Saudi Arabia’s banking sector has experienced rapid growth, fuelled by regulatory reforms, foreign investment and digital innovation under Vision 2030. The sector supports key industries like renewable energy, infrastructure and tourism, driving economic diversification. Financial technology advancements, digital-only banks and updated regulations have strengthened the sector’s resilience and…
Saudi Arabia, a conventional energy powerhouse, has made significant progress in diversifying its economy under Vision 2030. The digital economy, especially in sectors like education and health care, now contributes 14% of GDP, with artificial intelligence expected to add $135bn to the economy in 2030. While large-scale infrastructure projects progress more slowly, the Kingdom’s positive economic…
In 2023 Saudi Arabia’s insurance sector grew significantly, with gross written premium (GWP) rising 22.7% to $17.5bn, driven by regulatory reforms, economic diversification and increased risk awareness. Health insurance, representing 59% of GWP, led the growth, alongside rising motor insurance due to higher vehicle sales. The Insurance Authority, established in late 2023, is expected to foster consolidation,…
Saudi Arabia’s capital markets have become a key pillar of Vision 2030, driving diversification and reducing reliance on oil revenue. Thanks to recent reforms, the Kingdom has established itself as a regional financial centre, attracting substantial foreign investment. The Saudi Exchange, known as the Tadawul, is one of the world’s largest capital markets and regularly ranks in the top-10 by market…
Global military expenditure reached a record $2.4trn in 2023, driven by rising tensions worldwide, with Saudi Arabia allocating $75.8bn – a 4.3% increase from 2022 – representing 7.1% of its GDP and ranking fifth globally for overall military spending. The Kingdom’s defence industry is expanding through joint ventures and strategic partnerships, with new facilities like Al Kharj, expected to…
Saudi Arabia’s industrial and mining sectors are key to its diversification and privatisation efforts, supported by public investment, regulatory reforms and growing foreign direct investment. The Ministry of Industry and Mineral Resources, established in 2019, oversees these sectors and implements the 2020 Mining Investment Law. With the National Industrial Development and Logistics Programme,…
Saudi Arabia’s energy strategy focuses on maximising returns from hydrocarbons while expanding renewable energy capacity. Acknowledging peak oil demand could occur before 2030, the Kingdom is investing in clean energy solutions. With plans to produce 50% of its energy from renewables by 2030, Saudi Arabia is diversifying its energy mix. The National Renewable Energy Programme and Circular Carbon…
As part of its Vision 2030 roadmap, Saudi Arabia is rapidly expanding its transport and logistics sector to support economic diversification. Major projects in roads, ports, public transport and air connectivity are receiving significant public funding, with a focus on sustainability and technological innovation. The Ministry of Transport and Logistics Services oversees these initiatives, including…
Saudi Arabia’s health and life sciences sectors are undergoing a transformation driven by the Health Sector Transformation Programme and the National Biotechnology Strategy, creating significant opportunities for private sector investment. The government plans to invest $66bn in health care infrastructure between 2021 and 2030, with up to 65% from the private sector. This includes expanding hospitals,…
