Saudi Central Bank grants open banking certifications to 2 fintech firms 

The Saudi Central Bank, or SAMA, has permitted Umg Alholol Trading Co. and Drahim App to test their open banking solutions in its regulatory sandbox, reported the Saudi Press Agency. Shutterstock
The Saudi Central Bank, or SAMA, has permitted Umg Alholol Trading Co. and Drahim App to test their open banking solutions in its regulatory sandbox, reported the Saudi Press Agency. Shutterstock
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Updated 01 June 2023
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Saudi Central Bank grants open banking certifications to 2 fintech firms 

Saudi Central Bank grants open banking certifications to 2 fintech firms 

RIYADH: Saudi Arabia is fostering personalized financial products and services tailored to customer needs with the Kingdom’s monetary authority, granting open banking certifications to two fintech companies. 

The Saudi Central Bank, or SAMA, has permitted Umg Alholol Trading Co. and Drahim App to test their open banking solutions in its regulatory sandbox, reported the Saudi Press Agency. 

This brings the total number of innovators permitted to operate under the central bank’s regulatory sandbox to 45. 

Of the 45 firms, 18 have graduated effectively and become licensed by SAMA to provide their solutions to consumers. 

On Tuesday, SAMA granted open banking certification to Dubai-based Tarabut Gateway, which aims to intensify its operations in the Kingdom.   

Tarabut Gateway, the region’s leading regulated open banking platform, has become one of the early recipients of SAMA’s permit to operate in Saudi Arabia.   

Talking to Arab News, Abdullah Almoayed, CEO and founder of the fintech company, said that consumers in the Kingdom can now expect a wide range of innovative and personalized financial services.     

“We are aware of the unique challenges faced by small and medium enterprises in Saudi Arabia, particularly regarding cash-flow management and access to funding. We will address this issue head-on by assisting SMEs to access the funding they need via open banking-enabled financial services and products,” Almoayed said.     

He said: “The new era of financial services we stand for is user-centric and contributes to customers’ financial well-being.”     

Those moves and initiatives are projected to help the Kingdom come one step closer to achieving the objectives of the Financial Sector Development Program in making the Kingdom among the leading nations in financial technology.   

The central bank has been working toward increasing the adoption of the fintech sector to boost the effectiveness and flexibility of financial transactions.    

Moreover, it has also been promoting financial inclusion for the various segments of society. 

On Wednesday, SAMA permitted Spotii and Madfu to provide consumer finance through the buy now, pay later platform. 

That said, Saudi shoppers can soon find more flexible payment options as two more BNPL companies enter the consumer finance market.


Bahrain’s economy grows 2% as non-oil sector expands

Bahrain’s economy grows 2% as non-oil sector expands
Updated 7 sec ago
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Bahrain’s economy grows 2% as non-oil sector expands

Bahrain’s economy grows 2% as non-oil sector expands

RIYADH: Bahrain recorded a 2 percent growth in real gross domestic product in the second quarter compared to the same period last year, according to its Ministry of Finance and National Economy. 

In its latest report, the department disclosed that the growth in real GDP was fuelled by a rise in the non-oil sector, also of 2 percent. 

The transportation and communication activities topped the rankings, reporting an annual growth of 13.3 percent in the second quarter, followed by hotels and restaurants, which grew by 9.6 percent. 

Real estate and business activities rose 4.9 percent, while financial corporations advanced by 4.7 percent annually over the second quarter of last year. 

The oil sector also reported an annual increase of 2.2 percent in business activity, spurred by a 2.9 percent rise in the combined production of Abu Sa’afa and the onshore Bahrain oil fields.   

Like many oil-dependent nations, Bahrain has recognized the need to diversify its economy.   

Various initiatives have been taken to support this, including in the financial services, tourism and hospitality, and real estate sectors.

The report further stated that the non-oil industry contributed 82.9 percent of Bahrain’s real GDP between April and June,

The financial sector made up the largest segment of the total, with its size reflecting the government’s focus on financial technology and digital banking.

The oil sector was the second-largest contributor to real GDP at 17.1 percent, while government services came in third, accounting for 14.1 percent.

The manufacturing sector dropped by 0.9 percent in the second quarter compared to last year’s corresponding period yet controlled 13.6 percent of the country’s real GDP. 

Bahrain has also been promoting the manufacturing and industrial sectors to reduce dependency on oil, including nurturing Aluminum Bahrain – one of the largest producers of the metal in the world – and growing the petrochemical industry. 

These diversification efforts align with Bahrain Economic Vision 2030, a comprehensive development plan to transform the country’s economy. 

The quarterly report further projects real GDP growth of 2.9 percent in 2023 and 3.2 percent in 2024, with the non-oil sector growing by 3.5 percent and 3.8 percent, respectively, during those years. 


Public Investment Fund creates Al Balad Development Co. to develop historic Jeddah area 

Public Investment Fund creates Al Balad Development Co. to develop historic Jeddah area 
Updated 6 min 17 sec ago
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Public Investment Fund creates Al Balad Development Co. to develop historic Jeddah area 

Public Investment Fund creates Al Balad Development Co. to develop historic Jeddah area 

RIYADH: The Public Investment Fund has established a new company to develop the historic Jeddah district of Al Balad into a global tourist destination.

Al Balad Development Co. will improve the infrastructure of the region, supervise the restoration of historical buildings in the area, and develop service facilities.

It will also oversee the creation of entertainment, residential, commercial, hotel and office spaces, according to the Saudi Press Agency.

The total area of ​​the project is about 2.5 million sq. meters, while the total construction area is 3.7 million sq. meters.

This includes approximately 9,300 residential units and 1,800 hotel units, in addition to approximately 1.3 million sq. meters of commercial and office space.


Saudi Tourism Authority joins forces with Huawei to boost Chinese tourism

Saudi Tourism Authority joins forces with Huawei to boost Chinese tourism
Updated 49 min 31 sec ago
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Saudi Tourism Authority joins forces with Huawei to boost Chinese tourism

Saudi Tourism Authority joins forces with Huawei to boost Chinese tourism

RIYADH: In a bid to enhance the experience for travelers and bolster Chinese visits to Saudi Arabia, the Saudi Tourism Authority has collaborated with Huawei Mobile Services and its advertising branch, Petal Ads. 

The partnership was cemented through a memorandum of understanding signed during the Approved Destination Status launch ceremony in Beijing, according to a press release. 

Fahd Hamidaddin, CEO of the Saudi Tourism Authority, signed the deal alongside Walter Ji Rengui, president of Huawei Consumer Cloud Service Global Ecosystem Development & Operations. 

The primary objective of this collaboration is to reshape the way visitors explore Saudi Arabia by digitizing travel services, with a specific focus on attracting Chinese tourists, the press release added. 

Choon Yang Quek, chief technology officer at the STA, stated: “The partnership with Huawei Mobile Services and Petal Ads is part of Saudi’s innovative approach to marketing tourism and enhancing visitor experiences.”  

He added: “By joining forces with Huawei, known for its strong consumer connections, and combining it with Saudi’s commitment to visitor satisfaction, we can now reach new audiences more effectively through established Huawei channels and gain deeper insights into Chinese travelers to tailor their Saudi journeys.” 

This agreement reflects the ongoing partnership between the two entities and their shared dedication to showcasing Saudi Arabia as a dynamic destination to Chinese audiences, the press release added. 

Alhasan Al-Dabbagh, president of Asia-Pacific markets at the STA, said: “By incorporating Huawei’s cutting-edge technology into the travel experience, we can leverage established channels to reach a wider audience and gain a deeper understanding of potential visitors.” 

Through the integration of Huawei Mobile Services’ advanced technology solutions, tourists visiting Saudi Arabia can anticipate a smarter travel experience. 

This includes features such as seamless navigation, language translation services, and augmented reality-guided tours, all aimed at helping tourists make the most of their time while exploring the Kingdom. 

The partnership is part of the STA’s efforts to enhance the tourist experience through technology while highlighting Saudi Arabia’s cultural heritage, landscapes, and hospitality. 

This comes as the Kingdom aims to deliver personalized experiences for Chinese tourists, with readily available support throughout their trip. 

In partnership with Petal Ads, the STA looks to attract more Chinese tourists to discover Saudi Arabia’s attractions.  


OIC plans cooperation framework on contract farming among members   

OIC plans cooperation framework on contract farming among members   
Updated 03 October 2023
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OIC plans cooperation framework on contract farming among members   

OIC plans cooperation framework on contract farming among members   

RIYADH: A new framework to help boost food security across the Muslim world will be unveiled at the next meeting of the Organization of Islamic Cooperation, set to be held in 2025, it has been announced.

The OIC confirmed the move at its latest gathering in Doha on Tuesday, as it called for a new business model entered on contract farming for its member nations.    

This initiative is expected to be in the spotlight at the next OIC ministerial conference due to in the capital of Chad in 2025, with the exact date yet to be announced.  


Monsha’at, E-Commerce Council organize tour to promote online trade 

Monsha’at, E-Commerce Council organize tour to promote online trade 
Updated 03 October 2023
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Monsha’at, E-Commerce Council organize tour to promote online trade 

Monsha’at, E-Commerce Council organize tour to promote online trade 

RIYADH: Saudi Arabia can expect a considerable penetration of online trading as the General Authority for Small and Medium Enterprises, or Monsha’at, organized the third phase of its tour with the E-Commerce Council on Monday. 

According to the Saudi Press Agency, the tour concludes on Wednesday and has witnessed the participation of service providers and e-commerce specialists. 

The tour included discussions on developing an environment conducive to developing e-commerce in the Kingdom and the platform's role in various government sectors, including transportation, rural and municipal affairs, housing and SMEs.