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Saudi Arabia Shapes the Future of Middle Eastern Banking with Vision 2030 and $971 Billion in Assets- Total assets of Saudi Banks are $971 Billion in 2023

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Saudi Arabia is establishing itself as a transformative force in Middle Eastern banking, holding close to 1 trillion in total assets in 2023. Under Vision 2030, the Kingdom is redefining its financial landscape with a strong focus on digital innovation, employee and customer experience, regulatory advancements, and financial inclusion, positioning itself as a model for national-scale transformation.
A new report from Arthur D. Little (ADL) highlights Saudi Arabia’s leadership in shaping a future-ready banking environment that sets new standards for the GCC. The report also shows how innovative initiatives taken from South East Asia markets are providing insight into building the new banking chapter in KSA.
Vision 2030 is driving growth across the Saudi banking sector, with initiatives centered on expanding digital payments, enhancing financial inclusion, and establishing a resilient regulatory framework. Supported by the Saudi Arabian Monetary Authority (SAMA), the Kingdom’s banks are at the forefront of adopting advanced technologies like artificial intelligence and cloud computing to improve customer experience and security. This focus on forward-thinking infrastructure development exemplifies Saudi Arabia’s commitment to creating an inclusive financial system for its citizens.
“Vision 2030 represents more than just economic reform for Saudi Arabia; it embodies a profound transformation of the Kingdom’s financial landscape,” said Yacin Mahieddine, Partner in the Global Financial Services practice at Arthur D. Little “By prioritizing financial inclusion, strengthening regulatory frameworks, focusing on employee experience, and advancing digital payments, Saudi Arabia is building a resilient, future-ready banking environment. This commitment is setting a new regional benchmark, and we believe the Kingdom is positioned to become a leader in secure, accessible, and technology-driven financial services.”
“The scale and ambition of Saudi Arabia’s transformation under Vision 2030 are truly unparalleled,” said Nelson Danam, Principal and a member of the Global Financial Services Practice at Arthur D. Little. “Through the integration of AI-driven fraud prevention and cloud-based systems, Saudi banks are not merely adopting technology but are setting the standard for what it means to be prepared for the future. This approach speaks to a commitment that goes beyond regional aspirations—it is about establishing a financial sector that serves all citizens while leading by example in the region.”
The KSA market has also welcomed many leaders with experience from the South East Asia market. The sharing of experience has led to various ingenious initiatives and is today helping build the future of banking in KSA, with some noticeable innovative examples:
• The emphasis on mobile-first, seamless digital banking experiences with minimal branch reliance, to improve customer accessibility and reduce operational costs.
• The integration of financial services into non-banking platforms like e-commerce, creating a broader service ecosystem that enhances customer engagement and convenience.
• Leveraging innovative technology solutions and Apps to reach underserved segments for microloans, SME segments, digital wallets, … to help tap the underbanked.
• The use of advanced analytics to deliver highly personalized products and services, improving customer loyalty and lifetime value.
• Enhancing collaboration with regulators through sandbox frameworks to test new financial products safely, enabling quicker innovation adoption in compliance with SAMA regulations.
With a significant contribution to the GCC region’s $3.2 trillion in total banking assets, Saudi Arabia is playing a critical role in advancing a resilient and innovative financial landscape across the Middle East. Arthur D. Little’s report underscores that Saudi Arabia’s commitment to Vision 2030 is not just building a stronger banking sector but is setting the course for the future of finance in the GCC.

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Circular Packaging Association Participates as Knowledge Partner at Sustainability in Packaging MENA 2025

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The Circular Packaging Association (CPA) participated recently as a knowledge partner at the Smithers Sustainability in Packaging MENA Summit 2025, held in Dubai. The two-day event convened industry leaders, policymakers, and sustainability experts to explore the latest trends, policies, and innovations shaping the future of sustainable packaging in the region.

CPA board members and representatives from leading industry and trade organizations took part in dynamic discussions that addressed a range of critical topics, including the implementation of Extended Producer Responsibility (EPR) in the UAE as well as similar dynamics in the region, single-use plastic rationalization, and the broader regulatory landscape driving circularity across the MENA.

During the sessions on EPR, speakers underscored the essential role of EPR schemes in accelerating reduction, reuse, and recycling. Emphasis was placed on the value of harmonized regulations—not only within national borders but across the wider region—to enable scalable systems, reduce market fragmentation, and streamline trade.

Industry participants reiterated their commitment to supporting co-design mechanisms, implementing harmonized reporting structures, and working with government stakeholders to build future-ready, effective EPR systems.

“Public-private collaboration is not a luxury; it’s a necessity,” said Sara Jackson, Technical Director at the CPA. “A circular packaging future requires inclusive systems built on two-way dialogue between regulators and private sector players. We must come together to co-create solutions that are technically sound, economically viable, and socially inclusive—aligned with the UAE’s vision for a circular economy.”

The summit also covered key themes such as global frameworks to tackle plastic pollution, the role of advanced recycling technologies in the MENA region, and how brands are leading the way in sustainable packaging. Panel discussions and case studies explored the intersection of policy and innovation, offering attendees actionable insights on driving system-wide transformation.

As the region looks to align environmental goals with economic resilience, the CPA continues to champion evidence-based policy engagement, industry and trade capacity building, and knowledge sharing to support a circular, sustainable  future.

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Al-Safa Group Opens the Newest VERO MODA Store in Saudi Arabia

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Al-Safa Group has announced the official opening of a new VERO MODA boutique in Riyadh.
Located in Cenomi Al Nakheel Mall, the store marks an important milestone for VERO MODA, offering customers an immersive shopping experience that reflects the Danish brand’s philosophy: delivering high-quality fashion at accessible prices, with modern, comfortable designs that celebrate women’s confidence and elegance. With the new store, VERO MODA now spans three locations across the Kingdom: two in Riyadh at Al Nakheel Mall and Al Qasr Mall and one in Jeddah at The Village Mall.
The ribbon-cutting ceremony took place on Wednesday, 21 May, and was attended by Mr. Amro Al Swayeh, Board Member and Chief Executive Officer – Retail Division, Al-Safa Group and Mr. Anshuman Anand, Chief Executive Officer, Al-Safa Brands, as well as distinguished guests, media representatives, and social media influencers.
“We are thrilled to open this new branch in Cenomi Al Nakheel Mall, a vibrant market with a customer base that values contemporary style and quality,” said Mr. Al-Swaih. “The store allows us to move even closer to our customers and deliver a unique, enjoyable shopping experience. This opening is more than just a new location; it is a celebration of the confident, modern woman. We look forward to welcoming everyone and showcasing our latest collections, which reflect global fashion trends while staying true to VERO MODA’s distinctive style.”
Mr. AlSwayeh reaffirmed Al-Safa Group’s commitment to delivering exceptional value through its portfolio of exclusive brands. “Our labels embody our dedication to quality and excellence, thoughtfully designed to meet the diverse needs of our valued customers. Innovation drives our growth, and we continually introduce products that align with the latest trends and the highest standards,” he added.
Founded in 1987, VERO MODA quickly became one of Europe’s leading women’s fashion brands, renowned for its wide range of on-trend apparel, spanning relaxed casualwear to standout dresses and evening pieces, along with accessories and footwear that complete the look.
The new store features VERO MODA’s latest collections of elegant, high-quality garments curated to suit every taste. With carefully selected assortments and personalised service, customers can expect an inspiring, effortless shopping experience.

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Makarem Honors Its Partners in Success from Leading Travel Agencies To Strengthen Its Leadership in Spiritual Hospitality

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Makarem Hotels, a leading Saudi brand specializing in spiritual hospitality, celebrated its valued travel and tourism partners in a distinguished gathering held at Makarem Ajyad Hotel in Makkah for their role in supporting Makarem’s continued leadership and excellence. The event brought together more than 100 guests, including senior representatives from the Kingdom’s most prominent travel agencies.

The recognition underscored the significant role of travel and tourism partners in helping Makarem deliver a seamless and spiritually enriching experience of visiting the Holy Cities, reinforcing Makarem’s position as a premier provider of spiritual hospitality services in Makkah and Madinah.

Amr Al Sunari, Regional General Manager for Makarem Makkah & Dur Hospitality for Hajj at Taiba Investments, commented: “At Makarem, we firmly believe that our partners are integral to our journey of success. This gathering reflects our deep appreciation for their collaboration and marks a key step in strengthening our partnerships as we present our renewed vision for the future of spiritual hospitality”.

The guests included several of Makarem’s most prominent partners from leading local travel agencies, reflecting the strong collaborative partnerships built on mutual trust and shared success.

Opened with a warm welcome reception, Makarem embodied the values of generosity and graciousness. Guests were then treated to an exclusive screening of the brand’s new identity film, “A Journey to the Origins.” The film showcased a refreshed visual identity and future-forward vision that blend authenticity with innovation while staying true to Makarem’s spiritual hospitality roots.

A key highlight of the recognition party was a premium lunch at Zamzam Restaurant, one of Makarem Ajyad’s culinary landmarks, where a curated selection of oriental and international dishes highlighted the brand’s commitment to exceptional hospitality and service standards.

The gathering concluded in an engaging atmosphere that fostered idea exchange and strengthened relationships, a reflection of Makarem’s ongoing commitment to building sustainable strategic partnerships founded on trust and mutual respect. It also underscores the brand’s continuous advancement in the spiritual hospitality by delivering exceptional guest experiences that meet the needs of pilgrims, while aligning with Vision 2030’s goal of positioning the Kingdom as a global tourism destination and enhancing the quality of services provided.

Makarem is one of the hospitality brands under Taiba Investments. Taiba manages currently over 7,700 hotel rooms across the Kingdom and is actively pursuing strategic partnerships with leading global brands. This effort aims to enhance Saudi Arabia’s capacity to attract visitors from around the world and solidify its position as one of the world’s premier tourism destinations.

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