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The United Arab Emirates, where Brazilian President Jair Bolsonaro is currently visiting, plans to invest $10 billion in Brazil over the next 10 years after talks between the two countries, Brazil's Economy Minister said on Wednesday.
Paulo Guedes added the problem for Brazil in 2022 was not going to be low growth, but instead high inflation.
RIYADH: Saudi Arabia’s intellectual property landscape continued its robust growth in 2024, with patent filings rising by 13.33 percent year on year to reach a record 8,029, according to the Saudi Authority for Intellectual Property.
The authority’s annual statistical report highlighted significant expansion across all key IP categories, underscoring the Kingdom’s ongoing transformation into a knowledge-based economy.
Patent applications from individuals surged by 62 percent, while filings by foreign applicants rose 15 percent to 4,921. The increase reflects rising global interest in protecting innovations within the Kingdom.
Trademark registrations totaled 31,834 in 2024, marking a 15.72 percent increase, while design filings grew by 8.75 percent. Voluntary copyright registration also saw a notable 63.15 percent jump, indicating greater public engagement with IP rights.
SAIP issued 4,355 patent certificates, 1,578 design registrations, and 1,504 copyright certificates throughout the year.
The report also noted that 96 percent of granted patents originated from institutions, highlighting the active role of universities and research centers in the innovation ecosystem. Individual inventors filed 2,139 patent applications — up from 1,320 in 2023—showing growing grassroots participation.
In terms of technical fields, information technology and software accounted for 25.77 percent of total patent filings. Library and document management comprised 57.16 percent, and applied technical inventions followed at 12.46 percent.
Public understanding of intellectual property also improved, with SAIP reporting an 8 percent rise in the national IP awareness index. This was attributed to expanded electronic services, streamlined procedures, and national initiatives aimed at safeguarding innovators’ rights.
Internationally, Saudi Arabia’s efforts have not gone unnoticed. The Kingdom recorded a 17.5 percent improvement in its score on the 2025 Global Intellectual Property Index, placing it among the top-performing countries out of 55 economies evaluated.
Saudi Arabia also ranked 24th globally in artificial intelligence patent output, with 1,189 AI-related patents filed—further cementing its commitment to technological advancement and innovation-led growth.
The Kingdom’s achievements are the result of sweeping reforms to its IP framework, including enhanced legal protections and enforcement strategies that aim to foster a more competitive, innovation-driven economy.
RIYADH: Saudi e-commerce sales via MADA cards surged 73.4 percent year on year in March to a record SR27.55 billion ($7.34 billion), reflecting rapid growth in the Kingdom’s digital payment ecosystem.
According to the Saudi Central Bank, also known as SAMA, online transactions using the national card network reached 147.6 million during the month, up 54.5 percent compared to March 2024.
The figures reflect transactions completed through websites, mobile apps, and e-wallets linked to MADA, and do not include those carried out using Visa, MasterCard, or other international networks.
MADA — the Kingdom’s domestic debit card network — underpins a growing portion of Saudi Arabia’s non-cash economy by enabling secure, contactless payments through NFC technology both online and at retail locations. This growth in digital commerce reflects rising consumer trust, expanding fintech ecosystems, and national investments in financial technology integration.
In a step toward digital expansion, SAMA signed an agreement in April with Google to introduce Google Pay in Saudi Arabia using the MADA infrastructure. The integration, expected to launch later in the year, will allow users to add and manage their MADA-linked cards within Google Wallet, offering seamless and secure transactions across physical stores, mobile apps, and websites.
According to SAMA, this move is part of a broader push to establish a robust digital payments infrastructure and reduce the country’s dependence on cash transactions.
The central bank’s efforts also include licensing new fintech players such as Barq, launching e-wallet platforms, and facilitating the operational launch of STC Bank, all aimed at bolstering financial inclusion and consumer convenience.
Earlier this year, the eSAMA portal also entered trial phase, providing digital access to a range of central bank services.
Alongside e-commerce growth, point-of-sale transactions using MADA also expanded, reaching SR65.67 billion in March — a 10.02 percent increase year on year.
E-commerce sales using MADA cards were equivalent to 42 percent of POS transaction value in March, up from 27 percent a year earlier — underscoring the faster growth of online spending compared to in-store purchases.
POS transactions — which cover physical card usage at retail stores, restaurants, gas stations, and service outlets — do remain a critical pillar of everyday consumer spending.
With Saudi Arabia aiming for over 70 percent of all transactions to be non-cash by 2025, the latest data signals that the Kingdom is fast approaching its digital transformation benchmarks — with MADA at the heart of this evolution.
RIYADH: The UAE’s most liquid form of money supply, M1, climbed 1.8 percent in February to 982.9 billion dirhams ($267.6 billion), as both cash in circulation and demand deposits rose, official data showed.
According to the latest data from the Central Bank of the UAE, the monthly increase was driven by a 13.5 billion dirham gain in monetary deposits and a 4.1 billion dirham rise in currency outside banks.
M1 — comprising physical currency and current account balances — is a key measure of liquidity immediately available for household and business spending.
The pickup in M1 comes amid a broader expansion in liquidity across the UAE’s financial system, reflecting stable credit conditions and sustained economic activity. The UAE has been supported by robust non-oil growth, rising investment, and steady financial sector performance heading into 2025.
Broader money aggregates also advanced, with M2 — which includes savings and time deposits in addition to M1 — rising 1.8 percent to 2.36 trillion dirhams, supported by a 25 billion dirham increase in quasi-monetary deposits.
M3, which includes M2 and government deposits, grew 0.8 percent to 2.81 trillion dirhams. The rise was primarily driven by the M2 expansion, offsetting a 19 billion dirham decline in government deposits.
The UAE’s monetary base rose 3.1 percent to 816.6 billion dirhams. The increase was supported by an 11.4 percent rise in overnight deposits and current accounts held by banks and financial institutions at the central bank.
Monetary bills and Islamic certificates of deposit rose 6.2 percent, while currency issuance increased 3.4 percent. These gains outweighed a 6.1 percent drop in reserve account balances.
Banking sector indicators also showed positive momentum, with the country’s gross banking assets, including bankers’ acceptances, rising 1.6 percent to 4.63 trillion dirhams. Gross credit increased by 0.9 percent to 2.21 trillion dirhams, driven by a 17.1 billion dirham rise in foreign credit and a 1.7 billion dirham gain in domestic credit.
Within domestic credit, lending to the private sector rose 0.7 percent, and loans to non-banking financial institutions jumped 5.2 percent. These increases offset a 2 percent decline in credit to government-related entities and a 1.4 percent drop in lending to the government sector.
The country’s total bank deposits climbed by 1.2 percent, reaching 2.87 trillion dirhams at the end of February, up from 2.84 trillion dirhams in January.
This growth was driven by a 0.8 percent rise in resident deposits and a 5.1 percent increase in non-resident deposits.
The increase in resident deposits was attributed to higher deposits from government-related entities by 3.8 percent, private sector by 1.4 percent, and non-banking financial institutions by 5.6 percent, which outweighed a 4 percent decline in government sector deposits.
RIYADH: Gulf Cooperation Council central banks have kept interest rates steady for the third consecutive period, mirroring the US Federal Reserve’s decision to hold its benchmark rate between 4.25 percent and 4.5 percent.
As most currencies in the region are pegged to the US dollar, monetary policy follows the decisions taken in Washington, with policymakers opting to lock the rate at the level it has been since December.
The freeze comes amid global uncertainty caused by the ongoing trade war, a slowing of economic growth in the US, and unstable inflation trends, according to a statement by the Federal Reserve.
The country’s gross domestic product fell 0.3 percent in the first quarter as a result of slower consumer and government spending and a surge in imports ahead of the tariffs.
The newly released Fed statement said: “In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks.”
This decision implies that the Saudi Central Bank, also known as SAMA, will maintain its repo rates at the current level of 5 percent.
The UAE central bank also announced that it has decided to maintain the base rate applicable to the Overnight Deposit Facility at 4.40 percent.
Qatar, Kuwait, and Oman, as well as Bahrain, also mirrored the Fed’s move.
Repo rates, which represent a form of short-term borrowing primarily involving government securities, underscore the close economic ties and financial dynamics between the GCC countries and the global economic landscape, particularly the US.
“In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals,” the Federal Reserve’s statement said.
It added: “The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.”
In April, Fitch Ratings said in a report that Gulf banks face minimal direct impact from new US tariffs but remain exposed to broader risks stemming from weaker oil prices and slowing global growth.
The agency noted at the time that most GCC exports to the US are hydrocarbons, which are exempt from the latest tariffs. Non-oil exports, such as aluminum and steel, which are subject to 10 percent or 25 percent duties, account for only a small share of the trade basket, limiting direct exposure for regional economies and their banking sectors.
RIYADH: Capital markets across the Gulf Cooperation Council surpassed a combined capitalization of $4.2 trillion by the end of 2024, highlighting strong regional economies and sustained investor confidence.
The figure was revealed by Jasem Al-Budaiwi, secretary-general of the GCC, during his address at the third edition of the “Gulf Smart Investor Award” ceremony held in Riyadh on May 7.
In his remarks, Al-Budaiwi noted that GCC markets witnessed a total of 336.3 billion shares traded in 2024, marking a 20.9 percent increase compared to the previous year.
The total value of traded shares reached $682.2 billion, reflecting an annual growth of 28.4 percent.
These gains, he underlined, underscore the confidence of both domestic and international investors and reinforce the importance of continued efforts to build financial awareness and strengthen investor education.
Al-Budaiwi commended Saudi Arabia for hosting the awards and supporting the GCC’s broader economic agenda.
“His Excellency the secretary-general pointed out that amidst the astonishing acceleration and profound transformations taking place in financial markets globally and regionally, and in light of the GCC countries’ openness to the global economy, financial literacy is no longer merely marginal knowledge or an intellectual luxury,” an official release stated.
This positive momentum in GCC markets aligns with broader regional trends.
In the first quarter of 2025, stock markets across the Middle East and North Africa saw solid gains, with the Arab Monetary Fund’s Composite Index — tracking 16 Arab exchanges— rising 4.37 percent year-on-year.
The index also posted a 1.55 percent increase on a quarterly basis, reflecting continued investor confidence despite global monetary policy shifts and ongoing geopolitical pressures.
During his speech, Al-Budaiwi highlighted the central role of financial literacy in navigating increasingly complex and fast-evolving global financial markets, positioning it as a key factor in achieving financial security and long-term economic sustainability across the region.
The event, part of the GCC-wide investment literacy initiative known as Mulim, was attended by high-level officials, including Saudi Capital Market Authority Chairman Mohammed El-Kuwaiz.
Al-Budaiwi emphasized that the award serves not only as a recognition of individual excellence but also as a broader message advocating the role of financial knowledge, strategic planning, and a sound regulatory environment in fostering informed investment decisions.
He commended the efforts of the Saudi Capital Market Authority and partner institutions for their role in supporting initiatives that contribute to financial knowledge across GCC societies.
Earlier this week an analysis by S&P Global revealed the market capitalization of the Kingdom’s Tadawul All Share Index reached $2.7 trillion at the end of 2024, representing a 10-year rise of 463 percent.
The credit rating agency’s report said the stock market is expected to play a crucial role in materializing the Kingdom’s economic transformation goals outlined in Saudi Arabia’s Vision 2030 initiative.
