No absolute alternative to cash, says SAMA chief

Saudi Central Bank is also known as SAMA (Saudi Central Bank)
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Updated 19 September 2022
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No absolute alternative to cash, says SAMA chief

RIYADH: Saudi Arabia’s Central Bank Gov. Fahad Almubarak said digital currencies will not be an absolute alternative to cash but will rather play an integral role alongside other payment systems.

He was speaking on the second day of the Council of Arab Central Banks and Monetary Authorities Governors meeting in Jeddah, reported Argaam.

Almubarak highlighted different aspects of issuing a digital model of sovereign currencies represented by digital currencies for central banks.

The SAMA chief said central banks’ digital currencies should be designed by taking into account each country’s specifications.

He also highlighted the importance of fintech firms for the growth of the financial sector. 


India seals $3bn LNG agreement with UAE

Updated 19 January 2026
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India seals $3bn LNG agreement with UAE

  • Leaders hold talks to strengthen trade, defense ties

NEW DELHI, DUBAI: India signed a $3 billion deal on Monday to buy liquefied natural gas from the UAE, making it the Gulf country’s top customer, as the leaders of both countries held talks to strengthen trade and defense ties.

The agreement was signed during a very brief two-hour visit to ‌India by UAE ‌President Sheikh Mohammed bin Zayed Al-Nahyan for talks with Indian ‌Prime Minister Narendra Modi. 

They pledged to double bilateral trade to $200 billion in six years and form a strategic defense partnership.

Abu Dhabi state firm ADNOC Gas will supply 0.5 million tonnes of LNG a year to India’s Hindustan Petroleum Corp. for 10 years, the companies said.

ADNOC Gas said the agreement brings the total value of its contracts with India to over $20 billion.

“India is now the UAE’s largest customer and a ‌very important part of ADNOC Gas’ LNG strategy,” ‍the company said.

The UAE is ‍India’s third largest trading partner and Sheikh Mohammed was accompanied ‍by a government delegation that included his defense and foreign ministers. The two sides signed a letter of intent to work toward forming a strategic defense partnership, India’s Foreign Secretary Vikram Misri told reporters.

Misri, however, said that the signing of the letter of intent with the UAE does not mean that India will get involved in regional conflicts.

“Our involvement on the defense and security front with a country from the region does not necessarily lead to the conclusion that we will get involved in ‌particular ways in the conflicts of the region,” he said.