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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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Saudi Arabia’s 2034 World Cup: A Catalyst for Economic Transformation

Future designs of King Salman Stadium and its sports facilities, one of the largest sports stadiums in the world (Royal Commission for the City of Riyadh)
Future designs of King Salman Stadium and its sports facilities, one of the largest sports stadiums in the world (Royal Commission for the City of Riyadh)
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Saudi Arabia’s 2034 World Cup: A Catalyst for Economic Transformation

Future designs of King Salman Stadium and its sports facilities, one of the largest sports stadiums in the world (Royal Commission for the City of Riyadh)
Future designs of King Salman Stadium and its sports facilities, one of the largest sports stadiums in the world (Royal Commission for the City of Riyadh)

 

As the official announcement approaches on December 11 for the host of the 2034 FIFA World Cup, all eyes are on Saudi Arabia, as this monumental sporting event is poised to bring about a transformative economic shift, aligning with the Kingdom’s vision of fostering a diversified and sustainable economy.
The tournament is expected to have a significant impact on Saudi Arabia’s local economy, driving foreign investments and revitalizing sectors such as tourism, transportation, and infrastructure. Additionally, it will serve as a catalyst for major projects like NEOM and Qiddiya, reinforcing the Kingdom’s position as a global destination and supporting the goals of Vision 2030, which emphasizes economic diversification and the expansion of non-oil sectors.
On Saturday, FIFA announced that the Saudi bid to host the 2034 World Cup achieved a technical evaluation score of 419.8 out of 500, the highest score ever awarded in FIFA’s history for a World Cup bid. This milestone reflects Saudi Arabia’s leadership and ongoing transformation into a hub of innovation and development.
The Kingdom officially submitted its bid in July at a FIFA ceremony in Paris. Experts believe that hosting the World Cup will attract millions of visitors worldwide, boosting key sectors such as hospitality, transportation, and entertainment. Furthermore, it is expected to attract substantial foreign investments in large-scale projects, including sports infrastructure and urban development.
Major Projects
Economic policy expert Ahmed Al-Shehri told Asharq Al-Awsat that hosting the tournament will significantly enhance Saudi Arabia’s tourism economy. The influx of millions of visitors is expected to boost revenue across sectors such as hotels, restaurants, transportation, and entertainment. He also noted that major projects like the Red Sea Project and Qiddiya will benefit from infrastructure upgrades, solidifying Saudi Arabia’s status as a global destination for tourism and investment.
Al-Shehri added that the event will strengthen international confidence in Saudi Arabia’s economy, encouraging foreign investors to channel capital into sectors such as sports, entertainment, and technology. He highlighted that infrastructure improvements, including transportation systems and sports facilities, will yield long-term benefits for the local economy and citizens.
Investment Partnerships
Economic analyst Rawan Bin Rubayan described hosting the World Cup as a historic opportunity with multifaceted benefits for the Saudi economy. Global events of this magnitude, she explained, enhance the Kingdom’s reputation as a leading investment and tourism destination while unlocking growth opportunities across various industries.
She highlighted that hosting the World Cup will increase Saudi Arabia’s appeal to international investors, particularly in sectors like hospitality, entertainment, transportation, and infrastructure. Constructing state-of-the-art stadiums and facilities will foster major investment partnerships and position Saudi Arabia among the world’s top organizers of international sporting events.
Bin Rubayan emphasized how the event complements Vision 2030, which prioritizes economic diversification and supports flagship projects like NEOM, Qiddiya, and the Red Sea Project. These initiatives are expected to accommodate millions of visitors, ensuring their long-term sustainability through heightened global visibility and investment.
Boosting the Tourism Sector
Bin Rubayan pointed out that sectors such as tourism and hospitality—including hotels, restaurants, and local retail—are set to experience significant growth due to rising demand, which will stimulate the local economy and generate new job opportunities.
She also noted that infrastructure upgrades, including advanced road networks and mass transit systems, will leave a lasting legacy, benefiting future generations and improving overall quality of life, stressing that the event is expected to boost international confidence in the Saudi economy and create long-term strategic partnerships.
Bin Rubayan characterized the 2034 FIFA World Cup as a key driver of economic growth and a pivotal moment in Saudi Arabia’s journey toward achieving Vision 2030. She added that the tournament promises to foster a more diverse, resilient, and sustainable economy while reinforcing the Kingdom’s status as a global powerhouse in sports, tourism, and innovation.