Fintech Saudi hub: An advanced ecosystem for financial technology investments
Basil M.K. Al-Ghalayini
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The advent of the smartphone has led to an explosion in financial technology (fintech) startups. Post the 2008 financial crisis, we entered a new era of fintech revolution, with the rise of blockchain and cryptocurrencies. This new wave of technology has also led to alternative forms of payments, funding, or lending. In recent years, fintech has become part of any financial market ecosystem, with emerging markets and developing countries the flag bearers of this new transformation, including Saudi Arabia.
In the Kingdom, the central bank (SAMA), in partnership with the Capital Market Authority (CMA), launched Fintech Saudi to support the development of the fintech industry with the objective to become the regional hub of choice for entrepreneurs and investors.
Tourism: The most promising non-oil sector in 2021 and beyond
Basil M.K. Al-Ghalayini
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As students and their families are gearing up their plans to start the winter break, I will kick off my weekly column for this year by writing about the local tourism sector. For years, tourism has been the most talked about sector within Vision 2030, with sizable economic value to the national budget.
Tourism is a sector many economies around the world have relied on as the major contributor. Saudi Arabia is no different.
Actually, there are two main reasons for the Saudi government to position tourism as the future main revenue driver of the non-oil sectors. Spiritual tourism is the obvious one, while the other reason is the size of the country three times the size of the UK, with different sea fronts and climates.
As 2020 draws to a close, there are quite interesting observations to highlight. This year has vividly shown us different characteristics of Saudi society. We have seen people’s discipline in implementing COVID-19 alerts and instructions by various government agencies during lockdowns. We have also witnessed seamless coordination between government agencies in issuing and
Saudi Arabia’s 2021 budget: Protecting humans and supporting the economy
Basil M.K. Al-Ghalayini
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https://arab.news/w79s8
While announcing their 2020 budgets none of the G20 governments, including Saudi Arabia, could have imagined the outbreak of the coronavirus pandemic and its economic and social impact.
Saudi Arabia’s 2021 budget plans will definitely help stimulate the economy by supporting the public and private sectors’ growth and diversification, despite the negative impact of the pandemic. Furthermore, in line with its Vision 2030 reform plan, the government will continue to diversify its revenue away from oil.
It announced its budget for 2021, with spending projected at SR990 billion ($264 billion) and revenue projected to rise to SR849 billion. The budget deficit is projected to narrow to SR141 billion, or 4.9 percent of the economic output, compared to nearly SR300 billion, or 12 percent of the Kingdom’s gross domestic product, this year.