RIYADH: Bank fraud is low in the Kingdom compared to rising rates in other countries, Saudi Banks, the nation’s association of bankers, said on Thursday.
While money transfer fraud, ATM and online banking fraud have become a worldwide threat, prudent banking measures meant the country had one of the world’s least-registered rates of financial fraud, a Saudi Banks spokesman said.
Talat Zaki Hafiz, the secretary-general of the media and banking awareness committee for Saudi Banks, was speaking at the launch in Riyadh of the ninth public awareness campaign, “Mo_Alaina”, about the risks of financial and banking fraud.
“This campaign is basically aimed at educating the public about the techniques of banking fraud, how to deal with it and avoid it by being cautious while using an ATM or making online transactions,” he said.
“In doing this we are not trying to scare people, but just alerting them to banking fraud. We have had some cases reported in the Kingdom which we need to avoid, for example an unknown person asking to transfer money to an unidentified account saying he has no account.”
“If you take the number of total transactions taking place on a daily or a yearly basis, the number in the Kingdom is in the acceptable range, especially if you compare it to the global standard,” he said.
Hafiz said that financial fraud was on the rise and had become a costly burden to the world economy. In 2016, financial fraud cost companies around the world 5 percent of their annual revenue — $6.3 billion annually.
Ibrahim Saad Abu Muti, head of the banking information and awareness-raising team at Saudi Banks, said that this year’s campaign will deal with fake and unlicensed investments.
Saudi Arabia ‘has one of world’s lowest bank fraud rates’
Saudi Arabia ‘has one of world’s lowest bank fraud rates’
Saudi libraries to get upgrade including public theatres
- Libraries Commission is transforming the Kingdom’s libraries after the launch of a national growth strategy in 2021
- One aspect of the strategy includes a sorting and inventory project for information resources - other amenities will include training rooms and event halls
RIYADH: Saudi Arabia’s libraries are getting a major overhaul that will include the building of public theatres and other cultural amenities.
The Libraries Commission is transforming the Kingdom’s libraries after the launch of a national growth strategy in 2021, the Saudi Press Agency reported.
One aspect of the strategy includes a sorting and inventory project for information resources. Other amenities will include training rooms and event halls.
Carried out under the leadership of Prince Badr bin Abdullah bin Farhan, the minister of culture, the libraries development initiative is part of a five-year plan for 153 libraries throughout the Kingdom.
The inventory project involves migrating information resources to digital systems to better facilitate their preservation, retrieval, and use.
Speaking at a press conference at the King Fahd National Library in 2021, Dr. Abdulrahman Al-Asem, chief executive officer of the Libraries Commission, said that initiatives will include hosting events and activities to enrich knowledge, improve reading habits, and raise literacy levels.
These activities will include information literacy workshops, games for children and young adults, national youth competitions, and launching a national libraries day.
“The strategy includes multiple initiatives serving the sector, partners, and the general community, believing in the pivotal role of libraries in achieving the Ministry of Culture’s goals based on the objectives of the Kingdom’s Vision 2030 as cultural, participatory, and development platforms that strive to develop capacities and businesses, as well as ensure continuous education, innovation, and workforce development, ensuring international cooperation and exchange of knowledge,” he said at the time.
In addition to working with experts and specialists, the commission conducted research on 27 countries’ library systems for guidance on what strategic pillars, objectives, initiatives, and key performance indicators to look out for.
Al-Asem added that the public libraries development strategy aimed to improve regulations and standards through financing and investment, as well as employee skill training.
It also hopes to improve community participation and will launch awareness campaigns on information literacy and public library services.
MENA over-60s most at risk of NCDs, researchers say ahead of anti-aging conference
- Findings were highlighted at an event ahead of the group’s Global Healthspan 2025 summit in Riyadh
- Event will bring together an international crowd of academics, scientists and stockholders in the global healthspan space
RIYADH: The MENA population is most at risk for noncommunicable diseases for those over 60 years, according to research by the Saudi anti-aging organization Hevolution Foundation.
Noncommunicable diseases include cardiovascular disease, cancer and diabetes, which represent up to one-third of the disease burden in the region.
The findings were highlighted at an event ahead of the group’s Global Healthspan 2025 summit in Riyadh, which runs from Feb. 5-6, with more than 70 sessions and in excess of 100 speakers expected.
The event will bring together an international crowd of academics, scientists and stockholders in the global healthspan space, organizers said.
According to research, Saudi Arabia has one of the highest rates of NCDs in the Gulf, with a prevalence of 32.15 percent responsible for 73 percent of all deaths.
With the number of people over 60 in Saudi Arabia set to double by 2050, the Kingdom is employing cutting-edge research in aging biology.
Boasting more than SR1.5 billion ($400 million) in research grants and early-stage biotech investments, the Riyadh-based organization is a philanthropic funder of geroscience, an area of research dedicated to advancing the human healthspan — extending the age at which a person remains healthy.
The organization says that while the average lifespan in Saudi Arabia is about 74 years, the average healthspan is 64 — indicating a decade-long gap between life expectancy and healthy life expectancy — and many are living the final years of their lives in poor health.
During the summit, Hevolution will announce the launch of the Saudi Biotech Pitchfest, to showcase the Kingdom’s rapidly growing biotech sector. Twelve Saudi biotech companies, from startups to more established enterprises, will present their innovative solutions aimed at addressing the challenges of aging.
The competition will feature 10-minute pitches, which will be judged by a distinguished panel that includes Prince Khalid bin Alwaleed bin Talal Al-Saud, founder and CEO, KBW Ventures; Abdulrahman Alolayan, CEO of BetaLab; Dr. William Greene, CIO of Hevolution Foundation; and Dr. Christoph Westphal, co-founder of Longwood Fund.
Hevolution will also launch the second round of its grants program in Saudi Arabia, with 14 new awardees for 2025.
This round saw a 20 percent increase in eligible submissions, underscoring the growing interest in the field.
The grantees represent leading institutions across Saudi Arabia, including KAIMRC, Al-Maarefa University, Fakeeh College, University of Tabuk, KAUST, KSU, and Imam Abdulrahman bin Faisal University.
The foundation also plans to announce a two-year grant program to create the first cohort of age researchers in Saudi Arabia.
Saudi Arabia announces new national policy to eliminate forced labor
- Osama Ghanem Alobaidy: This policy adopted by the Kingdom will ensure the protection of persons living or working in the Kingdom and create a safe working environment
- Sattam Alharbi: It demonstrates our collective commitment to creating a safe environment for everyone living and working in our country, ensuring their rights are protected
RIYADH: Saudi Arabia has introduced its National Policy for the Elimination of Forced Labor, the Ministry of Human Resources and Social Development announced.
“This policy adopted by the Kingdom will ensure the protection of persons living or working in the Kingdom and create a safe working environment,” Osama Ghanem Alobaidy, adviser and professor of law at the Institute of Public Administration in Riyadh, told Arab News.
In 2021, Saudi Arabia, became the first GCC country to ratify the International Labour Organization’s Protocol of 2014 to the Forced Labour Convention, bringing it in line with international standards to eliminate forced labor.
“This shows the Kingdom’s commitment to improve and protect the rights of individuals living or working in the Kingdom,” Alobaidy said.
The newly introduced policy aims to eliminate forced labor through prevention and protection measures.
According to the Ministry of Human Resources and Social Development, it will also strengthen national, regional and international coordination to integrate better efforts to combat forced labor.
Deputy Minister for Control and Development of the Work Environment Sattam Alharbi said: “The introduction of the National Policy for the Elimination of Forced Labor is an important milestone for the Kingdom of Saudi Arabia.
“It demonstrates our collective commitment to creating a safe environment for everyone living and working in our country, ensuring their rights are protected,” Alharbi said.
“The introduction of the national policy also builds on our ongoing work to safeguard employees’ rights, in collaboration with global and local partners.”
The national policy also includes victim-focused initiatives that will enhance care, support and access to justice.
It will support the implementation of measures to provide legal, social and economic support for forced labor victims, aiding their recovery and protecting against the risk of re-victimization.
This new policy is not the first of its kind for the Kingdom. Saudi Arabia has been implementing multiple measures to protect the rights of its workforce.
“The Kingdom already has a set of laws, rules and regulations addressing this matter even before the adoption of this policy,” Alobaidy said.
In October of 2024, Saudi Arabia’s Ministry of Human Resources and Social Development and the Insurance Authority launched an insurance service that would cover unpaid wages for up to six months and provide travel assistance for expatriates in the Kingdom in the case of private-sector defaults.
Alobaidy highlighted the multiple laws that the Kingdom has put in place to protect the workforce: “The law on trafficking of persons and the labor laws for example and regulations prohibit any forms of forced labor.”
Elaborating on Saudi Arabia’s decision to ratify the International Labour Organization’s Protocol of 2014 to the Forced Labour Convention, the professor said: “It is also commendable that the Kingdom took the lead among GCC countries in ratifying the protocol to the forced labor convention to eliminate forced labor.”
“The Kingdom’s adoption of this policy is welcome news to persons working or living in the Kingdom since it will ensure greater protection of their rights,” he said.
“This will enhance the work environment in the Kingdom in line with the Kingdom’s Vision 2030 objectives,” Alobaidy said.
Saudi Arabia expected to be among top tourism destinations by 2030, minister says
DAVOS: Saudi Arabia’s Minister of Tourism Ahmed Al-Khateeb said tourism accommodation in the Kingdom was expected to double over the next 10 years.
Al-Khateeb said Saudi Arabia, which has about 400,000 guest rooms at the moment, was projected to double that number to 800,000 by 2030.
The minister reiterated Saudi Arabia’s goal to be part of the world’s top seven tourism destinations by 2030.
“Saudi looks at why people travel and what they are looking for and understand what people want and focus on convenience,” he said.
The Kingdom’s tourism industry is growing at a rapid rate with the creation of mega-projects such as NEOM, a futuristic city on the Red Sea, and The Red Sea Project, which focuses on luxury and eco-tourism, expected to redefine global tourism standards.
Additionally, cultural landmarks such as AlUla, with its ancient Nabatean heritage, and Diriyah, the birthplace of the Saudi state, are undergoing significant restoration to offer visitors unique historical and cultural experiences.
When asked about how the Kingdom manages this growth, the minister said that governance in the Kingdom ensured coordination and that growth was not too rapid.
“There is no such thing as ‘over-tourism,’ but there is mismanagement of resources,” he said.
“Governments are taking tourism for granted. In Saudi we have a minister for tourism and a minister for culture. Having separate ones allows full focus and dedication on goal achieving,” Al-Khateeb added.
European Commissioner for Sustainable Transport and Tourism Apostolos Tzitzikostas said Saudi Arabia was setting an example for the EU in managing tourism and developing a strong travel industry.
With technology advancing rapidly, Al-Khateeb said it was important to use new innovations smartly in the tourism sector.
“This is a people-to-people business. Yes, we should use technology for ease and convenience, but people interaction is an essential part of the experience,” he said.
Saudi Arabia sends new aid convoys for residents returning to northern Gaza
- The assistance is part of a campaign aimed at providing essential relief to the Palestinian people in the Gaza Strip
RIYADH: New aid convoys from Saudi Arabia have arrived in northern Gaza, facilitated by the Saudi aid agency KSrelief.
The assistance is part of a campaign aimed at providing essential relief to the Palestinian people in the Gaza Strip, the Saudi Press Agency reported recently.
The convoys delivered shelter kits, including blankets, mattresses, cooking utensils, water containers and other necessary supplies to assist residents returning to their homes in northern Gaza.
The Saudi Center for Culture and Heritage, the executive partner of KSrelief in Gaza, began distributing these aid packages promptly.
The aid aims to help beneficiaries meet their basic needs as they return to homes that have been destroyed or damaged, SPA reported.
The effort is part of a series of humanitarian and relief programs executed by Saudi Arabia in solidarity with the Palestinian people during their ongoing hardships.
