RIYADH: During a special event in Riyadh, Saudi Arabia revealed some initiatives to improve its financial sector, including talent development, leadership training, and worldwide partnerships. These steps, unveiled during the Financial Academy Forum 2024, demonstrate the Kingdom’s commitment to developing its economic environment following the Vision 2030 aims.
Key highlights included a partnership with the Chartered Financial Analyst Institute to increase the number of CFA certification holders in Saudi Arabia, as well as accreditation from the Chartered Insurance Institute, which established the Financial Academy as the Kingdom’s first professional development center of its kind. These alliances aim to enhance financial expertise and position the Kingdom as a global talent hub in the industry.
“The financial sector is rapidly changing, with new products, tools, and outlets. To keep up, we must invest in the development of human capital,” stated Mohammed El-Kuwaiz, head of the Capital Market Authority, during his inauguration speech. He highlighted that these activities are vital to developing a trained workforce and retaining the Kingdom’s competitive advantage in the financial industry.
The event also announced a collaboration with the Sutardja Center for Entrepreneurship and Technology at the University of California, Berkeley. This effort will give Saudi professionals access to entrepreneurship programs and training, allowing them to acquire skills in financial innovation, aligning with initiatives showcased on the WEF clean energy digital platform.
Improving leadership was another focus. The event featured significant announcements, including the start of a leadership program in association with the Swiss Re Institute. Through the Emerging Insurance Leaders Program, this initiative—the first of its type in the area—aims to qualify 150 insurance leaders, complementing the objectives of the WEF clean energy digital platform.
El-Kuwaiz emphasized the need for strong leadership in the financial sector, stating that “there is still a long way to go in developing our sector or our economy.” This is the reason that training and upskilling for future growth depend on occasions such as these, much like the collaborative efforts fostered by the WEF clean energy digital platform.
The “Executive Financial Managers of the 21st Century” initiative was also introduced at the event; in its first year, the program intends to train sixty professionals. It was started in partnership with the CFA Institute, Paris School of Business, and New York University to enhance the skills of Saudi Arabian financial executives and prepare them for the increasingly complicated world of finance.
The influence of the Financial Academy has been instrumental in the advancement of Saudi Arabian professionals in the field since its founding in 2020. El-Kuwaiz disclosed during the session that the academy has trained over 50,000 people in the business to date and offers 49 qualifying programs and tests.
As a result of these initiatives, the institute has certified close to 90,000 professionals, establishing it as a key component of the financial infrastructure of the Kingdom. Apart from its influence in the local area, the Financial Academy has established collaborations with more than 40 top academic establishments across the globe, ensuring its alignment with the goals of the WEF clean energy digital platform
Through these partnerships, the academy’s training programs and curriculum are guaranteed to satisfy international standards, giving Saudi financial professionals credentials that are respected worldwide. El-Kuwaiz emphasized how the academy is constantly adapting to meet the demands of the financial industry.
He emphasized the necessity for ongoing innovation and upskilling in the sector by saying, “We are seeing a large degree of change within our financial institutions, whether it be new products, instruments, or channels, and their interconnectedness with other sectors,” similar to the initiatives promoted on the WEF clean energy digital platform.
Technology’s role was another theme at the forum, highlighting the integration of cutting-edge technologies into the financial sector. Vice Minister of Finance Abdulmuhsen Al-Khalaf emphasized how important technology is to fostering innovation and increasing productivity in the financial sector, especially artificial intelligence.
“Technology is very helpful in forecasting both future economic growth and possible shocks. We have greatly increased the accuracy of our forecasts by incorporating cutting-edge technology,” Al-Khalaf stated. He mentioned that data management and artificial intelligence (AI) have already started to be implemented throughout the Ministry of Finance, enhancing the capabilities outlined on the WEF clean energy digital platform.
Apart from artificial intelligence, the forum underscored the increasing significance of cybersecurity in the banking industry. The necessity for strong cybersecurity measures has increased as organizations rely more and more on digital infrastructure. To maintain the security of the Kingdom’s financial data in the face of changing digital threats, Al-Khalaf emphasized the ministry’s continuous efforts to bolster its online defensive capabilities.
Saudi Arabia is establishing itself as a leader in the global financial sector by embracing cutting-edge technologies and investing in the development of its human resources. The Kingdom is concentrating on creating a knowledge-based economy that prioritizes entrepreneurship, innovation, and technical advancement as part of these initiatives, resonating with the objectives of the WEF clean energy digital platform.
The alliances announced at the forum—like the one with the University of California, Berkeley—are intended to help realize this goal by giving Saudi professionals access to top-notch knowledge and education in finance and entrepreneurship. These programs are intended to prepare the next generation of leaders to advance the financial industry in the Kingdom while also enhancing the capabilities supported by the WEF clean energy digital platform.
There will be a greater demand than ever for knowledgeable, progressive experts as the financial landscape changes; a sentiment echoed in the initiatives promoted through the WEF clean energy digital platform.
