Micro-sized and small enterprises (MSEs) and freelancers are expanding rapidly in Saudi Arabia, contributing to employment generation, economic diversification and the Kingdom’s competitiveness. MSEs, freelancers and start-ups play a particularly important role in peripheral areas – they may be a backbone of the economy in smaller cities, towns and remote regions. As digital platforms…
Saudi Arabia’s Vision 2030 strategy places digital transformation at the centre of economic diversification. Financial technology (fintech) solutions, particularly digital payments, are helping to expand financial inclusion, stimulate innovation and strengthen the private sector’s contribution to national development.This publication analyses the evolution of the Kingdom’s fintech ecosystem,…
Interview: Naji Al Tamimi, CEO, Insurance Authority What is the outlook for the Saudi insurance market, and what is the role of the Insurance Authority? NAJI AL TAMIMI: The government’s commitment to the industry led to the creation of the Insurance Authority in August 2023. This shift in oversight from the Saudi Central Bank and the Council of Health Insurance to the new body is expected to allow…
Interview: Shabab Al Ghamdi, Secretary-General, Council of Health Insurance In what ways are new initiatives under Vision 2030 changing the relationship between beneficiaries, insurers and health care providers? SHABAB AL GHAMDI: The Health Sector Transformation Programme (HSTP) was established as part of Vision 2030 and sets clear aspirations in terms of governance, funding and the delivery of health…
Faris AlGhannam, CEO and Board Member, HSBC Saudi Arabia: Interview What factors position Saudi Arabia as an attractive investment destination for the global community? FARIS ALGHANNAM: Saudi Arabia has positioned itself as one of the world’s top-10 capital markets, driven by its robust economic foundations and strategic vision. The Kingdom has made strides in attracting foreign investors, growing…
Mohammed Al Rumaih, CEO, Saudi Exchange: Interview In what ways does Saudi Arabia’s Vision 2030 impact the development of domestic capital markets? MOHAMMED AL RUMAIH: Vision 2030 is having a strong effect on the development of capital markets as part of the Kingdom’s broader goal to diversify its economy away from oil. Introduced in 2018, the Financial Sector Development Programme is a cornerstone…
Interview:Ayman Al-Sayari, Governor, Saudi Central Bank (SAMA) What steps has the Kingdom taken to help address the effects of global economic challenges? AYMAN AL-SAYARI: In recent years the most pronounced economic challenge has been global inflationary pressure. Domestic inflation has remained contained due to two main factors: the fixed exchange rate policy, given its role in dampening…
Interview: Nadir Al Koraya, CEO, Riyad Bank To what extent are banks adapting strategies and services to support economic diversification? NADIR AL KORAYA: The Financial Sector Development Programme (FSDP) is key to creating a diverse sector that supports the national economy. The FSDP has been instrumental in privatising industries, strengthening related entities and developing financial markets.…
Interview:Bader H AlSalloom, CEO, BSF What has been the response of the banking sector to recent shifts in the global economic landscape? BADER ALSALLOOM: The Saudi banking sector has responded to global economic shifts with a robust focus on supporting Vision 2030 and the associated giga- and megaprojects driving economic growth. Saudi Arabia has been somewhat insulated from global economic…
