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    Egypt’s agriculture exports rise 17.2 percent in 5 months

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    Morocco set to launch potash project: report

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          Saudi to be among world’s big leisure tourism hubs by 2030

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        • Agrofood
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          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Agreements signed to establish 4 food factories in Jordan

          Agreements signed to establish 4 food factories in Jordan

          Morocco set to launch potash project: report

          Morocco set to launch potash project: report

          Food Africa and pacprocess MEA to launch in December with an even larger area

          Food Africa and pacprocess MEA to launch in December with an even larger area

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Trending Tags

          • Business & Economy
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            • Economy
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            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            International investors keen on entering Saudi market, says minister

            International investors keen on entering Saudi market, says minister

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Egypt starts implementation of silicon production project in New Alamein

            Egypt starts implementation of silicon production project in New Alamein

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            • CES 2017
            • Election Results
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          • Construction
            • All
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            Oman gears up for its first smart city

            Oman gears up for its first smart city

            Saudi real estate ‘booming’ on big office space demand

            Saudi real estate ‘booming’ on big office space demand

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Qatar to implement new strategies for real estate development

            Qatar to implement new strategies for real estate development

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

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            • Energy
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              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              Oman’s refinery products output jumps by 44%

              Oman’s refinery products output jumps by 44%

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Oman signs $20bn hydrogen deals

              Oman signs $20bn hydrogen deals

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                Qatar: Over 700 hotel keys added in Q1

                Qatar: Over 700 hotel keys added in Q1

                Jordan’s tourism income surges 88% as visitors flock to the country

                Jordan’s tourism income surges 88% as visitors flock to the country

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Leisure sector in Qatar stronger after World Cup 2022

                Leisure sector in Qatar stronger after World Cup 2022

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

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              Middle East’s real-time transaction growth driven by Saudi Arabia, says new report

              May 13, 2023
              in Business & Economy, Finance
              0
              Middle East’s real-time transaction growth driven by Saudi Arabia, says new report
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              RIYADH: Saudi Arabia recorded 352 million real-time payment transactions in 2022 amid its push to modernize the country’s payments infrastructure to foster economic growth and financial inclusion.

              According to a recent report published by the payment software provider ACI Worldwide in partnership with data analytics firm GlobalData, the Kingdom is expected to continue to lead the Middle East region, with real-time payment transactions forecast to climb to 1.2 billion in 2027, registering an annual growth of over 26 percent.

              Real-time payments refer to financial transactions that are initiated and settled nearly instantaneously using digital infrastructure.

              As Saudi Arabia is modernizing the national payment infrastructure, the majority of payments in the Kingdom are expected to be electronic in the next four years, with 7.4 percent being real-time payments and 48.6 percent other forms of electronic payments, the report added.

              Santhosh Rao, senior vice president at ACI Worldwide, said: “With two-thirds of the population under the age of 25, real-time payments are going to continue to flourish and pave the way for more economic growth and financial prosperity across Saudi Arabia.”

              The report credits much of the Kingdom’s real-time payments success to the Vision 2030 plan, which seeks to modernize and diversify the economy.

              “As an early adopter of real-time payments infrastructure, the market has seen outstanding growth over the last few years, and this is only set to continue as the country focuses on its Vision 2030 agenda,” Rao added.

              All these measures have seen Saudi Arabia breaking into the global top 10 for mobile wallet adoption, said the report, adding that 80 percent of consumers in the Kingdom stated being avid users of this payment method

              “This can be partly attributed to the Kingdom’s response to COVID-19, as the government urged consumers to adopt new forms of cashless payments,” it said.

              Saudi Arabia’s major shift toward electronic payment comes as the Middle East region remains the fastest-growing real-time payments market globally, with transactions expected to grow from $675 million in 2022 to $2.6 billion by 2027.

              The report added that governments and regulators in the Middle East are setting new mandates that will help facilitate the adoption process, with countries including the UAE, Qatar, Kuwait, and Oman expected to launch local real-time schemes in the near future.

              Source: Arab News
              Tags: e-paymentpaymentSaudi Arabiatransaction
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