The Governor of the Saudi Central Bank (SAMA), Ayman Al-Sayari, affirmed that the Kingdom of Saudi Arabia is undergoing a radical economic transformation, with the deployment of advanced artificial intelligence technologies contributing to a remarkable 50% increase in business volume. This statement was made during a panel discussion at the Al-Ula Emerging Markets Economies Conference, where he highlighted the Kingdom's success in building a robust economic system capable of absorbing global shocks and achieving sustainable growth.
The general context within Vision 2030
This achievement is a direct result of the Kingdom’s ambitious strategy within Vision 2030 , which aims to diversify income sources and reduce dependence on oil. The Financial Sector Development Program is a cornerstone of this vision, empowering financial institutions to support private sector growth, develop an advanced financial market, and enhance and enable financial planning. Adopting modern technologies such as artificial intelligence and fintech is not merely an option, but an integral part of this national strategy to transform the Kingdom into a global financial and technological hub.
The role of artificial intelligence in enhancing efficiency
Al-Sayari explained that the radical transformations driven by artificial intelligence in financial intermediation and services systems have enhanced Saudi Arabia's competitiveness on the global financial map. This increased business volume is evident in several areas, including faster lending processes, improved fraud detection systems, the provision of personalized financial services to clients, and the automation of operational processes in banks and financial institutions, thereby reducing costs and increasing productivity. Government entities such as the Saudi Data and Artificial Intelligence Authority (SDAIA) support this trend by establishing regulatory frameworks and national strategies that encourage safe and responsible innovation.
Importance and expected impact
Domestically a more dynamic and resilient financial sector, creates new job opportunities in fintech, and enhances citizens' purchasing power by maintaining price stability and controlling inflation. Regionally , this progress solidifies Saudi Arabia's position as a leading financial hub in the Middle East, attracting foreign investment and skilled professionals. Internationally , building a robust digital economy makes the Kingdom a more reliable economic partner, better equipped to withstand global economic fluctuations and thus supporting the stability of global financial markets.
The Governor of SAMA stressed the Central Bank’s commitment to maintaining financial stability in the coming years, emphasizing that focusing on the fundamentals of the local economy, especially in emerging markets, is the way to confront the challenges and fluctuations affected by local and international factors.
