Saudi Arabia to Launch Major Future Privatization Projects Covering All Sectors

 Jadaan during his participation in the Financial Stability Conference held on Thursday in Riyadh (Asharq Al-Awsat).
Jadaan during his participation in the Financial Stability Conference held on Thursday in Riyadh (Asharq Al-Awsat).
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Saudi Arabia to Launch Major Future Privatization Projects Covering All Sectors

 Jadaan during his participation in the Financial Stability Conference held on Thursday in Riyadh (Asharq Al-Awsat).
Jadaan during his participation in the Financial Stability Conference held on Thursday in Riyadh (Asharq Al-Awsat).

Saudi Minister of Finance Mohammad Al-Jadaan revealed the Kingdom’s plan to launch major projects to privatize a number of sectors.

Speaking during the Financial Stability Conference held on Thursday in Riyadh, Al-Jadaan said that Saudi Arabia’s economy has been witnessing a gradual recovery since mid-2021, which was reflected in the positive growth rate in the real non-oil sector, which recorded 8.4 percent during the second quarter of this year, with support of the private sector, which grew at an average rate of 11.1 percent.

The minister said that the preliminary estimates for the third quarter of 2021 indicated a growth of 6.2 percent of the non-oil GDP, noting that the government was working on a financial sustainability program to reduce exposure to external factors, including fluctuations in oil markets.

Al-Jadaan emphasized his country’s preparation for launching around 160 future projects to privatize a number of sectors, pointing to ongoing plans to privatize education and logistics.

He said priority was given for projects with the highest impact within the sectors, adding that the new updated strategy would be published around mid-2022.

The Saudi finance minister stressed that his government was dealing with the Covid-19 pandemic by adopting realistic, transparent and responsible policies and procedures that have limited its financial, humanitarian and economic repercussions and put the country on the path of recovery and stability.

He said that financial stability should begin with public policies that work to achieve a balance between sustainability and the promotion of economic growth, with the aim to support the economic and social transformation in line with Saudi Vision 2030.

For his part, Dr. Fahd Al-Mubarak, the Governor of the Saudi Central Bank, revealed that digital business operations have reached more than 270 million transactions, with a value of 60 billion riyals (16 billion dollars).

Those operations grew by 60 percent during the Covid-19 pandemic, Al-Mubarak said, noting that the bank issued licenses to 12 companies, while 35 other companies were working in the experimental environment and waiting to obtain the full license to join the new financial technology.

He also said that among other initiatives by the Central Bank was the launch of a program with “Kafala” to support medium-sized companies, with loans to beneficiaries reaching 7,000 contracts worth 13 billion riyals ($3.4 billion). In this regard, the governor underlined the strength of the local insurance sector, which has a solvency margin of 170 percent, a loss rate under 80 percent, and an underwriting growth of 10 percent.

Mohammad Al-Kuwaiz, Chairman of the Board of the Saudi Capital Market Authority, revealed that foreign financial flows amounted to about 135 billion riyals ($36 billion) during the year 2019.

He stressed that opening the market supports the diversification of existing funding sources for listed companies.



Saudi Arabia Emerges as Global Hub for Billion-Dollar Startups

A glimpse of Fintech 24 conference in Riyadh (SPA) 
A glimpse of Fintech 24 conference in Riyadh (SPA) 
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Saudi Arabia Emerges as Global Hub for Billion-Dollar Startups

A glimpse of Fintech 24 conference in Riyadh (SPA) 
A glimpse of Fintech 24 conference in Riyadh (SPA) 

Saudi Arabia is rapidly establishing itself as a global center for billion-dollar startups, known as “unicorns,” by cultivating an innovation-driven environment. These high-growth companies - private ventures valued at over $1 billion - have become a symbol of success in the world of entrepreneurship.

The rise of unicorns in the Kingdom reflects a combination of supportive regulations, government backing, and strong investor appetite. Sectors such as artificial intelligence, fintech, e-commerce, and logistics are at the forefront of this transformation.

Among the most notable Saudi success stories are STC Pay, Tabby, Tamara, and the fast-growing delivery firm Ninja. STC Pay became the first fintech company licensed by the Saudi Central Bank and now leads the digital wallet market in the Middle East and North Africa. Tabby, also licensed by the central bank, offers buy-now-pay-later services and has earned both Sharia compliance and global security certifications.

Tamara, founded in Riyadh in 2020, joined the unicorn club in late 2023. The company provides deferred payment solutions and has expanded across the Gulf region. Most recently, Ninja secured $250 million in funding led by Riyad Capital, valuing the three-year-old startup at $1.5 billion. An initial public offering is targeted by 2027, according to Bloomberg.

Investment in Saudi startups has surged, with nearly $400 million raised in the first quarter of this year alone, data firm Magnitt reported.

Silvina Moschini, co-founder of Unicoin and CEO of Unicorn Hunters, described Vision 2030 as a decisive turning point.

“It opened markets, diversified the economy beyond oil, and placed entrepreneurship at the heart of Saudi growth,” she told Asharq Al-Awsat.

She emphasized that government investments in digital infrastructure and the Public Investment Fund have created fertile ground for ambitious ideas to scale.

“Investors are drawn to fast-growing markets with strong state support, and Saudi Arabia offers exactly that,” she said.

While fintech and e-commerce have led the way, Moschini noted that the next wave of growth will likely come from artificial intelligence, cybersecurity, clean energy, digital health, and creative industries such as gaming and media - sectors closely aligned with Vision 2030 priorities.

She stressed that reaching unicorn status is only the beginning. “The real challenge is sustaining growth and competing globally,” she noted, underscoring the importance of international partnerships and regional expansion.