The Saudi government approved a $100 million (SR375 million) loan draft on Sunday for the prompt completion of work on the 969-megawatt Neelum-Jhelum Hydro Power Project in Pakistan.
The approval was made during a meeting between Saudi Industrial Development Fund (SIDF) representatives and a Pakistani delegation at the SIDF headquarters.
The SDF representatives included Saud Al-Basan, Abdullah Al-Shaibi, Bander and Muhammad Haneebi. The Pakistani delegation included Raghib Abbas Shah, chairman of Water and Power Development Authority (WAPDA); Haseeb Athar, additional secretary economic affairs division and Muhammad Zubair, CEO Neelum-Jhelum Hydro Power Project.
Pakistani Ambassador Muhammad Naeem Khan said: "The bilateral relations between the Kingdom and Pakistan are historically and internationally close. We have prepared a comprehensive road map for Saudi-Pakistan relations and it is being examined in various departments of the Saudi government. It covers almost every sector including economic, trade, political, education and many others," he said.
He added that the roadmap will enhance the bilateral relationship in various fields, leading to the opening of other non-traditional areas. "Saudi-Pakistan relationships have a great future," he said.
Wassem Hayat Bajwa, commercial attache at Pakistani Embassy, said: "This agreement is of vital importance as Pakistan is going through a severe energy crisis and is in dire need of financial assistance." He added: "The Neelum-Jhelum project is in the last phase and with this assistance it will be completed next year." The formal signing of the loan agreement has been scheduled for September.
Pakistan to receive SR375m SIDF loan for power project
Pakistan to receive SR375m SIDF loan for power project
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 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 Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
