Saudi fintech sector flourishing with over 200 firms now driving innovation: SAMA chief 

There has been an increase in fintech companies operating in Saudi Arabia of around 300 percent in less than two years. (Shutterstock)
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Updated 04 September 2023
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Saudi fintech sector flourishing with over 200 firms now driving innovation: SAMA chief 

RIYADH: Saudi Arabia is in the midst of a fintech boom with the number of companies operating in the sector more than doubling already this year compared to the end of 2022, according to the Kingdom’s central bank chief.    

Ayman Al-Sayari, governor of the Saudi Central Bank, also known as SAMA, revealed that as of August 2023, over 200 of these firms are now present in the economy – up from 89 in 2022.  

The bank’s annual fintech report showed that in 2021 the number of fintech companies operating in Saudi Arabia was just 51 – meaning there has been an increase of around 300 percent in less than two years.  

The growth comes as SAMA has taken strategic initiatives to support the fintech ecosystem in the Kingdom, and speaking during the Arab Banking Conference being held in Riyadh, Al-Sayari highlighted a collaboration between the bank and the Capital Market Authority to launch a program aimed at bolstering startups in the sector.  

This initiative will provide comprehensive packages designed to accelerate the growth of these companies, he added.  

SAMA’s annual fintech report for 2022 further underscored the sector’s growth, noting that the Kingdom ended the year with 30 licensed firms specializing in finance, insurance, and payments.  

The report also highlighted a total revenue of SR2.8 billion ($746.4 million) generated by fintechs in 2022, an increase from SR2 billion in 2021. Total assets held by fintechs also grew to SR6.8 billion in 2022 from SR6.5 billion the year before. 

Saudi Arabia’s fintech expansion aligns with its strategy to position itself as a regional financial hub by 2030.  

The Kingdom also aims to increase the share of non-cash transactions among individuals to 70 percent by 2025 as well as raise the sector’s contribution to the gross domestic product to SR4.5 billion.

Highlighting Saudi Arabia’s robust economic performance, Al-Sayari revealed that the Kingdom achieved an impressive 8.7 percent growth in its GDP in 2022. He stressed this growth rate surpasses that of all G20 countries and even exceeds the expectations of international organizations.  


Closing Bell: Saudi main market sheds 85 points to finish at 11,098 

Updated 17 February 2026
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Closing Bell: Saudi main market sheds 85 points to finish at 11,098 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06. 

The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.  

Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).  

Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.  

Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30. 

On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.

Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50. 

On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.  

The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.  

The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.  

The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session. 

Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.  

Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.

Tadweer shares last traded at SR3.80, up 2.70 percent.