The second edition of the two-day Financial Sector Conference – organized by the partners of the Financial Sector Development Program, including the Ministry of Finance, Saudi Central Bank and Capital Market Authority – started today, drawing local, regional and international financial decision makers and senior executives at financial institutions, together with an elite of international investors, businessmen, and specialized academics.

Minister of Finance Mohammed bin Abdullah Al-Jadaan said in his speech that the Financial Sector Conference is held this year after having achieved remarkable results in the comprehensive development process, the features of which are set out in the Saudi Vision 2030 that aims at bringing about a bright and sustainable future in all fields as per the directives of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister.

The minister added that the financial sector holds the key to the prosperity of the Kingdom's traditional and digital infrastructure, and that ambitious goals have been set for the development of the financial sector. Top achievements since the launch of the vision include Saudi Arabia becoming one of the fastest-growing financial markets worldwide, with banking assets that have increased by 37% since 2019, reaching SAR3.6 trillion by the end of last year, and the fact that the number of financial technology companies has risen from 20 in 2019 to 147 in 2022.

He added that the Kingdom is a reliable investor partner. In this regard, five international financial institutions have joined the local First Traders' Program, where the Public Investment Fund issued the first-ever $3 billion international green bond in October; the second issue of $5.5 billion was completed last month, boosting the Kingdom's successes. Also, the National Development Fund (NDF) last year injected some $4 billion to support domestic and international investors to implement projects in the industrial, energy, mining and logistics sectors.

Source: Saudi Press Agency

Related Post