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  • 16-03-23

    Kingdom of Saudi Arabia makes progress towards Vision 2030

    (MENAFN) The Kingdom of Saudi Arabia is making significant progress towards its Vision 2030 economic diversification strategy, according to the Minister of Finance, Mohammed Al-Jadaan. At the Financial Sector Conference in Riyadh, Al-Jadaan highlighted the remarkable results achieved by the Kingdom in its quest to establish a sustainable future away from its reliance on oil.

    The Saudi banking sector has seen a 37 percent increase in assets since 2019, reaching a total of SR3.6 trillion ($960 billion) by the end of 2022. The number of financial technology companies has also grown from 20 to 147 companies in the same period.

    The Kingdom has become a reliable partner for investors, with five international financial institutions joining the local first dealer program. The Public Investment Fund has also successfully completed its first-ever international green bond issuance for $3 billion in October and another $5.5 billion last month. The National Development Fund has injected nearly $4 billion to support local and international investors for projects in industry, energy, mining, and logistics.

    The percentage of electronic payments in the retail sector has reached 57 percent of total transactions, and 40,000 workers have been trained in the financial sector. The private sector has also seen an increase in female participation in the labor market (37 percent), a rise in the home ownership rate (62 percent), and a quadrupling of the real estate sector since 2018.

    Al-Jadaan expressed his pride in the progress made and his confidence in the Kingdom’s ability to continue to work together and establish more productive and continuous partnerships.

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