Saudi Arabia, Pakistan rank as top solar markets in 2024: report

In the Middle East, Saudi Arabia imported 16 GW in 2024, more than double the amount imported the year before.
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Updated 15 April 2025
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Saudi Arabia, Pakistan rank as top solar markets in 2024: report

 

ISLAMABAD: Pakistan has joined the ranks of the world’s leading solar markets, importing 17 gigawatts (GW) of solar panels last year alone, according to the Global Electricity Review 2025 by Ember, an energy think tank in the UK.

In 2024, for the first time, solar power supplied more than 2,000 TWh of electricity, increasing by 474 TWh (+29 percent) from the previous year. This was the largest increase in generation from any power source in 2024. It took 8 years for solar to go from 100 TWh to 1,000 TWh of power — and then just 3 years to pass 2,000 TWh, meaning that solar has now been the largest source of new electricity globally for three years in a row.

Solar is now so cheap that large markets can emerge in the space of a single year – as evidenced in Pakistan in 2024. Amid high electricity prices linked to expensive contracts with privately-owned thermal power stations, rooftop solar installations in Pakistan’s homes and businesses soared as a means of accessing lower cost power. 

“The country imported 17 GW of solar panels in 2024 to meet this growing consumer demand, double the amount imported the year before,” the Global Electricity Review 2025 said.

“Within just a year, Pakistan became one of the world’s largest markets for new solar installations in 2024.”

Pakistan’s case shows that the low-cost, fast-to-build nature of solar power can transform electricity systems at an unprecedented rate. Updated system planning and regulatory frameworks are needed alongside this deployment to ensure a sustainable and managed transition.

In the Middle East, Saudi Arabia imported 16 GW in 2024, more than double the amount imported the year before. Oman saw the largest percentage growth in imports in the region, with 2.5 GW of imports in 2024 representing a fivefold increase from the year before. 

South Africa imported 3.8 GW of solar panels in 2024, following a record-breaking 2023 when 4.3 GW were imported as consumers turned to the technology amid rising blackouts. Nigeria and Morocco imported 1.3 GW and 1.1 GW respectively, marking the first time that either country has imported more than 1 GW in a single year.

The expansion of solar power is a worldwide phenomenon, with 99 countries doubling the amount of electricity they produce from solar power in the last five years. The majority of solar generation now comes from non-OECD countries (58 percent), with China alone making up 39 percent of the global total.

Increases in generation have been achieved thanks to the pace of capacity additions, the Global Electricity Review said. The world installed a record 585 gigawatts of solar capacity last year – 30 percent more than in 2023, and more than double the amount installed in 2022. Having surpassed 1 TW of solar power in 2022, it took only two years to install the next 1 TW.

“This is not just unprecedented for solar power – it is a rate of growth that no power source has seen before. In fact, the solar capacity installed in 2024 is more than the annual capacity installations of all fuels combined in any year before 2023,” the Global Electricity Review 2025 report added. 

As solar’s share of the global electricity mix has risen to 6.9 percent of global generation in 2024, some countries are showing it is possible to incorporate much larger amounts. There are now 21 countries that generate more than 15 percent of their electricity from solar power, up from just three countries five years ago.


Saudi POS transactions see 20% surge to hit $4bn: SAMA

Updated 58 min 40 sec ago
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Saudi POS transactions see 20% surge to hit $4bn: SAMA

RIYADH: Saudi Arabia’s total point-of-sale transactions surged by 20.4 percent in the week ending Nov. 29, to reach SR15.1 billion ($4 billion).

According to the latest data from the Saudi Central Bank, the number of POS transactions represented a 9.1 percent week-on-week increase to 240.25 million compared to 220.15 million the week before.

Most categories saw positive change across the period, with spending on laundry services registering the biggest uptick at 36 percent to SR65.1 million. Recreation followed, with a 35.3 percent increase to SR255.99 million. 

Expenditure on apparel and clothing saw an increase of 34.6 percent, followed by a 27.8 percent increase in spending on telecommunication. Jewelry outlays rose 5.6 percent to SR354.45 million.

Data revealed decreases across only three sectors, led by education, which saw the largest dip at 40.4 percent to reach SR62.26 million. 

Spending on airlines in Saudi Arabia fell by 25.2 percent, coinciding with major global flight disruptions. This followed an urgent Airbus recall of 6,000 A320-family aircraft after solar radiation was linked to potential flight-control data corruption. Saudi carriers moved swiftly to implement the mandatory fixes.

Flyadeal completed all updates and rebooked affected passengers, while flynas updated 20 aircraft with no schedule impact. Their rapid response contained the disruption, allowing operations to return to normal quickly.

Expenditure on food and beverages saw a 28.4 percent increase to SR2.31 billion, claiming the largest share of the POS. Spending on restaurants and cafes followed with an uptick of 22.3 percent to SR1.90 billion.

The Kingdom’s key urban centers mirrored the national decline. Riyadh, which accounted for the largest share of total POS spending, saw a 14.1 percent surge to SR5.08 billion, up from SR4.46 billion the previous week. The number of transactions in the capital reached 75.2 million, up 4.4 percent week-on-week.

In Jeddah, transaction values increased by 18.1 percent to SR2.03 billion, while Dammam reported a 14 percent surge to SR708.08 million.

POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia. 

The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives. 

The growth of digital payment technologies aligns with the Kingdom’s Vision 2030 objectives, promoting electronic transactions and contributing to the nation’s broader digital economy.