Saudi central bank approves insurance for transporting parcels

It supports the growing e-commerce scene in the Kingdom, which has been accelerating in recent months, particularly during the COVID-19 pandemic. (Shutterstock)
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Updated 07 October 2021
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Saudi central bank approves insurance for transporting parcels

  • The insurance provides financial compensation in the event of loss or damage of parcels

DUBAI: The Saudi Central Bank (SAMA) has approved a new insurance product that covers the risk of transporting parcels. 

The insurance provides financial compensation in the event of loss or damage of parcels, the central bank said in a statement, and it is launched in coordination with the Communications and Information Technology Commission. 

“It will put pressure on vendors to increase their quality, otherwise insurance costs will go up for them,” Mohammed Al-Suwayed, chief executive officer of Razeen Capital, said.

It supports the growing e-commerce scene in the Kingdom, which has been accelerating in recent months, particularly during the COVID-19 pandemic. 


Stc posts record $20.7b revenue as net profit rises 12.5% 

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Stc posts record $20.7b revenue as net profit rises 12.5% 

RIYADH: Stc Group announced its consolidated financial results for 2025, recording the highest revenue in its history at SR77.8 billion ($20.7 billion), up 2.5 percent from the previous year. 

Net profit increased 12.5 percent after excluding non-recurring items, reflecting the strength of the group’s business model and the continued execution of its sustainable growth strategy. 

The group said gross profit rose to SR37.7 billion, while operating profit reached SR14.4 billion. Earnings before interest, taxes, depreciation, amortization and zakat totaled approximately SR24.5 billion, marking 6.1 percent growth after excluding non-recurring items, driven by improved operational efficiency and disciplined cost and capital expenditure management. 

The company announced a dividend of SR0.55 per share for the fourth quarter of 2025 in line with its approved dividend policy. 

stc Group emphasized its commitment to developing employee capabilities and skills. Over the past year, it reported qualitative progress in talent development through programs such as Partner Development, Job Attachment and the stc Academy. 

The group also sponsored the Human Capability Initiative conference, where it launched a public training platform aimed at equipping national talent with skills aligned with future labor market needs. The initiative underscores its commitment to building digital capabilities in the Kingdom and strengthening national competitiveness. 

stc plays a key role in supporting major international events and religious occasions such as Hajj and Umrah. It continues to support national forums and major events through a reliable digital infrastructure that enhances national identity and elevates the readiness of vital sectors with high efficiency.    

The group said its connectivity solutions and digital services meet international standards, contributing to the Kingdom’s position as a leading destination across sectors and reinforcing stc’s role as a regional digital enabler. 

CEO Olayan bin Mohammed Alwetaid said the results demonstrate the group’s ability to achieve sustainable profit growth while diversifying income sources and strengthening digital infrastructure. 

He said the company continues expanding its network to reach more than 10,800 5G sites and 3.75 million homes served by fiber, in addition to conducting the first regional trial in the 7 GHz band in preparation for 6G technologies.  

The group expanded STC Bank to more than 8 million customers and signed strategic partnerships to establish AI-focused data centers with capacity of up to 1 gigawatt. It also completed strategic digital infrastructure agreements worth billions and issued $2 billion in sukuk that were more than four times oversubscribed.  

In sustainability, the group’s MSCI rating rose to AA and it received a five-star EFQM certificate. It maintained its position as the strongest brand in the Middle East for the sixth consecutive year. 

According to the Brand Finance 2026 report, stc ranked as the strongest brand in the Middle East, third globally among telecommunications brands, and ninth in global telecom brand value, placing it among the world’s top ten telecom companies by brand strength.