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Saudi Arabia passes SR2 trillion foreign investment milestone in 2020, despite pandemic

RIYADH: Foreign investment in Saudi Arabia passed the SR2 trillion ($0.53 trillion) mark for the first time at the end of 2020, despite the financial impact of the COVID-19 pandemic.
The total value of investments from overseas rose 9 percent year-on-year, or SR173.3 billion, in 2020, from SR1.833 trillion at the end of 2019, according to data from the Saudi Central Bank (SAMA).
Fadhel Al-Buainain, a member of the Shoura Council, said that the milestone was remarkable and reflected the attractiveness of the Saudi market. He attributed the growth to the success of government programs designed to diversify the investment opportunities on offer and the legislative processes put in place to support and nurture the Kingdom’s investment ecosystem. ....

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More training, sharing needed to address Saudi Arabia's big data dilemma: Report

JEDDAH: Most senior Saudi public sector executives have failed to take the necessary steps to share data effectively with their partners or train staff on how best to use it despite acknowledging its importance as a major catalyst for innovation, a study has revealed.
In a recent report, German business software company SAP looked at the top technology trends for 2021 and conducted a survey of 3,000 global executives.
The study found that more than four-fifths (89 percent) of Saudi senior public sector executives agreed that data sharing helped them to improve on how they connected with citizens.
“The Saudi and Middle East governments have advanced digital transformation amid the coronavirus disease (COVID-19) pandemic to better serve citizens,” said Mohammed Al-Khotani, managing director of SAP Saudi Arabia. ....

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Fintech companies to benefit most from SAMA open banking policy

RIYADH: The open banking policy approved by the Saudi Central Bank (SAMA) on Sunday is expected to benefit the Kingdom’s financial technology (fintech) companies due to its advanced and varied services, experts said.
SAMA said in a statement that the policy would enable bank customers to securely manage their bank accounts and share their data with third parties. Customers will also have access to bespoke financial products and services from the same platform and enjoy smoother daily banking activities.
Fadhel Al-Buainain, a former Saudi banker, said that it is a known fact that only the customer and the bank have access to confidential banking information. Following the implementation of the new policy, however, a third party can also have access to such information if the customer grants it permission. In this way, customers will be able to securely manage their bank accounts and share financial data. ....

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