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Saudi Riyal Added to Buna Settlement Currency

A Saudi money exchanger wears a protective face mask and gloves as he counts Saudi riyal notes at a currency exchange shop in Riyadh, Saudi Arabia, March 10, 2020. (Reuters)
A Saudi money exchanger wears a protective face mask and gloves as he counts Saudi riyal notes at a currency exchange shop in Riyadh, Saudi Arabia, March 10, 2020. (Reuters)
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Saudi Riyal Added to Buna Settlement Currency

A Saudi money exchanger wears a protective face mask and gloves as he counts Saudi riyal notes at a currency exchange shop in Riyadh, Saudi Arabia, March 10, 2020. (Reuters)
A Saudi money exchanger wears a protective face mask and gloves as he counts Saudi riyal notes at a currency exchange shop in Riyadh, Saudi Arabia, March 10, 2020. (Reuters)

The Saudi Central Bank and the Arab Monetary Fund (AMF) announced on Thursday the inclusion of the Saudi riyal as a settlement currency in Buna, the regional cross-border payment system owned by the AMF.

The National Commercial Bank (NCB) has been assigned as a settlement bank for the Saudi currency.

The NCB has been awarded this role as by the terms of the agreement signed with Buna and has completed all the required technical tests and integration process to provide transaction services in Saudi riyal through Buna’s platform.

The Saudi riyal is the third Arab settlement currency to join Buna’s payment platform, following the inclusion of the UAE dirham and Egyptian pound consecutively.

This milestone comes in line with Buna’s ongoing efforts to build its network of participant banks, as well as Arab and International currencies.

Commenting on the announcement, AMF Director General and Chairman of its board Dr. Abdulrahman al-Hamidy said adding the Saudi riyal to Buna’s list of settlement currencies represents additional solid proof of the added value that our multi-currency platform can bring not only at regional level, but to the global payment industry.

“We are on the right track to realize our strategic goal of adding key currencies to our platform in a consistent and sustainable pattern.”

“The long-term value that we are bringing to the payment industry in this part of the world, is not limited to our diversified and agile payment system but as well to our ability to explore the region needs for a multi-currency and centralized platform that can offer modern payment solutions that comply with international standards in a safe, cost- effective, risk-controlled and transparent environment,” Hamidy added.

The Saudi riyal is one of the most used currencies in cross-border payment transactions across the Arab region.

Therefore, the inclusion of this major regional currency in Buna regional payment platform is key in realizing Buna’s vision to empower Arab economies and promote regional integration by encouraging the usage of Arab currencies in cross-border payments and investments.

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Aramco Completes Acquisition of 10% Stake in Horse Powertrain Limited

Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
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Aramco Completes Acquisition of 10% Stake in Horse Powertrain Limited

Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)

Aramco, one of the world's leading integrated energy and chemicals companies, through a directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd., has completed the purchase of a 10% equity stake in Horse Powertrain, a global leader in hybrid and internal combustion powertrain solutions.

The transaction builds on Aramco's efforts to develop new mobility solutions with the potential to reduce transport emissions.
The transaction's completion follows the signing of definitive agreements on June 28, 2024, and receipt of all applicable regulatory approvals. Aramco's investment is based on Horse Powertrain's €7.4-billion enterprise valuation, in which Renault Group and Geely (through Geely Holding and Geely Auto) each retain a 45% stake, SPA reported.
Aramco Executive Vice President of Technology & Innovation Ahmad O. Al Khowaiter said: "Addressing transport emissions requires a wide range of approaches that consider the diverse nature of the global vehicle fleet, broad disparities in transport infrastructures, and the specific needs of motorists in different countries. At Aramco, we are pursuing several potential innovative solutions, from lower-carbon synthetic fuels to more efficient internal combustion engines, as we look for opportunities to make a difference. Our investment in Horse Powertrain builds on our considerable R&D in this field. In joining forces with two of the world's leading carmakers, we aim to leverage our collective know-how to take lower-emission mobility solutions forward."
For his part, CEO of Horse Powertrain Matias Giannini said: "We are delighted that Aramco has closed its investment in Horse Powertrain. Aramco's expertise in alternative and synthetic fuels makes Aramco the ideal partner for us to deliver lower-emission powertrain solutions. By strengthening our technology leadership with this partnership, Horse Powertrain will only become more valuable as a partner to automotive brands looking to benefit from our expertise and global production footprint."

CEO of Valvoline Global Operations Jamal Muashsher said that as a technical partner and supplier to Horse Powertrain, "we look forward to applying Valvoline Global's 150-plus years of automotive expertise and tradition of innovation to advance future-ready solutions in internal combustion engine technology, fuels, and lubricants. Our newest joint effort with Horse Powertrain and Aramco builds on Valvoline Global's strong history in original equipment manufacturer partnerships. Through collaboration, we are helping to shape the next generation of mobility."

Aramco's investment is expected to accelerate Horse Powertrain's efforts to develop next-generation internal combustion engines (ICE), hybrid powertrains, and complementary technologies like alternative fuel and hydrogen solutions. As part of the transaction, Aramco and affiliate Valvoline Global Operations will collaborate with Horse Powertrain on innovations in ICE technology, fuels, and lubricants.
Thanks to its technology leadership, global manufacturing, and economies of scale, Horse Powertrain will further solidify its value proposition to automotive and transportation groups worldwide. Horse Powertrain aims to become a peerless partner for accessible, cutting-edge hybrid and ICE powertrain solutions, helping to reduce global vehicle emissions.