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SAMA Uses Blockchain Technology for Money Transfer with Local Banks

SAMA Uses Blockchain Technology for Money Transfer with Local Banks
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SAMA Uses Blockchain Technology for Money Transfer with Local Banks

SAMA Uses Blockchain Technology for Money Transfer with Local Banks

The Saudi Arabian Monetary Authority (SAMA) has recently used blockchain technology to deposit part of the liquidity it announced to be injected into the banking sector.

This is part of SAMA’s actions aimed at boosting the sector’s capabilities to continue providing credit facilities.

SAMA is one of the first central banks to experiment with blockchain technology for money transfers. The move is one of the key innovative initiatives launched by SAMA to promote Fintech in the Kingdom.

Other SAMA initiatives include the Fintech Saudi Initiative launched in cooperation with the Capital Market Authority, the introduction of SAMA Regulatory Sandbox, and an array of digital banking services and payments.

SAMA is striving to explore and experiment with emerging technologies to keep pace with the global trends of central banks

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Construction Begins on ‘Banan City’ Project in Riyadh

Engineers oversee construction work at “Banan City” Project in northern Riyadh (Asharq Al-Awsat)
Engineers oversee construction work at “Banan City” Project in northern Riyadh (Asharq Al-Awsat)
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Construction Begins on ‘Banan City’ Project in Riyadh

Engineers oversee construction work at “Banan City” Project in northern Riyadh (Asharq Al-Awsat)
Engineers oversee construction work at “Banan City” Project in northern Riyadh (Asharq Al-Awsat)

Saudi Talaat Moustafa Group announced on Saturday that construction work has commenced on the “Banan City” Project in Riyadh’s northeastern Al-Fursan suburb.
The company stated that operations are underway around the clock, adhering to construction schedules and plans. Heavy and operational equipment are fully deployed to deliver units to owners sequentially.
Banan City is set to be a smart city spanning 10 million square meters in northeastern Riyadh.
It aims to offer an unprecedented quality of life to over 120,000 residents within a gated community. The development will integrate cutting-edge smart city technologies with residential privacy and the latest sustainability standards.
In May, the National Housing Company and Saudi Talaat Moustafa Group laid the foundation for “Banan City” and began accepting reservations.
On July 9, the group disclosed to the Egyptian stock exchange that “Banan City,” described as a sustainable city, has achieved unprecedented sales since its launch in May, surpassing the first-year sales target in just two months.
Hesham Talaat Moustafa, Chairman of Saudi Talaat Moustafa Group, projected the project’s revenue at around 40 billion Saudi riyals ($12 billion), with a total investment cost estimated at 31.4 billion riyals.