Saudi Arabia Develops Legislations for Land, Sea, Rail Transport in the Red Sea

The signing ceremony of the memorandum of understanding in Riyadh (Asharq Al-Awsat)
The signing ceremony of the memorandum of understanding in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Develops Legislations for Land, Sea, Rail Transport in the Red Sea

The signing ceremony of the memorandum of understanding in Riyadh (Asharq Al-Awsat)
The signing ceremony of the memorandum of understanding in Riyadh (Asharq Al-Awsat)

Saudi Arabia's Public Transport Authority (TGA) has signed a memorandum of understanding with the Red Sea Development Company (TRSDC) to develop the region's legislative and regulatory environment for land, sea, and rail transport.

TGC Chairman Rumaih al-Rumaih said Monday that they were looking forward to developing the transport sectors in the Red Sea region through cooperation and joint work.

He said that the two sides would create the legislative and regulatory environment to provide services according to the best international standards and models through the use and employment of modern technology to raise the level of quality and upgrade transportation options in the Red Sea.

Rumaih said that the agreement supported the objectives of the national strategy for transport and logistics services in developing services, improving the experience of beneficiaries, and contributing to raising the quality of life in Saudi cities and regions.

The agreement develops opportunities for innovation, technical cooperation, promotes investment, and keeps pace with the latest global developments in the transport industry in line with the Kingdom's economic and social goals.

CEO of TRSDC John Pagano said that the goal was to connect the Red Sea destination in the best possible way using a fleet of smart vehicles to support sustainability goals in land, sea, and air transportation.

The agreement will adopt future and modern transportation technology and allow the two parties to exchange expertise regarding the economic zone in the Red Sea.

It will also enable them to hold workshops on modern transportation services, provide a suitable environment for investors in transportation and logistics services, and cooperate in new and smart mobility.

Meanwhile, the TRSDC announced that it has successfully implemented the first wave of Enablon modules on a journey to integrate, automate and streamline Governance, Risk Compliance, Health and Safety, Environment and Sustainability, Business Continuity, and Internal Audit practices across the organization.

Wolters Kluwer's Enablon was selected based on its industry-leading position as a provider of integrated software solutions. The project was initiated in January 2021.

After a lengthy design and consultation process lasting 15 months, the team launched the integrated solution.

Pagano stated that the journey began at the height of the global pandemic to integrate several risk and control functions.

He explained that the main objective was to enhance monitoring, reporting, and alignment across the multiple functions involved in delivering standard-setting health and safety practices, with manpower exceeding 16,000 TRSDC employees and contractors.

The CEO also stated that TRSDC established a committee that oversaw the progress and implementation of the solution in cooperation with management consultants Ernst & Young, Wolters Kluwer as the software provider, and Wipro as the implementation consultant.

Vice President and Managing Director with Wolters Kluwer Enablon Laurent Dechaux pointed out that Enablon Vision Platform offers TRSDC a full 360-degree view of risk, addressing the Environmental, Health, and Safety challenges of the project.

Ernst & Young announced that the TRSDC was a pioneer in conceptualizing the alignment between its risk and controls functions, utilizing the strength of Enablon to bring together Governance, Risk Compliance, Health and Safety, Environment and Sustainability, Business Continuity, and Internal Audit.

Throughout the 15-month implementation period, the priority was to ensure TRSDC requirements were met, focusing on future adoption and value.



Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol

Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol
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Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol

Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud approved on Thursday the Saudi riyal symbol in a historic move that will reinforce the Saudi currency's identity.

SAMA Governor Ayman Al-Sayari extended his profound appreciation to the Custodian of the Two Holy Mosques and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister, for launching the Saudi riyal symbol.

A Saudi Central Bank (SAMA) statement quoted Al-Sayari as saying that this decision reinforces Saudi Arabia's financial identity locally, regionally, and internationally. He indicated that the implementation of the new symbol will be gradual for financial and commercial transactions, with coordination across all relevant entities.

Al-Sayari said this initiative aims to promote national identity and cultural belonging, highlight the role of the national currency, and showcase the Kingdom among major global economies and G20 members. The initiative also signifies the increasingly important role of the national currency in the global financial ecosystem.

The Saudi riyal symbol

The governor acknowledged the collaborative efforts that have facilitated this achievement, extending his appreciation to all contributing entities involved in the symbol's development project led by SAMA, including the Ministry of Culture, the Ministry of Media, and the Saudi Standards, Metrology and Quality Organization.

According to the statement, the Saudi riyal symbol, developed to the highest technical standards, embodies the Kingdom's rich cultural heritage, carrying the name of the national currency "Riyal" in a design derived from Arabic calligraphy.

"The symbol will streamline the representation of the Saudi riyal in local, regional, and international contexts, making it suitable for use in referring to the Saudi riyal in all financial and commercial transactions," said the statement.

As Saudi Arabia advances its Vision 2030 agenda, the launch of the symbol solidifies the importance of the Kingdom's financial system and its increasing role regionally and internationally.