Saudi Arabia’s city of the future – (XRP World Powered by Ripple – Part 7)

Saudi Arabia’s vision of the future is a lot brighter than most think. Ripple partnering with Saudi Arabia is no accident.
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CREDITS:
TM & © Saudi Vision “NEOM” 2030 (2013)
Courtesy of Saudi Arabia YouTube channel
The Crown Prince of Saudi Arabia is the second most important position in Saudi Arabia, second to the king, and is his designated successor.
Residence: King’s Palace, Riyadh
Style: Sir (Informal); His Royal Highness (Formal) His Royal Majesty (Formal)
Inaugural holder: Saud bin Abdulaziz Al Saud
Appointer: King of Saudi Arabia after the approval of the Allegiance Council

Special thanks to the following YouTube Channels:

@DiscoverNeom, @Saudi Ministry of Finance, @CNN, @American Express, @Ripple,
@Deconomy, @World Economic Forum, @NeoScribe, & @Thinking Crypto

About Saudi Arabia’s NEOM vision 2030
Saudi Vision 2030 (Arabic: رؤية السعودية 2030‎) is a plan to reduce Saudi Arabia’s dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation and tourism. Goals include reinforcing economic and investment activities, increasing non-oil industry trade between countries through goods and consumer products, and increasing government spending on the military, manufacturing equipment and ammunition.

The first details were announced on 25 April 2016 by Crown Prince Mohammad bin Salman. The Council of Ministers has tasked the Council of Economic and Development Affairs with identifying and monitoring the mechanisms and measures crucial for the implementation of “Saudi Arabia’s Vision 2030”.

Ripple & Saudi Arabia’s partnership:
The Saudi Arabian Monetary Authority (SAMA) — the central bank for the Kingdom of Saudi Arabia (KSA) — has signed an agreement with Ripple to help banks in the KSA improve their payments infrastructure using xCurrent.

This ground-breaking pilot program is the first of its kind to be launched by a central bank. Participating banks from the KSA will use xCurrent to instantly settle payments sent into and out of the country, with greater transparency and lower costs.

SAMA’s support of KSA banks using blockchain technology has the potential to radically shift how banks in the country send money globally. The KSA now has access to every financial institution (banks and payment providers) on RippleNet, which will not only help modernize their payments systems, but also further their reach into major corridors.

Additionally, KSA banks’ customers will experience faster, cheaper and more transparent cross-border transactions. SAMA will also provide interested Saudi banks with program management and training.

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