Saudi start-up firm wins Visa digital finance award

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Amwal Tech wins 2023 Visa Everywhere Initiative finals in Saudi Arabia. (Supplied)
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Lamaa won 2nd place and the Impact Award for Saudi Arabia. (Supplied)
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Visa digital payments announces the winners of the Saudi Arabia edition of its 2023 Visa Everywhere Initiative in Riyadh. (Supplied)
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Updated 15 June 2023
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Saudi start-up firm wins Visa digital finance award

  • Amwal Tech takes prize for new authentication system
  • Lamaa, a Saudi financial tech firm, was runner-up with prize money of SR100,000

RIYADH: A Riyadh start-up has won top prize in a Visa-sponsored competition that seeks to improve digital shopping.
Amwal Tech, which was set up last year, came top in the Saudi heat of the Visa Everywhere Initiative, taking a SR150,000 ($40,000) prize for its all-in-one encrypted transaction and identity app that processes payments quickly and safely.
Lamaa, a Saudi financial tech firm, was runner-up with prize money of SR100,000, and also won a separate “social impact award” with a SR50,000 prize. Monak, a “digital lifestyle” company, came third and won SR50,000.
The competition was also open to firms from Bahrain and Oman.
Fascano, an app that helps track orders, won the Omani contest while the price comparison app Daleel won first place among Bahrain-based firms. Both were awarded $40,000 in prize money.
Winners will also be given priority access to Visa’s network of partners in banking and government sectors.
The awards were presented at a ceremony in Riyadh on June 14.
Ali Bailoun, Visa’s Regional General Manager for Saudi Arabia, Bahrain and Oman, said he had witnessed “remarkable advancements in the Saudi fintech industry.
“The presence of such outstanding fintechs and startups at this year’s VEI was truly exhilarating,” he added.
Amwal will now compete in the Central and Eastern Europe, Middle East and Africa regional final on July 27. First place is worth SR75,000 and an “audience favorite” award offers a SAR37,500 prize.
The winners will go on to global finals on Sept. 19 at TechCrunch Disrupt in San Francisco.
Nezar Alhaidar, Director of Fintech Saudi, said the caliber of Saudi entrants this year was “deeply impressive. We extend our warmest congratulations to Amwal and eagerly anticipate their representation of Saudi Arabia at the regional level.”

 


Saudi Aramco achieves significant progress in its gas production plan

Updated 26 February 2026
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Saudi Aramco achieves significant progress in its gas production plan

RIYADH: Saudi Aramco has announced the achievement of significant progress in its plan to expand gas production, with the start of production at the Jafurah field, the largest unconventional gas field in the Middle East, and the commencement of operational activities at the Tanajib Gas Plant, one of the largest gas plants in the world.

The oil giant aims to increase its sales gas production capacity by approximately 80 percent by 2030 compared to 2021 production levels, reaching nearly 6 million barrels of oil equivalent per day from total gas and associated liquids production, according to the Saudi Press Agency.

This is expected to generate additional operating cash flows ranging between $12 billion and $15 billion in 2030, subject to future demand for sales gas and liquids prices.

President and CEO of Saudi Aramco, Amin Al-Nasser, said: “We are proud to commence production at the Jafurah field and begin operations at the Tanajib Gas Plant. These are major achievements for Saudi Aramco and the future of energy in the Kingdom. Our ambitious gas program is expected to become a key source of profitability.”

He affirmed that these mega-projects contribute to meeting the growing domestic demand for gas, supporting industrialization and development in several key sectors, in addition to producing significant quantities of high-value liquids.

Al-Nasser expressed his gratitude for the support, trust, and attention that Saudi Aramco receives from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, crown prince and prime minister, noting that this has had the most profound impact on the company’s achievements and distinguished projects that serve the Kingdom’s Vision 2030.

The gas extracted from the Jafurah field is expected to support the Kingdom’s growth targets in key sectors such as energy, artificial intelligence, major industries, and petrochemicals, potentially providing a major boost to the Kingdom’s economy and strengthening its position among the world’s top ten gas producers.

Saudi Aramco began first producing unconventional shale gas from the Jafurah field in December 2025, with technology playing a pivotal role in unlocking the potential of the Jafurah field and establishing it as a global benchmark for unconventional gas development. 

Since its inception, the project has leveraged technology to help reduce drilling and stimulation costs and enhance well productivity, contributing to its strong economic prospects.

The Jafurah area covers 17,000 sq. km and is estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion barrels of condensates. The Jafurah field project aims to produce 2 billion standard cubic feet per day of sales gas, 420 million standard cubic feet per day of ethane, and approximately 630,00 barrels per day of gas liquids and condensates by 2030.

The Tanajib Gas Plant is a key pillar in Aramco’s strategy to increase gas processing capacities and diversify its energy product portfolio, helping to foster long-term economic growth. 

Operations began in December 2025, and its raw gas processing capacity is expected to reach 2.6 billion standard cubic feet per day in 2026. The start of operations at the Tanajib Plant coincided with the commencement of production from the Marjan field expansion and development program. 

The plant is distinguished by its digital integration, enhanced operational efficiency, capability to execute complex projects, and optimal use of resources. It processes raw gas associated with crude oil production from the offshore Marjan and Zuluf fields.

Aramco’s gas expansion is expected to create thousands of direct and indirect job opportunities, generating significant added value and strengthening its position as a reliable energy provider. 

It also helps meet the growing demand for natural gas and enhances its supply to national industries. 

The expansion strategy supports efforts aimed at achieving the optimal energy mix for local electricity generation, advancing the Kingdom’s liquid fuel displacement program, which will have a positive environmental impact, supporting the Kingdom’s ambition to achieve net-zero emissions by 2060, enhancing energy security, and contributing to building a more diversified national economy.