KSA’s banking system ‘safest in Arab world’

June 20, 2013

KSA_BankingJeddah, Jun 20: Saudi banking experts here say that the Kingdom has the safest banking system in the Arab world. This comes in response to CNBC Arabia reporting earlier this week that the Kingdom recorded 5,000 fraud cases out of 1.3 million ATM cash withdrawals recently.

The experts say that the security of the Saudi banking system and its top ranking in the Arab world has been confirmed by the Financial Sector Assessment Program (FSAP), the International Monetary Fund and World Bank’s assessment of a country’s financial system.

The banking experts also expressed concerns about a proposal to launch a single Gulf Cooperation Council (GCC) banking system because of the alleged poor security standards of many banks in other GCC countries.

Talat Hafiz, secretary general of the media and banking awareness committee of Saudi banks, confirmed that Saudi Arabia ranked number one in the region, particularly for its ability to fight money laundering. “Saudi Arabia’s banking system is considered the safest in the Arab world.” He said that Saudi banks still insist on customers updating their information in person rather than on the phone or online. “Saudi banks are applying the most well known international system to protect information and their databases,” he said.

“Despite the huge annual transactions in Saudi Arabia, there are very few complaints in terms of credit cards, visa cards, online payments, or ATM cash withdrawals.”

According to Hafiz, there have been less than 2,000 cases of fraud involving ATMs, despite the many machines across the country. He said most fraud cases have involved women involved in online shopping.

“We often advise women customers, who are involved in online shopping, to make sure they are doing transactions with genuine operators. We’ve noticed that most fraud cases have come from online shopping,” he said.

Hafiz said most Saudi banks offer integrated services including Internet banking, ATM and telephone-based services.

“Since more clients want to transact electronically, customers in Saudi Arabia are now moving into electronic banking, but the move is gradual. A lot of customers, especially elderly people, need to be aware of the electronic process.”

He said, however, that more awareness campaigns are needed to educate people about safe banking behavior.

Fadhul Albuainain, a banker and economics writer, said that money laundering and fraud cases would increase if the Kingdom joins other GCC banks in a single system.

He claimed that banking security in other countries such as Qatar and Kuwait is not strict, which has resulted in problems in those countries.

“Since we have a large number of expats, many ATMs and a huge number of transactions, it is dangerous to integrate with other banking systems in the GCC or other Arab countries,” he said.

“We have succeeded in fighting money laundering and financial fraud cases, unlike in the GCC and Arab countries.”

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Agencies
January 4,2020

Dubai, Jan 4: Three UAE airlines have made it to lists of the safest carriers in 2020, reinforcing the value these companies provide passengers in the increasingly competitive aviation scene.

Abu Dhabi's Etihad Airways and Dubai's Emirates are in the list of the top 20 safest airlines, while Sharjah-based Air Arabia is in the list of the top 10 low-cost carriers, safety and product rating website AirlineRatings.com reported on Thursday.

It named Qantas as the safest airline for 2020 out of the 405 carriers it monitors.

The top 20, in order, are Qantas, Air New Zealand, EVA Air, Etihad Airways, Singapore Airlines, Emirates, Alaska Airlines, Qatar Airways, Cathay Pacific Airways, Virgin Australia, Hawaiian Airlines, Virgin Atlantic Airlines, TAP Portugal, SAS, Royal Jordanian, Swiss, Finnair, Lufthansa, Aer Lingus and KLM.

"These airlines are clear standouts in the airline industry and are at the forefront of safety," said AirlineRatings.com editor-in-chief Geoffrey Thomas.

"For instance, Australia's Qantas has been recognised by the British Advertising Standards Association in a test case in 2008 as the world's most experienced airline."

"Qantas has been the lead airline in virtually every major operational safety advancement over the past 60 years and has not had a fatality in the pure-jet era," said Thomas.

AirlineRatings.com editors also identified their top 10 safest low-cost airlines; they are, in alphabetical order, Air Arabia, Flybe, Frontier, HK Express, IndiGo, Jetblue, Volaris, Vueling, Westjet and Wizz.

Saj Ahmad, chief analyst at StrategicAero Research in London, says that it isn't a surprise that UAE carriers are on those lists.

"UAE airlines almost always feature in the top rankings for safety because they value the equipment that they fly their passengers on each and every day," he told Khaleej Times on Thursday.

"All airlines do; but for the UAE, where airlines have expanded rapidly in the last couple of decades, it's an amazing feat that they rank so highly while inducting so many new aeroplanes."

There's little benefit to adding luxurious cabins if maintenance, security and safety protocols as well as routine engineering schedules are not adhered to, he stressed.

"And with the UAE itself sporting MRO activities as well as through companies like Strata, which supply components to Airbus and Boeing directly, airlines here have harnessed that tech-change to ensure that their fleets have the highest redundancy and safety checks at every possible chance," Ahmad added. "That translates into passenger confidence - and we can see the brand and loyalty strength across Emirates, flydubai, Air Arabia and Etihad; it's no surprise that each year, they all fly more and more passengers across their network."

In making its selections, AirlineRatings.com editors and its industry advisors take into account numerous critical factors that include: Audits from aviation's governing bodies and lead associations, government audits, airline's crash and serious incident record, fleet age, financial position and pilot training and culture.

"All airlines have incidents every day and many are aircraft or engine manufacture issues instead of airline operational problems. And it is the way the flight crew handles incidents that determines a good airline from an unsafe one. So just lumping all incidents together is very misleading," said Thomas.

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News Network
June 20,2020

Riyadh, Jun 20:  Speaking at an exclusive webinar organized by the London Business School’s (LBS) Riyadh Chapter, Saudi Arabia’s first sports minister Prince Abdulaziz Bin Turki Al Faisal proudly reflected back on his nation’s sports achievements over the last few years.

Attended by over 170 people, the highest record set at an LBS webinar, various topics were discussed including the Kingdom’s sports strategy, investment opportunities, role of the media and advantages of hosting international sporting events, among other things.

Saudi Arabia has recently presented itself as one of the major players in the global sports industry thanks to its transformative Vision 2030, which aims to diversify the economy and create a more vibrant society.

Recognizing the importance of the vision, Prince Abdulaziz said: “Vision 2030 is something we all believe in. Everywhere you go within the Kingdom, you feel that people are passionate about the vision and its targets. Sport is part of it, and it has a big role in it.”

At the heart of the newly created Ministry of Sport’s strategy is increasing mass participation across all types of sports and preparing the next generation of elite athletes capable of competing on the international stage.

The ambitious prince asserted, “We want to make sure that we create an ecosystem that is sustainable, creates jobs, income and provides a lot of opportunities for everyone. We are creating academies around the Kingdom for kids to get into sports to make sure we have a base for them to start off from.”

Over 50 questions were addressed during the open and transparent webinar, a reflection of the attitude and culture the prince is creating at the Ministry. He admitted that while Saudi Arabia is a nation bound by a love and passion for sport, until recently sports has been looked at as a tool for entertainment rather than an important industry.

One of his key goals is to shift this mentality. Hosting major sports events has greatly contributed in doing so, he is a strong believer of their long-lasting impact and legacy.

“These events will shed light on enlightening people about certain sports and making sure they get attracted by it and enjoy it. From these events that we hosted, we found out there’s interest for tennis, golf, and boxing.”

“We will continue to host these events to make sure that people enjoy them as entertainment but to also make sure that people are passionate about these sports get to watch them live in the Kingdom and hopefully from that get someone passionate enough to participate,” he explained.

A former professional motorsports racer, Prince Abdulaziz was appointed chairman of the then-General Sports Authority at the start of 2019 after holding the position of vice chairman for the previous two years. Under his leadership, the Ministry of Sport doubled the number of its ever-growing sports federations and invested heavily at the grassroots level.

When asked about the significance of such investments, he said: “We give them [athletes] an opportunity to compete under the name of the Kingdom, to shine and make sure there’s a future for them. Today we look at a holistic view of sports. We use it to change certain mindsets and restrictions within the Kingdom to make sure we can evolve within the industry and complete against leading countries.”

The Riyadh Chapter of the London Business School aims to increase engagement and opportunities for LBS alumni in the Kingdom and to develop stronger ties that help build a better future for the business community.

Co-presidents Majed Al Hugail and Faris Al Shareef expressed their delight in hosting Prince Abdulaziz for the first time by saying: “The webinar was very insightful to the elite group of LBS alumni both locally and internationally. It helped them further understand how the Ministry is reshaping the sports sector as part of Vision 2030.

“The session left many of the attendees with a great sense of appreciation of the Ministry’s support to the community, an area where stronger partnerships can potentially be explored for the country and region’s benefits.”

In line with new progressive government policies, a lot of attention and investment has geared towards the inclusion of women in sports on both the elite and amateur levels.

When asked by an audience member about this matter, the sports leader proudly replied by saying: “We’ve seen an increase of active women participation in sports by about 149% from 2015 till today. Only five years ago, women were not allowed to participate in the street but it’s a completely different ball game today.”

A testament to this great progress is the participation of 22 women’s national teams in competitive regional games across a wide range of sports in recent years, in addition to newly incepted Women’s Football League.

Among the topics discussed during the 1-hour long webinar was the Ministry’s journey towards the privatization of some of its assets.

Highlighting the significant role that the private sector contributes towards future growth and development, the Minister said: “The private sector is a fundamental aspect for the evolution of sports within the Kingdom and anywhere else in the world. We have to make sure that the platform is open for the private sector to come in and play its role in increasing the number of participants and to add the number of clubs within the Kingdom.”

He continued: “It is our role to provide the right regulatory process. Today we are ready with a platform to make sure that we can deliver on this for the private sector and for the public. This will add towards the evolvement and the development of sports within the Kingdom.”

Saudi Arabia’s successful hosting of high-profile sports events attracted thousands of locals and visitors; it now has bigger plans to cement its strong position in the global sports industry. Among these plans include bids for two of the continent’s most sought after competitions, the 2027 AFC Asian Cup and 2030 Asian Games.

When asked about the reason behind them, he was confident in his response highlighting that Saudi Arabia has celebrated multiples trophies and medals in the past, but this is the first time that they’re aiming to host the events.

“It is time to do so. It’s unheard of that you win a competition but don’t host it. Saudi should host these events and we are capable of hosting them as a nation. It is something that our people are very passionate about, they love it and follow it. It will showcase what Saudi can do on the Asian front.”

Prince Abdulaziz recognizes Saudi Arabia’s recent sporting achievements, but he remains humble on his mission to use sports as a tool to tell his country’s story to the world and build a healthier, more vibrant society capable of nurturing athletes who can compete on the elite level for many years to come.

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News Network
January 8,2020

Tehran, Jan 8: Iran struck back at the United States for the killing of a top Iranian general early Wednesday, firing a series of ballistic missiles at two Iraqi bases housing U.S. troops in a major escalation that brought the two longtime foes closer to war.

Iranian state TV said it was in revenge for the U.S. killing of Revolutionary Guard Gen. Qassem Soleimani, whose death last week in an American drone strike near Baghdad prompted angry calls to avenge his slaying. A U.S. official said there were no immediate reports of American casualties, though buildings were still being searched.

Soleimani's killing and the strikes by Iran came as tensions have been rising steadily across the Mideast after President Donald Trump's decision to unilaterally withdraw America from Tehran's nuclear deal with world powers. They also marked the first time in recent years that Washington and Tehran have attacked each other directly rather than through proxies in the region. It raised the chances of open conflict erupting between the two enemies, which have been at odds since Iran's 1979 Islamic Revolution.

But in a tweet shortly after the missile launches, Iran's foreign minister called a ballistic missile attack a ``proportionate measures in self-defense'' and said it was not seeking to escalate the situation but would defend itself against any aggression.

Iran initially announced only one strike, but U.S. officials confirmed both. U.S. defense officials were at the White House, likely to discuss options with Trump, who launched the strike on Soleimani while facing an upcoming impeachment trial in the Senate,

Iran's Revolutionary Guard warned the U.S. and its regional allies against retaliating over the missile attack against the Ain al-Asad air base in Iraq's western Anbar province. The Guard issued the warning via a statement carried by Iran's state-run IRNA news agency.

``We are warning all American allies, who gave their bases to its terrorist army, that any territory that is the starting point of aggressive acts against Iran will be targeted,'' The Guard said. It also threatened Israel.

After the strikes, a former Iranian nuclear negotiator posted a picture of the Islamic Republic's flag on Twitter, appearing to mimic Trump who posted an American flag following the killing of Soleimani and others Friday in a drone strike in Baghdad.

Ain al-Asad air base was first used by American forces after the 2003 U.S.-led invasion that toppled dictator Saddam Hussein, and later saw American troops stationed there amid the fight against the Islamic State group in Iraq and Syria. It houses about 1,500 U.S. and coalition forces.

Two Iraqi security officials said at least one of the missiles appeared to have struck a plane at the base, igniting a fire. It was not immediately clear whether it was an Iraqi or U.S. jet. There were no immediate reports of casualties from the attacks, according to the officials, who spoke on condition of anonymity as they had no permission to brief journalists.

About 70 Norwegian troops also were on the air base but no injuries were reported, Brynjar Stordal, a spokesperson for the Norwegian Armed Forces told The Associated Press.

Trump visited the sprawling Ain al-Asad air base, about 100 miles or 60 kilometers west of Baghdad, in December 2018, making his first presidential visit to troops in the region. He did not meet with any Iraqi officials at the time, and his visit inflamed sensitivities about the continued presence of U.S. forces in Iraq. Vice President Mike Pence also has visited the base.

Iranian state TV said the Guard's aerospace division that controls Iran's missile program launched the attack, which it said was part of an operation dubbed ``Martyr Soleimani.'' Iran said it would release more information later.

The U.S. also acknowledged another missile attack on a base in Irbil in Iraq's semiautonomous Kurdish region.

``As we evaluate the situation and our response, we will take all necessary measures to protect and defend U.S. personnel, partners and allies in the region,'' said Jonathan Hoffman, an assistant to the U.S. defense secretary.

Wednesday's revenge attack happened a mere few hours after crowds in Iran mourned Soleimani at his funeral. It also came the U.S. continued to reinforce its own positions in the region and warned of an unspecified threat to shipping from Iran in the region's waterways, crucial routes for global energy supplies. U.S. embassies and consulates from Asia to Africa and Europe issued security alerts for Americans. The FAA also warned of a "potential for miscalculation or mis-identification" for civilian aircraft in the Persian Gulf amid in an emergency flight restriction.

A stampede broke out Tuesday at Soleimani's funeral, and at least 56 people were killed and more than 200 were injured as thousands thronged the procession, Iranian news reports said. Shortly after Iran's revenge missile launches early Wednesday, Soleimani's shroud-wrapped remains were lowered into the ground as mourners wailed at the grave site.

Tuesday's deadly stampede took place in Soleimani's hometown of Kerman as his coffin was being borne through the city in southeastern Iran, said Pirhossein Koulivand, head of Iran's emergency medical services.

There was no information about what set off the crush in the packed streets, and online videos showed only its aftermath: people lying apparently lifeless, their faces covered by clothing, emergency crews performing CPR on the fallen, and onlookers wailing and crying out to God.

``Unfortunately as a result of the stampede, some of our compatriots have been injured and some have been killed during the funeral processions," Koulivand said, and state TV quoted him as saying that 56 had died and 213 had been injured.

Soleimani's burial was delayed, with no new time given, because of concerns about the huge crowd at the cemetery, the semi-official ISNA news agency said.

A procession in Tehran on Monday drew over 1 million people in the Iranian capital, crowding both main avenues and side streets in Tehran. Such mass crowds can prove dangerous. A smaller stampede at the 1989 funeral for Ayatollah Ruhollah Khomeini killed at least eight people and injured hundreds.

Hossein Salami, Soleimani's successor as leader of the Revolutionary Guard, addressed a crowd of supporters gathered at the coffin in a central square in Kernan. He vowed to avenge Soleimani, who was killed in a U.S. drone strike Friday near Baghdad's airport.

``We tell our enemies that we will retaliate but if they take another action we will set ablaze the places that they like and are passionate about," Salami said.

``Death to Israel!'' the crowd shouted in response, referring to one of Iran's longtime regional foes.

Salami praised Soleimani's work, describing him as essential to backing Palestinian groups, Yemen's Houthi rebels and Shiite militias in Iraq and Syria. As a martyr, Soleimani represented an even greater threat to Iran's enemies, Salami said.

Soleimani will ultimately be laid to rest between the graves of Enayatollah Talebizadeh and Mohammad Hossein Yousef Elahi, two former Guard comrades killed in Iran's 1980s war with Iraq. They died in Operation Dawn 8, in which Soleimani also took part. It was a 1986 amphibious assault that cut Iraq off from the Persian Gulf and led to the end of the war that killed 1 million.

The funeral processions in major cities over three days have been an unprecedented honor for Soleimani, seen by Iranians as a national hero for his work leading the Guard's expeditionary Quds Force.

The U.S. blames him for killing U.S. troops in Iraq and accused him of plotting new attacks just before he was killed. Soleimani also led forces supporting Syrian President Bashar Assad in that country's civil war, and he also served as the point man for Iranian proxies in countries like Iraq, Lebanon and Yemen. Russian President Vladimir Putin met with Assad in Syria on Tuesday amid the tensions between Washington and Tehran.

Soleimani's slaying already has led Tehran to abandon the remaining limits of its 2015 nuclear deal with world powers as his successor and others vow to take revenge.

In Iraq, pro-Iranian factions in parliament have pushed to oust American troops from Iraqi soil following Soleimani's killing. Germany and Canada announced plans to move some of their soldiers in Iraq to neighboring countries.

The FAA warning barred U.S. pilots and carriers from flying over areas of Iraqi, Iranian and some Persian Gulf airspace. The region is a major East-West travel hub and home to Emirates airline and Dubai International Airport, the world's busiest for international travel. It earlier issued warnings after Iran shot down a U.S. military surveillance drone last year that saw airlines plan new routes to avoid the Strait of Hormuz.

The U.S. Maritime Administration warned ships across the Mideast, citing the rising threats. ``The Iranian response to this action, if any, is unknown, but there remains the possibility of Iranian action against U.S. maritime interests in the region,'' it said.

Oil tankers were targeted in mine attacks last year that the U.S. blamed on Iran. Tehran denied responsibility, although it did seize oil tankers around the crucial Strait of Hormuz, the narrow mouth of the Persian Gulf through which 20% of the world's crude oil travels.

The U.S. Navy's Bahrain-based 5th Fleet said it would work with shippers in the region to minimize any possible threat.

The 5th Fleet ``has and will continue to provide advice to merchant shipping as appropriate regarding recommended security precautions in light of the heightened tensions and threats in the region,'' 5th Fleet spokesman Cmdr. Joshua Frey told The Associated Press.

Iran's parliament, meanwhile, has passed an urgent bill declaring the U.S. military's command at the Pentagon and those acting on its behalf in Soleimani's killing as ``terrorists," subject to Iranian sanctions. The measure appears to be in response to a decision by Trump in April to declare the Revolutionary Guard a ``terrorist organization.''

The U.S. Defense Department used that terror designation to support the strike that killed Soleimani.

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