AMF Launches Buna Payment Platform

The Arab Monetary Fund (AMF) logo
The Arab Monetary Fund (AMF) logo
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AMF Launches Buna Payment Platform

The Arab Monetary Fund (AMF) logo
The Arab Monetary Fund (AMF) logo

The Arab Monetary Fund (AMF) launched ‘Buna’, a regional payment platform that enables regional financial institutions to send and receive cross-border payments across the Arab region and beyond in Arab currencies, as well as key international currencies, in an efficient, cost-effective, risk-controlled, and transparent environment.

AMF issued a statement announcing the launch of the platform which it described as a multi-currency payment platform that provides clearing and settlement services, in Arab and international currencies that meet the eligibility criteria related to the clearing and settlement of inter-Arab financial transactions.

The platform comes as a culmination of months of planning and collaboration with global and regional stakeholders and provides members with modern payment platform compliant with international standards, according to AMF.

The Fund indicated that bringing Buna to reality constitutes a major, tangible and irreversible step towards the empowerment and integration of Arab economies.

The launch of Buna signals the start of the gradual on-boarding operations of financial institutions, including commercial and central banks, that have opted to be pioneers of this first-of-its-kind regional financial market infrastructure.

The Funds aims to process the first payment transaction in a few weeks.

Director General and Chairman of the Board of Executive Directors of AMF, Abdulrahman al-Hamidy, said that the strategic launching of the new system encourages and develops Arab financial activities, commercial trade, and cross-border investments.

This system aims to promote trade relations and develop investment activities between the Arab countries. It also provides an environment that facilitates the development of financial and banking services and products in the region, according to the Chairman.

Hamidy praised governors of Arab central banks and monetary institutions, the Board of Governors of the Fund and its Board of Directors for their efforts in supporting the platform’s inauguration.

He especially thanked the United Arab Emirates authorities for providing significant reinforcement for the launch of the platform.



Saudi Arabia Advances to Become the ‘Silicon Valley’ of Mining

The Saudi Energy Minister reviews data on critical mineral extraction and processing in several countries (Asharq Al-Awsat)
The Saudi Energy Minister reviews data on critical mineral extraction and processing in several countries (Asharq Al-Awsat)
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Saudi Arabia Advances to Become the ‘Silicon Valley’ of Mining

The Saudi Energy Minister reviews data on critical mineral extraction and processing in several countries (Asharq Al-Awsat)
The Saudi Energy Minister reviews data on critical mineral extraction and processing in several countries (Asharq Al-Awsat)

Saudi Arabia is pushing to become a global hub for critical minerals, aiming to be the “Silicon Valley” of mining. At the fourth Future Minerals Forum in Riyadh, the kingdom announced new deals, investment plans, and discoveries.
Industry Minister Bandar Al-Khorayef said Saudi Arabia will explore mineral opportunities across 50,000 square kilometers this year. The Kingdom also unveiled a $100 billion mining investment plan, with $20 billion already in advanced stages or under construction.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman announced that Aramco has identified “promising” lithium concentrations exceeding 400 parts per million in its operational areas, with lithium production in the kingdom expected to begin as early as 2027.
In line with this, Aramco revealed a joint venture with Saudi Arabian Mining Company (Ma’aden) to explore and produce minerals critical to the energy transition, including extracting lithium from high-concentration deposits.
The latest edition of the Future Minerals Forum brought together over 20,000 participants from 170 countries and featured 250 speakers across more than 70 sessions.
Saudi ministers and international officials highlighted key challenges facing the mining sector, including the need for increased private sector investment, advanced technology, regulatory frameworks, supply chain issues, carbon emissions from production, and a shortage of skilled talent.
In early 2024, Saudi Arabia’s Ministry of Industry and Mineral Resources raised its estimate of the kingdom’s untapped mineral resources from $1.3 trillion to $2.5 trillion, driven by new discoveries.
At last year’s forum, the ministry launched a $182 million mineral exploration incentive program to reduce investment risks, support new commodities, promote green projects, and empower small-scale mining operators.
Additionally, Al-Khorayef launched the Mining Innovation Studio at the Future Mineral Forum 2025.
In his opening remarks, Al-Khorayef stated that the new studio was designed to attract global talent and accelerate cutting-edge technology, in alignment with Riyadh’s vision to become the “Silicon Valley of mining”.
He clarified that the Kingdom is promoting upcoming exploration opportunities across 5,000 square kilometers of mineralized belts in 2025 as it continues its steadfast growth in the mining sector.
Al-Khorayef further noted that the Saudi mining sector is the fastest growing globally, and affirmed that its mineral potential stands at an estimated $2.5 trillion.
He elaborated that the allocation of new exploration sites to tap mineral wealth is part of Saudi Arabia’s efforts to establish mining as the third pillar of the Kingdom’s industrial economy.