear down the company’s barriers that prevent consumers from using alternative payment systems.
For now, though, the services division is still booming. Its revenue in the past quarter hit $19.52 billion, a 24 percent increase.
Apple is widely believed to be maneuvering toward another potentially huge money-making opportunity with the introduction of an augmented reality headset that would project digital images and information while its users interact with other physical objects and people. True to its secretive form, the company has never said it is working on that kind of technology.
But Apple CEO Tim Cook has openly shared his enthusiasm for the potential of augmented reality in public presentations, and analysts believe the long-rumored headset could finally roll out later this year — unless it’s delayed by supply shortages.