This month, the Saudi British Joint Business Council and the Saudi/UK Tech Hub led a trade and investment FinTech mission to Riyadh.
As part of the visit, the delegates engaged with some of the kingdom's leading FinTech players to discuss strengthening collaboration.
Our UK delegation was impressed by the modern, vibrant and progressive Saudi Arabia they came across. The FinTech mission was encouraged by the kingdom’s consistent message for technological evolution, its unique transformative economic and social reforms, and its keen desire to collaborate.
When I visited Saudi Arabia in October 2019, I had said that the kingdom could be on the brink of a FinTech revolution and projected that over the next decade, the country would embark on a journey of transformation that would catapult it to the forefront of the scene.
Clearly, I was wrong. It did not take Saudi Arabia a decade to kick-start its FinTech journey. The Arab world’s biggest economy is on the fast track to becoming not just regional, but a global FinTech hub.
Having recognised the importance of developing a diversified and effective financial sector to support Saudi Arabia’s economic development, public and private sectors have embarked on a journey to deliver the Financial Sector Development Programme (FSDP).
This year has been another milestone in the development of the Saudi FinTech industry: on May 24, the Saudi Council of Ministers approved the kingdom’s FinTech strategy as a new pillar in the Saudi Vision 2030.
In the UK, we are eager to support our Saudi friends and contribute to their FinTech success story, which in turn, will support entrepreneurship and diversification.
Saudi Arabia’s FinTech strategy aims to support the kingdom in becoming a leading force in the sector, with Riyadh becoming a global tech hub.
And this is where Saudi Arabia’s goals align with UK.
The UK is home to the largest and most forward-looking cluster of financial and professional services firms and a consumer base with one of the world’s highest FinTech adoption rates. Saudi Arabia has an emerging yet fast-growing and vibrant FinTech ecosystem and an ambition to become a leading strategic FinTech player located in between three continents.
Furthermore, the diversity of the UK’s FinTech ecosystem means that a number of UK-born FinTech firms present close synergies with the values and the profile of the Saudi customer.
British investors have also been clear about their desire to support Saudi FinTech entrepreneurs by investing in high-value companies and supporting their growth.
One such example is Oryx Fund, which is a Mena focused investment fund from London-based investment firm Hambro Perks, with a mandate to invest in game-changing early-stage technology companies led by great entrepreneurs in sectors such as FinTech.
Amid an increasingly polarised global economic order, both the UK and Saudi Arabia find themselves at strategic junctions in their global economic, political and social trajectory, and are seeking strategic partners that can help them deliver their goals.
Saudi Arabia is UK’s primary trading partner in the Middle East and the UK is kingdom’s closest European ally.
The UK was among the first in the world to recognise Saudi Arabia, with a diplomatic delegation sent to the kingdom. In turn, Saudi Arabia’s embassy in London was its second official foreign affairs body abroad.
Since that day, the two nations have worked together tirelessly to safeguard global energy security, lead peace efforts in the Middle East and supported each other through challenging times.
However, as Saudi Arabia develops and focuses on enabling financial institutions to support private sector growth, we must build a partnership around finance, technology and regional growth.
This was also the message conveyed by UK Prime Minister Rishi Sunak when he met with Saudi Crown Prince Mohammed bin Salman at the G20 summit recently and highlighted the importance of working together.
Over the past few years, Saudi Arabia has been the birthplace of several FinTech success stories such as peer-to-peer (P2P) lending platform Lendo or buy-now-pay-later (BNPL) FinTech Tamara.
We want to ensure that the success story not only continues, but accelerates.
Roxana Mohammadian-Molina is chief strategy officer at London-based FinTech company Blend Network and board member of the Saudi British Joint Business Council
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
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- Emerging technologies and VFX with AI and CGI.
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE currency: the story behind the money in your pockets
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Not Dark Yet
Shelby Lynne and Allison Moorer
Four stars
AGUERO'S PREMIER LEAGUE RECORD
Apps: 186
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Assists: 31
Wins: 117
Losses: 33
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
UAE currency: the story behind the money in your pockets
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
Sri Lanka squad
Dinesh Chandimal, Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Angelo Mathews, Lahiru Thirimanne, Niroshan Dickwella, Sadeera Samarawickrama, Rangana Herath, Suranga Lakmal, Nuwan Pradeep, Lakshan Sandakan, Vishwa Fernando, Lahiru Kumara, Jeffrey Vandersay, Milinda Siriwardana, Roshen Silva, Akila Dananjaya, Charith Asalanka, Shaminda Eranga and Dhammika Prasad.
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How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
