عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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
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.

 

 

Most Viewed

 
 
Business

PIF Anchors State Street’s Newly Launched Saudi Equity ETF

Officials from PIF and State Street IM (Saudi PIF)
Officials from PIF and State Street IM (Saudi PIF)
TT
TT

PIF Anchors State Street’s Newly Launched Saudi Equity ETF

Officials from PIF and State Street IM (Saudi PIF)
Officials from PIF and State Street IM (Saudi PIF)

The Saudi Public Investment Fund (PIF) and State Street Investment Management (State Street IM), one of the world’s largest asset managers, launched on Thursday the State Street Saudi Arabia Enhanced Active Equity (SAQL) with PIF as anchor investor.

The fund actively invests in equities of companies in Saudi Arabia using a quantitative multi-factor stock selection model, PIF said in a statement.

SAQL has its primary listing on the Xetra exchange in Germany and is cross listed on the LSE in the United Kingdom, where a bell ringing ceremony was held. The fund will be available to investors in both markets as well as investors across other key markets in Europe, the statement said.

The investment marks another step in PIF’s strategy to further deepen and diversify the Saudi capital market by attracting international capital flows, empowering financial institutions, broadening financing options for the private sector and introducing new products.

The newly launched fund is the second State Street IM ETF in which PIF has made an anchor investment, and the fifth ETF investment for PIF across nine global markets with leading international asset managers. New and innovative Saudi-focused products were listed in Hong Kong, London, Shanghai, Shenzhen, Tokyo, Frankfurt, Italy and Singapore.

“PIF is further strengthening Saudi Arabia’s capital market ecosystem, working with our partners to open gateways for international investors, enable access and drive global capital inflow into the country,” said Deputy Governor and Head of MENA Investments at PIF Yazeed Al-Humied.

“Our continued partnership with State Street IM reinforces a shared commitment to enhance and diversify the product range, to present new opportunities for international investors into the Saudi market and unlock capital pools,” he said.

“The launch of this ETF further deepens the Saudi market and builds on a series of PIF-anchored ETF listings across international markets, cementing PIF’s role in driving increased product diversification to enhance liquidity and fulfill market needs,” Al-Humied added.

Chief Executive Officer of State Street Investment Management Yie-Hsin Hung praised Saudi Arabia’s "success story," adding: “At State Street, as with PIF, innovation is in our DNA and we’re pleased to offer a new product in this same vein, drawing on our decades of experience and commitment to quality to underpin an exciting new offering, anchored by PIF.”

Quantitative funds, such as SAQL, use mathematical modeling, algorithmic, and data-driven methods to manage portfolios. The Saudi capital market has evolved beyond legacy sectors, with maturation of market structure and data quality – enabling SAQL to use a systematic active approach when investing in Saudi equity securities.

SAQL provides an opportunity for international investors to obtain investment exposure to this rapidly evolving economy.

The fund is registered for sale in Austria, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Spain, Sweden and the UK.

Business

Morocco’s Inflation Rises to 0.9% in March

People stand looking across the river at the skyline in the coastal city of Rabat on April 20, 2026. (AFP)
People stand looking across the river at the skyline in the coastal city of Rabat on April 20, 2026. (AFP)
TT
TT

Morocco’s Inflation Rises to 0.9% in March

People stand looking across the river at the skyline in the coastal city of Rabat on April 20, 2026. (AFP)
People stand looking across the river at the skyline in the coastal city of Rabat on April 20, 2026. (AFP)

Morocco's annual inflation, measured by the consumer price index, rose to 0.9% in March from -0.6% a month earlier, the statistics agency said on Wednesday.

Food prices, ‌the main ‌driver of ‌inflation, ⁠rose 0.6% from a year ⁠earlier, while non-food inflation increased 1.1%.

Core inflation, which excludes more volatile goods, rose 0.6% year-on-year ⁠and 0.1% month-on-month.

The ‌rise ‌in fuel prices following ‌the Iran conflict ‌led the Moroccan government to reintroduce subsidies for professional transporters, including taxis, buses ‌and trucks, to keep prices stable.

Fuel subsidies, ⁠along ⁠with aid to keep electricity and cooking gas prices stable, would cost the government 1.6 billion dirhams ($170 million) monthly, the minister in charge of the budget, Fouzi Lekjaa, said.

Business

Strait of Hormuz Blockade Drives up Costs at Panama Canal

Aerial view of the One Contribution container ship sailing under the Tokio flag as it enters the Panama Canal in Panama City on April 21, 2026. (EPA)
Aerial view of the One Contribution container ship sailing under the Tokio flag as it enters the Panama Canal in Panama City on April 21, 2026. (EPA)
TT
TT

Strait of Hormuz Blockade Drives up Costs at Panama Canal

Aerial view of the One Contribution container ship sailing under the Tokio flag as it enters the Panama Canal in Panama City on April 21, 2026. (EPA)
Aerial view of the One Contribution container ship sailing under the Tokio flag as it enters the Panama Canal in Panama City on April 21, 2026. (EPA)

The war in the Middle East has boosted demand to move vital cargo through the Panama Canal to such an extent that one vessel carrying liquefied natural gas (LNG) paid $4 million to skip the line and avoid a wait that can take up to five days, according to an official report.

A surge in such payments has been recorded since the US-Israeli attacks on Iran began February 28, which led to the blockade of the Strait of Hormuz, a critical waterway for one-fifth of the world's oil and natural gas exports from Gulf countries.

To meet fuel demand, Asia's refineries are choosing to buy oil or gas from the United States and ship it through the transoceanic waterway instead of purchasing from Gulf countries who rely on the Strait of Hormuz, according to reports from the Panama Canal Authority.

The average number of ships passing through the canal on a daily basis has "remained strong," the authority told AFP in a statement Tuesday, with 34 ships in January and 37 ships in March. Some days exceeded 40 transits.

"The increase reflects changes in global trade patterns and market conditions, including geopolitical factors affecting key routes," the authority said.

Ships transiting the canal book their passage well in advance, and ships without bookings wait an average of five days to get through, but there is an auction where last-minute transits can be purchased.

The most recent auction included a $4 million bid for an LNG vessel, and in recent weeks two oil tankers exceeded bids of $3 million, the authority said.

Past average auction prices between October and February stood at around $130,000, and rose to $385,000 in March and April.

Five percent of global maritime trade passes through the Panama Canal, and its main users are the US and China. The route primarily connects the US East Coast with China, South Korea and Japan.

In the first half of the 2026 fiscal year, which runs October to September, the Panamanian waterway recorded passage of 6,288 ships, a year-on-year increase of 3.7 percent, according to official figures.