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Monday, Sep 16, 2024

Saudi Arabia's Fintech Boom, Taif's WHO Milestone, and New Geological Museum Highlight Economic and Environmental Advances

Saudi Arabia's $666 Million Fintech Surge Fuels Vision 2030 and New Job Creation.
Starting with a major boost in the fintech sector, Saudi Arabia's investments surged to $666 million in 2023, a significant leap from last year. This growth aligns with Vision 2030, fostering over 216 companies and more than 6,500 jobs, thanks to initiatives like the Regulatory Sandbox and Fintech Saudi.

Moreover, the momentum continues as Saudi Arabia's fintech assets are projected to soar to $64 billion by 2024. Innovations in blockchain and AI, along with strategic plans like the Financial Sector Development Plan, are driving this transformation, as highlighted at the 24 Fintech Conference in Riyadh.

Shifting to the stock market, Saudi Arabia’s Tadawul Index saw a slight dip, closing down 0.24 percent at 12,099.49 points. Despite the overall mixed performances, Fawaz Abdulaziz Alhokair Co. emerged as a notable performer with a 9.96 percent rise, while Wataniya Insurance Co. experienced a drop of 4.92 percent.

In an exciting development, Saudi Arabia plans to launch a new geological museum to showcase its $2.5 trillion in mineral reserves and ancient fossils. This initiative, led by the Saudi Geological Survey and the Ministry of Tourism, aims to turn geological sites into significant tourist destinations, underscoring the Kingdom's rich mineral resources.

On the health front, Taif Governorate sets a milestone by becoming the first Saudi city to earn the WHO Healthy Cities Accreditation twice. This honor, reflecting Taif's commitment to parks, walking spaces, and health initiatives, aligns seamlessly with Saudi Vision 2030 goals.

Lastly, Saudi Arabia's environmental leadership will take center stage as it hosts the 10th IUCN Regional Forum in Riyadh in 2024. The event, organized by the National Center for Wildlife Development, will gather over 200 experts to address environmental challenges, highlighting the Kingdom's dedication to conservation efforts.
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