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Saudi Arabia's money supply surged by 9% in 2024, reaching SAR 2.92 trillion, driven by a SAR 236.12 billion annual increase. Demand deposits comprised 49.3% of this total, while the growth in liquidity supports the Kingdom's economic expansion and Vision 2030 diversification initiatives.
Saudi Arabia's ecommerce sales via Mada cards surged to 20.87 billion riyal (US$5.56 billion) in January, marking a 44.64% year-on-year increase. The number of transactions rose by 33.65% to 111.42 million, while retail sales at point-of-sale terminals reached 58.21 billion riyal (US$15.5 billion), an 8.19% increase. Notably, jewelry sales experienced the highest growth, rising 24.71% to 1.19 billion riyal (US$317 million).
GCC countries saw a 1.7% inflation rise in October 2024, driven mainly by a 6.4% increase in housing costs. Other contributors included a 3% rise in goods and services and a 1.7% uptick in restaurant and hotel prices, while transportation costs fell by 3.6%. Kuwait led the region with a 2.4% inflation rate, surpassing the EU's 2.3%.
Klaim, a Dubai-based healthcare payment acceleration company, has raised $10 million in Series A funding and an additional $16 million for regional expansion and improved cash flow for medical providers. Founded in 2019, Klaim utilizes AI and data analytics to enhance insurance claim processing in the MENA region. The new capital will facilitate its growth in the UAE and entry into Saudi Arabia and Oman, alongside a partnership with Tharawat Tuwaiq Financial Company to launch a healthcare financing fund valued at SAR 60 million.
Saudi e-commerce platform Aya has raised $1.6 million in Seed funding to transform the modest fashion market, focusing on the fragmented Abaya sector. Co-founders Munira Al Kadi and Abdulrahman Al Ammar aim to unify the industry by leveraging real-time insights to predict trends and connect local manufacturers with consumer demand. The investment will accelerate product development and enhance customer experience.
Saudi Arabia's e-commerce sales surged 44.64% year-on-year in January, reaching SR20.87 billion ($5.56 billion), driven by increased consumer spending and the adoption of contactless payment technologies. Transaction volumes rose 33.65% to 111.42 million, reflecting a shift towards digital payments, particularly through Mada cards. Physical retail sales also grew, with a notable increase in spending on jewelry and clothing, as consumers capitalized on year-end bonuses and promotions.
Saudi Arabia has unveiled a new symbol for the riyal, blending Arabic calligraphy with modern design, aimed at enhancing global recognition and investor confidence. This strategic move aligns with the Kingdom's Vision 2030 economic transformation, signaling a commitment to financial modernization and stability in a volatile global market. The symbol is expected to streamline transactions and bolster the riyal's presence in international trade and digital finance.
Saudi Arabia's franchise market is thriving, accounting for nearly half of the MENA region's $30 billion market, driven by supportive regulations and economic expansion under Vision 2030. Franchise registrations surged from 185 to 1,788 in three years, with significant growth expected in sectors like food, retail, and education. Government initiatives and a clear legal framework are enhancing transparency and attracting both local and international investments, positioning the Kingdom as a leading investment destination.
UAE-based Klaim has secured $26 million in Series A funding to enhance its healthcare payment solutions, aiming for rapid expansion in the UAE, Saudi Arabia, and Oman. The funding, led by Mudassir Investment, will help streamline payment processes for healthcare providers, addressing financial strains caused by delayed payment cycles.
DP World and the Saudi Ports Authority have launched a SAR 3 billion terminal in Jeddah, aiming to reduce CO₂ emissions by 50% over the next five years as part of a sustainability strategy. Adjacent to the terminal, the Jeddah Logistics Park will span 415,000 square meters, enhancing warehousing, distribution, and freight forwarding services, with completion expected by Q2 2026.
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