New Saudi Payments Company expected to enhance e-transactions 

Saudi Arabian Monetary Agency. (Shutterstock)
Updated 10 November 2019
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New Saudi Payments Company expected to enhance e-transactions 

  • Talat Zaki Hafiz said the approval came in line with SAMA’s strategy to transform the Kingdom into a cashless society

JEDDAH: The Cabinet on Nov. 5 approved the Saudi Arabian Monetary Agency (SAMA) request to establish the Saudi Payments Company, concerned about national payment systems. The company will be responsible for operations and the development of infrastructure of national payment systems.
Talat Zaki Hafiz, the secretary-general of the media and banking awareness committee of Saudi Banks, said the approval came in line with SAMA’s strategy to transform the Kingdom into a cashless society.
He explained that one of the main objectives of the Financial Sector Development Program (FSDP) was to raise the level of electronic financial transactions from the base year 2016 from 18 percent to 28 percent by 2020.

BACKGROUND

• The first attempt to encourage e-transaction was in 1990, when SAMA established the Saudi Payment Network (SPAN). This was followed in 1997 by announcing the Saudi Arabian Riyal Interbank Express Electronic System (SARIE). 

• In 2004 the SADAD payment system was launched, while MADA, the advanced version of SPAN, was introduced in 2015 and invoicing system Esal was established in 2018. 

• In 2019 the General Department of Payment Systems and SADAD merged to become the Saudi Payments Company.

This company, he added, will be the backbone of the different infrastructure electronic payment systems, ensuring that all payments and financial transactions processed will be safe and secure.
Hafiz also said that establishing such a company would enable the national payment system to provide safe and reliable basic services to achieve compatibility by providing common infrastructure to ensure competitiveness among payment service providers in line with the objectives of the FSDP, one of the Kingdom’s Vision 2030 programs.


Red Sea Global unveils scientific model for regenerative tourism worldwide

Updated 26 February 2026
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Red Sea Global unveils scientific model for regenerative tourism worldwide

  • The report details the model’s rollout at “The Red Sea” and “AMAALA” destinations, backed by studies covering 8 marine habitats

TABUK: Red Sea Global (RSG) has unveiled a science-based model aimed at achieving a 30 percent net positive conservation benefit across its tourism destinations by 2040. 

The framework is now available for global adoption, according to a statement released by RSG.

Owned by Saudi Arabia’s Public Investment Fund (PIF), Red Sea Global is the multi-project developer behind ambitious regenerative tourism destinations like “The Red Sea” and “AMAALA.” 

As a cornerstone of the Kingdom’s Vision 2030, the company aims to diversify the national economy while setting new global benchmarks for sustainable, nature-positive development.

CEO John Pagano stated that openly sharing this detailed approach will help elevate the global tourism sector and secure a healthier environment for future generations.
 

Map showing the boundaries of the Red Sea Zone. (Graphic from the RSG report)

The cornerstone of this initiative is the proprietary SIIG Model, a four-step framework:
• Survey: Establish biodiversity baselines and monitor long-term changes.
• Identify: Assess risks to priority habitats and species.
• Intervene: Execute evidence-based actions, such as regulating fishing and enhancing natural habitats.
• Gain: Measure and verify biodiversity improvements.

The report details the model’s rollout at “The Red Sea” and “AMAALA” destinations, backed by extensive 2022–2023 environmental baseline studies covering eight marine habitats and priority species groups during 2022 and 2023. 

A major intervention is the 5,015-square-kilometer Fishery Management Area in Al-Wajh Lagoon. The plan reserves 38 percent of the area for priority conservation—protecting 62 percent of local coral reefs—while allocating 61 percent for sustainable fishing.

According to scientific modeling, eliminating fishing in high-protection zones could increase reef fish populations by 113 percent, sharks and rays by 72 percent, and marine mammals by 24 percent. These measures are expected to boost coral resilience, support ecosystem recovery, and protect vulnerable species like sea turtles and seabirds.
Ihab Kindi, RSG’s Red Sea Destination Executive Director, called the data-driven model a practical roadmap for large-scale marine recovery. The complete methodology is available in the new report, “The SIIG Model: A Roadmap Toward Achieving Measurable Conservation Gains.”