Saudi Arabia investing heavily to develop financial sector: Al-Jadaan

Minister of Finance Mohammed Al-Jadaan, speaking at the opening of the Money 20/20 Middle East Conference

The global economy is passing through a critical phase, with growth lagging historical averages, according to Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan.

Interest rate levels are redefining the cost of capital, while geopolitical and trade

developments are fueling uncertainty, he told the Money 20/20 Middle East Conference.

Al-Jadaan stated that the digital revolution is transforming trade and finance, artificial intelligence (AI) is driving efficiency and risk management, and promising sectors are opening the door to massive investments.

Saudi Arabia has invested heavily in developing a dynamic and sustainable financial sector, led by the Financial Sector Development Program and supported by close cooperation between the Saudi Central Bank (SAMA), the Capital Market Authority, and the Insurance Authority, he said.

The Kingdom’s capital market has become one of the fastest-growing globally, exceeding $2.4 trillion by the end of Q2 2025, Al-Jadaan added.

The minister also pointed out that the number of active Fintech companies has doubled to 280 by the end of H1 2025.

Moreover, e-payments in the Kingdom jumped from 18% in 2016 to 79% by the end of 2024, making Saudi Arabia one of the world’s leaders in the transition toward a cashless economy, he said.