Islamic finance ‘key to Saudi Arabia’s economy’

Saudi Arabian Monetary Authority (SAMA).
Updated 28 May 2019

Islamic finance ‘key to Saudi Arabia’s economy’

  • The fourth session focused on the role of research and education institutes in raising awareness about the Islamic financial industry’s services

RIYADH: The Islamic finance industry’s role in stimulating the national economy was highlighted at a Riyadh workshop organized by the Saudi Arabian Monetary Authority (SAMA).
Turki Al-Mutairi, SAMA deputy governor for research and international affairs, inaugurated the workshop, held under the banner “The Islamic Financial Industry’s Role in Achieving National Aspirations.”
More than 30 participants took part in the second edition of the workshop, which focused on the essential role the Kingdom’s Islamic financial industry played in the financing of small and medium enterprises.
In four keynote sessions, the core topics discussed were the role of SAMA in the Islamic financial industry, its growth within the sector, and the importance of the Islamic financial industry in supporting the overall financial structure of Saudi Arabia.
Ahmad Asiri, a representative of SAMA’s Islamic financial division, presented the first session.

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More than 30 participants took part in the second edition of the workshop, which focused on the essential role of Saudi Islamic financial industry.

The second session, presented by Raja Al-Marzoqi, associate professor at the Diplomatic Studies Institute, discussed achieving goals through a sustainable developmental plan, while also strengthening the competitive role of the Islamic economy in achieving sustainability in accordance with the Kingdom’s Vision 2030 plan.
The third session sought to highlight the added value of the Islamic financial industry, and the necessity of its role in financing vital sectors that consist of small and medium enterprises.
The session was presented by Sami Al-Swailm, acting executive director of the Islamic Institute for Research and Training.
The fourth session, presented by Adnan Kaiari, head of the Islamic finance department at the Islamic Economy Institute, focused on the role of research and education institutes in raising awareness about the Islamic financial industry’s services.
Increasing financial awareness through programs that educate the public on the importance of mindful budgeting, building financial skills, as well as intelligent  spending was also discussed.


Desalination tunnel project completed in Saudi Arabia’s Taif

Updated 18 September 2020

Desalination tunnel project completed in Saudi Arabia’s Taif

  • The project, carried out by the Kingdom’s Saline Water Conversion Corporation (SWCC), took 19 months to complete

LONDON: Work on the longest desalinated water pipeline tunnel system in the world has been completed, project coordinators in Saudi Arabia announced on Friday.

The tunnel, which measures 12.5 kilometers long at a width of 8.4 meters, will pump desalinated water to reservoirs in Taif to meet the demand for water in the governorate and in its villages in the southern Al-Baha region.

The project, carried out by the Kingdom’s Saline Water Conversion Corporation (SWCC), took 19 months to complete — starting with excavation work at Al-Hada mountains — and has shortened the distance of water reaching Taif by more than 40km.

Makkah region officials tweeted about the completion of the project, which was completed ahead of schedule.

SWCC said it was ready to receive water in its storage units in Taif and estimate that desalinated water will begin reaching Al-Baha region in the third quarter of 2021.