Saudi Arabia Accelerates Human Capital Development in the Financial Sector

Chairman of the Capital Market Authority and Chairman of the Board of Trustees of the Financial Academy, Mohammed Elkuwaiz (Asharq Al-Awsat) 
Chairman of the Capital Market Authority and Chairman of the Board of Trustees of the Financial Academy, Mohammed Elkuwaiz (Asharq Al-Awsat) 
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Saudi Arabia Accelerates Human Capital Development in the Financial Sector

Chairman of the Capital Market Authority and Chairman of the Board of Trustees of the Financial Academy, Mohammed Elkuwaiz (Asharq Al-Awsat) 
Chairman of the Capital Market Authority and Chairman of the Board of Trustees of the Financial Academy, Mohammed Elkuwaiz (Asharq Al-Awsat) 

Saudi Arabia is pressing ahead with its commitment to strengthen and develop human capital across financial institutions, in line with the Kingdom’s robust economic momentum and rapid expansion across multiple sectors.

The government’s strategy includes a range of national initiatives and strategic programs designed to empower Saudi talent and prepare a new generation of financial leaders capable of steering the country’s evolving economy.

The Financial Academy Forum 2025, now in its fourth edition, opened on Wednesday in Riyadh under the patronage of Mohammed Elkuwaiz, Chairman of the Capital Market Authority Board of Commissioners. The event brought together senior executives, policymakers, and leading local and international experts in finance and business to discuss the future of human capital in the sector.

Elkuwaiz noted that this year’s forum, themed “Innovate to Empower,” reflects a deep national commitment to building a more dynamic and innovative financial ecosystem. He emphasized that Saudi Arabia is undergoing a historic phase of economic transformation, moving away from dependence on oil toward greater diversification and sustainability. He said the contribution of the non-oil sector to the Kingdom’s GDP has now surpassed 50 percent, a milestone that demonstrates the strength and resilience of the national economy.

He stressed that such progress requires continued investment in human capital, describing it as the nation’s most valuable resource. The Financial Academy, he added, plays a central role in empowering Saudi professionals, localizing advanced skills, and fostering a knowledge-based environment that supports global best practices and aligns with the goals of Vision 2030.

Since its founding in 2020, the academy has trained more than 120,000 professionals from over 700 financial institutions, while more than 200,000 participants have obtained professional certifications. Its programs now extend to over 10 cities inside and outside the Kingdom.

The academy has also partnered with more than 50 local and international training institutions, with Saudi trainers now accounting for approximately half of its faculty, reflecting growing national expertise and a commitment to knowledge localization.

Mana bin Mohammed Al-Khamsan, CEO of the Financial Academy and Chairman of the Forum’s Supervisory Committee, told Asharq Al-Awsat that this year’s initiatives build upon last year’s achievements and have been designed to meet current market needs more precisely. He described the academy as a key driver in developing financial sector capabilities, emphasizing that investing in human capital is vital to ensuring the sustainability and success of the Financial Sector Development Program.

During the event, Al-Khamsan launched a series of new strategic programs. Among them was the “Next CFO” initiative, developed in partnership with the Saudi Tadawul Group, which focuses on preparing future financial leaders. Another initiative, “Corporate Banking Leaders,” was introduced in collaboration with the Ministry of Human Resources and Social Development, the Sectoral Skills Councils, and the Human Resources Development Fund (HRDF) to cultivate leadership in corporate banking.

Other notable programs included “Elite Graduates in Asset Management,” launched with State Street to train Saudi specialists in asset management and investment, and “Shaping the Future of Saudi Financial Media,” introduced in partnership with the Saudi Research and Media Group (SRMG) and sponsored by AlAhli Capital, aimed at equipping journalists with expertise in financial and economic reporting.

 

 



Al-Moammar Receives First Work Order Under HUMAIN Agreement, Worth More Than 148% of 2025 Revenue

A sign identifying Al-Moammar Information Systems Company in Riyadh (company website).
A sign identifying Al-Moammar Information Systems Company in Riyadh (company website).
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Al-Moammar Receives First Work Order Under HUMAIN Agreement, Worth More Than 148% of 2025 Revenue

A sign identifying Al-Moammar Information Systems Company in Riyadh (company website).
A sign identifying Al-Moammar Information Systems Company in Riyadh (company website).

Al-Moammar Information Systems Company (MIS) has received its first work order under its agreement with HUMAIN, with a total value exceeding 148 percent of the company's total revenue for 2025, including value-added tax.

In a statement on Saudi Exchange on Sunday, the company said Work Order No. 1, received on October 1, covers the scope of work related to a capacity of 50 megawatts. This was the scope previously announced as part of a project to design and build data centers dedicated to artificial intelligence technologies.

The company said the financial impact of the work order began in the second quarter of fiscal year 2026.

The work order was received under an agreement signed by Al-Moammar Information Systems with HUMAIN last September, with a value exceeding 689 percent of the company's total revenue for 2025, including value-added tax. The agreement includes an expansion of the project's scope from 50 megawatts to 250 megawatts.

When the agreement was announced, the company said the engineering, procurement, and construction works would be carried out through work orders issued by HUMAIN in accordance with the terms of the agreement. The company would announce each work order upon receipt, including its value, implementation period, and financial impact.

Al-Moammar Information Systems expects to receive additional work orders related to the further expansion of the project in the coming period and will announce any material developments in this regard when they occur.


OPEC+ Agrees to Keep November Oil Output Targets Steady

FILE PHOTO: A view shows the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, May 28 , 2024. REUTERS/Leonhard Foeger/File Photo
FILE PHOTO: A view shows the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, May 28 , 2024. REUTERS/Leonhard Foeger/File Photo
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OPEC+ Agrees to Keep November Oil Output Targets Steady

FILE PHOTO: A view shows the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, May 28 , 2024. REUTERS/Leonhard Foeger/File Photo
FILE PHOTO: A view shows the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, May 28 , 2024. REUTERS/Leonhard Foeger/File Photo

OPEC+ agreed to keep oil production targets steady for November at a meeting on Sunday, the producer group said, in line with expectations that further output policy adjustments are unlikely until next year.

Seven core members of the group comprising the Organization of the Petroleum Exporting Countries and allies including Russia made the decision for November in a brief online meeting on Sunday. The core members are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.

Oil prices had dropped on Friday after European leaders agreed to US President Donald Trump's request to release diesel reserves. Even so, Brent crude remains above $100 a barrel, up from about $73 before the Iran war started in late February.

The Iran war has also delayed the group's output capacity review — crucial to determine members’ 2027 output quotas — because it has thrown estimates of future production potential into uncertainty, industry sources told Reuters last week.

OPEC+ has been raising output targets for much of 2026 after years of production cuts, but most of the increases stayed on paper because of the Middle East conflict.

The seven core OPEC+ members pumped 25 million barrels per day in August, up 630,000 bpd from July, yet still roughly 5 million bpd below prewar levels in February, OPEC data shows.

The seven hold their next meeting on November 1.

OPEC+ still has about 2 million bpd of output cuts in place covering most members. It needs the result of the capacity review to decide how to distribute increases and any changes to output are unlikely before 2027, sources have said.

A separate OPEC+ ministerial group called the Joint Ministerial Monitoring Committee (JMMC), which does not decide policy, also met on Sunday to review the market.


Saudi Arabia Announces Results of Natural Gas Distribution Licensing Competition in Al-Kharj

A worker at one of Saudi Aramco's gas facilities.
A worker at one of Saudi Aramco's gas facilities.
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Saudi Arabia Announces Results of Natural Gas Distribution Licensing Competition in Al-Kharj

A worker at one of Saudi Aramco's gas facilities.
A worker at one of Saudi Aramco's gas facilities.

The Ministry of Energy today announced the results of a competition for a license to establish, own, and operate a natural gas distribution network in the industrial city of Al-Kharj in central Saudi Arabia.

The ministry had previously invited interested investors to participate in the competition to obtain the license and completed the procedures for qualifying bidders, launching the competition, and evaluating the bids.

As part of the competition, Natural Gas Distribution Company was awarded a license to establish, own, and operate the distribution network in the industrial city of Al-Kharj.

The competition will contribute to the objectives of the Liquid Fuel Displacement Program and the replacement of liquid fuels with natural gas, with the aim of maximizing the economic, environmental, and social benefits that the Kingdom derives from its petroleum resources as part of Vision 2030.

The launch of the competition is part of the ministry's efforts to strengthen the natural gas sector's infrastructure and stimulate investment in the sector by creating an attractive competitive environment that enables beneficiaries to access natural gas and improves the quality of services provided.