Payfort, a unit of the online retailer Amazon, was granted licence by the Saudi Arabian General Investment Authority to operate as wholly-owned payments solutions company in the kingdom. The company intends to tap the rise of e-commerce and growing demand for online transactions in the Arab world's biggest economy.
“Recent initiatives to further diversify the Saudi economy and grow hitherto undeveloped economic sectors, such as entertainment and tourism, are likely to help accelerate an already fast growing digital payments market,” said Omar Soudodi, managing director of Payfort.
Saudi Arabia and the UAE are among the fastest growing markets in the region for electronic payments, according to a 2017 report by Payfort. The value of electronic payment transactions in Saudi Arabia grew 27 per cent year-on-year in 2016 to $8.3 billion, it found.
Payfort said the value of electronic payments in the kingdom is expected to double in the next four years to reach more than $22bn.
_______________
Read More:
Payfort says online payments in the Middle East grew 22 per cent last year
Can e-commerce deliver the goods with new tech?
_______________
“Payfort’s new company registration as a foreign investor in the kingdom of Saudi Arabia is a sign of our long-term commitment to the market and comes as a result of our efforts to support the rapid growth in the country’s online sectors,” Mr Soudodi said.
The kingdom registered as the fastest-growing country within the region's airline and travel sectors during 2016, reporting 21 per cent growth in airline payment volume and 36 per cent growth in travel and tourism, Payfort said. Saudi Arabia's events and entertainment sector holds huge potential for growth, the company said.
As part of the social and economic reform drive known as Vision 2030, the kingdom set up the General Entertainment Authority and plans to spend $64bn in developing the entertainment industry in the country where about 70 per cent of the population is below the age of 30.
The permit granted to Payfort is the first foreign business license of its kind issued to a payment services operator by Sagia.
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
UAE currency: the story behind the money in your pockets
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
BUNDESLIGA FIXTURES
Saturday
Borussia Dortmund v Eintracht Frankfurt (5.30pm kick-off UAE)
Bayer Leverkusen v Schalke (5.30pm)
Wolfsburg v Cologne (5.30pm)
Mainz v Arminia Bielefeld (5.30pm)
Augsburg v Hoffenheim (5.30pm)
RB Leipzig v Bayern Munich (8.30pm)
Borussia Monchengladbach v Freiburg (10.30pm)
Sunday
VfB Stuttgart v Werder Bremen (5.30pm)
Union Berlin v Hertha Berlin (8pm)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
