CMA Chairman opens 2nd edition of Financial Academy Forum today

Mohammad El Kuwaiz, Chairman of the Capital Market Authority (CMA)

Mohammad El-Kuwaiz, Chairman of both the Capital Market Authority (CMA) and the Financial Academy (FA) Board of Trustees, opened the second edition of the Financial Academy Forum in Riyadh today, Oct. 11, under the slogan “Skills that Keep Pace with the Future”.

In his speech at the opening ceremony, El-Kuwaiz said the forum stems from the FA’s role in developing human capital in the local financial sector. It also aligns with the Saudi Vision 2030 goals aimed at showcasing the nation as a comprehensive knowledge platform for decision-makers, academics, and industry professionals.

The labor market has become increasingly volatile, with 23% of job positions bound to experience major shifts worldwide within the next five years, either due to fundamental changes in their nature or their complete abolition, El-Kuwaiz underlined, citing the World Economic Forum (WEF) data.

At the local level, another WEF study showed that 50% of work activities in the Kingdom are vulnerable to automation, the top executive added, stressing the need for proactive steps to align with the evolving labor market’s requirements.

He also called for additional investment in human capital. This includes job redesign to enhance adaptability, and the promotion of a culture of lifelong learning.

The local financial sector, which boasts an increased Saudi workforce and competitive salaries, dominates the FA’s focus. Over the past years, the academy led more than 2,000 sector-related training programs, catering to over 30,000 trainees (or 20% of the sector’s employees), El-Kuwaiz explained.

The second edition of the Financial Academy Forum, according to the chairman, addresses four pillars, namely the rapid changes in the financial sector, the need for new skills, the future and importance of reshaping sector-related skills, and effective strategies to remain abreast of such changes.