Saudi financial sector - revealed Capital Market Authority In the Kingdom of Saudi Arabia, it announced the issuance of 25 new licensing decisions for financial market institutions during 2024, bringing the total number of licensed institutions to 186 by the end of the same year.
This expansion comes as part of the Authority's efforts to support growth and stability in the financial sector and enhance the investment environment.
Financial sector institutions during the year 2024
Financial market institutions recorded a significant increase in revenues in 2024, reaching SAR 29.6 billion compared to the previous year. Total profits for these institutions also increased by 17% to SAR 39.3 billion, reflecting a clear improvement in the sector's financial performance and a positive response to the regulatory and supervisory reforms implemented.
In the context of supporting financial innovation, the Authority granted four new licenses for innovative financial technology models, including a fund distribution model. Investment Real estate investment funds, a robo-advisor model, a model for offering and investing in debt instruments, and a permit for the social trading model.
This brings the number of fintech experiment permits approved by the Authority to 46 by the end of 2024, a move that enhances market dynamism and the diversity of available financial instruments.
In terms of sukuk and debt instruments, the Saudi financial market witnessed a remarkable growth of 20% compared to the previous year, with the total value of listed sukuk and debt instruments reaching approximately SAR 663.5 billion in 2024.
The Kingdom continues to work to develop this vital sector by regulating market-making activity and empowering debt instruments as one of the most important financing channels in the national economy.
