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Interview

Mohammed El Kuwaiz, Chairman, Capital Market Authority (CMA): Interview
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Mohammed El Kuwaiz, Chairman, Capital Market Authority (CMA): Interview What steps can regulatory authorities take to encourage listed companies to align with environmental, social and governance (ESG) principles? MOHAMMED EL KUWAIZ: The CMA is developing a regulatory framework for green, social and sustainable debt instruments, alongside incentivising diverse issuances in the sukuk (Islamic bonds)…

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International collaboration boosts Saudi Arabia's defence capabilities
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Amid Russia’s ongoing conflict with Ukraine and tensions in the Middle East, Taiwan Strait and elsewhere, global military expenditure increased 6.8% to reach $2.4trn in 2023 – the highest level ever recorded by the Stockholm International Peace Research Institute (SIPRI). Saudi Arabia allocated approximately $75.8bn to its military that year, marking a 4.3% increase from 2022. This expenditure…

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Localisation and renewable energy power Saudi Arabia’s industries
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Saudi Arabia’s industrial and mining sectors are linchpins of the country’s diversification and privatisation initiatives. Local content requirements, upgrades in logistics infrastructure and ambitious government growth targets have engendered significant transformation in Saudi Arabia’s industrial and mining sectors, making them increasingly dynamic and diversified contributors to the economy.…

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Saudi Arabia working to diversify energy sources
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Saudi Arabia’s energy strategy focuses on maximising economic returns from its existing hydrocarbons reserves, while simultaneously increasing domestic renewable energy capacity. This involves investing in research, development and innovation to create clean energy solutions and minimise the environmental impact of fossil fuels. The Kingdom’s approach is influenced by projections of a future decline…

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Diversification boosts insurance uptake in Saudi Arabia
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In 2023 Saudi Arabia’s insurance sector witnessed substantial growth, driven by a combination of regulatory reforms, economic diversification and increased awareness of risk management. The sector’s gross written premium (GWP) experienced a notable rise, up 22.7% over the course of the year, with total GWP reaching SR65.5bn ($17.5bn) – as compared to SR53.4bn ($14.2bn) in 2022 – according to…

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IPO boom emphasises health of Saudi Arabia's capital markets
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Saudi Arabia’s capital markets have developed rapidly into a critical pillar of the Kingdom’s wide-ranging Vision 2030 agenda, driving economic diversification and reducing the country’s dependency on oil revenue, while drawing investment into the country. In recent years, thanks to a series of reforms and strategic initiatives, the Kingdom has successfully positioned itself as a key regional…

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Digital innovation helps finance Saudi Arabia's diversification
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Saudi Arabia’s financial services sector has undergone rapid growth and structural transformation in recent years, driven by regulatory reforms, increased foreign investment, digital innovation and the Kingdom’s Vision 2030 economic diversification plan. This expansion supports broader economic goals, with Saudi banks financing major projects in renewable energy, infrastructure and tourism. By…

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Saudi Arabia's fiscal management strategies promote Vision 2030
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Saudi Arabia remains a conventional energy powerhouse as non-oil activities make up more than half of national output. As the Kingdom hits the halfway point of Vision 2030, a wide-ranging economic diversification strategy launched in 2016, the subsectors in which success is being achieved and those that require additional work are becoming clear. The digital economy is driving diversification gains,…

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Saudi Arabia targets sustainable development of non-oil sectors
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Situated at the heart of the Middle East, Saudi Arabia’s geopolitical importance is underscored by the presence of 17% of proven global oil reserves within its territory, and its stature as the birthplace of Islam. Since gaining independence in 1932, establishing the Aramco national oil company in 1933 and first discovering oil in the Dammam field in 1938, the Kingdom has undergone a substantial…

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How government policies are driving Saudi Arabia's ICT agenda
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Saudi Arabia’s ICT sector is the largest in the MENA region, with a total value of SR166bn ($44bn) and contributing approximately 4% to the Kingdom’s GDP. Growth is propelled by the widespread digital transformation taking place across government, industry and society. Moreover, the Kingdom is striving to position itself as a regional centre for ICT and draw investors by strengthening data protection…