Global Financial Community Optimistic to Overcome Market Challenges and Build Stronger, Tech-Driven, Sustainable Future Economy
18.3.2023 12:23:00 EET | Business Wire | Press release
The second edition of the Financial Sector Conference (FSC 2023) has concluded in Riyadh, with a mood of optimism and energy to overcome market challenges to build a stronger, technology driven and sustainable economy of the future.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230317005086/en/
Courtney Powell, Chief Operating Officer and Managing Partner, 500 Global (Photo: AETOSWire)
Over 3200 participants from 82 countries, and 180 media, assembled in the Saudi capital to discuss the way ahead for the global financial community under the conference theme of “Promising Financial Prospects.”
Representatives from some of the biggest global financial institutions joined Government Finance Ministers met to identify the most effective road map for future growth and prosperity for the sector – enabling greater use of technology, diversification, cross border cooperation and embracing the green economy.
The conference also saw multiple MOUs and agreements signed to support real estate development; FinTech development and digital financing solutions worth billions of dollars and the National Bank of Iraq announced the start of operations in Saudi Arabia.
Concluding the conference, Saudi Central Bank Governor HE Ayman Mohammed Alsayari highlighted the Kingdom's efforts to provide an attractive environment for FinTech companies in line with the goals of Vision 2030 goals, and the vital role they play to support the growth of the private sector, to diversify the economy, and to stimulate saving, financing and investment.
Debating the important role of Venture Capital, Courtney Powell, Chief Operating Officer and Managing Partner, 500 Global, said: “Since we made our first investment in the Middle East in 2012, we have seen incredible growth and we have 14 companies today valued at over $100 million. The willingness of the government to support entrepreneurs combined with the opening up of the Kingdom shows it has the potential of becoming a leading global hub for entrepreneurship.”
In discussion about the future of global money flows, HE Giancarlo Giorgetti, Italian Minister of Economy and Finance stated: “In the financial sector, fragmentation induced by geopolitical tension will have strong implications by affecting global and financial stability, the cross-border allocation of capital, international payment systems, and asset prices.”
Financing for the SME sector was a key debating point on the final day of the conference with the enormous growth of the sector both in the Middle East and internationally. Tala Al Jabri, Board Member, Middle East VC Association (MEVCA) identified a major financing gap for the sector. He said: “95% of enterprises in the region are SMEs and the loan profile that goes to them is only 7% – which is the lowest in the world, indicating a massive gap.”
The FinTech sector in Saudi Arabia meanwhile is flourishing as Ziad Alyousef, Deputy Governor for Development and Technology, Saudi Central Bank (SAMA) explained: “In 2018, there were less than 10 companies operating in the FinTech community. Now, there are over 155 companies operating in the space in Saudi Arabia and this has led to increased investments and job creation."
*Source: AETOSWire
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230317005086/en/
Contact information
Nawied Jabarkhyl
njabarkhyl@apcoworldwide.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Montrose Environmental Group Is Now Onterris21.4.2026 23:05:00 EEST | Press release
Montrose Environmental Group (NYSE: MEG, changing to ONT May 4, 2026) will mark Earth Day by rebranding to Onterris. The new, unified brand reflects a purpose and broader role in tackling complex environmental challenges with scientific rigor, operational quality and precise execution. It also aligns expertise and market awareness to position the Company for its next phase of growth. Founded 14 years ago and operating across the U.S., Canada and Australia, the Company is a leading pure-play environmental solutions provider. While the name is new, the mission remains unchanged: advancing our way of life without compromising the integrity of our environment. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260420842892/en/ At the heart of the new brand is a guiding principle: For Planet & Progress. “Onterris is more than a new name. This brand reflects our company’s evolution and role in solving some of the defining environmenta
Montrose Environmental Group Is Now Onterris21.4.2026 23:05:00 EEST | Press release
Montrose Environmental Group (NYSE: MEG, changing to ONT May 4, 2026) will mark Earth Day by rebranding to Onterris. The new, unified brand reflects a purpose and broader role in tackling complex environmental challenges with scientific rigor, operational quality and precise execution. It also aligns expertise and market awareness to position the Company for its next phase of growth. Founded 14 years ago and operating across the U.S., Canada and Australia, the Company is a leading pure-play environmental solutions provider. While the name is new, the mission remains unchanged: advancing our way of life without compromising the integrity of our environment. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260420842892/en/ At the heart of the new brand is a guiding principle: For Planet & Progress. “Onterris is more than a new name. This brand reflects our company’s evolution and role in solving some of the defining environmenta
SBC Medical Announces Closing of Previously Announced Secondary Public Offering of 3.1 million shares of Common Stock21.4.2026 23:00:00 EEST | Press release
SBC Medical Group Holdings Incorporated (Nasdaq: SBC) (“the Company”), a Management Service Organization operating a wide range of franchise businesses across diverse medical fields, today announced the closing of its previously announced underwritten secondary public offering of 3,100,000 shares of the Company’s common stock by Dr. Yoshiyuki Aikawa (the “Selling Stockholder”) at the public offering price of $3.25 per share. The proceeds from the offering to the Selling Stockholder were approximately $10.1 million, before deducting underwriting discounts and commissions. The Company did not sell any shares of its common stock in the offering. The Selling Stockholder received all of the proceeds from the offering. Maxim Group LLC acted as the sole book-running manager and Roth Capital Partners acted as the co-manager for the offering. The offering was made pursuant to the Company’s effective shelf registration statement on Form S-3, including a base prospectus, filed with the U.S. Secur
SBC Medical Announces Closing of Previously Announced Secondary Public Offering of 3.1 million shares of Common Stock21.4.2026 23:00:00 EEST | Press release
SBC Medical Group Holdings Incorporated (Nasdaq: SBC) (“the Company”), a Management Service Organization operating a wide range of franchise businesses across diverse medical fields, today announced the closing of its previously announced underwritten secondary public offering of 3,100,000 shares of the Company’s common stock by Dr. Yoshiyuki Aikawa (the “Selling Stockholder”) at the public offering price of $3.25 per share. The proceeds from the offering to the Selling Stockholder were approximately $10.1 million, before deducting underwriting discounts and commissions. The Company did not sell any shares of its common stock in the offering. The Selling Stockholder received all of the proceeds from the offering. Maxim Group LLC acted as the sole book-running manager and Roth Capital Partners acted as the co-manager for the offering. The offering was made pursuant to the Company’s effective shelf registration statement on Form S-3, including a base prospectus, filed with the U.S. Secur
NetApp Wins 2026 Google Cloud Infrastructure Modernization Partner of the Year for Storage21.4.2026 22:00:00 EEST | Press release
NetApp® (NASDAQ: NTAP), the Intelligent Data Infrastructure company, today announced that it has received the 2026 Google Cloud Infrastructure Modernization Partner of the Year for Storage Award. NetApp is being recognized for its achievements in the Google Cloud ecosystem, helping joint customers modernize their infrastructure and run enterprise workloads on Google Cloud using Google Cloud NetApp Volumes. “The Google Cloud Partner Awards honor the strategic innovation and measurable value our partners bring to customers,” said Kevin Ichhpurani, President, Global Partner Ecosystem and Channels, Google Cloud. “We are proud to name NetApp a 2026 Google Cloud Partner Award winner, celebrating their role in driving customer success over the last year.” The Google Cloud Infrastructure Modernization Partner of the Year for Storage Award recognizes partners that have helped their customers modernize their infrastructure by leveraging Google Cloud's innovative solutions, resulting in increased
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom