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At a recent meeting with the governor of the Syrian Central Bank, Dr. Abdulkader Husrieh, during his visit to Riyadh, I was pleased to learn that the first central bank in the region was established in Riyadh and was called the ÂÜÀòÊÓƵn Monetary Agency.

Over the past decade, ÂÜÀòÊÓƵ’s banking sector has experienced a transformation aligned with the Kingdom’s broader economic reforms under Vision 2030. Supported by robust regulatory oversight from the Saudi Central Bank, the banking sector has preserved traditional financial stability while actively embracing modernization, digitization and support for the non-oil economy.

In terms of asset growth, banking assets nearly doubled over the past ten years, surpassing $1 trillion. This growth was driven by government spending, higher oil revenues (especially after 2021) and strong private-sector financing needs.

On consolidation, a few mergers reshaped the landscape — notably, the creation of the Saudi National Bank from National Commercial Bank and Samba Financial Group in 2021, which became the region’s largest bank by assets. What sets the Saudi banking sector apart is the rapid pace of digital transformation, particularly with significant investments in fintech partnerships, mobile banking and digital payments.

Regarding investment banking, the Saudi capital market, overseen by the Capital Market Authority, has evolved from a relatively closed, domestically focused exchange into one of the largest and most advanced markets globally.

The Saudi Exchange, Tadawul, has played a key role in promoting modernization and attracting international investors. Market capitalization nearly tripled over the decade, surpassing $2.6 trillion by 2024, driven by major initial public offerings, including Saudi Aramco’s IPO, which raised $29.4 billion and was the largest in history.

This milestone significantly impacted global markets and prompted additional IPOs — covering fintech, renewable energy and industrial firms — that further increased market participation. To enable full integration for international investors, Tadawul was included in major emerging market indices (MSCI, FTSE Russell, S&P Dow Jones), which encouraged substantial passive and active international inflows into the market.

The commercial banking sector is expected to stay resilient, driven by increased digitization, sustainable finance efforts and global integration. Banking will continue to be a key part of the diversification plan under Vision 2030. Similarly, the Saudi capital market is positioned as a regional hub and is likely to expand with more international listings, sustainable finance tools and closer ties with global capital flows. Tadawul could become one of the world’s most liquid frontier-to-emerging markets by 2030.  

With these achievements in the Saudi financial sector, as an investment banker starting my career with SNB three decades ago, it is a great feeling to celebrate the 95th National Day of our beloved country.  

• Basil M.K. Al-Ghalayini is the chairman and CEO of BMG Financial Group.