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Saudi Banks Capital, Reserves Jump 6.3% in 2017

Saudi Banks Capital, Reserves Jump 6.3% in 2017
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Saudi Banks Capital, Reserves Jump 6.3% in 2017

Saudi Banks Capital, Reserves Jump 6.3% in 2017

The 54th SAMA Annual Report has proven the stability of the financial sector in Saudi Arabia, marking a 6.3 percent growth in the local banks' capitals and reserves in 2017. The report reviews the economic and financial developments in the kingdom during the during 2017.

SAMA Governor Dr. Ahmed AlKholifey mentioned that the Saudi economy witnessed a number of positive indicators. Most notably, the non-oil sector GDP recorded a positive growth of 1.05 percent. The current account registered a surplus of SAR57.1 billion in 2017, against a deficit of SAR89.4 billion in 2016.

He added that the banking sector achieved outstanding performance indicators. Total assets of commercial banks grew by 2.2 percent to over SAR2 trillion. Bank capital and reserves went up by 6.3 percent to SAR318 billion.

The average capital adequacy ratio (Basel Standard) stood at 20.4 percent, which would support the resilience of the financial sector and its capability to withstand financial crises, AlKholifey continued.

The Governor mentioned that SAMA continuously seeks to develop the infrastructure of payment systems in Saudi Arabia to enable domestic banks to provide comprehensive payment instruments for individuals as well as commercial and public sectors, such as launching a number of significant projects that aimed at enhancing the e-payment infrastructure in Saudi Arabia and stimulating the engagement of the banking system.

These updates coincide with the time when the Financial Sector Development Program has become a significant step towards developing the local capital market and placing it among the top ten financial markets, globally.

Through its first pillar, the program works on empowering financial institutions to support the growth of the private sector. Through its second pillar, it seeks to develop an advanced financial market. The program encourages through its third pillar reinforcing and enabling the financial planning.

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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."