State-led startup momentum poised for sustainable growth under Vision 2030

State-led startup momentum poised for sustainable growth under Vision 2030
Saudi Venture Capital engaged with entrepreneurs and investors during its participation at Biban24 last year, underscoring its pivotal role in fueling the Kingdom’s startup ecosystem under Vision 2030. File/Supplied
Short Url
Updated 13 June 2025
Follow

State-led startup momentum poised for sustainable growth under Vision 2030

State-led startup momentum poised for sustainable growth under Vision 2030

RIYADH: Amid a record-breaking surge in venture funding and a wave of regulatory reforms, Saudi Arabia is drawing global attention for its ambitious push to build a vibrant startup economy. 

The Kingdom’s entrepreneurial landscape is being reshaped thanks to the work of Saudi Venture Capital, a subsidiary of the National Development Fund, and incubation support from the Small and Medium Enterprises General Authority, known as Monsha’at.

With government capital underwriting much of the early momentum, the challenge now lies in translating that support into private-sector-driven sustainability, with some market observers cautioning against confusing rapid growth with long-term sustainability. 




Philip Bahoshy, CEO of MAGNiTT. Supplied

“The long-term sustainability of this support will depend on continued private-sector participation and market-driven investment flows,” Philip Bahoshy, CEO of MAGNiTT, told Arab News in an interview. 

He accepted that sovereign-led investment vehicles have played a foundational part in catalyzing early-stage innovation, saying: “Saudi initiatives like SVC and Monsha’at have played a critical role in expanding access to capital, fostering entrepreneurship, and developing the broader startup ecosystem.” 

Bahoshy cited SVC’s strategy of acting as a fund-of-funds as a key mechanism for increasing market liquidity, alongside new instruments such as venture debt and private equity.

These tools are designed not only to finance startups but to build institutional depth across the capital stack. 

Beyond financial capital, the initiatives have emphasized ecosystem development through mentorship and education. 

“Another key pillar is their focus on education — whether they be in-person events or the content they share through sponsorships like MAGNiTT — to educate the market,” Bahoshy added.

Monsha’at, he added, has expanded its support through physical incubators and SME-focused regulatory facilitation, helping reduce barriers for company formation and early operations. 

Capital drives diversification

For Said Murad, senior partner at Global Ventures, these efforts are not just supportive — they are catalytic. 

“SVC has invested in 54 private capital funds that invested in over 800 startups and SMEs via $3 billion in AUM (assets under management). This has resulted in entrepreneurship growth and economic diversification,” the venture capitalist told Arab News in an interview. 




Said Murad, senior partner at Global Ventures. Supplied

Murad added that this flow of capital has had knock-on effects beyond startups, helping to “drive jobs and economic growth” across sectors and enabling venture firms like his to back “emerging technologies across platforms built by exceptional founders.” 

In assessing sustainability, the venture community is looking for more than just headline investment totals. 

Bahoshy pointed to a broadening of sector focus as a positive indicator. “Indicators of sustainable growth include diversified sector investment, rising follow-on funding rounds, and an increasing number of successful exits,” he said. 

MAGNiTT’s recent report with the National Technology Development Program, he noted, shows Saudi Arabia outperforming the wider Middle East and North Africa region on follow-on investment metrics — evidence of startups moving successfully through the funding pipeline. 

Murad emphasized deal activity and capital market maturation. “Achieving a record number of deals in 2024 (178), which was 31 percent of MENA’s total deal number, reflects positively on activity,” he said. 

He also cited the growing pipeline of exits and public listings, saying: “More than 50 IPO applications are currently under review by the regulator and the exchange, showing further momentum in the Saudi market.” 

The increase in mergers and acquisitions transactions — up 17.4 percent year on year — suggests the market is entering a phase of consolidation and liquidity, which is critical for long-term investor confidence, he stated.  

Still, the pace and scale of state-backed capital injections have prompted some caution. 

“Concerns about government-driven funding inflating valuations remain,” Bahoshy warned. 

He stressed the need to monitor startup profitability, organic market demand, and the inflow of non-government capital to guard against artificial inflation.

In his view, sustainable ecosystems are those where “startups demonstrate strong unit economics” and attract both domestic and international private capital. 

Murad agreed that macroeconomic indicators must be matched with real operational progress. 

“From an investor’s perspective, distinguishing between real market development and an overheated ecosystem requires a mix of macroeconomic signals and sector-specific insight,” he said. 

Those metrics include gross domestic product growth, employment contribution, and non-oil revenue gains. 

At a sectoral level, fintech remains a bellwether. “In fintech, for example, sustained growth in digital payment adoption, rising financial inclusion, and tangible collaboration between fintech and incumbent banks signal structural integration rather than hype,” Murad explained. 

On the structural side, Saudi startups face a different set of challenges as they scale regionally and globally. 

While local capital and infrastructure offer a strong base, market fragmentation across the MENA region presents real operational hurdles. 

“Key challenges include regulatory differences, talent mobility constraints, and fragmented market demand,” Bahoshy said. 

In particular, sectors such as fintech and health tech often require jurisdiction-specific compliance, which can stretch the resources of scaling companies. 

Murad underscored the importance of localization and talent strategy in overcoming those barriers. 

“Startups operating in sectors such as fintech or health tech may find it particularly difficult to navigate differing compliance standards and approval timelines,” he said, adding that hiring local talent is often critical. 

“Our portfolio company Rabbit, a hyperlocal e-commerce platform, has made the recruitment of local employees a key part of its Saudi market entry strategy,” said Murad. 

Despite these headwinds, both Bahoshy and Murad see a strategic shift toward long-term market integration. 

“Saudi startups are increasingly positioning themselves as regional leaders within MENA,” Bahoshy said, with many expanding into the UAE, Egypt, and other Gulf Cooperation Council markets. 

Murad added that founders are building their businesses “with scalability in mind,” and are “leveraging the Kingdom’s strong capital base, infrastructure, and Vision 2030 momentum to compete across borders.” 

Next growth phase

Ultimately, the next phase for Saudi Arabia’s startup ecosystem will depend on how effectively it balances public ambition with private execution. 

While Vision 2030 provides a powerful narrative and institutional backing, sustained impact will be measured by market maturity, depth of innovation, and the ability of startups to solve real problems across borders and sectors. 

As Saudi Arabia’s startup ecosystem transitions from state-backed momentum to market maturity, investors and policymakers are shifting their focus from funding volume to long-term value creation. 

This next phase will test whether startups can scale beyond subsidized growth and become embedded drivers of innovation across sectors and borders. 

“What often matters most is on-the-ground visibility: how embedded startups are in daily life, how their products are solving real problems, and how much institutional trust they’ve earned,” said Murad. 

That visibility — whether in finance, healthcare, or logistics — is increasingly seen as a litmus test for lasting impact. 

Startups that succeed in the Kingdom are now expected to meet regulatory standards, address market needs, and contribute to non-oil GDP. 

Murad pointed to the fintech sector, where startups are not only attracting investment but also becoming integral to the financial system through collaboration with banks and the adoption of digital infrastructure. 

He noted that alignment with national priorities, like those in the Financial Sector Development Programme, helps reinforce sector-wide progress. 

Regional expansion remains an important strategic goal, but the road to cross-border growth is uneven. 

Bahoshy pointed out that as Saudi startups expand into nearby markets, they encounter challenges such as varying regulations, limited movement of skilled talent, and inconsistent consumer demand across the region.

To mitigate these challenges, firms are increasingly investing in local knowledge and partnerships rather than applying one-size-fits-all models.


EV maker Lucid’s quarterly deliveries rise but miss estimates

EV maker Lucid’s quarterly deliveries rise but miss estimates
Updated 03 July 2025
Follow

EV maker Lucid’s quarterly deliveries rise but miss estimates

EV maker Lucid’s quarterly deliveries rise but miss estimates
  • Lucid delivered 3,309 vehicles in the quarter ended June 30

LONDON: Electric automaker Lucid on Wednesday reported a 38 percent rise in second-quarter deliveries, which, however, missed Wall Street expectations amid economic uncertainty.

Demand for Lucid’s pricier luxury EVs have been softer as consumers, pressured by high interest rates, shift toward cheaper hybrid and gasoline-powered cars.

Lucid delivered 3,309 vehicles in the quarter ended June 30, compared with estimates of 3,611 vehicles, according to seven analysts polled by Visible Alpha. It had delivered 2,394 vehicles in the same period last year.

Saudi Arabia-backed Lucid produced 3,863 vehicles in the quarter, missing estimates of 4,305 units, but above the 2,110 vehicles made a year ago.

The company stuck to its annual production target in May, allaying investor worries about manufacturing at a time when several automakers pulled their forecasts due to an uncertain outlook.

US President Donald Trump’s tariff policy has led to a rise in vehicle prices as manufacturers struggle with high material costs, forcing them to reorganize supply chains and produce domestically.

Lucid’s interim CEO, Marc Winterhoff, had said in May that the company was expecting a rise of 8 percent to 15 percent in overall costs due to new tariffs.

The company’s fortunes rest heavily on the success of its newly launched Gravity SUV and the upcoming mid-size car, which targets a $50,000 price point, as it looks to expand its vehicle line and take a larger share of the market.

Deliveries at EV maker Tesla dropped 13.5 percent in the second quarter, dragged down by CEO Elon Musk’s right-wing political stances and an aging vehicle line-up that has turned off some buyers. 


Saudi hotel occupancy rises to 63% in Q1 2025

Saudi hotel occupancy rises to 63% in Q1 2025
Updated 03 July 2025
Follow

Saudi hotel occupancy rises to 63% in Q1 2025

Saudi hotel occupancy rises to 63% in Q1 2025
  • Occupancy rate for serviced apartments and other hospitality facilities fell to 50.7%
  • Average daily room rate in hotels stood at SR477

JEDDAH: Saudi Arabia’s hotel occupancy rate rose to 63 percent in the first quarter of 2025, up from 60.9 percent a year earlier, driven by seasonal events, pilgrimage traffic, and growing leisure tourism.

The occupancy rate for serviced apartments and other hospitality facilities fell to 50.7 percent during the same period, marking a decline of 3.8 percentage points compared to the first quarter of 2024, according to recent data from the General Authority for Statistics.

GASTAT’s tourism establishments statistics also showed that the average daily room rate in hotels stood at SR477 ($127.2), reflecting a year-on-year decrease of 3.4 percent. Meanwhile, the average daily rate in serviced apartments and other hospitality facilities increased by 7.2 percent to SR209 during the same period.

The Kingdom has set ambitious tourism targets under its Vision 2030 agenda, aiming to attract 150 million visitors annually by the end of the decade

Tourism is central to the nation’s broader strategy to diversify its economy beyond oil and is positioned as a vital contributor to the gross domestic product. To drive this transformation, Saudi Arabia plans to invest over $1 trillion in new attractions and infrastructure projects, including the Red Sea initiative and NEOM, a $500 billion megacity.

According to GASTAT, the average length of stay for hotel guests was approximately 4.1 nights during the first quarter of 2025, consistent with the same period in 2024.

“On the other hand, the average length of stay for guests in serviced apartments and other hospitality facilities was approximately 2.1 nights during Q1 of 2025, reflecting a decrease of 4.5 percent compared to the corresponding quarter of 2024, which was 2.2 nights,” the analysis added.

Regarding employment in the tourism sector, GASTAT reported notable growth, with the total number of workers in tourism-related activities reaching 983,253 during the first quarter of 2025, up 4.1 percent from the same period last year.

“The number of Saudi employees reached 243,369, with a participation rate of 24.8 percent. Meanwhile, the number of non-Saudi employees reached 739,884, representing a participation rate of 75.2 percent of the total employees in tourism activities,” the report said.

The study further indicated that, in terms of gender distribution, male employees in tourism activities totaled 853,852, accounting for 86.8 percent of the workforce, while female employees numbered 129,401, representing 13.2 percent during the first quarter of 2025.

Makkah and Madinah posted robust gains, while Riyadh experienced declines in both occupancy and room rates. Jeddah, meanwhile, showed mixed results. Shutterstock

It also revealed that workers in the tourism sector constituted 5.4 percent of total national employment, marking a decline of 0.3 percentage points compared to the first quarter of 2024. Within the private sector, tourism accounted for 8.1 percent of jobs, a decrease of 0.6 percentage points from 8.7 percent in the same quarter of the previous year.

Highlighting its calculation methodology, GASTAT said the tourism establishments statistics for Q1 2025 are compiled from multiple sources to provide comprehensive insights into tourism activities in Saudi Arabia. These sources include administrative records, statistical surveys, and secondary data.

The Kingdom’s tourism sector continued to demonstrate strong performance in the first quarter of 2025, reflecting the country’s accelerating efforts under its Vision 2030 agenda to diversify the economy and reduce reliance on oil revenues.

As the nation expands its hospitality infrastructure and boosts its global appeal, recent data reveals promising trends in visitor spending, hotel occupancy, and employment within the tourism industry.

In the first three months of 2025, international tourists spent SR49.37 billion in the Kingdom, a 10 percent increase compared to the same period last year, according to figures released by the Saudi Central Bank, also known as SAMA.

This rise contributed to boosting the travel account surplus to SR26.78 billion, marking an 11.7 percent year-on-year increase and underscoring tourism’s growing contribution to the non-oil economy.

Saudi Arabia’s hotel sector recorded a solid performance in the first quarter of 2025, supported by a steady rise in both domestic and international tourism, according to the latest report by global real estate consultancy JLL.

The report showed that the Kingdom welcomed approximately 21.6 million international tourists in the first nine months of 2024, while domestic travel surged to 63.9 million, with leisure being the primary motivator for trips. 

It added that religious pilgrimage continued to drive international arrivals, reinforcing the country’s unique position as a spiritual destination.

The JLL study said that while the nationwide hotel market saw growth in key performance metrics, such as a 10.8 percent increase in average daily rates and a 1.3 percentage point rise in occupancy, performance diverged across cities. 

JLL noted that Makkah and Madinah posted robust gains, while Riyadh experienced declines in both occupancy and room rates. Jeddah, meanwhile, showed mixed results. 


Closing Bell: TASI closes the week in green at 11,244, climbing 1.03%

Closing Bell: TASI closes the week in green at 11,244, climbing 1.03%
Updated 03 July 2025
Follow

Closing Bell: TASI closes the week in green at 11,244, climbing 1.03%

Closing Bell: TASI closes the week in green at 11,244, climbing 1.03%
  • MSCI Tadawul Index increased 1.37 percent to close at 1,443.46
  • Parallel market Nomu lost 0.32 percent to end at 27,287.50 points

RIYADH: Saudi Arabia’s Tadawul All Share Index concluded Thursday’s trading session at 11,244.45 points, marking an increase of 114.81 points or 1.03 percent.

The total trading turnover of the benchmark index was SR5.625 billion ($1.5 billion), as 139 of the listed stocks advanced, while 110 retreated. 

The MSCI Tadawul Index also increased by 19.52 points, or 1.37 percent, to close at 1,443.46. 

The Kingdom’s parallel market Nomu reported a decrease, losing 88.34 points, or 0.32 percent, to close at 27,287.50 points. This comes as 37 of the listed stocks advanced while 38 retreated. 

The index’s top performer, Fawaz Abdulaziz Alhokair Co., saw a 9.85 percent increase in its share price to close at SR29.  

Other top performers included Saudi Ceramic Co., which saw a 6.26 percent increase to reach SR31.90, while Halwani Bros. Co.’s share price rose by 5.55 percent to SR44.86. 

Middle East Healthcare Co. also recorded a positive trajectory, with share prices rising 5.09 percent to reach SR57.80.

Al-Rajhi Co. for Cooperative Insurance was TASI’s worst performer, with the company’s share price falling by 2.91 percent to SR123.30. 

Saudi Industrial Export Co. followed with a 2.51 percent drop to SR2.33. Ades Holding Co. also saw a notable decline of 2.32 percent to settle at SR13.06. 

Americana Restaurants International PLC and Naseej International Trading Co. were among the top five poorest performers, with shares dropping by 2.08 percent to settle at SR2.35 and 1.96 percent to sit at SR100, respectively. 

On the announcement front, Riyad Bank announced its intention to issue tier 2 trust certificates denominated in US dollars under its updated international trust certificate issuance program, the bank said on Thursday.

According to the bank’s statement on Tadawul, the issuance — approved by its board on August 9 — is expected to be carried out through a special purpose vehicle and offered to eligible investors both in Saudi Arabia and internationally.

The offering is part of the bank’s broader capital-raising initiative aimed at general banking purposes, and its size and terms will be determined based on prevailing market conditions at the time of issuance.

The Saudi lender has appointed Standard Chartered Bank, HSBC Bank, Merrill Lynch International, and J.P. Morgan Securities, as well as SMBC Group, Mizuho International, DBS Bank Ltd, and Riyad Capital as joint lead managers for the proposed offer.

The proposed issuance of trust certificates will proceed following approvals from relevant regulatory bodies and will comply with all applicable laws and regulations.

Riyad Bank’s share price traded 2.54 percent higher on Thursday to close at SR28.36.


Qatar, Kuwait, UAE see steady June PMI growth; Lebanon slows decline

Qatar, Kuwait, UAE see steady June PMI growth; Lebanon slows decline
Updated 03 July 2025
Follow

Qatar, Kuwait, UAE see steady June PMI growth; Lebanon slows decline

Qatar, Kuwait, UAE see steady June PMI growth; Lebanon slows decline
  • Kuwait’s PMI fell to 53.1 in June from 53.9 in May
  • UAE’s PMI ticked up to 53.5 in June from 53.3 in May

RIYADH: Business activity across Middle Eastern economies showed mixed trends in June, with Qatar leading growth, Kuwait and the UAE holding steady, and Lebanon remaining in contraction despite easing declines, market trackers showed. 

According to the latest Purchasing Managers’ Index data from S&P Global, Kuwait’s PMI fell to 53.1 in June from 53.9 in May — a three-month low but still well above the neutral 50 mark, signaling a solid improvement in business conditions in the country’s non-oil private sector. 

In the UAE, the PMI ticked up to 53.5 in June from 53.3 in May, while Qatar’s figure for the non-energy private sector rose to 52 in June from 50.8 in May,

Lebanon’s PMI edged up to 49.2 in June from 48.9, remaining below the 50 threshold for a fourth consecutive month.

The broadly positive figures are in line with World Bank forecasts that Gulf Cooperation Council economic growth will accelerate to 3.2 percent in 2025 and 4.5 percent in 2026, driven by the easing of OPEC+ oil cuts and strong non-oil sector expansion. 

Kuwait growing despite slowdown

Kuwait’s PMI rating, which still shows growth despite a deceleration, comes amid expectations of an economic rebound, with the International Monetary Fund and World Bank projecting Kuwait’s real gross domestic product growth at 1.9 percent and 3.3 percent, respectively, for 2025. 

Kuwait’s PMI signaled a solid improvement in business conditions in the country’s non-oil private sector. Shutterstock

Andrew Harker, economics director at S&P Global Market Intelligence, said: “Sustained rises in workloads and increasing confidence for the year ahead have been good news for the Kuwaiti labor market, with companies looking to take on additional staff to keep on top of orders. 

That said, he noted that even a record increase in employment in June failed to prevent a further buildup of outstanding business, suggesting the need for additional capacity improvements in the months ahead. 

“All in all, the first half of 2025 has been a successful one for Kuwait’s non-oil private sector, and firms go into the second half of the year in good shape to continue expanding,” Harker added. 

UAE PMI edges higher 

Despite the UAE’s PMI figure inching up in June to 53.5 from 53.3 in the previous month, new business growth in the country slowed due to geopolitical tensions, faster output and stable inventories kept overall activity in expansion territory, according to newly released data from S&P Global.

The rise was attributed to firms ramping up efforts to clear backlogs, which boosted output growth and stabilized stock levels after May’s record decline. 

Non-oil private sector firms in the country experienced softer demand toward the end of the second quarter, as heightened regional tensions led to more cautious client spending. 

Geopolitical uncertainty also disrupted supply chains, though input cost pressures eased. 

“The UAE non-oil sector showed signs of a minor setback in June due to the conflict between Israel and Iran. The impact was primarily felt on the demand side, as some businesses reported a slowdown in orders driven by heightened tensions,” said David Owen, senior economist at S&P Global Market Intelligence. 

Despite the UAE’s PMI figure inching up in June to 53.5 from 53.3 in the previous month, new business growth in the country slowed. Shutterstock

He explained that this led to a further slowdown in overall new business growth, which fell to its lowest level in almost four years. 

“However, with firms instead able to turn their attention to addressing the substantial level of outstanding work — evidenced since early 2024 — the impact on overall business conditions was negligible,” Owen said. 

The senior economist noted that input costs rose at their slowest pace in nearly two years, allowing businesses to offer price reductions to customers. With consumer inflation remaining subdued, the data suggests a recovery in sales growth is likely in the near future — provided regional tensions ease, he explained. 

Qatar extends expansion 

Qatar’s PMI rise of 1.2 points marked the strongest growth since March and the 18th consecutive month of expansion. The uptick was driven by higher output and employment, though declines in new orders, input stocks, and faster supplier delivery times slightly offset the overall improvement. The reading of 52 remained just below the long-term average of 52.2. 

The latest data signaled a stronger overall improvement in business conditions in Qatar’s non-energy sector at the halfway point of 2025, supported by a sharp rise in employment and renewed growth in activity. 

Employment rose at one of the fastest rates since the survey began eight years ago, partly reflecting efforts to manage a quicker buildup of backlogged work. Output expanded despite a slight decline in new business. 

“Growth remained modest overall, however, as the PMI has not beaten its long-run average of 52.2 so far this year. This can mainly be attributed to intermittent and muted growth of output and new orders, with the non-energy sector not registering concurrent growth in these two indicators since December 2024,” said Trevor Balchin, economics director at S&P Global Market Intelligence. 

“The overall strength of the headline PMI figure continues to be underpinned by rising employment, with companies seemingly undeterred by a lack of sustained demand growth. Ongoing hiring was corroborated by another rise in outstanding business in June, and at the fastest rate since last October,” he added. 

Qatar’s PMI rise of 1.2 points marked the strongest growth since March and the 18th consecutive month of expansion. Shutterstock

Balchin also noted that wage growth accelerated in June, approaching the record set in January. 

However, overall inflation remained moderate, as purchase price inflation eased to its lowest level in nearly a year, allowing companies to once again reduce the prices of their goods and services. 

Lebanon contracts 

Lebanon’s PMI signaled a slower pace of decline in private sector conditions as employment and inventory levels stabilized. 

S&P data showed that Lebanon’s private sector remained in contraction at the end of the second quarter, though the pace of decline eased compared to May. Output fell more moderately despite weaker sales, while employment and inventory levels held steady. However, heightened regional tensions weighed on business confidence and pushed up purchasing costs. 

“The escalation of the war between Iran and Israel resulted in weaker customer sales and client cancelations, leading to a drop in business activity,” said Fadi Osseiran, general manager of BLOMInvest BANK. 

He noted that purchase prices incurred by companies had surged at the fastest pace in eight months, with these increases being passed on to clients. “What is unfortunate is the sharp drop in the Future Output Index, revealing pessimism at private sector companies regarding future outlook, as 53 percent of respondents expect activity levels to diminish in the upcoming 12 months,” Osseiran said. 


Saudi Arabia’s POS spending climbs 24.4% to $3.6bn in final week of June

Saudi Arabia’s POS spending climbs 24.4% to $3.6bn in final week of June
Updated 03 July 2025
Follow

Saudi Arabia’s POS spending climbs 24.4% to $3.6bn in final week of June

Saudi Arabia’s POS spending climbs 24.4% to $3.6bn in final week of June
  • Number of transactions rose by 8.6% to reach 219.9 million
  • Spending on recreation and culture posted the highest weekly increase

RIYADH: Saudi Arabia’s point-of-sale transactions climbed to SR13.6 billion ($3.6 billion) in the week ending June 28, marking a 24.4 percent rise compared to the previous seven-day period, according to the latest official figures.

The point-of-sale transactions bulletin issued by the Saudi Central Bank showed that the number of transactions also rose by 8.6 percent to reach 219.9 million.

Spending on recreation and culture posted the highest weekly increase, surging 49.3 percent to reach SR294.7 million. The number of transactions in this category rose slightly to 2.26 million.

Clothing and footwear followed with a 44.2 percent surge in spending, totaling SR830.9 million. The number of transactions in this section rose 34.5 percent to 6.2 million.

Telecommunications came third, with a 38.7 percent increase in value to SR123.9 million and a rise in transactions to just over 2 million.

Spending on public utilities increased by 28.8 percent, reaching SR52.3 million through 690,000 transactions.

Gas stations registered SR963.5 million in transactions, up 18.4 percent from the prior week. Transaction volume climbed to 17.2 million.

Expenditures in the health sector reached SR840 million, an increase of 17.9 percent, while spending on transportation rose 18.7 percent to SR746 million. The number of transportation transactions hit 2.9 million.

Jewelry sales rose by 34.7 percent to reach SR352.7 million from 280,000 sales.

Education services recorded sales of SR 212.1 million, up 9.7 percent, with the number of transactions in the sector reached 118,000.

Sales at hotels reached SR212.5 million, a 28.3 percent weekly increase, while transactions advanced 26.4 percent to 680,000.

Spending on construction and building materials totaled SR328 million, representing a 7.9 percent boost from the previous week. The number of transactions stood at 1.7 million.

Among cities, Hail recorded the highest increase in POS transaction value, rising 41.5 percent to SR226.2 million across 4 million transactions.

Abha followed with a 37.6 percent rise in spending, totaling SR195.3 million from 3.48 million transactions.

Additional cities across the Kingdom contributed SR3.93 billion in POS sales, reflecting a 32.6 percent increase from the previous week.

Madinah posted SR516 million in transactions, up 27.7 percent, while Jeddah recorded SR1.93 billion, marking a 20.4 percent increase.

Makkah followed with SR471.7 million, up 20.2 percent from the prior week.

Riyadh remained the highest in overall value with SR4.68 billion in sales, a 19.7 percent weekly rise, and 70.3 million transactions.

Dammam registered SR673.3 million, increasing 18.1 percent.

Khobar and Buraidah posted SR385.7 million and SR327.7 million, respectively, while Tabuk reported SR278.5 million in POS spending.