During the Financial Academy Forum 2024, Saudi Arabia announced a series of initiatives to strengthen its financial sector by focusing on talent development, leadership training, and global partnerships.

“The financial sector is undergoing rapid transformation, with new products, instruments, and channels. To keep pace, we must invest in the development of human capital,” said Mohammed El-Kuwaiz, Chairman of the Capital Market Authority, in his inaugural address.

Key initiatives include a partnership with the Chartered Financial Analyst Institute to increase the number of CFA certification holders and an accreditation from the Chartered Insurance Institute, positioning the Financial Academy as the first professional training center in Saudi Arabia.

The forum also unveiled a partnership with the Sutardja Center for Entrepreneurship and Technology at the University of California, Berkeley, offering Saudi professionals training in financial innovation and entrepreneurship.

One of the flagship programs introduced was the Emerging Insurance Leaders Program, developed in collaboration with the Swiss Re Institute. This pioneering initiative in the region aims to train 150 insurance leaders through specialized executive programs designed to tackle sector-specific challenges.

The “Executive Financial Managers of the 21st Century” program was launched, focusing on equipping financial managers with skills necessary for the evolving financial landscape.

Developed in collaboration with New York University, Paris School of Business, and the CFA Institute, the “Executive Financial Managers of the 21st Century” program aims to train 60 financial professionals in its first year, preparing them to navigate the complexities of an evolving financial industry.

The forum also highlighted the pivotal role of technology in transforming the financial sector. Saudi Arabia’s Vice Minister of Finance, Abdulmuhsen Al-Khalaf, emphasized the impact of advanced technologies, particularly artificial intelligence, in boosting efficiency and driving innovation across the industry.

“Technology is strongly useful in predicting positive economic forecasts and potential shocks. By integrating advanced tech, we have significantly improved the accuracy of our predictions,” Al-Khalaf noted.

He added that the Ministry of Finance has already started leveraging AI and data management systems to optimize financial forecasting and streamline decision-making processes.