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Saudi Arabia Works on Strengthening Legislation Frameworks to Combat Money Laundering

The 14th Compliance and Anti-Money Laundering (CAML) seminar was held on Monday in Riyadh, Saudi Arabia (Asharq Al-Awsat)
The 14th Compliance and Anti-Money Laundering (CAML) seminar was held on Monday in Riyadh, Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Works on Strengthening Legislation Frameworks to Combat Money Laundering

The 14th Compliance and Anti-Money Laundering (CAML) seminar was held on Monday in Riyadh, Saudi Arabia (Asharq Al-Awsat)
The 14th Compliance and Anti-Money Laundering (CAML) seminar was held on Monday in Riyadh, Saudi Arabia (Asharq Al-Awsat)

Saudi authorities have been keen on strengthening legislative and regulatory frameworks to combat money laundering crimes, confirmed Deputy Governor for Supervision at the Saudi Central Bank (SAMA) Yazeed AlSheikh.

Speaking at the 14th Compliance and Anti-Money Laundering (CAML) seminar in Riyadh, AlSheikh reaffirmed that the Kingdom attaches great importance to combating financial crimes, including money laundering and terrorism financing.

The deputy governor stressed that money laundering crimes and their accelerating developments constitute one of the major challenges facing the international community and governments worldwide.

It also negatively impacts the stability of financial and economic systems, explained AlSheikh, highlighting how this also threatens international peace and security.

AlSheikh stated that holding the CAML seminar reflects Saudi Arabia’s commitment to fulfilling its international obligations.

The seminar presents an appropriate opportunity for practitioners working in concerned authorities, financial institutions, and specific non-financial businesses and professions to learn about the best international experiences and practice in the field, added AlSheikh.

The exchange of experiences will strengthen and build the technical and knowledge capabilities of practitioners in the Kingdom, he reaffirmed.

Moreover, AlSheikh highlighted several important issues related to legislation and challenges related to combating proliferation financing and Internet fraud crimes.

CAML is organized by SAMA, Anti-Money Laundering Permanent Committee (AMLPC) and Refinitiv (An LSEG Business) and is held under the patronage of Ayman Alsayari, Governor of SAMA.

The annual event welcomes several regional and international speakers from Financial Institutions, Regulators, Technology firms and Advisory Groups. It is recognized as a valuable platform for an exchange of ideas and information between the Kingdom’s business leaders, financial institutions and local professionals.

CAML, in five sessions, tackled the topics including the latest global regulatory developments, the latest challenges in proliferation financing, cyber-enabled fraud crime, financial inclusion, and outsourcing AML activities.

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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.