Qatar Central Bank Announces Launch of Digital Currency Project

The Qatar Central Bank in Doha. (Reuters)
The Qatar Central Bank in Doha. (Reuters)
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Qatar Central Bank Announces Launch of Digital Currency Project

The Qatar Central Bank in Doha. (Reuters)
The Qatar Central Bank in Doha. (Reuters)

The Qatar Central Bank (QCB) launched on Sunday its Digital Currency Project (CBDC), which aims to settle large payments with a group of local and international banks, the bank said in a statement carried by the Qatari state news agency, QNA.

The CBDC was launched after successfully completing the comprehensive study of the project.

It will serve as a proactive step to keep pace with the rapid global developments in this field.

The Central Bank explained that after successfully completing the comprehensive study conducted in this field, it will proceed with testing and developing selected applications for the CBDC to settle large payments with a group of local and international banks in a trial environment designed according to the latest advanced technologies.

The project will focus on the applications of the CBDC to increase access to capital markets for operating banks in the country, enhance domestic settlement, and improve the efficiency of securities transactions, the Bank’s statement noted.

This project, which will enter its first experimental phase extending to October 2024, aims to also achieve a set of primary objectives, including leveraging artificial intelligence technologies, distributed ledger technology (DLT), and emerging technologies and establish a strong foundation to enhance liquidity by expanding participation in financial market facilities, considering the aspects related to information security during project implementation.

The start of the CBDC project represents an important milestone and a strategic step towards building a digital economy in the country, QCB said.

It then reaffirmed its continuous commitment to introducing distinguished and valuable initiatives that will help create a conducive environment for the growth of the financial sector, stimulate the widespread adoption of emerging technologies, and promote technological innovations across various fields.

Last April, the United Arab Emirates prepared to complete the first phase of its central bank digital currency strategy. The Digital Dirham aims to address the obstructions of domestic and cross-border payments, enhance financial inclusion and the move towards a cashless society.

In 2019, Saudi Central Bank (SAMA) and Central Bank of the UAE (CBUAE) announced a joint digital currency initiative named Project Aber.

The two banks said Aber will be used as a settlement unit for domestic as well as cross-border commercial bank transactions between the UAE and Saudi Arabia. The joint digital currency plan is only for the use of banks participating in “Aber” project, and will not be available for individuals.



‘Saudia’ Expands Flight Network with Over 10 New Destinations in 2025

Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)
Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)
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‘Saudia’ Expands Flight Network with Over 10 New Destinations in 2025

Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)
Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)

Saudi Airlines (Saudia) has announced the addition of more than ten new destinations to its flight network for 2025, including Vienna, Venice, Larnaca, Athens, Heraklion , Nice, Malacca, Bali, Antalya, El Alamein, and Salalah. The expansion comes in response to increased international travel demand, with a 16% growth in passenger transport last year, according to SPA.
Saudia Group's General Manager, Eng. Ibrahim bin Abdulrahman Al-Omar stated that following the airline's operational success in 2024, a strategic plan has been implemented for 2025 to maintain high performance. Flights have been scheduled to meet operational needs with flexibility throughout the year, particularly during peak seasons, while adapting to industry challenges.

The selection of new destinations was based on feasibility studies and guest demand, aligning with Saudi Arabia's national aviation strategy to reach 250 destinations by 2030.
The newly introduced routes will enhance Saudia's global network, which currently spans over 100 destinations across four continents. With more than 530 daily flights, the airline continues to develop its international operations to increase its market share and strengthen the Kingdom's global connectivity.