Saudi Arabia’s POS transactions surge 20%, driven by telecoms growth

RIYADH: Qatar’s annual inflation rate eased to 0.24 percent in December, marking a slowdown from the 0.95 percent recorded in the previous month, according to the Consumer Price Index data.

The latest figures released by the National Planning Council revealed that the December figure represents the second-lowest inflation rate of the year, following the 0.22 percent recorded in July, while January posted the highest rate at 2.99 percent.

Qatar’s inflation rate in December remained lower than that of its regional peers. Saudi Arabia recorded 1.9 percent, the lowest among G20 nations but higher than Qatar, while Oman’s 0.4 percent rate in September was still above Qatar’s latest figure.

On a month-on-month basis, the general CPI rose by 0.87 percent in December, reaching 110.24 points compared to 109.29 in November. The price rise was driven by increases in several sectors, though declines in key categories helped keep overall inflation subdued.

Compared to November, five major categories saw price increases in December. The recreation and culture sector saw the highest rise at 8.84 percent, followed by restaurants and hotels at 1.50 percent.

Clothing and footwear rose by 0.66 percent, education by 0.55 percent, and furniture and household equipment by 0.16 percent. 

Meanwhile, declines were recorded in four key sectors. Food and beverages saw a decrease of 2.11 percent, while housing, water, electricity, and other fuels fell 0.83 percent. 

Transport prices fell by 0.65 percent, and miscellaneous goods and services saw a slight decline of 0.23 percent. Three sectors — tobacco, health, and communication — remained unchanged compared to the previous month. 

Over a 12-month period, prices increased across multiple sectors. The miscellaneous goods and services category recorded the largest increase at 6.56 percent, followed by communication at 4.44 percent and recreation and culture at 2.54 percent.

Moreover, restaurants and hotels saw an increase of 2.32 percent, education at 1.69 percent, transport at 1.38 percent, and clothing and footwear at 0.55 percent. 

At the same time, four major sectors experienced annual price declines. Housing, water, electricity, and other fuels dropped by 4.23 percent, while food and beverages decreased by 1.05 percent. 

Furniture and household equipment saw a 1.51 percent decline, and health services recorded a 1.01 percent decrease. The tobacco sector saw no price changes on a year-on-year basis. 

Qatar’s average inflation rate for the full year 2024 stood at 1.13 percent, marking a continued downward trend from 2.85 percent in 2023 and 5 percent in 2022.

The CPI, excluding housing, water, electricity, and other fuels, reached 115.32 points in December, representing a 1.24 percent monthly increase from November and a 1.23 percent year-on-year rise.

RIYADH: Saudi Venture Capital Co. has committed $1 billion in investments to date, with its total assets— including contributions from partners— reaching approximately $4.8 billion, according to the company’s latest “Impact Report.”

The report highlights SVC’s pivotal role in expanding Saudi Arabia’s private capital ecosystem, underscoring the company’s contributions to record growth in venture capital, private equity, venture debt, and private credit markets since its inception in 2018.

To date, SVC has supported 54 funds, which together have invested in over 800 startups and small and medium enterprises across key sectors such as e-commerce, fintech, healthcare, edtech, transport, and logistics.

According to MAGNiTT, Saudi Arabia remained the top destination for VC investments in the MENA region for the second consecutive year, securing $750 million in 2024. This accounted for 40 percent of regional VC capital, with a 16 percent increase in deal flow, closing 178 deals— the most of any MENA country.

The UAE followed with $613 million, leading in deal volume with 188 deals and 12 exits.

“We are committed to further stimulating the private capital ecosystem in Saudi Arabia by launching required investment programs and developmental initiatives based on an analysis of the ecosystem’s needs,” said Nabeel Koshak, CEO and board member of SVC.

The report underscores Saudi Arabia’s continued dominance in the MENA VC landscape, reinforcing its position as the leading VC hub in the region. This achievement is closely aligned with the broader economic diversification goals outlined in Saudi Vision 2030, which seeks to transform the Kingdom’s financial sector and broader economy.

Since its launch, SVC’s strategic initiatives have played a key role in increasing investor participation in Saudi startups and SMEs. These initiatives have encouraged financial institutions to establish VC and PE funds, while also attracting both regional and international investors to the Kingdom’s growing entrepreneurial ecosystem.

In addition to its investment activities, SVC has launched several developmental programs designed to strengthen the private capital ecosystem. These programs include educational collaborations with local and global partners aimed at enhancing the skills of fund managers and investors, as well as producing market insight reports to support data-driven decision-making.

Established in 2018 as a subsidiary of the SME Bank, part of the National Development Fund, SVC focuses on stimulating and sustaining financing for startups and SMEs in Saudi Arabia.