Closing bell: Saudi bourse slips 82 points to 10,702
Closing bell: Saudi bourse slips 82 points to 10,702 /node/2243691/business-economy
Closing bell: Saudi bourse slips 82 points to 10,702
TASI’s total trading turnover of the benchmark index on Thursday was SR4.04 billion ($1.08 billion), with 77 stocks of the listed 224 advancing and 130 retreating. (Shutterstock)
Closing bell: Saudi bourse slips 82 points to 10,702
Updated 02 February 2023
Arab News
RIYADH: Saudi Arabia’s Tadawul All Share Index on Thursday lost 81.94 points — or 0.76 percent — to close at 10,701.79.
MSCI Tadawul 30 Index dropped 0.95 percent to 1,475.52, while the parallel market Nomu slipped 0.79 percent to 18,996.50.
TASI’s total trading turnover of the benchmark index on Thursday was SR4.04 billion ($1.08 billion), with 77 stocks of the listed 224 advancing and 130 retreating.
Salama Cooperative Insurance Co. was the topmost gainer for the second day in a row, rising 5.84 percent on Thursday to SR16.30.
The other top gainers were Dar Alarkan Real Estate Development Co., Saudi Arabian Cooperative Insurance Co., Knowledge Economic City and Americana Restaurants International.
The worst performer on Thursday was Alinma Bank, which fell 4.25 percent to SR31.55. The bank on Feb. 2 posted a net profit increase of 33 percent to SR3.59 billion in 2022 from SR2.70 billion in 2021.
The net profit growth was driven by an increase in total operating income by 19.6 percent year-on-year, mainly due to higher net income from financing and investment, fee income, the fair value of investments income through the income statement and currency exchange income.
Net income from specialized commissions, financing and investments increased 18 percent to SR6.01 billion in 2022 from SR5.14 in 2021.
The net profit for the fourth quarter of 2022 grew 39 percent to SR860.2 million from SR619.1 million during the same period in 2021.
The other stocks that performed poorly included Dr. Sulaiman Al Habib Medical Services Group, Banque Saudi Fransi, Saudi Industrial Investment Group and Etihad Etisalat Co.
Among sectoral indices, 14 of the 21 listed on the stock exchange declined, while the rest advanced.
The Real Estate Management & Development Index was the best-performing sector of the day as it gained 2.14 percent to 2,733.75, points led by Dar Alarkan Real Estate Development Co.’s 4.85 percent leap to SR12.96.
The Healthcare Equipment & Service Index was the worst-performing sector, losing 169.9 points to close at 9,384.11.
On the announcements front, Bank AlJazira also reported a rise of 10 percent in 2022 net profit to SR1.10 billion, compared to SR1 billion in 2021.
The growth was spurred by a 10 percent decline in total operating expenses year on year.
“The reduction in total operating expenses came primarily due to a decrease in the net impairment charge for financing and other financial assets, impairment charge for another real estate, rent and premises-related expenses and depreciation and amortization expenses,” the bank said in a statement to Tadawul.
In the fourth quarter of 2022, net profit rose 7 percent to SR243.8 million from SR228.8 million a year earlier. Bank AlJazira’s share price fell 0.52 percent to SR19.16.
Saudi Chemical Holding Co., through its pharmaceutical sector represented by the subsidiary AJA Pharmaceutical Industries Ltd, signed on Feb. 1 a memorandum of understanding with Lagap SA, a Swiss-based pharmaceuticals producer.
The MoU was signed at the Saudi Export stand during the Arab Health Exhibition 2023, the company said in a statement to Tadawul. The MoU is aimed at the co-development of pharmaceutical products and launching them in European and Middle East markets. The company’s share slumped 2.33 percent to SR27.30.
KARACHI: The International Monetary Fund (IMF) approved a $1 billion disbursement for Pakistan under a loan program secured by the government last year, Prime Minister Shehbaz Sharif said in an official statement late Friday.
The announcement followed an IMF Executive Board meeting to finalize staff-level agreements related to the $1 billion payout, as well as Pakistan’s new $1.3 billion arrangement under a climate resilience facility approved in March.
The meeting took place at a time when Pakistan is working to revive investment amid a gradually stabilizing macroeconomic environment, following a prolonged downturn that compelled it to seek external financing from allies and global lenders.
“Prime Minister Shehbaz Sharif expressed satisfaction over the IMF’s approval of the $1 billion tranche for Pakistan and the failure of India’s underhanded tactics against the country,” his office said in a statement issued after the board’s decision.
Media reports said recently India had attempted to pressure the IMF to block the disbursement, citing heightened military tensions between the two neighbors following a deadly April 22 attack in Indian-administered Kashmir that left 26 tourists dead.
New Delhi blamed Islamabad for the assault, an allegation Pakistani officials repeatedly denied.
Sharif said international financial institutions had “responsibly rejected” India’s narrative and reaffirmed their trust in Pakistan’s economic strategy.
“Indian efforts to sabotage the IMF program have failed,” he said, adding the disbursement would help stabilize the economy and steer it toward long-term recovery.
He praised Deputy Prime Minister and Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb and other members of the government’s economic team for their role in securing the funds.
Pakistan has been working to broaden its tax base, improve energy sector efficiency, and unlock private sector growth as part of its reform commitments under the $7 billion IMF loan program.
“By the grace of God, the country’s economic situation is improving, and Pakistan is moving toward progress,” Sharif said. “The government remains committed to tax reforms, energy sector improvements and private sector development.”
He reiterated that Pakistan would stay the course on economic stabilization, effective performance and long-term planning.
The IMF funding approval comes at a critical time for Pakistan, as it seeks to reassure global investors and shore up foreign exchange reserves amid geopolitical instability and upcoming budget negotiations.
KARACHI: The Pakistan Stock Exchange (PSX) rebounded sharply on Friday, climbing over 3,500 points, as investor sentiment improved ahead of an International Monetary Fund (IMF) Executive Board meeting and what some analysts described as easing tensions between Pakistan and India.
The benchmark KSE-100 index recovered 3,647.82 points, or 3.52 percent, closing at 107,541.45, after a historic plunge of 6,482 points on Thursday, the largest single-day drop in the index’s history, triggered by fears of an escalating conflict between the two nuclear-armed neighbors.
"The recovery was on account of optimism on IMF Executive Board meeting scheduled to consider Extended Fund Facility (EFF) program, where market expects smooth approval," Topline Market Review said after the end of trading. "Overall decline in cross border hostilities also provided stimulus to investor sentiment."
The EFF, a $7 billion loan program secured by Pakistan in September last year, is aimed at stabilizing the country's economy through structural reforms and fiscal consolidation.
While Pakistan’s authorities say macroeconomic indicators have improved in recent months, they view the IMF support as critical for sustaining gains and transitioning toward growth.
Some analysts also linked the improved investor confidence to what they described as a gradually easing geopolitical situation between India and Pakistan.
"Stocks staged sharp recovery as investor eye de-escalation in Pakistan-India tensions after US appeal for end to violence," Ahsan Mehanti, the Chief Executive Officer of Arif Habib Commodities, told Arab News.
Raza Jafri, the head of Intermarket Securities, said any de-escalation could extend the positive stock market trend.
"Institutional value buying, especially in blue-chip high dividend yielding stocks, saw the KSE100 rebound today," he added.
Tensions between India and Pakistan spiked this week after New Delhi launched missile strikes on multiple locations in Pakistan, blaming Islamabad for a deadly April 22 attack in Indian-administered Kashmir that killed 26 tourists. Pakistan has denied involvement.
The crisis triggered a 12 percent decline in the Pakistani market from April 23 to May 8.
The geopolitical unrest posed a major challenge for Prime Minister Shehbaz Sharif’s efforts to stabilize the economy, which depends on a number of factors including increased foreign investment, exports and revenue generation.
KARACHI: Prime Minister Shehbaz Sharif on Friday lauded the contribution of overseas Pakistanis as workers’ remittances surged to a record $31.2 billion during the first ten months of the current fiscal year, with Saudi Arabia emerging as the top source of inflows.
According to data released by the State Bank of Pakistan (SBP), remittances rose by 30.9 percent during July-April FY25 compared to $23.9 billion received in the same period last year.
In April alone, Pakistan received $3.2 billion, showing a 13.1 percent year-on-year increase. The inflows were mainly sourced from Saudi Arabia ($725.4 million), United Arab Emirates ($657.6 million), United Kingdom ($535.3 million) and the United States ($302.4 million).
“Prime Minister Shehbaz Sharif expressed satisfaction over a 31 percent increase in remittances during the first 10 months of fiscal year 2025 compared to the previous year,” a statement issued by his office said.
“Remittances reaching a record level is a reflection of the confidence of overseas Pakistanis in government policies,” it quoted him as saying.
Remittances form a vital pillar of Pakistan’s external sector, helping stabilize the current account, fueling domestic consumption and easing the country’s reliance on external borrowing.
Earlier this year, in March, the SBP recorded an all-time monthly high of $4.1 billion in remittance inflows, driven by seasonal factors and improved formal channel usage.
Pakistan has focused on boosting exports and remittances in recent years as part of broader efforts to strengthen its external sector and address economic vulnerabilities.
The central bank has also revised its FY25 remittance projection upward from $36 billion to $38 billion, citing current trends.
‘A revolution in the way people travel’ — Saudi aviation industry soaring with sky-high ambition
Updated 09 May 2025
Miguel Hadchity
RIYADH: Increased technology integration and greater connectivity over the next five years will see Saudi Arabia cement its position as a global aviation hub, experts have told Arab News.
In a comprehensive assessment of the Kingdom’s air sector, analysts and industry insiders have set out how investment in infrastructure, the roll out of new airlines, and a focus on sustainability will see Saudi Arabia reach its Vision 2030 goals.
The Kingdom is targeting handling 330 million passengers annually across 250 destinations by the end of the decade, as well as transporting 4.5 million tonnes of cargo.
The industry laid the groundwork for this growth in 2024, achieving record-breaking results with the 94 million passengers transported representing a 15 percent year-on-year increase, alongside a 10 percent rise in flight activity, and a 52 percent boost in air cargo, to reach nearly 1 million tonnes.
The International Air Transport Association’s Regional Vice President for Africa and the Middle East, Kamil Al-Awadhi told Arab News that the Kingdom is preparing for the aviation sector to play an even bigger role in its future.
“Over the next five years, we expect continued development in digitalization and connectivity, and for Saudi Arabia to be in an even stronger position as a global hub, driving economic and social growth for the Kingdom,” he said.
Al-Awadhi also emphasized that the nation’s regulatory reforms and commitment to sustainability will be key factors in attracting international airline partnerships and investment.
He added: “GACA’s (the General Authority of Civil Aviation) revision of its charging scheme, to make Saudi airports more competitive in the region, is a positive step, now and for the future. As is its establishment of an independent economic regulatory framework.”
The top official noted that Saudi Arabia is the first country in the Middle East and North Africa to do this, and encouraged others to follow.
Riyadh Air — a portal to the Kingdom
A key development in the sector is the highly anticipated debut of Riyadh Air, Saudi Arabia’s new full-service airline, set to launch in 2025.
The company has made significant strides in preparation for its release, including major aircraft acquisitions, strategic alliances, and technological investments.
Mark Bothorn, principal of innovation practice at Arthur D. Little Middle East, highlighted that the launch of Riyadh Air is a “watershed moment for Saudi Arabia’s aviation sector — an event of this scale and significance happens perhaps once a decade.”
He added: “As a full-service national flag carrier, Riyadh Air will not only enhance domestic connectivity but also position the Kingdom’s capital as a major global aviation hub.”
Bothorn further anticipated that the new national carrier would serve as an ambassador for Saudi Arabia, embodying the nation’s vision through cutting-edge design, unparalleled guest experience, and world-class connectivity. “The way the world perceives Riyadh will, in many ways, be shaped by the experiences this airline delivers,” he added.
Mark Bothorn, principal of innovation practice at Arthur D. Little Middle East. Supplied
The airline has ordered 60 Airbus A321neo jets, with plans for additional wide-body aircraft this year. It has secured agreements with Singapore Airlines, Air China, and Delta Air Lines to enhance interline connectivity, codeshare operations, and frequent flyer benefits.
Riyadh Air is collaborating with Artefact to develop an advanced data analytics platform that aims to offer hyper-personalized services and seamless digital-first experiences. Its initial routes will connect Saudi Arabia to major cities in Europe, North America, and Asia, enhancing its international connectivity.
Riyadh Air plans to connect with more than 100 cities by 2030. Shutterstock
The Kingdom’s existing airlines are also undergoing significant transformations to cater to the growing demand and enhance international reach.
Saudia has placed a historic $19 billion order for 105 Airbus A320neo aircraft to expand its fleet, set for delivery starting in 2026.
Additionally, the airline is enhancing its maintenance and repair capabilities through a partnership with Air France-KLM. Flyadeal, Saudia’s budget airline, aims to double its fleet to 100 aircraft by 2030, offering affordable travel options across domestic and regional routes.
Flynas, the region’s top low-cost airline, secured a 280-aircraft deal, including Airbus A320neo and A330neo models, to support its aggressive expansion strategy. The airline also introduced new routes connecting Saudi Arabia to Africa and Europe.
Bothorn commented on the impact of heightened market contenders, saying: “Increased competition is always a catalyst for innovation and improvement, and in Saudi Arabia’s aviation sector, it will lead to two transformative outcomes.”
First, enhanced connectivity will strengthen Riyadh’s position as a global business hub by providing seamless access to international markets through more flights and improved routing.
Second, Riyadh Air, unburdened by legacy systems, has the potential to redefine air travel, setting new benchmarks in passenger experience and efficiency, according to Bothorn.
Airport infrastructure soars
To handle the volume that new airlines will be attracting, Saudi Arabia is investing heavily in airport infrastructure.
King Salman International Airport in Riyadh is set to become one of the world’s largest airports, with ongoing developments led by global firms including Foster & Partners and Jacobs Engineering. The airport will increase its capacity to accommodate 120 million passengers by 2030.
King Khalid International Airport’s expansion includes upgrades to Terminals 1 and 2, increasing capacity to 14 million passengers annually. Saudia’s deal with German aerospace company Lilium NV will introduce 50 electric vertical takeoff and landing jets, making it the first airline in the region to invest in sustainable air travel.
Bothorn emphasized the impact of airport infrastructure advancements. “For many travelers, the airport experience is often the most stressful part of a journey — navigating terminals, dealing with security bottlenecks, and enduring long waits.”
He added: “A seamless integration between the airport and airlines can dramatically transform this, replacing frustration with efficiency and even moments of delight.”
Bothorn envisioned airports that proactively anticipate passenger needs, with real-time updates enabling travelers to relax in lounges or dine rather than wait at gates.
An impression of how King Salman International Airport will look when construction is completed. File
Investment turbines spin
Saudi Arabia’s business aviation sector is thriving, driven by an influx of high-net-worth individuals and economic expansion. The sector, valued at $1.2 billion in 2023, is expected to grow at an annual rate of 8.88 percent from 2025 to 2029.
GACA is further boosting this sector by removing restrictions on foreign on-demand charter flights, allowing international operators to enter the domestic private aviation market starting in May.
Infrastructure and transportation developments outlined in the 2025 Saudi budget report reinforce these aviation ambitions. The gross domestic product of the transportation and logistics sector grew by 6.4 percent in the first half of 2024.
Total investment contracts signed in this sector amounted to over SR200 billion ($53.3 billion). Saudi Arabia has also strengthened its global presence by securing key positions in international aviation organizations, including hosting the UNCTAD Global Supply Chain Forum in 2026 and chairing the Executive Council of the Arab Civil Aviation Organization.
To enhance aviation services, the Kingdom has looked to implement modern and eco-friendly transportation initiatives during the Hajj season, including self-driving taxis, smart delivery vehicles, and increased aircraft seat capacity for pilgrims. Performance-based operations and maintenance contracts have been executed to enhance asset management efficiency.
Plans for 2025 include SR42 billion allocated for the infrastructure and transportation sector, which will witness the launch of several travel lounges across international airports, licensing new national air carriers, and expanding public bus networks to improve intercity and regional connectivity.
Al-Awadhi of IATA further elaborated on the nation’s role in shaping global aviation policies. “Many countries in the region look to Saudi Arabia for developing their aviation sectors, so the Kingdom plays an important role in shaping regional policies.”
Recent work revamping economic regulation related to consumer protection, safety and security has been followed by other countries in the region, according to the top official.
“We’re stronger as an industry when standards are aligned, not just regionally but globally,” he added.
Private jets and Saudi Arabia’s aviation roadmap
Saudi Arabia has made developing the private aviation market a key part of its roadmap for the sector, with the charter and corporate jet segments being supported by infrastructure upgrades such as six new general aviation airports.
The sector’s growth aligns with Vision 2030’s diversification efforts, particularly in tourism and entertainment, with destinations like AlUla and the Red Sea International Airport, capable of handling 1 million tourists annually, driving demand.
During 2024’s Future Aviation Forum, GACA unveiled a roadmap aimed at increasing the general aviation sector’s contribution to GDP, targeting a tenfold growth to reach $2 billion by 2030. The plan encompassed the business aircraft sector, including private charter flights and corporate aviation.
Sustainability is another focus, with GACA’s plan targeting net-zero emissions by 2060 through initiatives such as sustainable aviation fuel and AI-driven efficiency optimizations. However, challenges, including limited sustainable aviation fuel supply, remain.
The International Air Transport Association’s Regional Vice President for Africa and the Middle East Kamil Al-Awadhi. Supplied
The 35 percent SAF blend, supplied by Arabian Petroleum Supply Co., reduces aircraft emissions by up to 35 percent per flight, aligning with RSG’s broader sustainability efforts, including 400 megawatt-peak of solar installations and plans to plant 50 million mangroves by 2030.
The airport, operational from 2023 and with international flights beginning in 2024, serves the growing Red Sea destination, set to feature 50 resorts by 2030.
The next five years will bring transformative benefits for travelers flying to and from Saudi Arabia. Expanded airline networks will improve connectivity, reduce layovers, and increase travel convenience.
The rise of low-cost carriers like flyadeal and flynas means more budget-friendly flights for domestic and international routes. AI-driven services, biometric security checks, and world-class airport infrastructure will streamline travel, making it more efficient and comfortable.
“Expect nothing short of a revolution in the way people travel,” Bothorn said. He explained that long queues at security and immigration, endless gate waits, and the anxiety of either rushing through the airport or arriving far too early “will become relics of the past.” He projected air travel to become more intuitive and enjoyable.
Al-Awadhi added that Saudi Arabia is investing heavily in digital processing of passengers and integrating latest technologies at airports.
“We can certainly expect better passenger experience and customer service,” he said, adding: “Airlines are also updating their fleets so travelers will be flying on the latest aircrafts, enjoying what new technologies have to offer. Improved connectivity will provide travelers with more choices, enhancing the overall customer experience.”
Investments in eVTOL aircraft and eco-friendly practices signal a shift toward greener aviation. Saudi Arabia is undergoing a historic transformation in its aviation sector, with massive investments, strategic expansions, and cutting-edge innovations that will redefine the travel experience.
By 2030, the Kingdom aims to be a premier global aviation hub, offering world-class connectivity, seamless air travel, and state-of-the-art airport facilities.
Saudi Arabia fast-tracks shift to cashless economy on back of fintech boom
Updated 09 May 2025
Nadin Hassan
RIYADH: Saudi Arabia is accelerating its journey toward becoming a cashless society, propelled by a booming fintech sector, rising consumer adoption of digital services, and a proactive regulatory framework.
From Riyadh’s tech districts to small shops in remote towns, the Kingdom is swiftly shifting from coins and notes to codes and clicks.
With Vision 2030 as the blueprint, Saudi Arabia is leveraging its young, digitally connected population and progressive regulatory framework to fast-track its evolution into a cashless economy.
“The branch-based and cash-based banking model is transforming into a world of mobile banking, artificial intelligence-enabled services, open banking, and digital financing solutions,” Khalid Al-Sharif, CEO of Abdul Latif Jameel Finance, told Arab News, adding: “The Kingdom’s shift to a cashless economy offers a significant opportunity for financial institutions to rethink and embrace digital-first business models to remain competitive.”
Fintech revolution
As of 2023, the number of fintech companies in Saudi Arabia hit 216, surpassing the target of 150 by 44 percent. Direct jobs in the sector have crossed 6,500, more than double the initial projections.
Venture capital investment in Saudi fintechs surged sixfold in 2023 compared to the previous year, with companies raising SR2.5 billion ($666 million) across 10 funding rounds. The Kingdom’s fintech assets under management are projected to approach $64 billion in 2024, signaling substantial momentum.
“The fintech sector in the Kingdom is positioned for rapid growth in the coming years, driven by multiple factors, including increased digital banking adoption, a young and tech-savvy population, and the government’s push for diversification under Vision 2030,” Imad Kaddoura, partner at PwC Middle East, told Arab News.
He continued: “By collaborating on areas such as digital wallets, AI-driven financial services, and blockchain-based solutions, Saudi Arabia can position itself as a regional leader in fintech.”
Digital banking redefined
The Kingdom’s banking sector is undergoing a digital revolution. The emergence of digital-only banks and mobile-first services is reshaping how consumers engage with financial institutions.
With a youthful, connected population, the appetite for frictionless banking is surging. Saudi digital banks are tapping into AI, machine learning, and data analytics to deliver hyper-personalized services, breaking down traditional barriers to banking.
These innovations are streamlining operations while reaching underserved communities. Opening accounts, accessing loans, or managing personal finances is becoming faster, easier, and more inclusive.
“Achieving financial inclusion for everyone in a cashless society is imperative,” said Al-Sharif. “The advancement of alternative credit scoring, digital lending platforms, and mobile-based services is helping to bridge the gap.”
Mobile payments
The Saudi Central Bank has been working to strengthen the Kingdom’s digital payment infrastructure. File
The adoption of mobile payment solutions has skyrocketed, with services like stc pay, Apple Pay, and Mada Pay leading the charge. From groceries to utility bills, consumers are embracing contactless options for everyday transactions.
“In 2023, electronic payments engaged in 70 percent of all retail consumer transactions in Saudi Arabia, up from 62 percent in 2022,” Al-Sharif noted. “This signals a remarkable change in consumer preferences and a broader transition toward a fully digital economy.”
This shift is driven by both private sector innovation and regulatory support. The Saudi Central Bank, also known as SAMA, continues to strengthen the digital payment infrastructure and security, while aiming to achieve 80 percent non-cash transactions by 2030 — a goal now well within reach.
Retailers, restaurants, and service providers are rapidly embracing digital payments, integrating cashless solutions into daily business operations.
Blockchain and open banking
Saudi banks and fintech firms are also experimenting with blockchain in regulatory sandboxes launched by SAMA. These controlled environments enable firms to test innovations while ensuring regulatory compliance — a model that’s attracting global fintech players and investors alike.
“Saudi Arabia’s regulatory landscape has evolved rapidly to support a dynamic fintech ecosystem — but with innovation comes complexity,” Said Murad, senior partner at Global Ventures, told Arab News.
“What sets Saudi Arabia apart is its proactive, collaborative regulatory approach. Initiatives like the Regulatory Sandbox by Fintech Saudi and SAMA provide a critical runway for fintechs to test and iterate,” he added.
Open banking is further redefining financial services by enabling secure, consent-based data sharing between banks and third-party providers.
“Open banking is not a disruption — it’s a redefinition of how financial services are built, delivered, and experienced in Saudi Arabia,” Murad said. “By enabling secure, consent-based data sharing ... it’s reshaping the competitive landscape.”
The cashless transition is not just about convenience — it has deep social and economic ramifications.
By broadening access to banking services, Saudi Arabia is fostering financial inclusion, bringing unbanked and underbanked populations into the fold.
“Digital financial services can extend access to millions who have historically been underserved by traditional banking,” Murad noted. “Fintech innovation is already playing a central role. Hakbah, for example, is redefining savings in the digital era by modernizing Jameya — the traditional group savings model — into a platform that’s accessible, secure, and user-friendly.”
He added: “By digitizing familiar behaviors, Hakbah empowers individuals, particularly the underbanked, to build financial resilience and long-term security.”
Kaddoura went on to say: “Financial inclusion in a fully digital economy relies on a few key elements. It’s essential to increase mobile banking access and improve digital literacy, particularly for underserved populations.”
Digital payments and alternative lending platforms are also making it easier for entrepreneurs to access capital, manage transactions, and grow their businesses. Meanwhile, the growing fintech ecosystem is helping create jobs, attract tech talent, and position Saudi Arabia as a regional financial powerhouse.
Safeguarding the digital shift
Cybersecurity is more important than ever. Shutterstock
Despite this progress, challenges remain. As the financial system becomes more digitized, cybersecurity and consumer trust become critical.
“While digital payments bring numerous advantages, they also introduce cybersecurity and fraud risks that must be carefully managed,” Al-Sharif warned.
“We implement robust security measures including advanced encryption, AI-driven fraud detection, and multi-factor authentication to protect our clients’ information.”
Murad echoed this concern: “As digital payments become the norm, cybersecurity and fraud prevention must become foundational pillars of the financial ecosystem. The same infrastructure that enables speed, scale, and convenience also introduces new vectors for cyberattacks.”
Beyond security, talent development is another key concern.
“Financial institutions need to focus on long-term digital strategies, invest in talent development, and collaborate with regulatory bodies to adopt disruptive technologies while maintaining financial sector stability,” Kaddoura said.
Financial literacy also plays a pivotal role. “Underserved communities still require financial solutions that accommodate their needs,” said Al-Sharif. “Educational programs are essential to empower consumers to make informed financial decisions.”
Digital-first economy
Saudi Arabia’s journey toward a cashless society is seen as being part of a societal and economic transformation.
“The shift toward a cashless economy is more than a technological evolution — it’s a catalyst for economic growth, operational efficiency, and financial inclusion,” Murad said. “A cashless Saudi Arabia is about building a digital-first economy that is more efficient, inclusive, and resilient.”
With Vision 2030 as the guiding force, fintech innovation as the engine, and an increasingly digital-savvy population as the driver, Saudi Arabia is redefining the future of finance and setting a regional benchmark along the way.
