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RIYADH: ��������’s point-of-sale transactions remained above the $3 billion mark for the fourth consecutive week, underscoring the resilience of consumer activity even as overall spending moderated in October. 

According to the latest data from the Saudi Central Bank, also known as SAMA, consumer spending stood at SR11.69 billion ($3.12 billion) during the week ending Oct. 25, reflecting a 4.2 percent decline from SR12.21 billion a week earlier. 

The total number of transactions also fell by 4.5 percent to 212.7 million, compared with 222.7 million in the prior seven-day period. 

Data revealed declines across most spending categories, led by laundry services, which saw the steepest fall — a 10.3 percent drop in value to SR42.58 million. Spending on jewelry followed, with a 9.1 percent decrease to SR390.69 million. 

The airlines category saw the largest increase, up 18.5 percent to SR57.88 million, followed by freight transport and courier services, which rose 5.6 percent to SR33.63 million. 

Spending on restaurants and cafes dropped 4.7 percent to SR1.45 billion, while food and beverages fell 6.6 percent to SR1.79 billion. Purchases of apparel and accessories declined 3.2 percent to SR852.42 million, and construction and building materials slipped 2.8 percent to SR384.69 million. 

The Kingdom’s major urban centers mirrored the national decline. Riyadh, which accounted for the largest share of total POS spending, recorded a 2.4 percent drop to SR4.28 billion, down from SR4.38 billion the previous week. The number of transactions in the capital fell to 71.8 million. 

In Jeddah, transaction values decreased 4.9 percent to SR1.61 billion, while Dammam reported a 4.7 percent contraction to SR590.63 million. 

Other cities, including Makkah and Madinah, also registered notable declines in consumer spending, down 3.4 percent and 3.2 percent, respectively. 

POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the expanding adoption of digital payments in ��������. 

The figures also highlight the wider reach of POS infrastructure, which now extends beyond major retail hubs to smaller cities and service sectors, supporting the Kingdom’s digital inclusion initiatives. 

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

RIYADH: Energy giant Saudi Aramco has signed a non-binding term sheet to acquire a significant minority stake in Humain, the artificial intelligence company backed by the Public Investment Fund. 

The proposed deal will see both Aramco and PIF contribute AI-related assets, capabilities, and talent to help scale Humain’s operations and capture new value in the rapidly expanding data and AI sector, according to a joint statement from the companies. 

While financial details were not disclosed, PIF will retain majority ownership of Humain, ensuring continued strategic control and support. 

The transaction aligns with ��������’s broader goal of strengthening its AI capabilities as the Kingdom positions itself as a regional technology hub by the end of the decade. 

Yazeed A. Al-Humied, deputy governor and head of Middle East and North Africa Investments at PIF, said: “By combining PIF and Aramco’s AI assets under Humain, we are fueling AI talent, innovation and intellectual property, while aligning and accelerating future investment opportunities.”   

He added: “This development is aligned with PIF’s strategy by further strengthening ��������’s position as a globally competitive AI hub and places the country at the heart of reshaping the future of global AI.”  

Upon completion of the transaction, Aramco is expected to leverage Humain’s AI infrastructure to translate advanced capabilities into industrial applications, enhancing its global ecosystem and operations. 

“Aramco’s planned investment in Humain is expected to further strengthen our leadership in industrial AI applications and digital solutions, while accelerating the development of ��������’s AI infrastructure and driving national transformation,” said Amin H. Nasser, Aramco president and CEO.  

He added: “Aramco is well-positioned to capture opportunities from rising energy demand linked to AI growth, using advanced technologies to improve efficiency, reduce emissions, and sustain our competitive edge as one of the world’s leading integrated energy and chemicals companies.”  

Launched in May, Humain offers a range of AI products and services, including next-generation data centers, cloud capabilities, and advanced AI models and solutions. 

On Oct. 28, Humain CEO Tareq Amin told Asharq on the sidelines of the Future Investment Initiative conference that the company plans a dual listing on both the Saudi and New York stock exchanges within four years. 

He also revealed that Humain Chat, the company’s AI-powered assistant, has reached 300,000 active users in the Kingdom.