News

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.

Published

8 months ago

February 23, 2024

Nour Nasir

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.

News

New High-Tech Immersive Gaming Attraction Arrives In Dubai

The City Centre Mirdif facility comes courtesy of Canada’s Activate Games and blends fitness and gaming for thrilling, tech-savvy entertainment.

Published

1 day ago

October 30, 2024

Nour Nasir

new high-tech immersive gaming attraction arrives in dubai

Activate Games

Majid Al Futtaim Entertainment has joined forces with Canada’s Activate Games to bring a thrilling, tech-driven gaming experience to City Centre Mirdif. The new facility is Activate’s debut project in the MENA region, and reimagines indoor entertainment by merging gaming with fitness to specifically appeal to Dubai’s tech-focused population.

Activate at City Centre Mirdif offers nine unique game rooms that incorporate advanced technology to create an environment where players must jump, dodge, climb, and solve puzzles in more than 50 interactive games. A highlight of the experience, the Mega Grid, has already gone viral on TikTok, attracting attention with its dazzling array of over 500 lights that respond to players’ movements.

Activate’s Dubai location includes 10 levels of game difficulty, spanning from beginner to advanced, making it accessible to all skill levels. Adam Schmidt, CEO and founder of Activate, emphasizes that this experience goes beyond typical fitness or gaming: “With our innovative games engineered for repeat play, we offer a dynamic space for friends, families, and teams to connect, have fun, and stay active. This is a fresh take on entertainment that has made Activate the fastest-growing entertainment concept in the world”.

A central feature of Activate’s success lies in its use of RFID technology, which enables seamless tracking of player progress and achievements. Players earn rewards and badges based on game performance, adding a layer of gamification that keeps them coming back. “Our use of RFID technology allows for seamless tracking and progress, and our reward and badge system adds extra motivation, with players earning badges and rewards based on their achievements,” Schmidt explains.

Also Read: Wa’ed Ventures Pledges $100M For Early-Stage AI Startup Funding

As interest in gaming continues to surge in the Middle East, Activate’s timing is ideal to meet the region’s increasing demand for tech-driven entertainment. Positioned as the first experience of its kind in the MENA region, Activate at City Centre Mirdif is set to attract a broad range of visitors, from families to gaming enthusiasts, all seeking a novel and active form of entertainment, he says.