SAMA to launch Basel III reforms implementation in January 2023

SAMA also updated the prudential framework for Saudi banks’ capital risks to align with these reforms as part of the Kingdom's commitment as a member of the G20.
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Updated 28 December 2022
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SAMA to launch Basel III reforms implementation in January 2023

RIYADH: The Saudi Central Bank, also known as SAMA, on Wednesday said the Basel III reforms will come into force in the Kingdom's banking sector on Jan. 1, 2023.

“The move is in line with the internationally agreed timeline set by the Basel Committee on Banking Supervision,” said SAMA in a press statement.

It is an international regulatory accord that introduced a set of reforms to mitigate risk within the international banking sector by requiring banks to maintain certain leverage ratios and keep certain levels of reserve capital.

The Basel committee issued these reforms in December 2017 to strengthen regulation, supervision, and risk management in the banking sector. 

SAMA also updated the prudential framework for Saudi banks’ capital risks to align with these reforms as part of the Kingdom's commitment as a member of the G20.

The central bank also carried out a pilot program of Basel III during the second half of 2022. "The pilot application initially demonstrated the readiness of the banking sector for the official implementation while maintaining stable capital levels, which contributes to their financial stability,” the statement added.


Operational challenges bring Riyadh Airport to a near standstill

Updated 49 min 30 sec ago
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Operational challenges bring Riyadh Airport to a near standstill

  • Airlines issue statements, while sources tell Arab News rain is to blame

RIYADH: Thousands of passengers travelling to and from King Khalid International Airport in Riyadh were left stranded as major airlines struggled to offer alternative flights following a slew of cancellations and delays.

Saudia and flyadeal were among the aviation firms who faced difficulties, with the two airlines putting out statements blaming temporary operational challenges for the issues.

A statement from the airport on its official X account urged travelers to contact airlines directly before heading to the aviation hub to verify the updated status and timing of their flights.

The statement said: “King Khalid International Airport would like to inform you that, due to the concurrence of a number of operational factors over the past two days —including several flights diverting from other airports to King Khalid International Airport, in addition to scheduled maintenance works within the fuel supply system — this has resulted in an impact on the schedules of some flights, including the delay or cancellation of a number of flights operated by certain airlines.”

The airport added that operational teams are working “around the clock in close coordination with our airline partners and relevant stakeholders to address developments and restore operational regularity as soon as possible”, while taking all necessary measures to minimize any impact on the passenger experience.

Airport sources told Arab News that the issue has to do with the heavy rain Riyadh experienced earlier on Friday. Water apparently got into the fuel tankers supposed to refuel jets before they fly, and then several airlines struggled to re-schedule passengers. 

It its own statement on X, Saudia said: “Affected guests are being contacted through various communication chanels, with all ticket changes processed at no additional cost.”

Arab News reached out to Saudia for further information.

Also in a post on X, flyadeal said any of it passengers impacted by the disruption “will be notified directly by emails and SMS with rebooking and support options.”