The Financial Sector Development Program plays a crucial role in shaping the future of Saudi Arabia's financial sector to promote income diversification, boost savings, and offer various financing and investment opportunities. By creating a strong, dynamic, and stable sector, the Program is driving economic growth and diversification in the Kingdom.
As the Kingdom’s economy continues to thrive, the Program is strengthening financial sector institutions, advancing the financial market, encouraging savings, and fostering the growth of fintech startups in their pursuit of a world-leading financial sector.
About the Program
Launched in 2018, the Financial Sector Development Program was established with a mission to make a difference in the financial industry of Saudi Arabia with a focus on banking, insurance, stock markets, and debt markets. By helping financial institutions in the Kingdom become stronger and more competitive, the Program is driving the growth and advancement of the Kingdom’s financial market.
The Program works hand-in-hand with the Saudi Central Bank (SAMA)to provide banking services that are more accessible. By investing in technology and offering a wide range of financial products and services, the Program is committed to contributing to the stability and growth of the banking system to make it even more convenient. It has also collaborated with theCapital Market Authority (CMA)to establish an evolved capital market that offers a range of products.
The Program is working tirelessly to modernize the financial landscape in Saudi Arabia by updating laws and regulations to meet the highest international standards.
With its dedication, the Program has already accomplished some amazing feats, such as launching its forward-thinking FinTech strategy, granting licenses to three cutting-edge digital banks, and establishing a Financial Academy to train and develop future financial leaders.
Since the Program's launch, theSaudi Capital Market (Tadawul)is now counted among the top 10 largest markets globally, listed on the leading international indices such as MSCI, S&P Dow Jones, and FTSE Russell.
The Program is keeping up with the latest global trends to ensure a modern, innovative financial system that supports entrepreneurship, drives private sector growth, and puts Saudi Arabia on the map as a premier destination for FinTech companies.
Strategic Objectives
Targets
935bn+
$
in banking assets
+80
%
Increase of +80%* in the market value of Tadawul as a percentage of GDP (*Exc. Aramco)
230
emerging FinTech companies
11
%
Increase of 11% in the share of financing SMEs from banks
2.4
%
Increase of 2.4% in the contribution of gross written premiums to non-oil GDP
70
%
Increase of 70% in growth rate of digital payments
FUELING THE ENGINE OF ECONOMIC PROSPERITY, THE FINANCIAL SECTOR DEVELOPMENT PROGRAM IS POWERING GROWTH IN SAUDI ARABIA.
H.E. Mr. Mohammed Abdullah Al-Jadaan
Chairman of the Program, Minister of Finance, & Member of the Council of Economic and Development Affairs
Board Members
H.E. Eng. Khalid bin Abdulaziz Al-Falih
MINISTER OF INVESTMENT
H.E. Mr. Faisal bin Fadhil Alibrahim
MINISTER OF ECONOMY AND PLANNING
H.E. Mr. Ayman bin Mohammed Alsayari
GOVERNOR OF THE SAUDI CENTRAL BANK
H.E. Mr. Mohammed bin Abdullah Al-Quwaiz
CHAIRMAN OF THE CAPITAL MARKET AUTHORITY
H.E. Mr. Abdulaziz Hassan AlBoug
CHAIRMAN OF THE INSURANCE AUTHORITY
Mr. Fahad bin Abduljalil Al-Saif
HEAD OF GLOBAL CAPITAL FINANCE AT THE PUBLIC INVESTMENT FUND
Mr. Khalid bin Ibrahim Shareef
Deputy Governor for The National Development Fund
Gallery
