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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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Business

Gold Eases on Firmer Dollar Ahead of Fed Decision

Gold bars bearing the phrase 'Lucky Gold' written in Chinese characters displayed at a gold shop in Hangzhou (AFP)
Gold bars bearing the phrase 'Lucky Gold' written in Chinese characters displayed at a gold shop in Hangzhou (AFP)
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Gold Eases on Firmer Dollar Ahead of Fed Decision

Gold bars bearing the phrase 'Lucky Gold' written in Chinese characters displayed at a gold shop in Hangzhou (AFP)
Gold bars bearing the phrase 'Lucky Gold' written in Chinese characters displayed at a gold shop in Hangzhou (AFP)

Gold prices slipped on Tuesday, weighed down by a firmer dollar, while investors looked ahead to the Federal Reserve's policy meeting for fresh guidance on the outlook for interest rates.

Spot gold eased 0.3% to $4,004.55 per ounce by 0721 GMT, while US gold futures for December delivery dropped 0.5% to $4,017.00, Reuters reported.

The US dollar held steady near a two-week high, reducing the appeal of greenback-priced bullion for overseas buyers.

"We're seeing gold basically digest ⁠within Friday's range (after) ⁠the big drop last week," said Ilya Spivak, head of global macro at Tastylive.

"If we can get a break through $3,900, we're in for a pretty significant further decline, maybe to test the $3,800 area."

Bullion dropped below the $4,000 mark for the first time since mid-July last week, and posted a weekly fall ⁠of 4%, its worst in about four months, as higher energy prices fueled inflation concerns and reinforced US rate hike expectations.

Federal Reserve policymakers have telegraphed they will not raise US short-term borrowing costs again this week, but with inflation concerns still front and center, investors doubt a pause will last for long.

Markets await the Fed's policy decision on Wednesday along with the Personal Consumption Expenditures data on Thursday, the central bank's preferred gauge as it targets a 2% inflation rate.

Traders are pricing in about an 11% ⁠chance of ⁠a rate hike this week and an 80% chance of a December increase, according to the CME's FedWatch Tool.

While gold is often seen as a hedge against inflation, higher interest rates hurt its appeal as a non-yielding asset.

Among other metals, spot silver slid 2.1% to $52.77 per ounce, platinum lost 2.1% to $1,495.62 and palladium dropped nearly 3% to $1,020.18.

Business

Egypt Signs Preliminary Financing Agreement on $650 Million Solar Project in Upper Egypt

A general view of the Benban plant of photovoltaic solar panels in Aswan, Egypt, November 17, 2019. (Reuters)
A general view of the Benban plant of photovoltaic solar panels in Aswan, Egypt, November 17, 2019. (Reuters)
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Egypt Signs Preliminary Financing Agreement on $650 Million Solar Project in Upper Egypt

A general view of the Benban plant of photovoltaic solar panels in Aswan, Egypt, November 17, 2019. (Reuters)
A general view of the Benban plant of photovoltaic solar panels in Aswan, Egypt, November 17, 2019. (Reuters)

Egypt has signed a preliminary financing agreement with Norway's Scatec and three multilateral development banks for a $650 million solar power project in the southern province of Qena, the cabinet said on Monday.

Egypt ‌is scaling ‌up renewable energy ‌projects ⁠to reduce its natural ⁠gas import bill, targeting a 42% share of renewable energy in its electricity generation mix by 2030.

The Dandara project in ⁠Nagaa Hammadi city will ‌have generation ‌capacity of 1 gigawatt and ‌battery storage of 200 megawatt ‌hours, the cabinet said.

The European Investment Bank, European Bank for Reconstruction and Development and African ‌Development Bank are participating in the financing arrangements while ⁠the ⁠National Bank of Egypt will take an equity stake in the project company.

The project will be built in two phases, each adding 500 megawatts of solar capacity and 100 megawatt hours of battery storage.

Business

RSNF Launches HMS NEOM Under Second Phase of Sarawat Project

HAZEM, the first Saudi naval combat management system of its kind, is among the project’s most significant outcomes. It was developed through a strategic partnership between Saudi Arabian Military Industries (SAMI) and Spain’s Navantia - SPA
HAZEM, the first Saudi naval combat management system of its kind, is among the project’s most significant outcomes. It was developed through a strategic partnership between Saudi Arabian Military Industries (SAMI) and Spain’s Navantia - SPA
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RSNF Launches HMS NEOM Under Second Phase of Sarawat Project

HAZEM, the first Saudi naval combat management system of its kind, is among the project’s most significant outcomes. It was developed through a strategic partnership between Saudi Arabian Military Industries (SAMI) and Spain’s Navantia - SPA
HAZEM, the first Saudi naval combat management system of its kind, is among the project’s most significant outcomes. It was developed through a strategic partnership between Saudi Arabian Military Industries (SAMI) and Spain’s Navantia - SPA

The Royal Saudi Naval Forces (RSNF) launched His Majesty's Ship NEOM (HMS NEOM), the second ship in the second phase of the Sarawat Project, at Navantia’s shipyard in San Fernando, Spain, following the completion of hull construction and assembly.

The outfitting, installation and integration of the ship’s systems will be completed in Saudi Arabia, followed by acceptance trials on Saudi lands and in Saudi waters, supporting technology transfer and the localization of military shipbuilding.

The launching ceremony was attended by Chief of Staff of RSNF Vice Adm. Mohammed bin Abdulrahman Alghuraiby, Saudi Ambassador to Spain Princess Haifa bint Abdulaziz bin Ayyaf Al Muqrin, Navantia Chairman Ricardo Domínguez, Chief Operating Officer at the company Gonzalo Mateo-Guerrero, San Fernando Shipyard Director Alberto Cervantes Sánchez, and senior naval officers from both countries.

Speaking at the ceremony, Vice Adm. Alghuraiby expressed appreciation for the unwavering support extended to the Armed Forces, particularly the RSNF, by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and Minister of Defense Prince Khalid bin Salman bin Abdulaziz. He said this support has helped develop defense capabilities and enhance operational readiness and effectiveness.

He praised the Saudi-Spanish partnership and its role in developing naval capabilities, as well as the efforts of the project’s engineers and technicians in achieving this milestone. He emphasized that the Sarawat Project strengthens naval readiness and develops national expertise through a comprehensive package of logistics support and crew qualification and training, equipping personnel with the knowledge and experience needed to operate and maintain the ships.

The contract for the second phase of the Sarawat Project includes a comprehensive logistics support package, crew training programs and a plan to qualify more than 100 Saudi engineers, alongside the localization of combat systems integration and maintenance.

HAZEM, the first Saudi naval combat management system of its kind, is among the project’s most significant outcomes. It was developed through a strategic partnership between Saudi Arabian Military Industries (SAMI) and Spain’s Navantia.

As the regulator of the military industries sector, the General Authority for Military Industries (GAMI) supported the project through its industrial participation agreement with Navantia. The agreement includes specific targets for localization and the development of domestic capabilities, supporting Saudi Arabia’s military industries, advancing knowledge and technology transfer, and enhancing military readiness.

The second phase of the Sarawat Project comprises three Avante 2200 multirole corvettes: HMS AlMadinah, HMS NEOM and HMS AlUla. It builds on the first phase, which delivered five warships to the Royal Saudi Naval Forces.

The ships feature advanced systems to counter aerial, surface and subsurface threats, strengthening their ability to protect Saudi Arabia’s strategic interests and secure vital sea lanes.