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SAMA Governor: Establishing UAB Regional Office in Saudi Arabia will Support the Union

SAMA Governor Ayman al-Sayari
SAMA Governor Ayman al-Sayari
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SAMA Governor: Establishing UAB Regional Office in Saudi Arabia will Support the Union

SAMA Governor Ayman al-Sayari
SAMA Governor Ayman al-Sayari

The Union of Arab Banks (UAB) conference announced on Monday the establishment of a regional office in Saudi Arabia.

Saudi Central Bank (SAMA) Governor Ayman al-Sayari confirmed the establishment of the regional office in Saudi Arabia, saying it will support the Union and provide needed services amid the recent economic developments, global political changes, and global state of uncertainty that impact the monetary policy developments.

The developments prompted many central banks to adopt strict monetary policies to curb the ongoing price rises.

Sayari explained that these strict policies led the International Monetary Fund (IMF) to reduce its expectations for global economic growth to three percent during 2023, accompanied by high fluctuations in global markets and the increasing challenges facing emerging economies.

He pointed out that global economic challenges require a rigorous follow-up and analysis of the developments to ensure the ability to deal with their effects and develop the financial and banking systems, including financial technologies.

SAMA announced the launch of the annual conference, organized by the Union of Arab Banks in Riyadh, on Monday under the patronage of the Governor of SAMA.

During the five main sessions, the panel will discuss 21 economic and financial topics and organize a technical workshop.

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Saudi Market Authority: Kingdom Unaffected by Global Technical Disruptions

Two investors monitor stock prices on the Saudi Tadawul screen (Reuters)
Two investors monitor stock prices on the Saudi Tadawul screen (Reuters)
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Saudi Market Authority: Kingdom Unaffected by Global Technical Disruptions

Two investors monitor stock prices on the Saudi Tadawul screen (Reuters)
Two investors monitor stock prices on the Saudi Tadawul screen (Reuters)

The Saudi Capital Market Authority (CMA) has assured the integrity and full operational readiness of its systems following global technical disruptions affecting various sectors.
The CMA confirmed that it has been coordinating with relevant authorities from the outset to ensure uninterrupted service for all investors during Sunday’s trading sessions.
In a statement released on Saturday, the CMA emphasized that listed companies in the financial market have been instructed to disclose any significant developments related to the issue.
The Saudi Stock Exchange, Tadawul, also confirmed the reliability and readiness of its systems to ensure uninterrupted service for all investors.
The CMA highlighted that technical teams are monitoring the systems round-the-clock to ensure the continuous functioning of services and the technical infrastructure, ensuring business continuity and system efficiency in the market.
Limited Impact
Since the onset of the global technical crisis, the Saudi National Cybersecurity Authority (NCA) reported that the impact on the Kingdom has been limited.
In a statement, the NCA referenced media reports of widespread technical failures in critical sectors worldwide and clarified that the impact on national entities in Saudi Arabia has been minimal, based on current assessments.
The NCA attributed these global disruptions to a technical error in a product update released by cybersecurity firm CrowdStrike early Friday morning.
Cyber Incidents
The NCA credited the robust support and significant backing from Saudi leadership for the cybersecurity sector, enabling proactive measures to detect and address cyber threats and risks.
The NCA has also been committed to fostering local cybersecurity capabilities and enhancing technological sovereignty.
The NCA affirmed that its cybersecurity regulations and standards have bolstered the security and reliability of the Kingdom’s cyberspace, positively impacting the protection of national entities and critical infrastructure.
The authority continues to oversee compliance with these regulations through its National Cybersecurity Services Portal (Haseen), working in partnership with all national entities to enhance national cybersecurity.
This initiative is fundamental to safeguarding the Kingdom’s vital interests, critical infrastructure, government services, and key sectors in both the public and private domains.