Amex Saudi CEO says Kingdom’s credit card market grew 17% in 2023

10/03/2024 Argaam Special

Amex Saudi CEO says Kingdom’s credit card market grew 17% in 2023

Fahad Al Guthami, CEO of American Express Saudi Arabia

Saudi Arabia’s credit card market grew by SAR 27 billion or 17% year-on-year (YoY) in 2023, American Express Saudi Arabia’s (Amex) CEO Fahad Al Guthami told Argaam in a statement on the sidelines of LEAP2024.

 

This growth reflects the company's expansion in issuing cards and providing quality services to clients, he added.

 

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Al Guthami pointed out the massive growth in e-commerce during 2023, with transactions reaching about 900 million, an increase of 40% YoY.

 

The number of points of sale (POS) in the Kingdom reached more than a million in 2023, which led to about 600 million purchase transactions, an increase of 10% YoY, he stated.

 

Meanwhile, Amex CEO stressed that the company aims to expand the acceptance of its cards to 90% of the POS in the Kingdom by 2025.

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