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RIYADH: �������� is emerging as a key fintech hub in the Middle East, prompting the UK-based card issuing and payment processing firm Paymentology to formalize its operations in Riyadh.  

The company plans to designate its Saudi office as its regional headquarters, CEO Jeff Parker said. 

Speaking to Asharq at the Money20/20 Middle East conference in September, Parker said the move reflects Paymentology’s long-term commitment to the Kingdom. The company has obtained commercial registration in Riyadh to expand its on-the-ground presence. 

�������� has set ambitious fintech targets under its Vision 2030 agenda, aiming to increase the share of cashless transactions to 70 percent by 2025.  

The Kingdom’s payments landscape is undergoing rapid transformation, with the Saudi Central Bank, also known as SAMA, reporting that electronic payments accounted for 79 percent of total retail transactions in 2024, up from 70 percent in 2023. 

“We have been active in �������� for about four years. But to cement and take advantage of the opportunity, we need a physical presence. So, very excited to say that we have registered now as a Saudi company,” Parker said. 

He added that the Saudi market is evolving and clearly digitalizing rapidly. “The trend toward digitalization and financial inclusion is really going to continue,” he said, noting that the company considers �������� its regional headquarters. He said the next step is to start building a team and that Paymentology wants to hire a leader for the region. 

Parker also highlighted Paymentology’s confidence in its growth prospects in the Kingdom, citing the opportunities in the fintech sector and the country’s growing population. 

During the event, Paymentology signed a memorandum of understanding with Saudi-based remittance and digital payments provider Enjaz. 

“We signed a strategic partnership with Enjaaz. We think that is a great opportunity for us, very much aligned with Vision 2030 and providing financial inclusion for the region,” said Parker.  

In a separate statement, Bassam AlEidy, CEO of Enjaz, said the collaboration represents “a major step in shaping the future of payments in ��������, delivering innovation that is inclusive, dynamic, and tailored to the needs of our market.” 

He added: “At Enjaz, our focus has always been on giving our customers speed, convenience, and security, whether they are transferring money abroad or making everyday payments. By collaborating with Paymentology, we can now extend our card services that expand choice and enhance financial freedom.” 

RIYADH: The non-oil private sectors of Kuwait and Qatar continued to expand in September, though at a softer pace, while Egypt saw business conditions weaken amid a sharper fall in new orders, an economy tracker showed. 

According to S&P Global’s latest Purchasing Managers’ Index survey, Kuwait’s PMI eased to 52.2 from 53 in August, and Qatar’s headline reading slipped to 51.5 from 51.9, both remaining comfortably above the neutral 50 mark that separates growth from contraction.  

Egypt’s PMI, however, declined to 48.8 from 49.2, signaling a renewed deterioration in non-oil activity. 

The steady momentum in Kuwait’s non-oil business activity mirrors the broader trend across the Gulf Cooperation Council, where economies are pushing to diversify and reduce reliance on oil revenues. 

The report noted that Kuwait’s non-oil private sector remained in expansionary territory as the third quarter drew to a close, though growth showed signs of softening. 

“Although there were further signs of a growth slowdown in Kuwait’s non-oil private sector in September, rates of expansion remained solid, so there is little cause for alarm at this stage,” said Andrew Harker, economics director at S&P Global Market Intelligence.  

He added: “Indeed, firms remain confident that their pipeline of work will be sufficient to keep output rising over the coming year.”  

Companies reporting higher orders attributed the growth to promotional efforts and competitive pricing strategies, while advertising helped secure new business. 

Driven by cost considerations, firms increased staffing only marginally in September despite growing output requirements. As a result, outstanding business accumulated for the twelfth consecutive month, at the same pace as in August. 

“Nevertheless, the slowdown in growth is unlikely to improve the hiring situation, with firms remaining reluctant to commit to material increases in employment despite a sustained build-up of outstanding business,” said Harker.  

Looking ahead, non-oil firms in Kuwait expressed optimism supported by competitive pricing, new product development, and strong customer service. 

Qatar maintains steady growth 

Qatar’s non-energy sector posted a sustained improvement in business conditions in September, rounding off its strongest quarter of 2025 so far. 

The country’s PMI edged down slightly to 51.5 from 51.9 in August, indicating moderate growth, according to S&P Global. 

“Qatar’s non-energy private sector continued to report an overall improvement in business conditions in September. Moreover, the headline PMI trended at 51.6 over the third quarter as a whole, signalling a slightly stronger performance than 51.1 in the first quarter and 51.2 in the second quarter of 2025,” said Trevor Balchin, economics director at S&P Global Market Intelligence.  

The rate of job creation among Qatari non-energy firms eased in September compared to August but remained among the strongest in the survey’s history, as companies continued hiring to meet workloads and boost capacity. 

S&P Global added that output in Qatar’s non-energy private sector rose in September, marking the fourth expansion in the past six months. 

“The overall improvement in business conditions was underpinned by growth of employment, output and inventories in September, while lower new orders and shorter suppliers’ delivery times weighed on the headline figure,” said Balchin. 

Firms continued to raise wages strongly in September, with inflation remaining among the highest in the survey’s history. 

Looking ahead, business confidence among non-oil firms was supported by expectations of growth in the real estate sector, increased demand from a rising expatriate population, marketing drives, and ongoing investment and development activity. 

Egypt loses momentum 

In Egypt, the PMI fell to a three-month low of 48.8 in September from 49.2 in August, as incoming new orders dropped at the fastest pace in five months. 

S&P Global noted that while operating conditions in Egypt’s non-oil private sector continued to worsen, the overall downturn was modest, helped by easing input cost pressures. 

“The latest survey data pointed to a further decline in operating conditions across Egypt’s non-oil economy; however, the downturn remained less steep than the survey trend and modest overall,” said David Owen, senior economist at S&P Global Market Intelligence.  

He added: “Although companies are struggling to gain new work amid challenging market conditions as a whole, they can take some comfort from a softening of input cost pressures, driven by the pound’s strengthening against the US dollar over recent months.”  

Survey panellists attributed the drop in sales and new orders to subdued economic conditions, higher prices, and rising wage pressures. 

The reduction in sales coincided with stalled employment growth and weaker business confidence, with nearly all surveyed firms reporting no change in their workforce in September. 

Prices charged by non-oil businesses rose for the fifth consecutive month, although the pace of inflation eased slightly from August. 

“The pace of inflation was moderate but eased slightly from August. Price rises were mainly carried out in order to pass higher costs through to customers, according to respondents,” said S&P Global.