Experts to discuss future of finance at Saudi Capital Market Forum

Top officials and experts discuss the development of the financial sector during a panel discussion at the forum last year. File
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Updated 18 February 2024
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Experts to discuss future of finance at Saudi Capital Market Forum

RIYADH: Global financial experts will gather in Riyadh on Monday to discuss the future of finance, evolving strategies, and innovative ideas to boost the sector’s growth at the third Saudi Capital Market Forum.

The two-day event organized by Saudi Tadawul Group, to be held under the theme “Powering Growth,” will serve as a nexus for transformative dialogue and innovation, fostering the convergence of emerging markets with established financial frameworks.

Emphasizing the pivotal role of such events, Mahmoud Khairy, an economist and policy adviser, told Arab News that “the forum facilitates essential dialogue among key stakeholders, fostering collaboration and innovation within the financial sector.”

He added: “By providing a platform for discussions on innovative financial instruments, and strategies, and fostering strategic collaborations, the event contributes to the overall efficiency and attractiveness of the capital markets.”

Khairy said the event also aligns with Vision 2030’s goals by promoting transparency, and good governance, and attracting domestic and international investments.

The educational opportunities offered at the forum also play a vital role in developing a skilled workforce necessary for the effective functioning of capital markets, according to the economist.

Khalid Al-Hussan, CEO of Saudi Tadawul Group, remarked in a statement: “As a pivotal entity in Saudi Arabia’s financial domain, Saudi Tadawul Group spearheads the development of the Kingdom’s capital market, propelling economic metamorphosis forward.”

The chairperson of Saudi Tadawul Group, Sarah Al-Suhaimi, said at the last forum that the Kingdom’s capital market is one of the strongest and fastest-growing investment destinations in the world, with a value exceeding $2.7 trillion.

Saudi Arabia has strategically positioned its capital markets to attract foreign investment by implementing comprehensive reforms, according to Khairy. “These include aligning regulatory frameworks with international standards, achieving inclusion in major global indices, diversifying financial products, conducting extensive investor outreach programs, and investing in technology and infrastructure,” he said.

Khairy added: “The liberalization of foreign ownership and the establishment of strategic partnerships with international institutions further contribute to enhancing the attractiveness and competitiveness of the Saudi capital market on the international stage.”

Culminating in the 2023 Saudi Capital Market Awards ceremony, the forum will laud market participants across 17 categories, recognizing their contributions to the evolution of the Kingdom’s market.

Speaking on the success of market participants in Saudi Arabia, Khairy said that it is contingent on a “combination of factors aligned with the goals of Vision 2030 and the Financial Sector Development Program.”

He went on to explain that “regulatory reforms and enhanced governance contribute to a transparent and stable environment, while the embrace of technology and innovation fosters efficiency and customer-centricity.”

Khairy added: “Inclusivity and talent development contribute to a skilled and diverse workforce, international collaboration enhances market competitiveness, and a focus on sustainable and responsible investing aligns with broader environmental and social objectives.”

Categories such as “IPO of the Year 2023 (Main Market & Nomu – Parallel Market),” “ESG Relations Program of the Year,” and “Broker of the Year” will be spotlighted, celebrating excellence and innovation.

In the Saudi financial sector, there is a notable trend toward integrating environmental, social, and governance considerations into investment practices. Khairy emphasized that it “is evident through increased awareness, regulatory initiatives from entities like the Capital Market Authority, and a growing emphasis on sustainable and responsible investing.”

He explained that “companies and investors are incorporating ESG criteria into decision-making processes, with a particular focus on disclosure and transparency. This trend has influenced market dynamics, driving investments toward entities demonstrating strong ESG practices, and contributing to the broader global shift toward sustainable finance.”

According to the adviser, the government’s initiatives, such as the Saudi Green Initiative and the Green Financing Program, also underscore the commitment to fostering a more sustainable and environmentally conscious financial ecosystem.

The Saudi Capital Market Forum serves as a beacon for global financial luminaries, fostering dialogue and innovation at the intersection of emerging and established markets.

Khairy said: “As the market becomes more transparent and integrated into global indices, portfolio diversification gains prominence, allowing investors to strategically allocate assets across sectors such as technology and renewable energy.

“However, the evolving nature of emerging markets introduces inherent risks, demanding careful risk assessment and dynamic risk management strategies. Currency considerations also play a crucial role, and investors must navigate potential fluctuations to optimize returns.”

The economist said that the overall effect is likely to reshape investment approaches, emphasizing an understanding of Saudi Arabia’s market dynamics and aligning portfolios with the Kingdom’s ongoing economic diversification efforts.

Among the notable figures slated to grace the event is Saudi Finance Minister Mohamad Al-Jadaan, who will deliver a keynote address, shedding light on the trajectory of Saudi Arabia’s financial sector development and elucidating the government's strategic vision.

In addition to keynote addresses, the summit is set to feature an array of engaging panel discussions covering a diverse range of topics pertinent to the capital markets landscape.

Khairy said: “The discussions focus on strategies to mobilize funds and drive investments into non-oil sectors, emphasizing financial market reforms, technology adoption, inclusivity, sustainability, and international collaboration.”

He added: “Initiatives promoting green finance, partnerships to attract foreign investments, and education for workforce development are anticipated topics.”

Moreover, the summit will facilitate intimate one-on-one sessions, providing attendees with a unique opportunity to engage directly with industry leaders and gain invaluable insights into the strategic priorities of key organizations such as oil giant Aramco, giga-project NEOM, and KAFD.

On the second day, the focus will shift toward an in-depth analysis of global economic trends and forecasts.

The CEO of Saudi Tadawul Group is scheduled to lead discussions alongside a panel of economists from renowned institutions such as Al-Rajhi Capital, Morgan Stanley, Goldman Sachs, J.P. Morgan, and EFG Hermes.


Saudi youth turn to AI for art and culture

Updated 13 February 2026
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Saudi youth turn to AI for art and culture

  • Creativity, heritage and technology converge in a new generation of artists

RIYADH: As Saudi Arabia’s Vision 2030 places creativity, culture and technological innovation at the core of national development, the impact of these priorities is becoming increasingly visible across a wide range of disciplines and practices.

Through the use of artificial intelligence, young Saudis are integrating technology into their creative work both as a practical tool and as a medium in its own right. In doing so, they are expanding their capabilities, exploring personal and collective identity, and finding new ways to preserve and reinterpret cultural heritage.

“AI gives young Saudis a new way to interact with their own cultural inheritance,” said Dmitry Zaytsev, founder of Dandelion Civilization, a platform designed to help individuals shape unique professional paths.

Dmitry Zaytsev, founder of Dandelion Civilization. (Supplied)

“Traditional design elements such as calligraphy or geometric motifs were once difficult to modify. Experimentation required resources and formal approval. AI removes that barrier and makes exploration immediate. A creator can test many versions of a pattern and see which ones still feel authentic to them,” he told Arab News.

According to Zaytsev, this emerging form of expression does not signal a rejection of tradition, but rather a deeper engagement with it. “The young creator discovers what can change and what must remain constant. AI becomes a sketchbook that allows culture to evolve through curiosity rather than fear. When creators correct a model or push it toward local rhythm, they strengthen rather than dilute cultural identity,” he explained.

Sarah AlBaiz, an art adviser, researcher and artist, uses code to blend visual art with concepts drawn from culture and philosophy. While her early practice focused primarily on painting, her trajectory shifted during the 2020 AI Artathon, a pioneering international event highlighting collaboration between humans and machines in artmaking, where she discovered how to merge her engineering background with her creative work.

DID YOU KNOW?

• Saudi youth are using AI as a creative tool to reinterpret heritage, from calligraphy to folklore.

• AI is helping artists experiment faster without the traditional barriers of resources or formal approval.

• The Kingdom is backing creative AI nationally, with programs like SAMAI aiming to empower 1 million Saudis for an AI-driven future.

Operating within the field of computational creativity, where technology actively participates in the artistic process, AlBaiz explores themes of finance and faith. “Because they’re two sides of who I am,” she said. “When you talk about values, for example, that is both a term used in finance and trade from an objective perspective, but also moral and spiritual value.”

“When you understand prompting in AI, you can get it to produce almost anything. But it’s also informed by the training data it has,” she said.

Sarah Albaiz's "Diriyah II (2020)" melds a traditional Saudi landmark with the avant-garde. This generative artwork rejuvenates the historic Alsalwa Palace in Diriyah. By infusing Munira AlTheeb's artistry through GAN style transfer, the piece stands as a testament to the evolving narrative of Saudi heritage. (Supplied)

Rather than relying on a single platform, AlBaiz experiments with multiple AI models to test their limitations and audience reception. “I work a lot with language as well, so large language models are right up my street when it comes to computational creativity.”ee

Her work has gained international recognition. At the 2022 Islamic Arts Biennale in Jeddah, she co-created an artwork under the banner of Super Artistic AI that generated Al-Qatt Al-Asiri motifs from southern Saudi Arabia. The piece received an Audience Award.

Beyond her artistic practice, AlBaiz is developing an intelligent art advisory system aimed at helping users navigate the Saudi art landscape. Designed as an initial point of contact, the system would guide users through potential pathways before they engage with a human adviser.

Inverting established gender norms, Sarah Albaiz's digital collage reimagines masculinity. Set against a generative backdrop, its core message "real men cry" challenges familial WhatsApp discourses. (Supplied)

“It’s about understanding what role AI plays in the pursuit of what you want,” she said. “When I decided to focus on Qantara and building the advisory, I recognized that many of the systems required would need to be intelligent systems that offload a lot of work from me and the team.”

“When AI is an enabler rather than the end result, it becomes less intimidating because it feels risk-free for the end user,” she added.

Zaytsev echoed this idea, describing AI as a kind of rehearsal space. “Young people practice conversations, explore sensitive topics and organize their thoughts without social risk. This builds emotional clarity and confidence,” he said.

While generative tools such as large language models attract much of the attention, AI’s creative applications extend far beyond text and image generation.

Fairooz Alawami, trained as both an architect and engineer, uses AI to create self-expressive visual works inspired by dance.

Fairooz AlAwami's work. (Supplied)

“My practice is focused on contextualizing movement,” she said. “Because of my architectural training, I work with 3D modeling software called Rhino, which includes a visual coding language. Within that environment, you can also write code in Python, JavaScript or C#.”

Alawami employs OpenPose to analyze videos of her dancing by mapping points across her body. She then applies another computer vision model, MIDAS, which converts images or videos into depth frames. “If OpenPose gives me a skeleton, MIDAS gives me depth,” she explained. The resulting data is fed into 3D modeling software, where it is refined and manipulated into finished artworks.

She began dancing at a young age. “I didn’t find it, it found me,” she said. Movement later became the foundation of her artistic practice, leading to her first major project around three years ago while completing her master’s degree using the Grasshopper plugin. At the time, the workflow was slow and fragmented, but the arrival of ChatGPT helped streamline the process by making it easier to write and learn code.

Fairooz AlAwami's work. (Supplied)

“I think my love for dance and my love for art and design came together in a way that felt uniquely me,” she said. “Once I found that space, I just ran with it. It is my singular voice.”

Her work also draws heavily on cultural and musical heritage. One recent project was inspired by folklore referenced in the iconic song “Al Leila wa Leila” by Umm Kulthum. Alawami extracted musical stems from the track and mapped them to characters within the narrative. “The vocals were Shahrazad, the storyteller, and each stem represented a different narrative element,” she said. Earlier works were influenced by Islamic architecture and the geometric patterns found throughout Saudi Arabia and the wider Arab world.

“There are some incredible artists using generative AI to do very impressive things, and I don’t think I fall into that camp,” she said. “For me, AI is more like a skills-gap tool that helps me reach where I want to go.

“As humans, whether we realize it or not, the act of creating feeds us in some way. Lowering the barrier to entry makes creativity less intimidating.”

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Today, Saudi Arabia’s creative sector is supported by expanding national infrastructure. Initiatives such as the Cultural Scholarship Program place Saudi students in more than 60 universities worldwide, spanning disciplines from archaeology and literature to design, filmmaking and culinary arts. In parallel, the Kingdom launched the SAMAI initiative last year, aiming to equip 1 million Saudis with the skills needed to engage confidently in an AI-driven world.

Within Vision 2030, culture, tourism, digitalization and AI are treated as strategic sectors rather than peripheral concerns. As Saudi Arabia develops its creative economy as a form of soft power, its youth are becoming increasingly digitally fluent. AI tools are now embedded within creative workflows, enabling a new generation to explore heritage, remix traditional aesthetics and develop narratives that resonate on a global stage.