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Saudi Minister of Finance and Chairman of the Financial Sector Development Program Committee, Mohammed Al-Jadaan, said that Saudi Arabia continues, under Vision 2030, “the ongoing process of economic development thanks to the financial and economic reforms that lead us towards a bright and developed future in the financial sector.”
RIYADH: Saudi Arabia is open to providing up to 75 percent of financing for certain industrial projects, a minister has revealed in a bid to incentivize foreign investment and private sector players. During his discussion with several Qatari investors on the sidelines of the 52nd meeting of the Gulf Cooperation Council Industrial Cooperation Committee in Doha, Bandar Alkhorayef, the Kingdom’s minister of industry and mineral...
Saudi Arabia has seen a big rise in e-payments by individuals, making up 70% of total individual transactions in 2023, up from 62% in 2022—a 13% increase. According to the Saudi Central Bank, also known as SAMA, almost all transactions, 96%, were made using Near Field Communication (NFC) technology. The government, through its Financial Sector Development Program, part of Saudi Arabia’s Vision 2030, is focused on building a strong economy by empowering institutions, advancing the financial market, and backing fintech startups.
The Saudi government is intensifying its efforts to help individuals raise the savings rate in the country, by encouraging the private sector to issue new sukuks. The Financial Sector Development Program, within Vision 2030, aims to raise savings rates among individuals, increase the availability of savings products, enrich financial culture and spread awareness of the importance of saving and its benefits to plan future goals.