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RIYADH: ��������Ƶ’s consumer spending reached SR11.8 billion ($3.14 billion) in the week of Dec. 15 to Dec. 21, with the food and beverage sectors continuing to lead in sales, official data showed. 

Despite a slight overall decline of 8.1 percent from the previous week, key sectors, especially dining and food, showed consistent performance, according to data from the Saudi Central Bank, also known as SAMA.  

The restaurants and cafes sector topped the list with SR1.69 billion in transactions, despite a 13.9 percent weekly dip. Food and beverage spending followed closely, settling at SR1.69 billion as well, reflecting a 9 percent decrease. These categories, however, maintained their dominance in consumer expenditure. 

The overall decrease in consumer spending is attributed to the timing of salary disbursements, traditionally paid on the 27th of each month, which typically leads to lower spending in the preceding weeks.  

Additionally, the winter holiday season, during which many expatriates travel home, further influenced the dip in domestic spending. 

Other sectors saw more moderate drops. The value of clothing and footwear transactions fell by 5.2 percent to SR864.15 million, while construction and building materials recorded a small 0.9 percent decline, totaling SR355 million.  

The electronics and electric devices sector saw an 8.7 percent weekly decrease in value, while gas stations and health-related sales also experienced declines of 9.4 percent and 7.3 percent, respectively. 

Jewelry sales recorded a 14.4 percent drop in transaction volumes, with a slight 3.9 percent decrease in value. Miscellaneous goods and services saw a 9.1 percent reduction in sales, totaling SR1.4 billion. 

Regional breakdown  

Regionally, Riyadh remained the largest market with a POS value of SR4.2 billion, although this represented a 6 percent decrease compared to the previous week.  

Jeddah saw a 7.5 percent drop to SR1.6 billion, while Dammam recorded a slight 3.6 percent decline to SR617.5 million. 

Among smaller cities, Hail experienced the largest decrease, with spending down 14.8 percent to SR169.6 million, and a 12.2 percent reduction in transaction volumes. Makkah recorded a 4.4 percent decline in value, settling at SR502.8 million, while Tabuk saw a 12.8 percent decrease in transaction value to SR210.4 million. 

Despite the seasonal slowdown, the food and beverage sectors continue to drive the market, maintaining a steady pace as consumer behavior shifts with the winter season. 

RIYADH: Cooperation in energy and natural gas between Egypt and Jordan is set to grow as the North African country’s Minister of Petroleum and Mineral Resources Karim Badawi met with the Jordanian Minister of Energy and Mineral Resources, Saleh Kharabsheh.

The talks at the Ministry of Energy and Mineral Resources in Amman revolved primarily around diversifying energy sources and propelling natural gas projects, the Jordanian news agency Petra reported.

This aligns with both countries’ national security and sustainable development strategies.

During the meeting, the two parties explored ways to exploit shared expertise and resources to implement future projects that are projected to yield positive economic returns and further strengthen regional cooperation.

The meeting came during Badawi’s visit to Jordan, during which he assessed the plans and operations of the Jordanian-Egyptian Fajr Co. in developing the natural gas infrastructure in Jordan.

The visit underlined the strategic importance of the 500-kilometer main gas network stretching from southern to northern Jordan. 

Badawi also evaluated the progress in enhancing the network’s capacity and related facilities during his stay.

The Egyptian minister reviewed the current and upcoming projects by Egyptian petroleum sector companies planned for implementation in Jordan. 

He highlighted the importance of accelerating these initiatives to maximize the economic and environmental benefits of natural gas use across various sectors in Jordan. 

Badawi’s visit to Jordan underscores the strong ties and fruitful collaboration between the two nations.