Total assets of banking sector amounted to SR3.5 trillion at end of Q2 of 2022: Al-Jadaan

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Saudi Arabia

Total assets of banking sector amounted to SR3.5 trillion at end of Q2 of 2022: Al-Jadaan

Saudi Gazette report RIYADH — Minister of Finance Mohammed Al-Jadaan confirmed that the total assets of the banking sector amounted to SR3.5 trillion until the end of Q2 of 2022. Saudi Arabia aims to increase the total to more than 4.5 trillion by 2030. The growing strength of the Saudi economy reflects the solidness of financial policies, and its ability to adapt in the face of challenges, Al-Jadaan said, while praising on the positively and effectively results that achieved by the programs of: The Financial Sector Development Program (FSDP); The Financial Sustainability Program; The National Center for Privatization (NCP) Program. He noted that the Financial Sector Development Program has successfully increased the number of the bodies who are effective in financial technology to more than 120 companies until September of the current year. It has also contributed in growing Venture Capital by 244%. In addition to that, the program's initiative achieved the progress of Saudi Arabia's position in global competitiveness indicators. As for the financial sustainability program, Al-Jadaan noted that the program's initiatives have played a major role in carrying out many structural reforms. This is in addition to contributing to raising growth and employment rates, and maintaining financial sustainability,