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Saudi Arabia Will Invest $270Bn To Boost Clean Energy Sector

Saudi Arabia’s Minister of Energy, Abdulaziz bin Salman Al Saud, says the country wants to be the leading exporter of hydrogen.

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saudi arabia will invest $270 billion to boost clean energy sector

Although being well-known as one of the world’s largest oil producers and exporters, Saudi Arabia is making a huge commitment to developing a low-carbon energy sector, planning to boost its renewable energy percentage to 50%, and swapping any remaining oil use for natural gas. As part of the plan, the Saudi energy minister recently announced that the country will inject $270 billion into various low-carbon projects before 2030 to boost the clean energy sector.

“We are determined to be the leading exporter of hydrogen, as well as to provide clean hydrogen for local uses in heavy industries to produce green products such as green steel, green aluminum, fertilizers, and others at competitive prices,” says Saudi Arabia’s Minister of Energy, Abdulaziz bin Salman Al Saud.

Also Read: Dubai Unveils Plans For Climate-Controlled Cycling Highway

Bin Salman’s comments came while attending the in-Kingdom Total Value Add Forum and Exhibition. The announcement reinforces the kingdom’s commitments at COP27, with Saudi Arabia aiming to be an electricity exporter and expanding its transmission and distribution network.

As part of the greater Saudi Green Initiative, emissions across the region will drop by more than 270 million tons of carbon dioxide while employing a circular carbon economy approach.

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Checkout.com Brings Visa Direct Push-To-Card To The UAE

The payment company is the first acquirer in the UAE to launch Visa Direct’s solution, enabling safe, instant money transfers.

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checkout.com brings visa direct push-to-card to the uae

Checkout.com has taken the UAE a step closer to its goal of a fully digital economy by becoming the first acquirer in the country to offer Visa Direct’s Push-to-Card solution. The new service will streamline money transfers for both businesses and consumers, enabling near-instant transactions across local and international markets.

Visa Direct connects over 190 markets and supports over 8.5 billion endpoints, including cards, bank accounts, and digital wallets. Push-to-Card transactions enhance efficiency for business users and consumers by allowing money to be sent quickly and easily to eligible Visa cards while leveraging the company’s secure network for reliability.

checkout and visa uae partnership

“Visa Direct is transforming the way money moves globally, and we are excited to see Checkout.com leverage this technology to meet the evolving demands of businesses and individuals alike by offering them a faster, more convenient, and secure way to send and receive funds,” said Shahebaz Khan, Senior Vice President and Head of Commercial and Money Movement Solutions, CEMEA.

The UAE has been at the forefront of digital payment adoption, driven by a national push toward a cashless economy. Remo Giovanni Abbondandolo, General Manager for MENA at Checkout.com, emphasized this shift: “By providing seamless, secure, and real-time payout capabilities, we’re empowering merchants with the agility to thrive in this fast-evolving landscape, while effectively meeting the growing consumer demand for speed and convenience. The Push-to-Card solution not only reinforces our commitment to powering payment performance but also showcases our agility in bringing yet another innovation to the UAE market.”

Also Read: Qareeb Partners With Pantheon For GCC Bitcoin Mining Expansion

Checkout.com’s latest MENA eCommerce data highlights the region’s increasing engagement with financial technologies, with around 80% of consumers participating in activities beyond basic online payments, such as money transfers and personal wealth management. The growing demand for real-time financial transactions has made fast, seamless payment solutions a priority.

To meet this demand, Account Funding Transactions (AFTs) have gained traction in the UAE. By integrating AFTs with Visa’s Push-to-Card services, Checkout.com is helping merchants offer secure, real-time account top-ups. Currently processing over one million AFTs per month with Visa, Checkout.com is now playing a leading role in modernizing financial transactions in the region.

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