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SAMA: New System Seeks to Expand Banking Activities

Saudi Central Bank (Asharq Al-Awsat)
Saudi Central Bank (Asharq Al-Awsat)
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SAMA: New System Seeks to Expand Banking Activities

Saudi Central Bank (Asharq Al-Awsat)
Saudi Central Bank (Asharq Al-Awsat)

The Saudi Central Bank (SAMA) said that it expected the new project to regulate the banking system in the country to expand the definition of banking business, include the granting of credits, and specify accurately the system objectives and scope.

In a statement on Thursday, SAMA said that one of the most important elements of the project was to strengthen the regulatory framework for the Deposit Protection Fund to protect depositors and contribute to financial stability.

The project also seeks to enhance the regulatory framework for banking secrecy in the Kingdom by following the confidentiality model as a general rule, with a variety of limited exceptional cases.

SAMA noted that the banking system project was put forward to keep abreast with developments and to ensure the continued stability and growth of the sector, stimulate investments, and contribute to financial stability in the Kingdom, in addition to strengthening the protection of depositors and customers.

The Central Bank added that it was seeking public feedback on the draft Banking Law, which aims to provide stability and growth in the sector.

It invited the public and stakeholders to share their views and comments on the draft law through National Competitiveness Center’s public consultation platform within 30 working days, SAMA statement read.

It added that the draft law was expected to continue regulating the banking sector as effectively as the current Banking Control Law.

Fahad Almubarak, governor of SAMA, explained in a statement that SAMA has worked on a set of initiatives during the last period, including the launching of the financial technology strategy after its approval by the Council of Ministers. The strategy seeks to make the Kingdom one of leaders in the field of financial technology and innovation.

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Saudi Government Calls for Private Sector Involvement to Enhance Vision 2030 Reports

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
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Saudi Government Calls for Private Sector Involvement to Enhance Vision 2030 Reports

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)

The Saudi government has directed greater private sector involvement in shaping the content of Vision 2030 communications and reports, according to sources who spoke to Asharq Al-Awsat. The goal is to amplify the impact of the annual Vision 2030 reports by making them more comprehensive and directly relevant to the business community.

The Strategic Management Office in the Saudi Royal Court has invited private sector stakeholders to review the annual Vision 2030 report to raise awareness of governmental achievements. Businesses are encouraged to provide feedback to ensure that future reports are more impactful and valuable for their audience.

The initiative aims to gather feedback on whether the current report format effectively delivers information relevant to the business sector. It also seeks input on the balance between general achievements and sector-specific details, as well as insights on the report’s accessibility and usefulness to business audiences.

According to the sources, the government is also evaluating the level of transparency in the report, particularly in showcasing progress and achievements. Stakeholders are being asked to suggest areas of focus for future editions to make the reports more comprehensive and relevant to their needs.

Additional proposals include enhancing collaboration between the Vision 2030 communications team and Saudi chambers of commerce to better report on progress and achievements to the private sector. Furthermore, the government is exploring the inclusion of practical success stories from businesses that have played a role in achieving Vision 2030 goals.

Since its inception, Vision 2030 has worked to identify and address challenges facing businesses. Significant reforms have been implemented to remove barriers, ensuring the private sector can fulfill its vital role in driving economic growth.

Efforts have included reforms to streamline the business environment, enhance the quality and efficiency of government services, and digitize processes. Additionally, numerous programs, initiatives, funding platforms, and business incubators and accelerators have been launched to support the private sector.

The Vision 2030 annual report for 2023 highlighted strong program performance, with 87% of the year’s 1,064 initiatives either completed or on track. Among the 243 key performance indicators (KPIs) identified, 81% of third-level KPIs met their targets, while 105 exceeded future targets set for 2024–2025.

The report also noted that non-oil gross domestic product (GDP) reached SAR 1.889 trillion, compared to a baseline of SAR 1.519 trillion. The 2023 target was SAR 1.934 trillion, with the ultimate Vision 2030 target set at SAR 4.97 trillion.

Private sector contributions to GDP increased to 45%, meeting the 2023 target and surpassing the baseline of 40.3%. The long-term Vision 2030 target is 65%.