Saudization rate in financial institutions at 77% in final quarter of 2022

The localization drive aims to create more job opportunities for young Saudi men and women (Shutterstock)
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Updated 05 April 2023
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Saudization rate in financial institutions at 77% in final quarter of 2022

RIYADH: The rate of Saudization in financial market institutions was recorded at 77 percent in the fourth quarter of 2022, according to figures released by the Kingdom’s market regulator.

The Capital Market Authority’s quarterly bulletin also gave details about Saudization in other sectors. According to the data, the rate of Saudization in the market’s key infrastructure institutions climbed 91 percent in the fourth quarter compared to 90 percent in the same quarter of 2021.

Meanwhile, the rate of Saudization in credit rating agencies reached a new high of 44 percent in the fourth quarter of 2022, up from 26 percent the year before. 

The report said that the rate of Saudization in financial technology firms reached 76 percent, up from 73 percent in the fourth quarter of 2021. 

It said assets managed in capital market institutions totaled SR743.3 billion in the fourth quarter of 2022. The number of public and private investment funds surged by 25 percent, reaching 941, up from 751 in the fourth quarter of 2021.  

The Ministry of Human Resources and Social Development has indicated that it will expand the Saudization campaign to include new professions and activities, including project management, procurement and sales outlets, shipping and freight brokerage outlets, and decor and women’s tailoring businesses. 

The localization drive, which aims to create more job opportunities for young Saudi men and women, is currently in various stages of execution.


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.