Saudi banks created on-line, real-time, 24X27 systems in the 1980's. Saudi Banks are working together on shared e-system for B2B payments and authentication. Because they have already cooperated through SAMA (Saudi Arabian Monetary Agency) in developing shared payments systems (SARIE, ATM, POS) and have established processes for future cooperation. There are three ways in which e-Government; e-Commerce and e-Banking can benefit each other: 1. eGovernment and e-Banking: Banks as "payments facilitators", Banks as "trusted 3rd parties", Banks as "identity guarantors", Government as "funds conduit". 2. eGovernment and e-Commerce: Commerce as "traffic stimulator, Commerce as "process initiators, Government as" process completers", Government as "traffic stimulators" 3. eBanking and e-Commerce: Banks as "payments facilitators", Banks as "identity guarantors", Commerce as "funds conduit". The aim of the paper is to describe Saudi e-banking systems. The paper will address the following: the Saudi Arabian Monetary Agency role, Saudi Banks experience in e-banking and the role of the Saudi Government. It was concluded that business projects in Saudi Arabia are now moving into electronic banking, but the move is gradual. A lot of customers are still very control-oriented, because the people who authorize the transaction may have not necessarily made the transition [to e-commerce]. Introduction It is only about 10 years ago that the Saudi Arabian Monetary Agency (SAMA) took its first initiative to lay the foundation for a modern payment system. In 1986 it established an automated cheque clearing system that permitted efficient cheque clearing and interbank settlements. However, for many reasons cheques did not flourish as a payment medium and to fill the void, the banking industry moved rapidly towards plastic cards. Recognizing this trend, SAMA developed a national ATM transaction switch that linked all ATMs and permitted all customers to access their accounts with any bank in the Kingdom. This system, known as the Saudi Payments Network (SPAN), went live in 1990, and was enhanced to support point of sale transactions in 1993. The SPAN system has expanded rapidly, and by March 1998, it linked 1600 ATMs and 16000 Point of Sale terminals and provided round the clock access to their accounts for over 3 million cardholders anywhere in the Kingdom. Also, in the late 1980s, SAMA introduced two key initiatives, important for further rapid development of the payment systems in the Kingdom. First it required all Saudi banks to use the SWIFT network for international payments, and second in 1990 it launched the Electronic Securities Information System (ESIS). The latter is an electronic floorless share trading and settlement system that is operated and supervised by SAMA. This system, which has almost entirely dematerialized share trading, achieves T + 1 settlement as standard, and will soon be moving to delivery vs. payment (DVP). Despite these advances, Interbank settlements until early 1997, continued to be effected by cheque clearing or account transfer at SAMA's head office and branches. This suffered from all the inefficiencies and risks associated with a paper based system. Consequently there was a clear need for an Electronic Funds Transfer (EFT) system that would permit automated inter-bank payments and settlements and become the backbone of the Saudi payments system. SAMA recognized that such a system would need to combine the functionality of both a high value and a high volume payment system that would be the cornerstone for its future payment system strategy. This paper describes what is going in Saudi e-banking. The paper's outline is as follows. Section 1 describes the role of the Saudi Arabian Monetary Agency. Section 2 describes the Saudi Banks experience in e-banking. Section 3 describes the role of the Saudi Government.

This paper studies the impact of globalization on Saudi capital market. It mentioned that the traditional role of Saudi exchanges has been changed to be able to compete in the era of globalization. The Exchange embarked on aggressive modernization plans, which will set it as one of the leading markets in the Middle East North Africa region and benefit globalization

Abstract Transportation Sector as a Major Driver of Economic Development in Dubai Dr. Radi Al Atoom 2009 Background: From economic point of view, transportation sector has a wide interlinks with almost all other sectors in the economy; it experiences a strong forward and backward linkages to other sectors, also by providing construction infrastructure, as the case of RTA, transportation acts as a pioneering sector in the economy. Moreover, this sector sets the platform for all sectors’ set up, and supports their taking off. The construction of roads, tunnels, bridges, ports, railways, and airways connect neighbor areas and facilitate transportation modes to move smoothly, safely, efficiently, less polluted, quick connected inside the country and outside, and also enforce the development of remote areas through reducing migration between villages, Badia, rural areas in one side, and the big cities in the urban areas on the other side. On the other hand, the availability of multimodal means of transportation underpin the effectiveness and efficiency of traveling from one place to another to facilitate trade –import and export, agriculture, industry, tourism, service’s sub-sectors, insurances, banking services, and smoothing any other related aspects of quality of life and socio-economic development. RTA is the unique player in providing transportation means and modes in Dubai; thereby, it underpins the infrastructure of the Emirates’ economic growth and sustainable development. Methodology: This paper covers transportation infrastructure and, its modes: rails network; marine; public buses; and control systems and safety means. Therefore, the paper will utilize macroeconomic data concerning the components of the national economy, as well as specialized information and data concerning investment in transportation sector at the Emirate level and to RTA level: construction of transportation infrastructure and, expenses on modes of transportation (vehicles, systems and, interrelated multimodal means). Analyzing information and data will be done through utilizing mathematical economic formulas and, analytical statistical tools where is required. To fulfill the paper theme, calculations of economic growth, Economic Multiplier, and their impact on development were done. Conclusions: The paper concludes the followings: 1. Transportation sector drives economic growth in Dubai; this sector paved the way to prosperity and development. Transportation sector has been expected to participate in generating 56.0 b. Dh (15.2 b. US $) in Dubai Economy in 2008 and beyond; which is amounted to 23.6 % of the GDP. 2. Strategically well connected marine, bus, rapid transit, and commuter rail systems reduce hours wasted in traffic congestion; curb road parking facility costs; reduce petrol consumption; lower pollution levels; and also create access to education, jobs, tourism, financial and non-financial services, real state revitalization, and curb migration and thereby, stabilize sustainable socio-economic development and support balancing growth to almost all areas. RTA has estimated the traffic congestion cost in Dubai to 4.8 b. Dh in 2007; which amounted to 2.4% of Dubai GDP. 3. Smooth and safe transportation help people move their goods at the lowest cost; which will at the end reduce its economic cost, and hence reduce inflation rates. Moreover, it will strengthen supply chains; provide just-in-time goods and services delivery and; create a shorter time shifting these goods from certain place to its destination. 4. The availability of a developed transportation sector will boost property values, sparks business activities, generate jobs and, increase tax revenues. RTA is creating around 12,600 job opportunities in Dubai economy in 2009 through Transportation sector’s investment. 5. Transportation boom development in Dubai, not only, leaves the emirate out of falling behind the most developed cities in the world, but also, stands Dubai as one of the world cities’ Benchmarks. It’s clear that, transportation as well as construction sectors have a major role in minimizing the per capita income gap between Dubai and the developed countries; as has been shown that, Dubai per capita income needs 4 years to catch US per capita income, ceteris paribus. 6. Our primary estimations show that RTA’s transportation network’ supplies (infrastructure and modes) produces around Dh 30 in direct benefits for each Dh 1 cost paid by residents, for the period 2006-2008. Recommendation: It’s clear that expenses on transportation sector have a wide range of socio-economic benefits at both emirate and country levels, and also at the international levels. It’s of great important to deal with transportation sector as a pioneer sector that plays critical roles in Dubai’s economy, for the reason that, the economic boom, demographic structure, and the challenges of its strategic plans should be competing amongst the most developed world cities and also, to sustain bridging the income and development gaps between Dubai and the most developed countries. This vision leads us to view budget expenditures on this sector, taking into consideration the efficiency in executing RTA’s Projects, as an investment for the future of Dubai and the country as a whole.