Opensignal's Saudi read puts stc at 49.0% of the market, Mobily at 23.8% and Zain KSA at 14.6%, with virtual operators collectively near 12% and 7.4 million subscribers in early 2026. Zain customers are likeliest to carry a second SIM at about 37%, against 27% at Mobily and about 17% at stc; operators have invested over $1.5 billion in 5G spectrum since 2019.
Dual-SIM rates show pre-churn behavior, so focus your pricing and packaging on the second SIM instead of comparing only to a competitor's main plan.
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Five billion aimed at small firms
Monsha'at and STC Bank signed an agreement to provide Shariah-compliant financing of up to SAR 5 billion to micro, small and medium enterprises, with cash and non-cash facilities running up to 10 years and covering working capital, asset purchases, financing against point-of-sale proceeds and invoice and receivables financing. Saudi Arabia counted more than 1.7 million SMEs in 2025, employing around 8.8 million people and contributing 22.9% of GDP.
As cash flow becomes the primary assessment criterion, credit officers developing SME products at Saudi banks should focus on evaluating transaction history instead of balance sheets.
SR 3.6bn, 2,505 apartments, one fund
Alramz Real Estate established a Shariah-compliant fund of more than SR3.6bn, managed by SNB Capital, with Alramz holding 100% of the units. The vehicle covers a 90,000+ sqm site in Al Raed district, Riyadh. 2,505 residential apartments plus commercial space, on a development contract worth roughly SR1.2bn, with 10% development fees and 2.5% marketing fees over an approximately five-year term.
2,505 units delivered into a market where new residential mortgage lending has roughly halved year on year. The build is a five-year bet that the financing side normalises well before handover, and that is the assumption to interrogate, not the design.
Six quarters down
Tadawul Group Q2 profit −4% to SR92M, sixth straight annual decline, while data services grew 13.7%.
An exchange earning less in a market this active is a warning about volumes, the thin tape has landed in someone's earnings.
