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SAMA Issues Four Licences For FinTech Payment Companies

Image used for illustrative purposes. A Saudi man explores a website on his laptop in Riyadh on February 11, 2014. REUTERS/Faisal Al Nasser
Image used for illustrative purposes. A Saudi man explores a website on his laptop in Riyadh on February 11, 2014. REUTERS/Faisal Al Nasser
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SAMA Issues Four Licences For FinTech Payment Companies

Image used for illustrative purposes. A Saudi man explores a website on his laptop in Riyadh on February 11, 2014. REUTERS/Faisal Al Nasser
Image used for illustrative purposes. A Saudi man explores a website on his laptop in Riyadh on February 11, 2014. REUTERS/Faisal Al Nasser

The Saudi Arabian Monetary Agency (SAMA) revealed that it issued four licences for several FinTech payment companies granting licences to STC Pay, Geidea, Halalah, and BayanPay.

Based on the major financial and economic transformation in Saudi Arabia, SAMA exceeded the financial sector development target. The program had a goal to issue licenses to three active local FinTech companies before the end of 2020.

Governor of SAMA Dr. Ahmed al-Khulaifi confirmed that the kingdom is moving forward in developing its strategic plans in the financial sector to become a pioneering innovation center in the financial technique.

High growth rates were achieved in e-payment processes in the kingdom’s market mid-2019, reaching up to 36.2 percent, which exceeds the target of the Saudi Vision 2030 (28 percent).

Ziad al-Yousef, Managing Director at Saudi Payments, told Asharq Al-Awsat newspaper that any company or organization can easily get a license for services. He added that SAMA announced the final version of the regulations of payments' services providers.

The new regulations are related to prompt payments among banks, Yousef continued, and they enable individuals to transfer funds among various banks within 24 hours.

To understand and assess the impact of the new technologies in the kingdom’s financial services market, as well as to help transforming the Saudi market into a smart financial center, SAMA has designed a Regulatory Sandbox which aims to attract local and International FinTech businesses that are looking to leverage existing or new technology in an innovative way to deliver new financial products or services to KSA markets, or improve business processes.

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Business

Morocco to Open Two Deepwater Ports in 2026 and 2028, Minister Says

A general view of Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. (Reuters)
A general view of Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. (Reuters)
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Morocco to Open Two Deepwater Ports in 2026 and 2028, Minister Says

A general view of Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. (Reuters)
A general view of Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. (Reuters)

Morocco will open a new deepwater Mediterranean port next year and another on the Atlantic in 2028, Equipment and Water minister Nizar Baraka said, as the North African country aims to replicate the success of Africa's largest port, Tanger Med.

Nador West Med, under construction on the Mediterranean, is scheduled to be operational in the second half of 2026, Baraka told Reuters in an interview.

It will offer 800 hectares for industrial activity, with plans to expand to 5,000 hectares, surpassing Tanger Med's industrial zones, he said.

The port will also host Morocco's first liquefied natural gas (LNG) terminal - a floating storage and regasification unit (FSRU) - linked by a pipeline to industrial hubs in the northwest, as Morocco pushes investments in natural gas and renewable energy to reduce dependence on coal.

Further south on the Atlantic coast, Morocco is building a $1 billion port in Dakhla, in the disputed Western Sahara region.

The facility will be surrounded by 1,600 hectares for industrial activities and 5,200 hectares for farmland irrigated by desalinated water, Baraka said.

"The port will be ready in 2028 and will be Morocco's deepest at 23 meters," Baraka said. Such depth would support heavy industries focused on processing raw materials from Sahel countries, he said.

Officials have marketed Dakhla as a gateway for landlocked Sahel nations to global trade.

Both Nador and Dakhla ports will include quays dedicated to exporting green hydrogen once production begins, Baraka said.

Nador and Dakhla would be Morocco's third and fourth deepwater ports after Tanger Med and Jorf Lasfar, an energy, bulk cargo and phosphates exports port on the Atlantic.

By 2024, industrial zones near Tanger Med hosted 1,400 firms employing 130,000 people across sectors including automotive, aeronautics, textiles, agri-food and renewable energy, official figures show.

Morocco is also considering building a port in Tan-Tan on the Atlantic in partnership with green hydrogen investors, Baraka said. "We are conducting studies to decide the appropriate size of the port," Baraka said.

Business

Saudi Arabia, Qatar Sign High-Speed Railway Project Implementation Agreement

The project is slated for completion in six years, utilizing the latest railway technologies and smart engineering to ensure safe and seamless operation and to adhere to the highest international standards of quality and safety - SPA
The project is slated for completion in six years, utilizing the latest railway technologies and smart engineering to ensure safe and seamless operation and to adhere to the highest international standards of quality and safety - SPA
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Saudi Arabia, Qatar Sign High-Speed Railway Project Implementation Agreement

The project is slated for completion in six years, utilizing the latest railway technologies and smart engineering to ensure safe and seamless operation and to adhere to the highest international standards of quality and safety - SPA
The project is slated for completion in six years, utilizing the latest railway technologies and smart engineering to ensure safe and seamless operation and to adhere to the highest international standards of quality and safety - SPA

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and Emir of the State of Qatar Sheikh Tamim bin Hamad Al Thani witnessed the signing of an agreement to implement a high-speed electric passenger railway project connecting the Kingdom of Saudi Arabia and the State of Qatar, a step reflecting the deep-rooted fraternal and historical relations between the two countries.

The agreement was signed by Minister of Transport and Logistic Services Saleh Al-Jasser and Minister of Transport of Qatar Sheikh Mohammed bin Abdulla bin Mohammed Al Thani within the framework of the Saudi-Qatari Coordination Council, representing a strategic step aimed at enhancing cooperation, developmental integration, and sustainable development, and demonstrating a shared commitment to regional prosperity, SPA reported.

The high-speed railway line spans 785 kilometers, strategically connecting the capital cities of Riyadh and Doha, and will pass through key stations including Hofuf and Dammam, while also linking King Salman International Airport and Hamad International Airport.

The train will form a new artery for rapid and sustainable transportation, improving the regional travel experience with speeds exceeding 300 kilometers per hour, reducing travel time between the two capitals to approximately two hours, significantly enhancing mobility, boosting trade and tourism, and improving quality of life.

The project is slated for completion in six years, utilizing the latest railway technologies and smart engineering to ensure safe and seamless operation and to adhere to the highest international standards of quality and safety.

It is expected to have an economic impact of nearly SAR115 billion on the GDP of both countries, serve over 10 million passengers annually, and create more than 30,000 direct and indirect jobs.

The high-speed railway will also contribute to environmental sustainability by reducing carbon emissions and supporting the transition to more efficient and innovative transportation patterns for smart and sustainable mobility in the region.

This makes the rail line one of the most important strategic projects supporting regional development and strengthening connectivity and integration among the Gulf Cooperation Council countries.

Business

Türkiye's Pegasus Airlines Acquires Biggest Czech Airline, Smartwings, in a Deal Worth $180 million

A passenger plane of the ‘Pegasus’ airline lands at the ‘Stuttgart Airport’ in Stuttgart, Germany, Wednesday, May 3, 2023. (Bernd Weissbrod/dpa via AP, File)
A passenger plane of the ‘Pegasus’ airline lands at the ‘Stuttgart Airport’ in Stuttgart, Germany, Wednesday, May 3, 2023. (Bernd Weissbrod/dpa via AP, File)
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Türkiye's Pegasus Airlines Acquires Biggest Czech Airline, Smartwings, in a Deal Worth $180 million

A passenger plane of the ‘Pegasus’ airline lands at the ‘Stuttgart Airport’ in Stuttgart, Germany, Wednesday, May 3, 2023. (Bernd Weissbrod/dpa via AP, File)
A passenger plane of the ‘Pegasus’ airline lands at the ‘Stuttgart Airport’ in Stuttgart, Germany, Wednesday, May 3, 2023. (Bernd Weissbrod/dpa via AP, File)

Türkiye's Pegasus Airlines said on Monday it has signed an agreement to acquire the biggest Czech airline, Smartwings, along with its owner, Czech Airlines, from Prague City Air.

Pegasus said the deal, which is worth 154 million euros (almost $180 million) was a “step forward in our continued global growth journey,” Reuters reported.

The process of transferring the ownership of Czech Airlines should be completed in 12 months, Smartwings spokeswoman Vladimíra Dufková said.

Smartwings currently operates regular, charter and private flights to some 80 destinations with almost 50 planes. The airline previously negotiated a takeover by Polish national carrier LOT but that fell through over the weekend after Pegasus filed a rival bid.

Pegasus, a low cost carrier, that was established in 1990. It says it operates flights to 153 destinations in 54 countries.