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Saudi Arabia Launches Training Program to Combat Money Laundering, Terrorism Financing

Director-General of Saudi Arabia’s Financial Academy Mana bin Mohammed Al-Khamsan. (Asharq Al-Awsat)
Director-General of Saudi Arabia’s Financial Academy Mana bin Mohammed Al-Khamsan. (Asharq Al-Awsat)
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Saudi Arabia Launches Training Program to Combat Money Laundering, Terrorism Financing

Director-General of Saudi Arabia’s Financial Academy Mana bin Mohammed Al-Khamsan. (Asharq Al-Awsat)
Director-General of Saudi Arabia’s Financial Academy Mana bin Mohammed Al-Khamsan. (Asharq Al-Awsat)

Saudi Arabia has unveiled a new training program to fight money laundering and terrorism financing. The initiative targets leaders in financial and non-financial sectors across the country.

The announcement was made during the "Arab Forum for Anti-Corruption Agencies and Financial Intelligence Units," a two-day event sponsored by Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, in Riyadh.

The 18-month program aims to train personnel to better prevent, analyze, and report illegal activities. It also seeks to improve information sharing between financial institutions and regulatory bodies, bolstering the overall integrity of the financial system.

The program, presented by Mana bin Mohammed Al-Khamsan, Director-General of Saudi Arabia’s Financial Academy, is a joint effort with the Kingdom’s state security and an international consultancy.

Al-Khamsan stressed the importance of combating financial crimes and highlighted the academy’s commitment to providing specialized training and certifications.

Aligned with Saudi Arabia’s national transformation plan, Vision 2030, the academy aims to support entities combating corruption and financial crimes. It has conducted over 500 training programs benefiting thousands of professionals from various sectors.

Al-Khamsan emphasized the value of professional certifications in boosting workforce efficiency, noting partnerships with respected international associations and institutions.

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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.