Lebanon’s annual inflation slows to 14.2% in March, down from over 70%
Lebanon’s annual inflation slows to 14.2% in March, down from over 70%/node/2598121/business-economy
Lebanon’s annual inflation slows to 14.2% in March, down from over 70%
The volume of Lebanese pounds in circulation dropped sharply in 2024. Getty
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Updated 23 April 2025
Dayan Abou Tine
Lebanon’s annual inflation slows to 14.2% in March, down from over 70%
A key factor behind easing inflation is the stabilization of the exchange rate
Updated 23 April 2025
Dayan Abou Tine
BEIRUT: Lebanon’s annual inflation rate eased to 14.2 percent in March, down from 70.36 percent a year earlier, according to the latest data from the country’s Central Administration of Statistics.
A key factor behind easing inflation is the stabilization of the exchange rate, with the Lebanese pound holding steady at around 89,500 Lebanese pounds per US dollar since mid-2023.
According to the International Monetary Fund’s March staff report on Lebanon, this stabilization has been supported by the halt of monetary financing and foreign exchange subsidies, as well as improvements in fiscal revenue collection.
Concurrently, monetary tightening by the central bank has played a critical role. The volume of Lebanese pounds in circulation dropped sharply from $20.51 billion in 2020 to $0.73 billion in 2024, significantly dampening inflationary pressures, as noted in a 2024 analysis by Blominvest.
Dollarization has also accelerated across key sectors such as healthcare, education, and telecommunications, where services are increasingly billed in US dollars.
This shift has helped anchor price stability in dollarized segments of the economy, further moderating consumer price volatility, according to a 2024 article by Bloomberg.
A strong base effect also contributed to the lower year-on-year inflation reading, as March 2024 had recorded exceptionally high price levels, making current figures appear relatively subdued.
Despite the recent moderation, Lebanon’s underlying economic conditions remain fragile. The expanding dollarization trend has also deepened inequality, disproportionately impacting households and workers who continue to be paid in the domestic currency.
On a monthly basis, consumer prices rose by 0.44 percent in March, a modest uptick by Lebanon’s recent standards. The increase was driven mainly by higher costs in food and beverages, housing and utilities, and clothing and footwear.
However, the magnitude of monthly price changes has notably cooled compared to previous years, when double-digit jumps were not uncommon.
Regionally, inflation trends varied across governorates. The north of Lebanon recorded the highest monthly inflation at 1.41 percent, driven primarily by food and non-alcoholic beverage prices, which rose 3.8 percent month-on-month.
The Nabatieh region followed with a monthly rise of 0.81 percent, while Mount Lebanon posted the lowest increase at 0.11 percent and Beirut at 0.33 percent.
This divergence highlights the continued impact of geographic and income disparities on exposure to inflation.
Lebanon’s consumer price index is calculated by CAS using a representative basket of goods and services based on 2013 consumption patterns. The CPI remains the country’s most widely cited benchmark for tracking the cost of living.
MODON, French pharma BPI sign $100m deal in Sudair Industrial City
Updated 9 sec ago
Mohammed Al-Kinani
JEDDAH: French pharmaceutical company BPI has signed a SR375 million ($100 million) agreement to establish its first manufacturing base in ֱ, securing a plot in Sudair City for Industry and Business.
The deal, signed with the Saudi Authority for Industrial Cities and Technology Zones, also known as MODON, under the patronage of Industry and Mineral Resources Minister Bandar Alkhorayef, covers a site exceeding 51,000 sq. meters. MODON Chief Executive Majid bin Rafid Al-Arqoubi attended the signing ceremony, the Saudi Press Agency reported.
BPI’s facilities will produce pharmaceuticals for human and veterinary use, medicinal herbs, surgical dressings, chemical sugar, and blood sugar monitoring devices.
The investment aligns with the National Industrial Strategy and Vision 2030 goals to position the Kingdom as a regional hub for biomanufacturing and medical innovation.
“MODON aims to attract new industrial and logistical investments across its industrial cities through allocations that include land, ready-made factories, and projects that support the development of infrastructure and services, contributing to industrial and economic growth,” SPA reported.
Established in 2009, Sudair City spans 16.9 million sq. meters and hosts 421 industrial facilities, marking a 12 percent increase in 2024, with more than 34,000 employees working across the food, chemical, metal, and machinery sectors.
In a separate initiative, MODON signed an agreement with Asas for Developing and Operating Industrial Cities and Takween Information Technology to establish a Center of Excellence for Artificial Intelligence.
The initiative is part of MODON’s efforts to accelerate the adoption of modern technologies in the industrial sector, supporting the country's industrial ambitions by enhancing the digital economy and boosting competitiveness.
The AI center, attended by Al-Arqoubi and Takween CEO Ahmed Sulaiman, will also streamline administrative processes, enhance efficiency, and ensure compliance with best practices and regulations, while fostering innovation and continuous learning in artificial intelligence.
MODON currently manages over 8,000 factories across 40 industrial cities in the Kingdom and offers advisory services through platforms including Indeel, which provides open data and investment opportunities, and guidance on Fourth Industrial Revolution technologies to enhance production and efficiency.
New permit promises to revolutionize regional tourism and business mobility
Updated 21 September 2025
Miguel Hadchity
RIYADH: Two years after its initial approval, the Gulf Cooperation Council’s long-awaited unified visa has entered its final approval phase — and ֱ is positioned to emerge as its biggest winner, experts told Arab News.
The new permit, which will allow seamless travel across all six Gulf states, promises to revolutionize regional tourism and business mobility.
But while the entire bloc stands to benefit, the Kingdom’s unique advantages — from its booming religious tourism sector to its aggressive Vision 2030 economic reforms — could make it the visa’s prime beneficiary.
First proposed in 2023 and officially approved last year, the unified GCC visa will enable travelers to move freely between Bahrain, Kuwait, Oman, Qatar, ֱ, and the UAE under a single permit.
GCC Secretary General Jassem Al-Budaiwi confirmed earlier in September that the visa is in its final stages, marking a major leap toward a Schengen-style system for the Gulf.
For ֱ, the timing couldn’t be better. The Kingdom has been expanding its tourism infrastructure as part of Vision 2030, with mega-projects such as Neom, the Red Sea resorts, and AlUla’s cultural oasis.
The new visa will amplify these efforts by making it easier for travelers to combine Saudi stops with visits to Dubai’s luxury hubs and Qatar’s cultural landmarks — turning the Gulf into a multi-destination hotspot.
ֱ’s strategic edge
ֱ has a strong religious tourism base. As home to Islam’s two holiest sites in Makkah and Madinah, the Kingdom already hosts millions of Hajj and Umrah pilgrims each year. The unified visa creates an opportunity to extend their stays and attract them to explore ֱ’s growing cultural and leisure offerings.
In an interview with Arab News, Raymond Khoury, partner and head of technology and innovation management practice at Arthur D. Little Middle East, said: “The GCC unified visa system offers to enhance the experiences of these visitors by encouraging longer stays and facilitating travel to other cultural and historical sites, such as AlUla, Neom, and Diriyah to name a few.”
Raymond Khoury, partner and head of technology and innovation management practice at Arthur D. Little Middle East. (Supplied)
He added: “Major airports such as Riyadh and Jeddah can serve as transit hubs offering short-stay cultural excursions to nearby sites like Diriyah or Qiddiya. The Kingdom can also promote multi-country itineraries — such as Jeddah to AlUla to Dubai or Muscat — using regional rail and low-cost air travel.”
The unified visa comes at a pivotal moment in ֱ’s Vision 2030 tourism drive, aligning with the goal of attracting 150 million visitors a year by 2030.
Vijay Valecha, chief investment officer at Century Financial, told Arab News: “The Kingdom’s exceptional scale of tourism infrastructure, advanced digital and visa capabilities, and a calendar of globally recognized events collectively provide it with a competitive edge over its regional peers.”
He cited the “marquee events” of Formula 1 in Jeddah, Riyadh Season, and the Asian Winter Games in Trojena, as elevating the Kingdom’s global profile.
Khoury added that the unified visa is expected to accelerate ֱ’s tourism and business diversification goals by attracting a larger number of international visitors. This would help fast-track the target of 150 million annual visits by 2030.
He noted that as traveling between various Gulf nations became easier, ֱ would likely capture a greater share of regional tourism, positively impacting non-oil revenue growth.
Geographic primacy as a regional hub is rooted in ֱ’s central location in the Arabian Peninsula and its extensive land borders with multiple GCC states, making it the natural nexus for regional travel itineraries.
Khoury said: “Combined with its diversified offerings — from religious and cultural tourism to futuristic mega-developments — the Kingdom is set to gain the most from increased regional mobility and multi-country travel enabled by the GCC unified visa.”
Valecha noted that ֱ’s strategic location enhanced its connectivity to the GCC and the Middle East and North Africa regions, being bordered by the UAE, Qatar, Bahrain, Oman, and the Red Sea — serving as a vital link to Egypt and Africa.
“Thus, KSA is well-positioned to capitalize on the GCC Unified Visa by serving as an indispensable connector between critical trade locations, tourism magnets, and other strategically significant destinations in the region,” Valecha added.
Infrastructure boost
The successful implementation of the unified visa’s potential requires substantial infrastructure development, and ֱ is making unprecedented investments in this area.
“The unified visa is expected to accelerate flagship initiatives such as the GCC Railway, smart borders, and regional transport corridors. The aviation sector will play a central role in enhancing KSA’s hub status,” said Valecha.
He added that King Salman International Airport aims to attract 120 million passengers by 2030. He also noted that Riyadh Air’s first commercial flight is set to launch this year, and maintaining high-frequency connections to major GCC hubs will be key to facilitating cross-border travel.
Khoury said: “Critical infrastructure developments, such as enhanced aviation networks and rail systems, within the Kingdom and across the GCC, will be essential for capitalizing on this opportunity, allowing seamless travel between major locations.”
He added: “This includes developing Riyadh, Jeddah, and Dammam airports into regional connectors, launching Riyadh Air in 2025, and enhancing low-cost carrier networks to support short-haul intra-GCC travel.”
Khoury stated that completing the GCC Railway and connecting it with domestic lines such as Haramain and ֱ Railways would enable seamless land mobility across the Kingdom and Gulf states.
Economic ripple effects
The implementation of the unified visa is expected to create widespread economic benefits extending far beyond the tourism sector.
“The tourism and hospitality sector is poised to witness significant growth due to heightened demand across hotels, transportation, and dining, boosting occupancy rates and spending per visitor,” Valecha said.
Vijay Valecha, chief investment officer at Century Financial. (Supplied)
He noted that the new visa would directly boost international arrivals, citing a UN Tourism report showing ֱ’s 102 percent increase in the first quarter of 2025 in tourist arrivals compared to 2019.
Khoury added: “Beyond hospitality, sectors like logistics and entertainment stand to benefit significantly. The anticipated spike in travel will lead to increased demand for hotel capacity and mid-tier accommodations in key Saudi cities.”
He added that Saudi airlines and regional transport networks would likely expand routes and frequency, improving domestic and regional connectivity.
The ADL official also noted that integrated travel platforms, covering bookings, visas, and itinerary planning, would create opportunities for tech innovation, highlighting potential growth in experience-based tourism, with rising demand for curated cultural, wellness, adventure, and religious-leisure packages.
Strategic business opportunities
The unified visa presents numerous opportunities for investors and businesses positioned to capitalize on the expected surge in regional travel.
Valecha noted the visa reforms would ease business travel for multinationals across GCC states, boosting trade and regional logistics.
“The faster mobility of residents and nationals within the region would be conducive for business travel, significantly promoting the ease of doing business of GCC states globally,” he said.
Khoury emphasized the strategic implications, noting that businesses that deliver “seamless, cross-border offerings” will be best positioned to lead in this new era of regional tourism integration.
“Additionally, the unified visa can significantly advance the Kingdom’s broader strategic ambitions over the next decade by enhancing talent mobility, regional economic integration, and soft power positioning.”
He added that the visa would attract global professionals, easing cross-border recruitment of skilled talent for key sectors like tech, healthcare and finance, directly supporting ֱ’s Vision 2030 goals to become a regional innovation hub.
Long-term implications
The unified visa’s impact may extend well beyond immediate tourism and business benefits, potentially reshaping the Gulf’s geopolitical and economic landscape.
On the economic front, Khoury explained, smoother cross-border access will facilitate trade, joint ventures, and supply chain integration, especially in logistics, manufacturing, and small and medium-sized enterprises, reinforcing the Kingdom’s push to lead in varied and resilient regional manufacturing and supply frameworks.
“Politically, ֱ can strengthen its geopolitical influence by positioning itself as the central node of a more interconnected, mobile, and economically unified Gulf — further amplifying its leadership in regional policy, investment flows, and digital infrastructure alignment,” he added.
As the GCC unified visa moves from concept to reality, ֱ stands at the threshold of a transformative opportunity to cement its position as the Gulf’s premier tourism and business hub.
With its unique combination of religious significance, geographic centrality, and visionary economic planning, the Kingdom is uniquely positioned to emerge as the primary beneficiary of this historic regional integration initiative.
Tencent Cloud accelerates Saudi expansion with new data region, AI services
Dowson Tong, senior executive vice president of Tencent and CEO of the Cloud and Smart Industries Group, said the new Saudi data region marks a “major growth opportunity”
Tencent’s expansion dovetails with ֱ’s Vision 2030 goals to build a world-class digital economy
Updated 20 September 2025
Rahaf Jambi
RIYADH/SHENZHEN: Chinese technology giant Tencent is accelerating its cloud and AI push into ֱ, positioning the Kingdom as its primary hub for the Middle East under Vision 2030.
On the sidelines of the Tencent Global Digital Ecosystem Summit 2025 in Shenzhen, senior executives told Arab News that the company is finalizing the launch of its first Middle East cloud region in Riyadh, part of a $150 million investment announced earlier this year.
Riyadh data region: a strategic hub
Dowson Tong, senior executive vice president of Tencent and CEO of the Cloud and Smart Industries Group, said the new Saudi data region marks a “major growth opportunity” for the company.
“We already serve many Chinese companies that are increasing their investments in the Kingdom, and several of our partners are lined up to benefit from the new center,” Tong told Arab News. “This will allow us to expand not only within ֱ but across the region as a whole.”
He said Tencent is working to secure the necessary approvals and certifications to provide cloud services for both public and private sector clients in the Kingdom.
“We are pushing to accelerate this process because we want to move at full speed in serving the Saudi market,” Tong said. “ֱ is central to our strategy in the region, and we see cloud as a foundation for broader digital transformation.”
Vision 2030 alignment
Tencent’s expansion dovetails with ֱ’s Vision 2030 goals to build a world-class digital economy, expand its data infrastructure, and attract global technology leaders.
According to Tong, Tencent’s Saudi investment goes beyond infrastructure. “Localization is key,” he said. “We are adapting our technologies to serve sectors such as digital media, e-commerce, gaming, tourism, telecommunications, and financial services. We are also building local teams and working with system integrators to ensure our solutions are fully aligned with Saudi business and regulatory environments.”
He also praised the Kingdom’s fast-growing gaming and esports ecosystem, underscored by the Esports World Cup in Riyadh earlier this year.
“This is one of the main reasons we are accelerating the establishment of our data center — to provide lower latency, faster response times, and an overall better user experience for players and streamers,” Tong said.
Industrial AI
Eric Li, director of AI Global Commercialization at Tencent, highlighted how the company’s AI solutions could be applied to Saudi industries.
“Right now, we are building server rooms in ֱ. Once those are completed and ready for use, we will be fully equipped to serve local industries in ֱ, the wider Middle East, and beyond,” Li told Arab News.
He noted that Tencent is tailoring products that could be implemented in ֱ to meet demand in sectors prioritized under Vision 2030.
“For example, E-KYC could be adopted in finance and telecom operations, while Palm AI could be applied in cloud services as well as in the culture and tourism industry,” Li said.
He also revealed that Tencent will launch its new data center in ֱ by the end of the year, which will strengthen service delivery and integration for enterprises in the Kingdom.
Supporting startups, new markets
Li said Tencent Cloud’s AI Agent Development Platform will be particularly valuable for Saudi startups and SMEs, many of which lack in-house AI development teams.
“With our ADP platform, local enterprises and startups in places like ֱ can build and operate their own AI agents more easily,” he said. “It provides ‘brain support’ for generating ideas and implementing them on the ground.”
He added that such platforms could benefit not only large enterprises but also Saudi gaming startups and event-tech companies, helping them scale with advanced AI tools.
Tencent’s digital human technology, already deployed by Abu Dhabi’s tourism department, is another solution that could be replicated in ֱ to enhance cultural tourism experiences in multiple languages, Li said.
KSA as the main gateway
Dan Hu, vice president of Tencent Cloud International for the Middle East and North Africa, said ֱ will serve as the company’s “main gateway” into the region.
“The new cloud region represents a strategic pillar of our investments in the Kingdom, accelerating digital transformation and boosting smart city growth,” Hu said.
He cited advanced solutions such as edge computing and AI-powered analytics, which enable real-time applications in predictive maintenance, urban planning, and smart building management.
A milestone in Saudi’s digital journey
For Tencent, the Saudi launch is more than an infrastructure project; it is a chance to apply lessons from China’s AI and cloud commercialization to one of the world’s fastest-growing digital economies.
“ֱ is not just another market — it is a partner in building the future of intelligent industry,” Li said.
As the Kingdom pushes ahead with Vision 2030, Tencent’s investment signals growing confidence that Riyadh is on track to become a global hub for cloud and AI solutions.
Startup wrap — Early stage funding maintains growth momentum in MENA
Startup funding witnessed a 74% year-on-year increase in August
Updated 21 September 2025
Nirmal Narayanan
RIYADH: Startups across the Middle East and North Africa region witnessed multiple funding rounds in the past week, as companies across a wide range of industries continue to expand their operations.
The sustained momentum in early stage funding reflects continued investor interest in the region amid global economic headwinds.
A report released by Wamda revealed that startup funding in the MENA region witnessed a 74 percent year-on-year increase in August, with $337.5 million secured across 47 deals.
ֱ led the region for the second consecutive month, attracting $166 million across 19 deals, while the UAE followed with $154 million raised by 11 startups.
Spare secures $5m
Riyadh-based Spare, an open banking infrastructure provider, raised $5 million in a pre-Series A funding round, led by anb Seed Fund, the venture capital fund of ANB Capital.
Other investors included Vision Ventures, SEEDRA Ventures, 500 Global, Boubyan Ventures, and Middle East Venture Partners, according to a press statement.
The company said that the new capital will be used to scale Spare’s Open Banking platform and API integrations, accelerate product development, and drive expansion across the Gulf Cooperation Council region.
“We’re building the financial rails for the next generation of businesses in MENA. This investment allows us to move faster, doubling down on product innovation, deepening our integrations with regional banks, and accelerating adoption of secure, localized fintech infrastructure solutions across the region,” said Dalal Al-Rayes, CEO and co-founder of Spare.
Omar Ardati of anb seed Fund said: “Spare is setting a new standard financial infrastructure in MENA. Their commitment to speed, simplicity, and security — combined with a deep understanding of local market dynamics — makes them a standout company in the region’s fintech landscape.”
HALA raises $157m
Saudi-based fintech firm HALA has raised $157 million in a series B round led by the Rise Fund, TPG’s multi-sector global impact investing strategy, and Sanabil Investments, wholly owned by the Kingdom’s sovereign wealth fund.
The funding round also witnessed the participation of QED, Raed Ventures, and Impact 46, as well as Middle East Venture Partners, Isometry Capital, Arzan VC, and BNVT Capital.
Other participants in the round were Kaltaire Investments, Endeavor Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, and Wamda Capital.
In a press statement, the company said the funding will be used to position itself in the Saudi market and offer more embedded financial services and lending products catered to support the growth of MSMEs in the Kingdom.
The financial assistance will be also used to expand HALA’s presence regionally.
“This landmark investment is a turning point for HALA, reflecting on our relentless pursuit of innovation and excellence in serving small businesses. We are honored that our new investors recognize the potential of our vision and the impact we aspire to make in the MSME landscape. Our journey is just beginning, and this support fuels our drive to create meaningful change,” said Esam Alnahdi, co-founder and chairman of HALA.
“This investment underscores our belief in HALA’s potential to reshape the future of financial services for SMEs and aligns with Sanabil’s mission to support visionary companies with patient capital and strategic guidance. We look forward to partnering with HALA and the other investors in supporting their continued success and expansion,” said a spokesperson for Sanabil Investments.
LDUN secures $4.8m
LDUN, a ֱ-based fintech firm, raised $4.8 million in a seed round led by Sadu Capital, with participation from Suhail Ventures and Nomu Angel Investment.
The funding will be used to expand digital financial services for MSMEs across the Kingdom.
The financial assistance will also help LDUN grow its product suite, strengthen regional partnerships, and simplify complex financial processes with technology.
Founded in 2021 by Firas Al-Hamdan and Faisal bin Dukhail, LDUN focuses on offering factoring solutions for MSMEs.
The company also offers a range of financial services, including Shariah-compliant buy now, pay later, trade credit, factoring, and reverse factoring.
Fintologya closes $1m seed funding round
Bahrain-based Fintologya, a provider of cloud infrastructure solutions for payments, has successfully closed a $1 million seed funding round led by a Gulf holding company.
The funding is expected to help the company create secure, modular, cloud-native payment platforms that empower banks, fintechs, and financial institutions in the region.
The company is currently active in ֱ and Bahrain, and with such funding, it aims to expand further across Gulf markets.
Amaani raises $3m
Amaani, a beauty and wellness firm from the Middle East, has raised $3 million in seed funding for its debut Arab beauty brand AÏZA, according to a press statement.
The funding round was led by Peak XV’s Surge, formerly Sequoia Capital India & SEA, marking their first consumer and seed investment in the MENA region.
Founded by Shubham Poddar, a former Sequoia India investor who helped drive its expansion in the Middle East with investments across fintech, food tech, and property tech, Amaani is built on a vision to create global beauty brands from the Arab region.
“With the region boasting among the highest per capita beauty spend globally, growing online penetration, and an increasing demand for local relevance, Amaani is poised to meet a generational shift in how consumers shop and what they seek: brands that reflect their identity, values, and aspirations,” said Poddar.
GV Ravishankar, managing director at Peak XV, said that Amaani is well positioned to lead the beauty and personal care market in the Arab region.
“The GCC beauty and personal care market is already a $12 billion industry, growing at over 12 percent annually, with some of the highest per capita spends globally. We believe the region is now primed to produce the next wave of culturally resonant, globally admired consumer brands. Amaani is well positioned to lead this movement,” said Ravishankar.
Through the funding, Amaani plans to scale AÏZA across the region and globally, both online and through retail, while also developing a portfolio of future brands in the sector.
UAE-based Armoir raises $500k
UAE-based luxury luggage brand Armoir has raised $500,000 in a seed round led by Salica Oryx Fund, with participation from Plus VC and leading global angel investors.
The new capital will be deployed to launch additional collections, expand footprint across MENA and Europe, and scale the team to strengthen design innovation, customer experience, and global growth, according to a press statement.
“Partnering with Salica Oryx Fund, Plus VC, Chalhoub Group, and our angel investors brings world-class expertise in scaling consumer and lifestyle brands globally. This funding gives us the runway to accelerate design innovation, expand globally, and establish Armoir as a leading brand in premium travel,” said Martial Dahan, founder and CEO of Armoir.
RIYADH: The Saudi edition of Money20/20 Middle East this week offered a snapshot of how rapidly artificial intelligence is moving from hype to hard deployment in the Kingdom’s financial sector.
With more than 450 fintech companies and over 1,050 global investors gathering under the theme “Where Money Does Business,” the event showed how central AI has become to ֱ’s Vision 2030 ambitions and how urgent the conversation around regulation, infrastructure and talent has become.
The message across panels was clear: AI is no longer an experiment. It is increasingly embedded in every corner of finance, from fraud detection and onboarding to risk modeling and compliance. The more AI promises to accelerate growth, the more scrutiny it invites.
For ֱ, the challenge now is scaling adoption while maintaining trust, regulatory alignment and data integrity.
The Kingdom is projected to reap nearly $135.2 billion from AI by 2030, equivalent to about 12.4 percent of gross domestic product, according to PwC. That potential is driving urgency, with nearly all financial-sector leaders saying the pressure to deploy AI has grown over the past six months. Regulators are responding in parallel.
The Saudi Central Bank has expanded its sandbox programs and is introducing clearer guidelines to ensure innovation happens under strong consumer-protection and data-governance frameworks. Industry insiders at the event said this collaboration between regulators and the private sector is essential if the Kingdom is to balance speed with safety in AI rollouts.
Khalid Al-Sharif, CEO of Abdul Latif Jameel Finance, said the next stage of AI adoption in finance will depend on coordination between regulators, financial institutions and technology providers.
“The next phase is about coordination,” he said. “Regulators must keep issuing workable standards, financial institutions must document and monitor models, and technology providers must build for local requirements rather than import generic systems.”
Khalid Al-Sharif, CEO of Abdul Latif Jameel Finance. LinkedIn
He added that enabling micro and small businesses is central to Vision 2030 and pointed to Abdul Latif Jameel Finance’s Bab Rizq Jameel Microfinance program, which has issued loans to nearly 300,000 beneficiaries since 2004 — 81 percent of them women. “Our goal is to empower entrepreneurs and women-led enterprises so they can contribute more strongly to national GDP,” he said.
Al-Sharif also emphasized the importance of building trust as technology advances. “ֱ’s financial sector is ready for this leap,” he said. “But success will depend on responsible innovation that protects consumers and uses data ethically while enabling growth.”
Among the announcements at the Money20/20 conference in Riyadh was Singapore-based Dyna.Ai’s decision to expand in the Kingdom with the launch of its Agentic AI Suite and Arabic-first AI Employees.
These digital teammates, including an AI credit underwriter, knowledge partner and recruiter adviser, are designed to integrate into enterprise workflows and support compliance, customer service and operational efficiency.
“AI Employees are advanced digital teammates that augment human capabilities,” said Tomas Skoumal, chairman and co-founder of Dyna.Ai. “They deliver faster, more accurate, and personalized customer experiences while collaborating directly with human workers.”
The company says its tools deliver more than 95 percent accuracy with response times under 200 milliseconds. Importantly, the suite was built with Arabic capabilities from day one, meaning it can understand dialects, cultural nuances and regulatory requirements specific to the Kingdom.
Tomas Skoumal, chairman and co-founder of Dyna.Ai. Facebook
While announcements like Dyna.Ai’s show confidence in the market, ֱ’s journey toward AI at scale still faces hurdles. Executives at Money20/20 pointed to a shortage of AI specialists and data scientists even as universities and training programs accelerate talent development.
Infrastructure gaps also persist, with demand growing for high-performance computing, sovereign data centers and faster data-processing capabilities.
Regulatory certainty is another area to watch. Though sandboxes and ethical frameworks are already in place, binding rules for algorithmic transparency, privacy and bias mitigation are still being developed.
Industry experts warn that without clear, enforceable guidelines, trust in AI systems could be undermined before they are fully mainstream.
Money20/20 is more than a showcase. It is one of the few places where regulators, legacy banks, fintech startups and investors meet under one roof to compare strategies and align on priorities.
This year, announcements such as Google Pay’s launch in the Kingdom, Alipay+ acceptance by 2026, and a series of capital markets reforms highlighted the pace at which ֱ is trying to modernize its financial ecosystem.
For companies including Dyna.Ai, the event serves as a stress test, a chance to prove whether their solutions can meet Saudi-specific expectations for speed, accuracy, compliance and cultural fit.
For regulators and policymakers, it is an opportunity to gauge market readiness and identify where rules and infrastructure must catch up with innovation.
ֱ’s AI story is now entering what many at the conference called its execution phase.
The big-picture goals have been set: billions of dollars in AI-driven GDP impact, a skilled workforce of 20,000 specialists by 2030 and a digitally transformed financial system. What comes next is a test of implementation, how quickly these ambitions can translate into measurable outcomes.
Dyna.Ai’s Arabic-first approach offers one glimpse of what the future might look like: instant, personalized and compliant digital interactions that support growth while keeping human workers focused on higher-value tasks. But it is just one piece of a much larger transformation.
The Kingdom’s AI moment is no longer just a promise. Its success will be measured by the ability to build trust, close infrastructure gaps, nurture talent and ensure every algorithm deployed works for both the economy and the people it serves.
