A cashless city is being built in the eastern province of Saudi Arabia.
According to Arab media reports, King Salman Energy Park (SBARC) will be the modern city of the country where money transactions will be done on digital basis instead of cash.
Subarak is located between Dammam and Al-Ahsa and is being built on an area of 50 square kilometers. The park will also include a logistics zone and a dry port.
Eighty percent of the first phase of the project has been officially completed, while work on other phases is underway. Riaz Bank and King Salman Energy City (SBARC) have signed a new agreement aimed at transforming the project into a fully digital city.
"We want Subarach City to be fully digital as it is a new city where cash should not be used, pass cards will be used in money transactions," said Riaz Bank's chief executive officer.
The agreement between Riaz Bank and King Salman Energy City includes 10 initiatives aimed at supporting the country's ranking in the digital economy with ease of doing business.
The project was launched in 2018 and will be completed by 2035.
