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The Latest Breaking News from SAMA

Meta Loses Appeal In Kenyan Labor Court Ruling

Kenyan court allows lawsuit against Meta for mistreatment of content moderators to proceed, raising concerns over well-being of moderators.

Top News

Facebook loses jurisdiction appeal in Kenyan court paving the way for moderators' case to proceed

Meta, Facebook’s parent company, has lost an appeal in a Kenyan labor court

The Independent UK

How Qatar Airways is harnessing the power of AI to improve the passenger experience

Sama’s latest upgrade takes the world’s first AI Digital Human cabin crew service to new heights

Tom’s Guide

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Kenyan Facebook moderators accuse Meta of not negotiating sincerely

The lawyer representing 184 former Facebook content moderators based in Kenya who have sued the site's parent company, Meta, over working conditions and pay has told the judge that Meta was not sincere in trying to reach an out-of-court settlement as agreed in the last court session

The Independent UK

CEO regrets her firm took on Facebook moderation work after staff ‘traumatised’

Outsourcer Sama facing legal cases brought by Kenya-based employees alleging exposure to graphic content

The Guardian - UK

Facebook content moderators in Kenya call the work 'torture.' Their lawsuit may ripple worldwide

Nearly 200 former content moderators for Facebook are suing the company and a local contractor in a court case in Kenya that could have implications for the work worldwide

The Independent UK

‘A watershed’: Meta ordered to offer mental health care to moderators in Kenya

Trauma experienced by staff at Nairobi Facebook hub recognised in legal ruling that may have global implications

The Guardian - UK

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Investor reveals plans for former Birmingham council offices

Sama Investments acquires 1 Lancaster Circus last year and now wants to create a 'memorable place to live, work and stay'

Birmingham Post

Saudi Banks Safe from Troubled US Banks

Ayman Al-Sayari, Governor of Saudi Central Bank (SAMA), ruled out any transactions between Saudi banks and troubled US banks, affirming that the Kingdom’s banking sector enjoys capital adequacy and reassuring liquidity. Al-Sayari spoke with Al-Arabiya TV on the sidelines of the Financial Sector Conference in Riyadh when he added that…

Asharq Al-Awsat

High-profile lawsuit against Meta can be heard in Kenya, Nairobi court rules

Decision on case of ex-Facebook moderator, who claims the work left him with PTSD, hailed as win for accountability of big tech in Africa

The Guardian - UK

SAMA: New System Seeks to Expand Banking Activities

The Saudi Central Bank (SAMA) said that it expected the new project to regulate the banking system in the country to expand the definition of banking business, include the granting of credits, and specify accurately the system objectives and scope. In a statement on Thursday, SAMA said that one of…

Asharq Al-Awsat

ChatGPT, Meta Contractor Accused of Dirty Dealings in Africa

A lawsuit alleges poor working conditions, among other issues.

The Street

Saudi Arabia Seeks to Accelerate Development of Digital Currency

As the Saudi Central Bank (SAMA) said on Monday that it was carrying out experiments with a central bank digital currency and exploring the potential benefits and risks of its use, economists told Asharq Al-Awsat that the local market was ready and enjoyed the ability to deal with the project…

Asharq Al-Awsat

Saudi Arabia Grants 90,000 Licenses as Real Estate Brokerage Law Comes into Force

Saudi Real Estate Authority said that it had received, through its electronic services, over 89,000 requests for real estate licenses in just two days after the real estate brokerage law came into force. The Authority issued over 72,000 licenses to individual practitioners and 17,100 licenses to establishments. Spokesman Tayseer al-Mufarrej…

Asharq Al-Awsat

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Asharq Al-Awsat

SAMA to Begin Implementation of Basel III Reforms in Early 2023

The Saudi Central Bank (SAMA) announced on Wednesday that the Basel III reforms would come into force in the Kingdom’s banking sector in January 2023. “The move is in line with the internationally agreed timeline set by the Basel Committee on Banking Supervision,” SAMA said in a press statement. The…

Asharq Al-Awsat

‘Tarabut Gateway’ CEO: Open Banking Has Tripled in The Middle East

Abdulla Al-Moayed, CEO and founder of the Dubai-based fintech company Tarabut Gateway, revealed that open banking has become a strategic option for growing digital transformation in regional countries as they move towards digital payments and cashless societies. Banking through fintech in the Middle East has tripled at a time when…

Asharq Al-Awsat

Saudi Arabia to Expedite Opening of Accounts for Foreign Companies

The Saudi Central Bank (SAMA) has called on local banks to facilitate and speed up the procedures for opening accounts for foreign companies, in order to encourage them to transfer their regional headquarters to the Kingdom. The step is aimed at strengthening the country’s economy, providing employment opportunities, and boosting…

Asharq Al-Awsat

Interest Rates Put Pressure on Lending, Limit the Liquidity of the Saudi Financial Market

Financial specialists attributed features of liquidity scarcity in the Saudi financial and banking sector to the effects of raising interest rates and increasing the Saudi Interbank Offered Rate, or Saibor, along with the emergence of attractive investment opportunities. According to specialists, the interest rates rose in parallel with the decline…

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Asharq Al-Awsat

Investor Business Services Transferred to the Saudi Business Center

The Saudi government has stopped referring investors to its unified national platform after transferring all the Kingdom’s services to the Saudi Business Center (SBC).

Asharq Al-Awsat

Saudi Arabia to Announce Unified Insurance Regulator Soon

A unified regulator for the insurance sector, independent of the Saudi Central Bank (SAMA), will be announced soon, Minister of Finance Mohammed Al-Jadaan stated on Wednesday. While the minister acknowledged that the insurance sector needs powerful entities capable of expanding within and outside Saudi Arabia, he stressed that the government…

Asharq Al-Awsat

SAMA: Government Housing Subsidies Not to Be Calculated in Customers’ Income

The Saudi Real Estate Refinance Co.

Asharq Al-Awsat

Saudi Central Bank Facilitates Entry of Fintech Companies into Kingdom’s Market

The Saudi Central Bank (SAMA) on Wednesday announced that it has updated the Framework of its Regulatory Sandbox. The move is part of its efforts to achieve several national strategic goals by promoting the regulatory sandbox's involvement in the Financial Sector Development Program (FSDP), a key objective of the Saudi…

Asharq Al-Awsat

SAMA Assets Reach Highest Level in 5 Years

The total assets of the Saudi Central Bank (SAMA) surpassed SR2 trillion (USD535 billion) in July, for the first time in five years. According to the data announced in the monthly statistical bulletin issued by SAMA on Sunday, the assets of the Saudi Central Bank recorded a growth of SR156.7…

Asharq Al-Awsat

SAMA: ePayments Exceeded Cash for 1st Time in Saudi Arabia in 2021

The Saudi Central Bank (SAMA) released on Sunday a report on the results of an extensive study to measure payment methods in Saudi Arabia in 2021. The report aimed to assess consumer payment habits (cash and non-cash) across all market sectors, individuals, business, and the government sector. A key objective…

Asharq Al-Awsat

Saudi Arabia Completes E-Link Procedures to Automate Business Acceleration

The Saudi Central Bank (SAMA) completed the electronic linking procedures with the Saudi Center for Economic Business through the Tanfeeth program to directly link the technical systems of government agencies and banks operating in the Kingdom and integrate them.

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