How Saudi Arabia’s banking system is building a solid future

How Saudi Arabia’s banking system is building a solid future

Saudi Arabia was the world’s fastest-growing among the ‘Group of 20’ (G20) countries in 2022, as sweeping reform momentum, a sharp rise in oil prices and improving economic conditions boosted the kingdom’s fiscal and external position. Overall GDP crossed the $1tn mark for the first time in the country’s history last year – the highest among G20 economies. Despite Saudi Arabia’s reliance on oil and gas – which accounts for 70 per cent of the country’s total goods exports and total revenues – the government is leaving no stone unturned in its economic diversification strategy. “The authorities’ continued implementation of Vision 2030 policies will help diversify and liberalise the economy and thus pave the way to more stable growth,” the International Monetary Fund said in November last year. Since the launch of the National Transformation Program in 2016, the Gulf state has undergone a speedy economic transformation with a strong focus on foreign direct investment, tourism, technology and the financial services sectors. The financial services sector is the lynchpin of Vision 2030, Crown Prince Mohammed bin Salman Al Saud’s economic blueprint to drive growth across non-oil sectors. Saudi Arabia is building mega projects in the middle of the desert from