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Saudi Arabia Gears Up to Become Middle East’s Fintech Hub

Within a few months, Riyadh became the second most attractive city in the region for fintech companies (AP)
Within a few months, Riyadh became the second most attractive city in the region for fintech companies (AP)
    Cairo - Ahmad Al-Ghamrawi
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Saudi Arabia Gears Up to Become Middle East’s Fintech Hub

Within a few months, Riyadh became the second most attractive city in the region for fintech companies (AP)
Within a few months, Riyadh became the second most attractive city in the region for fintech companies (AP)

Amid a fast-paced financial world, Saudi Arabia is emerging as a very bright spot for the future of the financial technology sector in the Middle East.

What makes the Kingdom a prominent home for financial technology in the region are several record achievements, foremost of which is the development of infrastructure to be ready for innovative products, and the issuance of legislation aimed at enabling companies and new technologies.

In May, the Saudi Cabinet approved the Kingdom’s financial technology strategy, a move that experts said would enable and activate modern means in the financial sector and attract local and foreign companies to work in an equipped infrastructure in the Kingdom.

The strategy comes as a new pillar within the Kingdom Vision 2030’s Financial Sector Development Program (FSDP).

Kingdom Vision 2030 seeks to develop the national economy, diversify sources of income, enable financial institutions to support the growth of the private sector, and open the way for new companies to provide financial services in Saudi Arabia.

Capital Market Authority (CMA) Chairman Mohammed Elkuwaiz clarified that the strategy supports all financial technology activities through transformation engines combined with initiatives that support service providers and develop the sector’s infrastructure.

The strategy comprises six key transformational drivers, which are: highlighting the Saudi identity globally, strengthening the regulatory framework, supporting the sector, developing human resources, advancing technical infrastructure, and enhancing cooperation at the local and global levels.

These transformational drivers include 11 initiatives, which will help strengthen Saudi Arabia's position globally in the field of fintech and support the kingdom's GDP by creating additional job and investment opportunities by 2030.

Fintech strategy was designed within the FSDP through collaborative efforts among the following entities: SAMA, CMA, Ministry of Finance, Ministry of Communications and Information Technology, Ministry of Investment, the Small and Medium Enterprises General Authority (Monsha'at), and Fintech Saudi.

The shared vision of those entities is to achieve global competitiveness and make Saudi Arabia a fintech hub where technology-based innovation in financial services is the foundation for enhancing the economic empowerment of individuals and society.

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Three Saudi-Yemeni Companies Established in Energy, Telecom to Support Yemen's Reconstruction

The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)
The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)
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Three Saudi-Yemeni Companies Established in Energy, Telecom to Support Yemen's Reconstruction

The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)
The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)

The Saudi-Yemeni Business Council, part of the Federation of Saudi Chambers, announced six initiatives to boost trade and support Yemen’s economic development at a meeting in Makkah, Saudi Arabia.
Over 300 Saudi and Yemeni investors attended, agreeing to establish three companies to help rebuild Yemen and improve its infrastructure.
The initiatives include upgrading border crossings to improve logistics and increase trade, currently valued at 6.3 billion riyals ($1.6 billion). Yemen’s exports to Saudi Arabia, worth only 655 million riyals ($174.6 million), highlight untapped potential in mining, agriculture, livestock, and fisheries.
Key recommendations to enhance trade and support Yemen’s economic recovery include setting up quarantine facilities for Yemeni livestock and agricultural products to increase exports, as well as building smart food cities near border areas to improve food security and sustainable cooperation.
The Council urged action to address banking challenges faced by traders, suggesting reforms in Yemen’s financial sector and stronger ties with Saudi banks. It also proposed creating a club for Yemeni investors in Saudi Arabia to encourage joint projects and partnerships.
Three new Saudi-Yemeni companies will be established. One will invest $100 million in solar energy to provide sustainable electricity in Yemen. Another will focus on boosting telecommunications via Starlink satellite services. The third will organize events to promote Saudi products and support Yemen’s reconstruction.
Speaking to Asharq Al-Awsat, Council President Dr. Abdullah bin Mahfouz emphasized the private sector’s critical role in stabilizing Yemen’s economy and society through investments that support development, create jobs, improve infrastructure, and promote small and medium-sized enterprises (SMEs).
He stressed the importance of empowering Yemeni entrepreneurs and securing funding for reconstruction projects, encouraging public-private partnerships to execute large-scale initiatives under the Build-Operate-Transfer (BOT) model.
The Makkah meeting ended with agreements between Saudi and Yemeni companies to develop key sectors such as energy, agriculture, and infrastructure.
Streamlined customs, improved logistics, and upgraded Yemeni ports and airports were also highlighted as priorities to facilitate trade.
Yemeni delegation leader Abdulmajid al-Saadi, praised Saudi Arabia’s new investment law, noting Yemeni investments in the Kingdom have reached 18 billion riyals ($4.8 billion), ranking third among foreign investors.