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The Latest Breaking News from SAMA

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

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

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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…

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

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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.

Asharq Al-Awsat

The Uber files lit up the darkness of big tech, and showed why we need whistleblowers

People must feel able to speak out – and our laws must protect them, says former Facebook employee Frances Haugen

The Guardian - UK

Saudi Banking Sector Stimulates FinTech, Entrepreneurship

The Saudi Central Bank inaugurated the HORIZON Center at al-Bilad Bank to create a coherent environment that ensures support for digital entrepreneurial projects. Last May, the Saudi Cabinet adopted the financial technology strategy so that the Kingdom would be among the leading countries in the field of FinTech, with Riyadh…

Asharq Al-Awsat

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Asharq Al-Awsat

Saudi Arabia Is the World’s Largest Incubator of Islamic Financial Assets

Saudi Arabia is the largest incubator of Islamic finance in the world in terms of assets, ranking first with a total of nearly SAR3 trillion ($800 billion) that represents 28% of the total global assets, confirmed Ziad al-Yousef, Deputy Governor for Development and Technology at the Saudi Central Bank (SAMA).…

Asharq Al-Awsat

Saudi Economist Appointed Visiting Scholar at Stanford University

The prestigious Stanford University has recently announced appointing a Saudi economist and investment expert as a visiting scholar. Stanford Center for Sustainable Development and Global Competitiveness (SDGC) and Stanford Long Term Investing (SLTI) said they are pleased to welcome Dr. Khalid Alsweilem, PhD, as a Visiting Scholar to Stanford. His…

Evening Standard

Falklands war: Ben Wallace makes free flights offer to veterans after Standard alerts him to six-fold fares hike

The Defence Secretary stepped in after this newspaper learned of a six-fold rise in the price of a concessionary ticket on an RAF transport flight

The Independent UK

Facebook sued in Kenya over work conditions for moderators

Attorneys for a man who once worked as a content moderator for Facebook have filed a lawsuit accusing the company of exploitative and unsafe working conditions

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Asharq Al-Awsat

SAMA Updates Regulations of Temporary Precautionary Procedures to Protect Bank Clients from Financial Fraud

The Saudi Central Bank (SAMA) announced on Tuesday it was updating the regulations of the temporary precautionary procedures to protect bank clients from financial fraud, reported the Saudi Press Agency (SPA). Banks were informed of these procedures on April 7, upon assessments and follow ups that had been made in…

Asharq Al-Awsat

Saudi Arabia Adopts Urgent Measures to Combat Financial Fraud

The Saudi Central Bank (SAMA) announced on Friday the implementation of urgent temporary precautionary measures to combat financial fraud. According to a circular issued by SAMA, banks operating in Saudi Arabia must adhere to a number of measures, including setting limits on daily electronic transfers and holding international transfers for…

Asharq Al-Awsat

Saudi Arabia Issues Draft Resolution on Implementing Payment Service

The Saudi Central Bank (SAMA) announced opening a public consultation on the draft implementing regulation of payments and payment services law. In the interest of transparency and broader participation, SAMA invites stakeholders and the public to provide suggestions and observations on the draft by visiting the Public Consultation Platform (Istitlaa)…

Asharq Al-Awsat

Saudi Arabia Expands Licensing of Foreign Currencies Trade

The Saudi Central Bank (SAMA) announced on Wednesday the licensing of the Al Tabdeel Co.

Asharq Al-Awsat

Residential Land Financing in Saudi Arabia Increases by 60%

Saudi Arabia's Monetary Authority (SAMA) has recently published data showing an increase of 60 percent in contracts for land financing in January 2022 compared with December 2021. The hike coincides with ongoing developments in residential real estate regulation and legislation. Residential real estate contracts for individuals increased by 2 percent…

Asharq Al-Awsat

Saudi Central Bank Licenses New Payment Financial Tech Company

The Saudi Central Bank (SAMA) licensed a new payment financial technology company, "Moyasar Financial Company" to provide E-commerce payment services. With Moyasar, the total number of payment companies licensed by SAMA reaches 16 companies, in addition to nine companies that were granted an "in-principle approval." Moyasar provides e-payment solutions that…

Asharq Al-Awsat

E-Transactions Top 57% of Total Payments in Saudi Arabia in 2021

Electronic payments in the Saudi retail sector exceeded 57% of total transactions conducted in 2021, surpassing the 55% target set out by the Financial Sector Development Program (FSDP), the Saudi Central Bank (SAMA) said in a statement. SAMA Governor Fahad al-Mubarak said the central bank is working on promoting e-infrastructure,…

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