Private equity and capital growth in Saudi Arabia is now at SR12 billion ($3.2 billion), doubling in the last five years, according to Mohammad ElKuwaiz, chairman of the board of the Capital Market Authority. 

While speaking at the Global Entrepreneurship Congress 2022 in Riyadh, ElKuwaiz cited the vitality of fintech companies in the business sector, and he explained how the advent of these companies has reshaped the Saudi economy. 

“Fintech itself eases financing. If you have a good idea, with a good management team, you can get funded in minutes, in comparison to a few years ago when it took months, or even years,” said ElKuwaiz. 

He added: “Until last year, all fintech companies were Saudi companies, and now we see non-Saudi fintech companies in the market here, and this is a move in the right direction.”