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) 
TT

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.

 

 



Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
TT

Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)

Egypt's Ministry of Petroleum and Mineral Resources and US energy major Chevron announced Saturday positive results from drilling the Nargis-2 natural gas well in the Mediterranean Sea, which began in May in cooperation with Chevron, its partners and the Egyptian Natural Gas Holding Company (EGAS).

In a statement, the ministry said the results support ongoing efforts to appraise the Nargis discovery, made in 2022, and accelerate its commercial development as one of Egypt's undeveloped gas discoveries.

The Nargis-2 appraisal well confirmed the extension of gas-bearing reservoirs previously encountered at Nargis-1 and identified an additional gas-bearing reservoir with favorable characteristics, supporting efforts to assess the area's gas resources and potential development opportunities.

The ministry said drilling operations were designed to evaluate the extent of the Nargis discovery and test deeper geological formations as part of efforts to expand exploration activities and maximize the Mediterranean's promising potential, including high-pressure, high-temperature formations.

The well reached a total depth of more than 5,000 meters, with appraisal results indicating gas-bearing reservoirs containing up to 35 meters of net pay.

According to the statement, these findings provide a positive indication supporting further technical studies to determine the discovery's overall potential and assess development opportunities.

The results align with the ministry's strategy to accelerate the development of undeveloped discoveries, encourage investment partners to intensify exploration activities and convert discovered resources into reserves that can be developed and brought into production, helping increase domestic natural gas output.

Egyptian Minister of Petroleum and Mineral Resources Karim Badawi witnessed the start of drilling operations at Nargis-2 in May aboard the Stena Forth drillship.

At the time, he emphasized the importance of accelerating the appraisal and development of undeveloped gas discoveries and strengthening cooperation with international energy companies to capitalize on Egypt's promising oil and gas resources.

Chevron operates the Nargis Offshore Concession in partnership with Italy's Eni, the UAE's Mubadala and Egypt's Tharwa Petroleum Company.


Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
TT

Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

Global equity funds attracted inflows for a fifth consecutive week in the week through October 21, as easing Treasury yields and strong early corporate earnings lifted investor sentiment.

Global equity funds drew net inflows of $28.16 billion during the week, compared with $19.88 billion in the previous week, LSEG Lipper data showed.

The benchmark 10-year US Treasury yield fell about 15 basis points last week and dropped below the psychologically significant 5% level this week, Reuters reported.

Fund investors were encouraged by better-than-expected corporate earnings so far this reporting season.

Of the nearly 18% of MSCI All Country World Index constituents that have ⁠reported earnings to date, ⁠about 73% have exceeded the average analyst estimate, according to LSEG data.

The MSCI World Index, however, fell 1.31% on Thursday after Meta reported strong results on Wednesday but unveiled plans to issue non-voting stock, reviving concerns about its growing capital commitments.

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

By region, Asian equity funds attracted $11.53 billion, their largest weekly ⁠inflow since at least December 2022. Investors also added $9.14 billion to European equity funds and $5.07 billion to US equity funds.

Among sectoral funds, technology attracted $5.05 billion, reversing net sales of $4.77 billion in the previous week. Investors also bought $1.83 billion in healthcare sector funds but sold a notable $1.29 billion in consumer discretionary sector funds.

Global bond funds remained popular for a fifth consecutive week, attracting net inflows of $9.44 billion.

Swiss franc-denominated bond funds drew $6.8 billion, their largest weekly inflow since at least November 2024. ⁠Investors also added ⁠a significant $2.78 billion to short-term bond funds, while pulling $1.68 billion from high-yield bond funds and $550 million from government bond funds.

Money market funds attracted weekly net inflows of $15.86 billion, following net outflows of $47.51 billion the previous week.

Among commodities, gold and other precious metals funds attracted net inflows of $1.29 billion, marking their fifth week of net purchases in the past six weeks. Investors also added $41.5 million to energy funds.

Data covering 29,174 emerging market funds showed that investors bought $6.28 billion worth of equity funds — the largest weekly net purchase since August 5. However, they withdrew a marginal $48.72 million from bond funds.


UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
TT

UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

The UK government on Saturday outlined plans to expand funding for artificial intelligence safety amid growing concerns over the cyber risks posed by the increasingly advanced technology.

"The economic opportunities from AI will only be realized if our critical infrastructure, public services and businesses are resilient to cyber, biological and emerging AI-enabled threats," the government said in a statement ahead of its annual budget update on Wednesday.

Concerns about AI safety have escalated in recent months after models developed by OpenAI and Anthropic were involved in security incidents during testing, piling pressure on governments to regulate the technology and protect against threats.

As part of a package of AI-related measures in the budget, the government will invest an additional £120 million ($161 million) in Britain's AI Security Institute, which tests the most powerful AI models before they are released.

According to AFP, it will also invest £100 million to establish a national AI Biosecurity Lab, which will use AI to detect and track biological threats.

"As AI becomes more powerful, Britain must have the capabilities to protect its people and shape its own future," said AI minister Kanishka Narayan.

"That means staying ahead of emerging threats, from cyberattacks to biological risks, while building more of the critical technology our security depends on," he added.

The plans include investment in AI tools to identify cyber vulnerabilities across critical infrastructure.

Governments and companies around the world shut down websites Thursday as they raced to protect themselves from hacks after AI models uncovered critical flaws in a widely used programming language called PHP.

Cybersecurity experts fear state-of-the-art AI technology could be used to hack banks, hospitals and government systems.

Last month it emerged that a rogue OpenAI model bypassed safeguards during training and hacked an Australian government health statistics website.