VISION REALIZATION PROGRAMS

Financial Sector Development Program

The Financial Sector Development Program aims to develop a diversified and effective financial sector to support the development of the national economy, diversify its sources of income, and stimulate savings, finances and investments. The aim is to achieve this ambition by boosting financial sector institutions, and by developing the Saudi financial market to become an advanced capital market without weakening the financial sector's stability. Listed under the Financial Sector Development Program’s umbrella are several sub-sectors, including banking, insurance, investment, and stock and debt markets.

The Financial Sector Development Program was launched in 2017 in order to enable financial institutions to support the growth of the private sector, develop an advanced capital market and to boost and enable financial planning.

In the previous stage, the program achieved great success after having the Saudi Stock Exchange “Tadawul” join the global indices “FTSE” and “MSCI”, which contributed to the success of the initial public offering of Saudi Aramco shares in 2019. The program also increased support in the field of financial technology for startups, and led many efforts with a significant impact on citizens, such as moving towards a cashless society and launching the instant payment system, which exceeded its goals in less than 12 months.

In the next stage, the Financial Sector Development Program will continue to strengthen financial institutions to support the private sector, through boosting the financial planning options and increasing the share of financing SMEs in banks. The program will also develop a sustainable and thriving insurance sector in the Kingdom, increasing the share of non-cash transactions from 36% in 2019 to 70% in 2025. To ensure overall financial stability of the financial services sector, the program adheres to relevant international standards, including the requirements of the Bank for International Settlements and the International Organization of Securities Commissions.

Chairman, Member of the Council of Economic and Development Affairs, Minister of Finance

H.E. Mr. Mohammed Abdullah Al-Jadaan

Board Members

Minister of Investment

H.E. Eng. Khalid Al-Falih

Minister of Economy and Planning

H.E. Mr. Faisal Fadhel Alibrahim

Governor of the Saudi Central Bank

H.E. Dr. Fahad Al-Mubarak

Chairman of the Capital Market Authority

H.E. Mr. Mohammed Al-Quwaiz

Acting Governor of the Small and Medium Enterprises General Authority “Monsha’at”

Mr. Sami Ibrahim Alhussaini

Head of Global Capital Finance at PIF

Mr. Fahad Al-Saif

Key Objectives

OBJECTIVE 01

Enabling financial institutions to support private sector growth

OBJECTIVE 02

Ensuring the formation of an advanced capital market

OBJECTIVE 03

Promoting and enabling financial planning

Commitments by End of 2025

SAR3,515 Bn

In banking assets achieved by 2025.

80.8%*

Increase in the market value of the stock market as a percentage of GDP by 2025 (*Ex Aramco).

30

Emerging companies (such as financial technology companies) will be enabled to drive innovation and competition by 2025.

11%

Increase in the share of financing SMEs from banks by 2025.

2.4%

Increase in the contribution of the insurance sector by increasing gross written premiums by 2025.

70%

Increase in the share of cashless operations to develop the digital infrastructure by 2025.

Top Achievements

Financial Sector Development Program Delivery Plan

Financial Sector Development Program Delivery Plan

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FSDP 2018 Quarterly Reports

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2018 Q4

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FSDP 2019 Quarterly Reports

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FSDP 2019 Quarterly Reports

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2019 Q4

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FSDP 2020 Quarterly Reports

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FSDP 2020 Quarterly Reports

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2020 Q4

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FSDP 2021 Quarterly Reports

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FSDP 2021 Quarterly Reports

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2021 Q4

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