Saudi Financial Ecosystem Reaches $267 Billion Milestone in 2024
Record locally managed assets highlight transformation under Vision 2030
Riyadh: Saudi Arabia's financial ecosystem reached a record SR1 trillion ($267 billion) in locally managed assets in 2024, marking a significant milestone in its transformation under Vision 2030.
This achievement, highlighted in the Financial Sector Development Program's annual report, underscores the Kingdom's accelerating shift toward a diversified, innovation-driven economy.
The Kingdom's financial sector recorded exceptional growth in 2024.
Fintech firms reached 261 in number, venture capital investment in the sector exceeded SR7.6 billion, and gross written premiums in insurance climbed to SR76.1 billion.
The Finance Minister emphasized that the program continues to deliver on its promise of sustainable success.
Fintech emerged as a key success story in 2024, with the number of operating companies surpassing initial targets and contributing to the creation of over 11,000 direct jobs.
The Saudi Central Bank licensed D360 Bank to begin operations, and electronic payments accounted for 79 percent of total retail transactions - underscoring the shift toward a cashless economy.
The year also saw the launch of FinTech2024, the Kingdom's first international fintech conference.
Capital markets continued their upward trajectory.
With 44 new listings, the number of publicly traded companies reached 353.
Locally managed assets grew by 169 percent compared to 2017, reaching SR1 trillion, while foreign investor holdings jumped by 501 percent over the same period to SR420 billion.
In the debt capital market, the CMA unveiled a strategic roadmap and issued the first license for an alternative trading system.
The Kingdom successfully conducted its first international dollar bond issuance under the Government's Global Bond Program, attracting approximately $30 billion in orders.
The insurance sector also posted strong performance.
Gross written premiums rose by 16.3 percent from 2023 to reach SR76.1 billion, while net profits increased by 12.5 percent to SR3.6 billion.
The Insurance Authority mandated the Saudization of all insurance product sales roles and launched a Regulatory Sandbox to support startup innovation.
Support for small and medium enterprises remained a cornerstone of financial sector development.
Saudi startups attracted SR2.8 billion ($750 million) in venture capital, maintaining the Kingdom's lead in the MENA region.
The share of bank credit to SMEs increased from 8.4 percent in late 2023 to 9.4 percent by the end of 2024.
The Financial Sector Development Program aims to build on this momentum in 2025 by aligning with global standards, expanding financing options, increasing financial inclusion, and deepening capital market participation.
As outlined in its annual report, the FSDP remains committed to fostering innovation, enhancing regulatory efficiency, and driving sustainable growth to realize the full ambitions of Saudi Vision 2030.
This achievement, highlighted in the Financial Sector Development Program's annual report, underscores the Kingdom's accelerating shift toward a diversified, innovation-driven economy.
The Kingdom's financial sector recorded exceptional growth in 2024.
Fintech firms reached 261 in number, venture capital investment in the sector exceeded SR7.6 billion, and gross written premiums in insurance climbed to SR76.1 billion.
The Finance Minister emphasized that the program continues to deliver on its promise of sustainable success.
Fintech emerged as a key success story in 2024, with the number of operating companies surpassing initial targets and contributing to the creation of over 11,000 direct jobs.
The Saudi Central Bank licensed D360 Bank to begin operations, and electronic payments accounted for 79 percent of total retail transactions - underscoring the shift toward a cashless economy.
The year also saw the launch of FinTech2024, the Kingdom's first international fintech conference.
Capital markets continued their upward trajectory.
With 44 new listings, the number of publicly traded companies reached 353.
Locally managed assets grew by 169 percent compared to 2017, reaching SR1 trillion, while foreign investor holdings jumped by 501 percent over the same period to SR420 billion.
In the debt capital market, the CMA unveiled a strategic roadmap and issued the first license for an alternative trading system.
The Kingdom successfully conducted its first international dollar bond issuance under the Government's Global Bond Program, attracting approximately $30 billion in orders.
The insurance sector also posted strong performance.
Gross written premiums rose by 16.3 percent from 2023 to reach SR76.1 billion, while net profits increased by 12.5 percent to SR3.6 billion.
The Insurance Authority mandated the Saudization of all insurance product sales roles and launched a Regulatory Sandbox to support startup innovation.
Support for small and medium enterprises remained a cornerstone of financial sector development.
Saudi startups attracted SR2.8 billion ($750 million) in venture capital, maintaining the Kingdom's lead in the MENA region.
The share of bank credit to SMEs increased from 8.4 percent in late 2023 to 9.4 percent by the end of 2024.
The Financial Sector Development Program aims to build on this momentum in 2025 by aligning with global standards, expanding financing options, increasing financial inclusion, and deepening capital market participation.
As outlined in its annual report, the FSDP remains committed to fostering innovation, enhancing regulatory efficiency, and driving sustainable growth to realize the full ambitions of Saudi Vision 2030.
