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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) 
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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.

 

 

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Business

Crude Shipments from Saudi Arabia's Yanbu Port Near Maximum Levels

King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
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Crude Shipments from Saudi Arabia's Yanbu Port Near Maximum Levels

King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)

Daily crude loadings at Saudi Arabia's Red Sea port of Yanbu are close to maximum levels this week, according to data and industry sources.

Shipments from Yanbu reached 4.7 million barrels per day around July 13, up from 3.36 million bpd around July 10 and broadly in line with 4.6 million bpd around July 2, ⁠according to Signal Ocean data.

Loadings have averaged above four million bpd since June, compared with 973,000 bpd around the same period 2025, the data showed.

Kpler data also show daily loadings averaging around four million barrels in recent weeks.

Saudi Arabia has relied increasingly on Yanbu to export crude amid disruptions to shipping through the Strait of Hormuz during the US-Iran conflict.

Business

BP Sees Boost from Energy Prices in Second Quarter, Expects Lower Net Debt

An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
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BP Sees Boost from Energy Prices in Second Quarter, Expects Lower Net Debt

An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)

BP expects its oil trading result to be slightly higher in the second quarter after an exceptionally strong first quarter, as it continues to profit from a surge in oil prices caused by the Iran war.

The British major flagged higher oil realizations said stronger prices were expected to add a $1.8 billion to $2.1 billion boost to earnings in its oil production and operations business compared with the first quarter.

In its gas and low carbon energy segment, realizations are expected to add a further $500 million to $700 million, it said on Tuesday.

Gas trading results are expected to be broadly unchanged from the previous quarter.

Global benchmark Brent crude prices hit multi-year highs and averaged around $97 per barrel during the April-to-June quarter, up from around $78 in the first quarter and about $67 a year earlier.

BP said refining margins averaged $29.6 per barrel, versus $16.9 in the first quarter.

The company expects upstream production to fall in the second quarter to between 2.17 million and 2.22 million barrels of oil equivalent per day from around 2.34 million boed in the previous three months, due in part to the effects of the crisis.

BP expects net debt to stand at $22 billion to $23 billion at end-June, down from $25.3 billion at the end of March, with a target to reduce this further to $14 billion to $18 billion by the end of next year.

The company made a $2.9 billion payment to redeem €2.5 billion of perpetual hybrid bonds, leaving it with a total of about $13 billion outstanding. It also paid $1.1 billion in Gulf of Mexico settlement liabilities.

Overall, BP expects net debt, hybrid bonds and Gulf of Mexico settlement liabilities to decrease by around a combined $6.3 billion to $7.3 billion from the previous quarter.

Exploration write-offs are seen totaling around $500 million in the second quarter, primarily related to the sale of its stake in the Bay du Nord project offshore Canada.

Business

China's Economy Grew at 4.3% Annual Pace in the 2nd Quarter, Slowest Since Late 2022

People walk in the Central Business District (CBD) area in Beijing, China, 15 July 2026. EPA/WU HAO
People walk in the Central Business District (CBD) area in Beijing, China, 15 July 2026. EPA/WU HAO
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China's Economy Grew at 4.3% Annual Pace in the 2nd Quarter, Slowest Since Late 2022

People walk in the Central Business District (CBD) area in Beijing, China, 15 July 2026. EPA/WU HAO
People walk in the Central Business District (CBD) area in Beijing, China, 15 July 2026. EPA/WU HAO

China’s economy slowed sharply to a 4.3% annualized pace of growth in the April-June quarter, the government said Wednesday, the weakest in over three years.

The official data fell short of forecasts and was far below the economy's strong 5% pace of growth in January-March, despite a surge in exports driven partly by the boom in artificial intelligence, and by robust global demand for Chinese electric vehicles.

China has largely shrugged off wider economic impacts from the Iran war as soaring energy prices pushed up global inflation. Exports rose 17.6% in the first half of the year from a year earlier, and 27% in June, according to customs data.

But domestic spending and investment have lagged, limiting the boost from export manufacturing for an economy that has struggled to regain momentum since parts of China were locked down during the COVID-19 pandemic, The Associated Press reported.

“This was the slowest growth in any quarter since the lockdown-impacted fourth quarter of 2022,” said Lynn Song, chief economist for Greater China at ING Bank in a note.

Some economists say China’s economy is becoming increasingly unbalanced as heavy state support and private investments pour into frontier technologies like AI, computer chips and robotics while other areas such as lower-value manufacturing and jobs creating services industries languish.

Exports of high-tech products such as electric vehicles, computer chips and other electronic equipment have risen sharply, helped by hefty government support since China’s leaders have made development of advanced technologies a top priority.

China ran a record $1.2 trillion global trade surplus last year, drawing complaints from policymakers in other countries over their trade imbalances with the world’s second-largest economy. Many have pointed to those heavy state subsidies, which they say contribute to an oversupply of manufactured goods that end up being exported overseas.

As is true in many countries, the expansion of AI and robotics has also raised worries at home over whether businesses will create enough jobs to sustain growth in the longer term.

Chinese families have cut back on big purchases, their appetite for spending constrained by a prolonged property slump and uncertainties over jobs and wages.

As China remains reliant on its exports to sustain overall growth, “China’s growth model has become increasingly imbalanced,” said Eswar Prasad, a professor of economics and trade policy at Cornell University. Substantially increasing domestic demand will be tough as confidence remains weak, he added.

Mao Shengyong, deputy head of China's National Bureau of Statistics, told reporters that given the increasingly unstable and uncertain global situation, the imbalance between strong supply and weak demand “remains acute” at home.

As China focuses on high-tech manufacturing and pursues “higher-quality economic growth,” it will work to build a robust domestic market and offer support to keep employment stable, he said.

China’s economy is going through a “significant transition,” said Wei Li, Head of Multi-Asset Investments at BNP Paribas Securities (China).

For the whole of 2026, Chinese leaders have set a growth target of 4.5% to 5%, slower than last year’s 5%. Overall economic growth for the first half of the year was at 4.7%, the data released Wednesday showed.

The International Monetary Fund recently raised its forecast for China’s annual growth by 0.2 percentage point to 4.6%. It expects China’s economy to expand just 4.1% in 2027.