FINANCIAL-SECTOR
18.3.2023 10:24:25 CET | 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/
About Business Wire
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
Takeda Announces Arcotatug Tavatecan (TAK-921) Demonstrated Statistically Significant and Clinically Meaningful Improvements in Overall Survival and Progression-Free Survival in Phase 3 Advanced Gastric Cancer Study23.10.2026 13:30:00 CEST | Press release
Data from the Registrational Phase 3 G-HOPE-001 Study of Arcotatug Tavatecan, a Novel, Potential Best-in-Class Claudin (CLDN)18.2 ADC, were Highlighted in a Late-Breaking Presentation at ESMO 2026Arcotatug Tavatecan Met Dual Primary Endpoints of Overall Survival and Progression-Free Survival, Showing Significant Improvements vs. Treatment of Physician’s Choice in Patients with Previously Treated CLDN18.2-Positive Advanced Gastric CancerFindings to Support Planned Regulatory Filing in Japan and Continued Global Development of Arcotatug Tavatecan in CLDN18.2-Positive Cancers Takeda(TSE:4502/NYSE:TAK)announced positive results from the Phase 3 G-HOPE-001 study (NCT06238843) of arcotatug tavatecan (TAK-921; Innovent R&D code: IBI343) in patients with Claudin (CLDN)18.2-positive, previously treated, advanced gastric or gastroesophageal junction adenocarcinoma (G/GEJA). Results from two prespecified interim analyses, which were shared in a late-breaking oral presentation at the 2026 European
Digital Reef Turns to Vertical Farming to Reduce Data Centre Footprint in Partnership With Elevate Farms and Xange.com to Provide Digital Measurement, Reporting and Verification of Project's Environmental Impact Within the Reef Origin Ecosystem23.10.2026 13:12:00 CEST | Press release
The collaboration leverages Elevate Farms’ proprietary vertical farming technology reducing water consumption, land usage and carbon emissions. Elevate Farms Inc. and Digital Reef Ltd partnership supports mitigating environmental impact of global data centre expansion establishing a framework for Digital Reef’s infrastructure pipeline to support and utilize environmental assets generated by Elevate Farms' high-yield, closed-loop vertical farming operations. Traditional agriculture supply chains are replaced with optimized indoor facilities significantly reducing food production carbon emissions, water waste and local land constraints. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261022393352/en/ Elevate Farms technology offers part of the solution to climate impact isolating food production from traditional agricultural farming variables saving over 95% of standard water requirements and significantly reducing farmland req
SLB Announces Third-Quarter 2026 Results23.10.2026 12:50:00 CEST | Press release
Revenue of $9.45 billion increased 5% sequentially and 6% year on year GAAP EPS of $0.49 decreased 6% sequentially and 2% year on year EPS, excluding charges and credits, of $0.64 increased 16% sequentially and decreased 7% year on year Net income attributable to SLB of $735 million decreased 6% sequentially and 1% year on year Adjusted EBITDA of $2.07 billion increased 9% sequentially and was essentially flat year on year Cash flow from operations was $1.51 billion and free cash flow was $828 million Board approved quarterly cash dividend of $0.295 per share SLB (NYSE: SLB) today announced results for the third-quarter 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261021694458/en/ The exterior of the SLB headquarters in Houston, Texas. Third-Quarter Results(Stated in millions, except per share amounts)Three Months EndedChangeSept. 30, 2026Jun. 30, 2026Sept. 30, 2025SequentialYear-on-yearRevenue $9,449 $8,972 $8,928 5
EZVIZ’s Smart Entry Solutions Have Consecutively Clinched the European Product Design Award and the Golden Pin Design Award, Indicating a Shift From Home Security to Living Enjoyment23.10.2026 11:58:00 CEST | Press release
EZVIZ’s smart lock and AI-powered doorbell remained in the spotlight after IFA for bagging two world-class awards. The EP8 Ultra AI-powered video doorbell won the European Product Design Award 2026 (EPDA 2026), keeping leading in user-centric AI. Meanwhile, the DL50FVX smart lock was named the 2026 Golden Pin Design Award (GPDA) laureate for its intuitive access management and entered the finalist of the Best Design Awards. The growing prestige of EZVIZ’s smart home access management lineup marks a new chapter of providing living experiences with multi-level interaction, modern aesthetics, and emotional care. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261022441786/en/ Two representative models from EZVIZ's smart entry family take home prestigious awards for user-centric innovation. Founded in 2016, the EPDA aims to recognize well-thought-out products that break with tradition and improve everyday life. Continually refres
Galderma’s Relfydess™ (relabotulinumtoxinA) Receives Approval in China for Frown Lines23.10.2026 07:00:00 CEST | Press release
The Chinese National Medical Products Administration (NMPA) has approved Relfydess™, the first and only ready-to-use liquid neuromodulator designed with PEARL™ Technology, for the temporary improvement of moderate-to-severe glabellar lines (frown lines) in adults1,2 The approval is based on phase III results from a local clinical trial conducted in China as well as global READY clinical trials, with local results reinforcing that Relfydess delivers significant improvements in frown lines, with a fast onset of action as early as day one, and sustained results for up to six months in some patients3-7 This approval underscores Galderma’s continued leadership in the Asia-Pacific region and further expands the global reach of Relfydess, which is already authorized in more than 35 markets worldwide Galderma (SIX: GALD) today announced that the Chinese NMPA has approved Relfydess for the temporary improvement of moderate-to-severe frown lines in adults, marking a significant expansion of the
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