The Financial Sector Development Program: Building a Diversified, Sustainable Economy

The Financial Sector Development Program is one of the principal implementation programs of Saudi Vision 2030. It aims to build an advanced, diversified, and efficient financial sector that supports national economic development and stimulates saving, financing, and investment.

The program seeks to improve financial institutions' efficiency and strengthen their role in supporting private-sector growth, while developing an advanced capital market that positions the Kingdom as a leading regional center.

Strategic Objectives—The Pillars

Empowering financial institutions: Supporting private-sector growth by increasing lending, especially to small and medium-sized enterprises.

Developing an advanced capital market: Enhancing liquidity and providing financing channels to attract investment.

Promoting financial planning: Spreading a savings culture and providing safe savings products.

Supporting financial technology (FinTech): Transforming the Kingdom into an innovation hub to enhance financial inclusion.

Key Targets for 2030

The program aspires to achieve record figures reflecting the financial sector's strength:

Reach 525 financial technology companies.

Increase the share of digital payments to 80%.

Increase the share of financing for small and medium-sized enterprises to 20%.

Major Achievements

Saudi Aramco's listing—the largest initial public offering in history.

Inclusion in global emerging-market indices, including MSCI and FTSE Russell.

Obtaining membership in the Financial Action Task Force (FATF).

Launching the Fintech Saudi initiative.

Conclusion

The Financial Sector Development Program continues its journey as a primary driver of economic growth, consolidating the Kingdom's position as a leading global investment powerhouse.