Saudi Gazette report
RIYADH — Saudi Arabia’s monetary sector exceeded key Imaginative and prescient 2030 benchmarks in 2024, with complete banking sector belongings reaching SR4.49 trillion, or 131% of this system’s goal of SR3.43 trillion, based on the annual report launched Sunday by the Monetary Sector Improvement Program (FSDP).
The report highlights the sector’s achievements in supporting financial development and descriptions strategic targets for the approaching years.
Among the many key indicators, the Tadawul All Share Index (TASI), excluding Aramco, reached a market capitalization of 86.7% of GDP, whereas non-public credit score accounted for 69% of GDP.
Insurance coverage premiums reached 2.59% of non-oil GDP, surpassing the 2024 goal by 9%. Small and medium enterprise (SME) loans made up 9.4% of complete lending, hitting 94% of the annual aim.
Belongings below administration stood at 26.3% of GDP, reaching 89% of the goal.
Finance Minister Mohammed Al-Jadaan, who chairs the FSDP committee, stated the report displays the Kingdom’s continued success in bolstering monetary resilience and enabling broader financial transformation.
He famous that fintech continues to play a significant position in sector development, with 261 licensed fintech companies working by the tip of 2024.
In parallel, the Saudi Central Financial institution (SAMA) accredited the launch of D360 Financial institution, a digital-only monetary establishment, as a part of the Kingdom’s push towards a cashless economic system.
Digital funds surged to 79% of complete shopper transactions final yr, underscoring the sector’s digital maturity.
Al-Jadaan additionally famous continued momentum within the capital markets, with 44 new firm listings in 2024 bringing the full variety of listed companies to 353.
The report, Al-Jadaan stated, showcases the size of reform and development throughout all sectors of the Kingdom on this transformative period below the management of King Salman and Crown Prince Mohammed bin Salman.
The Monetary Sector Improvement Program is without doubt one of the key Imaginative and prescient 2030 initiatives, geared toward constructing a diversified, resilient economic system and strengthening Saudi Arabia’s regional and world standing in monetary companies.