SAMA: Foreign currency credit card transactions decline

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Updated 02 January 2020
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SAMA: Foreign currency credit card transactions decline

  • This decline in the transactions’ amounts coincided with the launch of a number of seasons and events held in several regions and cities across the Kingdom

RIYADH: The Saudi Arabian Monetary Agency (SAMA) revealed that credit card transaction amounts in foreign currencies had noticeably declined during the last months of 2019, the Saudi Press Agency (SPA) reported.

According to SAMA, the amounts of transactions decreased by 25 percent in November to reach about SR1.27 billion ($338.5 million) compared to SR1.71 billion in the corresponding month of the previous year. These amounts also decreased in September and October by about 18.7 percent and 28.3 percent, respectively, compared to the same period last year.

This decline in the transactions’ amounts coincided with the launch of a number of seasons and events held in several regions and cities across the Kingdom.

Conversely, the amounts of sales points sales operations in the Kingdom grew significantly in recent months, increasing by 30 percent in November 2019 to reach SR25.8 billion, compared to about SR19.9 billion in November 2018.

The restaurants and cafes sector also saw growth of 54 percent in November 2019. The entertainment, culture, transportation, and hotel sectors saw annual growth of 30.5 percent, 25.2 percent, and 18.1 percent respectively.
 


QatarEnergy announces force majeure following Iran attacks: statement

Updated 04 March 2026
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QatarEnergy announces force majeure following Iran attacks: statement

DOHA: Qatar’s state-run energy firm on Wednesday declared force majeure following attacks on two of its main facilities that halted liquefied natural gas production and as Iran pressed missile and drone attacks across the Gulf.

“Further to the announcement by QatarEnergy to stop production of liquefied natural gas and associated products, QatarEnergy has declared Force Majeure to its affected buyers,” the company said in a statement.

QatarEnergy invoked the clause, which shields it from penalties and potential breach of contract claims from clients, after stopping LNG production on Monday.

Iranian drones attacked two of the company’s main production hubs in Ras Laffan Industrial City, 80 km north of Doha and in Mesaieed 40 km south of the Qatari capital, Doha’s ministry of defense said at the time.

The Gulf state is one of the world’s top liquefied natural gas producers, alongside the US, Australia and Russia.

On Tuesday, QatarEnergy said it would halt some downstream production of some products including urea, polymers, methanol, aluminum and others.

Qatar shares the world’s largest natural gas reservoir with Iran.

QatarEnergy estimates the Gulf state’s portion of the reservoir, the North Field, holds about 10 percent of the world’s known natural gas reserves.

In recent years, Qatar has inked a series of long-term LNG deals with France’s Total, Britain’s Shell, India’s Petronet, China’s Sinopec and Italy’s Eni, among others.