Saudi Monetary Authority Launches Cyber-Security Training Program

The SAMA logo.
The SAMA logo.
TT

Saudi Monetary Authority Launches Cyber-Security Training Program

The SAMA logo.
The SAMA logo.

Saudi Arabian Monetary Authority (SAMA) announced the launch of the second version of its cyber-security training program.

The program, dubbed Secure 18, is scheduled to start Monday in order to prepare national cadres for taking cyber-security positions in the financial sector, as well as other sectors. The initiative, held for the second year in a row, is part of the Financial Sector Development Program's efforts to help push Vision 2030 forward.

SAMA explained that the 26-week program will be held in Saudi Arabia and United States, through which 26 trainees will attend seminars, meetings and scientific and practical training delivered by international experts.

The Authority illustrated that the acceptance process in the program went through several systematic phases of assessment that encompass about 8,000 computer science and information technology graduates from local and foreign accredited universities.

It explained that the first phase will begin in Riyadh for five weeks through which trainees will learn the fundamental concepts of cyber-security, as well as basic skills. They will then travel to the United States to begin the second phase, which lasts 19 weeks, during which they will develop their technical specialization.

Trainees will be divided into four technical tracks: defense and protection, penetration test, Pascal structure and governance and risk management. They will be motivated to research and increase their cyber-security knowledge. The second phase includes intensive practical and on-the-job training, seminars, discussion panels and guidance.

In the final phase, participants will be trained to encounter real cyber-attacks and project management through real-time simulation experience. This phase includes visits to legislative and supervisory authorities in the Kingdom.

In January 21, SAMA graduated 19 students (both male and female) who underwent intensive training for six months and a half in Saudi Arabia, the United State and United Kingdom.

The graduates were eventually recruited by SAMA, the Ministry of Finance, General Authority of Zakat and Tax, General Authority of statistic and Saudi Customs, as well as the banking sectors.



Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.