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Saudi Arabia Aims For 70% Cashless Transactions By 2025

The number of fintech firms in the MENA region skyrocketed from just 10 in 2018 to a substantial 147 in 2022.

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10 months ago

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saudi arabia aims for 70% cashless transactions by 2025
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In the MENA region, fintech investments surged from $200 million in 2020 to around $704 million in 2023.

Saudi Arabia, driven by its ambitious Vision 2030 blueprint and a youthful population, has seen remarkable fintech growth. So much so that the Kingdom is now aiming for 70% of domestic payments to be digital by 2025, according to Philip Drury of CitiGroup.

Drury, speaking at the 3rd Saudi Capital Market Forum, noted the rise of operational fintech firms from 10 in 2018 to 147 in 2022 and emphasized the need for businesses to adapt swiftly to regulatory advancements, pointing to the 30 digital and 3 digital banking licenses issued as clear evidence of sector growth.

The CitiGroup executive also highlighted opportunities for expanded market reach and inclusivity, stressing collaboration between traditional banks and fintech for mutual success.

Also Read: A Guide To Digital Payment Methods In The Middle East

The Saudi Capital Market Forum, under Finance Minister Mohammed Al Jadaan’s patronage, focused on “Powering Growth” and hosted over 54 speakers and 69 sponsors.

Nayef Al Athel, from Saudi Tadawul Group Holding Company, highlighted the event’s commitment to promoting market diversification. The forum also saw the introduction of Single Stock Options contracts on the Saudi National Bank, further developing the Kingdom’s financial markets.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

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5 days ago

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December 17, 2024

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uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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