Global cyber rules needed as digital traffic crosses all boundaries, top expert
Updated 10 November 2022
Nirmal Narayanan
RIYADH: Global cyber rules and international coordination are necessary to ensure a safe online space, as cybercrimes have risen exponentially over the past few years, according to a top expert.
Speaking at a session during the Global Cybersecurity Forum in Riyadh on Nov.10, Ian Goldin, professor of Globalization and Development at Oxford University, and the former vice president and head of policy of the World Bank, said that cybercrimes happening globally are different from issues like climate change.
"Threats in the online space are more like a pandemic that evolves,” he said.
Goldin added: “When it comes to climate change, you can take 12 countries and can solve 90 percent of issues. However, the difference in the cyber world is that everyone is important. It is more like a pandemic.”
He added that much greater collaboration between the private sector and governments is needed to combat cyber threats.
During the session, Goldin said that 90 percent of cyber vulnerability comes from user behavior which includes opening phishing emails, malware, using USB sticks that are not secure, etc.
“We should keep learning as technology is evolving. We have to also understand the minds of attackers. We have to learn where these people are coming from, and it demands lots of diligence,” he said.
Goldin further pointed out that there is a shortage of cybersecurity experts in the world, and it is creating issues while dealing with online threats.
Speaking on the first day of the event on Nov. 9, Nigeria’s Minister of Communications Digital Economy Isa Ali Ibrahim said that the world needs almost 3.5 million more cybersecurity professionals to combat the rise in online crimes.
“In July, a report suggested that we need 8.1 million cybersecurity professionals globally this year. Today, we have around 4.7 million professionals, and still, we have a vacancy of 3.4 million,” said Ali Ibrahim.
For his part, author and digital futurist Andreas Ekström said that humans should learn and re-learn to combat the continuous threats posed by hackers.
He also added that better coordination and cooperation between countries are very much necessary to solve cybercrime-related issues.
“I am a devoted internationalist. I believe that more communication and more cooperation is the way for us to go, and there is no turning back,” said Ekström.
As the online world crosses all geographical boundaries, Ekström said that a digital identity, very similar to a passport is needed to ensure a safe online space.
“The risk now is that the digital identity is needed, and might also be used like an old boring passport,” said Ekström.
He further pointed out that police forces in countries should be also educated regarding cybercrimes.
Entrepreneurial wave reshaping Saudi economy and global standing
Saudi Arabia’s business momentum is here to stay, experts believe
Kingdom’s commitment to fostering an entrepreneurial ecosystem has also enhanced its global competitiveness
Updated 25 sec ago
REEM WALID
RIYADH: Entrepreneurship in Saudi Arabia is no longer just a passing trend — it’s a driving force reshaping the Kingdom’s economy, aligned with the Vision 2030 agenda.
The Kingdom’s Center for International Communications reports that 42 percent of adults plan to launch their businesses within the next three years, marking the highest rate of entrepreneurial intent since 2016. This surge in entrepreneurial activity reflects the country’s growing commitment to economic diversification, with 25 percent of businesses in their early stages, operating for less than 42 months — a 33 percent increase from 2022.
The entrepreneurial boom is no accident. Saudi Arabia is actively diversifying its economy away from oil and aims to increase the private sector’s contribution to gross domestic product from 40 percent to 65 percent by 2030. A key part of this transformation involves fostering an economy driven by entrepreneurship and innovation, with the contribution of small and medium enterprises set to rise from 20 percent to 35 percent by the decade’s end.
“A significant portion of this change has been driven by regulatory reforms, which have created an environment conducive to starting companies. Additionally, various investment initiatives have made the Kingdom a more attractive market for setting up operations,” said Khaled Talhouni, managing partner at Nuwa Capital.
Saudi Arabia’s growing reputation as a friendly environment for early-stage businesses has been recognized by the Global Entrepreneurship Monitor, which recently ranked the Kingdom at the top for ease of starting a business and available opportunities.
Tushar Singhvi, deputy CEO and head of investments at Crescent Enterprises, said the government’s reform efforts, which have simplified business operations, attracted foreign investment, and nurtured a vibrant entrepreneurial ecosystem.
“The Ministry of Investments of Saudi Arabia has introduced policies permitting 100 percent foreign ownership in most sectors, significantly reducing barriers for international entrepreneurs. This policy, alongside incentives such as tax exemptions, subsidies, and expedited licensing procedures, has made Saudi Arabia a prime destination for global investment,” Singhvi said.
“The Kingdom’s strategic location, connecting markets across the GCC and beyond, offers access to over 60 million consumers. Infrastructure advancements, including NEOM and cutting-edge logistics networks, provide businesses with the tools to thrive in an increasingly competitive market,” he added.
Singhvi further said that by aligning policies with global best practices and embracing technology-driven solutions, Saudi Arabia has positioned itself as a global leader in terms of ease of doing business.
Riyadh Al-Najjar, chairman of PwC Middle East and KSA country senior partner, said entrepreneurs and investors now benefit from a streamlined process in establishing and scaling businesses in Saudi Arabia.
“Strategically located at the crossroads of major international markets, Saudi Arabia has solidified its position as a global hub for commerce and innovation. This advantage is further amplified by a suite of government-backed incentives and specialized support programs to attract high-caliber talent and innovative ideas, supported by a thriving venture capital landscape,” Al-Najjar told Arab News.
He also said: “For the second year in a row, Saudi Arabia has maintained its leadership in the MENA region, attracting SR1.5 billion ($399.3 million) in venture capital funding across 63 deals in just the first half of 2024. This achievement highlights the Kingdom’s success in cultivating a robust entrepreneurial ecosystem that continues to draw global investment and attention.”
Al-Najjar also praised the role of institutions like Monsha’at (General Authority for Small and Medium Enterprises), noting their proactive efforts in providing resources like funding, mentorship, and capacity-building programs that have enriched the entrepreneurial ecosystem.
“The Kingdom’s commitment to fostering an entrepreneurial ecosystem has also enhanced its global competitiveness, positioning it as a prime destination for investors and startups,” he added.
Key initiatives fueling growth
Saudi Arabia’s thriving startup ecosystem is the result of several strategic initiatives, including regulatory reforms, increased venture capital, accelerators, and ecosystem enablers.
Talhouni of Nuwa Capital pointed to relaxed restrictions on foreign-owned startups, which have made it easier for international companies to establish operations in Saudi Arabia. He also highlighted changes in capital market rules that benefit technology companies seeking public listings on the Saudi stock exchange.
“Notably, SAMA has played an instrumental role with its fintech sandbox, enabling startups to gain licenses easily and establishing a clear pathway for them to graduate to full-fledged licenses,” Talhouni added.
He also noted the importance of government-related entities like Saudi Venture Capital and the Jada Fund of Funds in developing the venture capital sector by investing in local and regional funds, which has spurred private investment in the region.
On the accelerator front, Saudi Arabia supports its entrepreneurial ecosystem through programs like Misk, Taqadam, and The Garage. These initiatives offer valuable resources to entrepreneurs, from mentorship to funding, helping bridge the gap between early-stage startups and commercialization.
Singhvi highlighted that Monsha’at has been essential in supporting startups through financing programs like the Kafalah Program, which helps address financing gaps for SMEs. “Events such as the Biban Forum further connect entrepreneurs with investors and global stakeholders, fostering collaboration.
Regulatory advancements, including the introduction of the Saudi Companies Law in January 2023, have simplified business operations and encouraged foreign investment. Platforms like Meras streamline business registration, significantly reducing startup barriers,” Singhvi said.
Venture capital activity in the Kingdom has surged, with $412 million raised across 63 deals in the first half of 2024. Singhvi also said the success of the Saudi Unicorn Program, which aims to propel startups to unicorn status, reinforcing the Kingdom’s innovation-driven ambitions.
Education and talent development also remain central to Saudi Arabia’s entrepreneurial strategy. Institutions like King Abdullah University of Science and Technology provide mentorship, incubation, and research opportunities, while accelerators such as Flat6Labs and Badir Technology Incubators help entrepreneurs scale their ventures effectively.
“These initiatives have positioned Saudi Arabia as a global leader in fostering entrepreneurship and innovation,” Singhvi said.
Al-Najjar praised Monsha’at for empowering SMEs through innovative financial support mechanisms and expert advisory services. He highlighted the Unicorn Support Program from the Ministry of Communications and Information Technology and the Misk accelerator initiatives as key drivers of new opportunities for startups.
The Garage, a technology park in Riyadh, exemplifies the Kingdom’s commitment to innovation. Home to over 230 startups with a collective valuation exceeding $216 million, it provides a collaborative environment for entrepreneurs to thrive.
“These initiatives, combined with strategic support and infrastructure from academia and sector-specific entities, have nurtured a vibrant and dynamic entrepreneurial ecosystem,” Al-Najjar added. “Giga-projects such as AlUla create unparalleled opportunities for entrepreneurial ventures, especially in high-growth industries like technology, tourism, and renewable energy.”
Beyond just growth
The impact of Saudi Arabia’s startup boom goes beyond mere economic expansion. Singhvi from Crescent Enterprises emphasized that startups are also contributing to the Kingdom’s sustainability goals, particularly in clean energy and smart infrastructure. Projects like NEOM, which has invested over $16 billion in the private sector in the last 18-24 months, are providing platforms for ventures that align with Vision 2030’s sustainability ambitions.
“Women-led startups have increased significantly, underscoring the alignment between Vision 2030’s objectives and the Kingdom’s proactive support for inclusivity alongside innovation and economic resilience,” Singhvi noted.
Al-Najjar described the Kingdom’s “entrepreneurial momentum” as a key catalyst for job creation and productivity enhancement. “By integrating national priorities with entrepreneurial initiatives, Saudi Arabia is building a blueprint for a diversified future,” he said, adding: “The progress achieved is not only a milestone for the Kingdom but also a global benchmark for aligning economic goals with sustainable growth.”
Closing Bell: Saudi main index closes in green at 12,037, trading turnover at $1.53bn
Parallel market Nomu shed 37.70 points to close at 31,475.72
MSCI Tadawul Index gained 3.34 points to end trading at 1,509.31
Updated 31 December 2024
Nirmal Narayanan
RIYADH: Saudi Arabia’s Tadawul All Share Index continued its upward movement for the third consecutive day on Tuesday, as it gained 35.58 points, or 0.30 percent, to close at 12,036.50.
The total trading turnover of the benchmark index was SR5.75 billion ($1.53 billion), with 167 of the listed stocks advancing while 63 declined.
The Kingdom’s parallel market Nomu, however, shed 37.70 points to close at 31,475.72, while the MSCI Tadawul Index gained 3.34 points to end trading at 1,509.31.
The best-performing stock of the day was Riyad REIT Fund, as its share price surged by 6.42 percent to SR6.80.
Other top gainers were Al-Babtain Power and Telecommunication Co. and Red Sea International Co., whose share prices rose by 4.84 percent and 4.59 percent to SR39 and SR61.50, respectively.
The share price of Saudi Industrial Development Co. decreased by 4.36 percent to SR29.60.
The best performer in Nomu was Natural Gas Distribution Co., whose share price increased by 9.74 percent to SR68.70.
The stock value of Purity for Information Technology Co. and Mohammed Hadi Al Rasheed and Partners Co. also rose by 7.69 percent and 6.50 percent to close at SR21 and SR100, respectively.
The share price of Albattal Factory for Chemical Industries Co., which debuted in the parallel market on Tuesday, decreased by 3.17 percent to SR61.
On the announcements front, Saudi Arabian Cooperative Insurance Co. said that its shareholders approved the recommendation to use part of the firm’s statutory reserve balance amounting to SR43.69 million to fully offset its accumulated losses.
In a statement to Tadawul, the insurance company said that its accumulated losses totaled SR39.09 million by the end of the third quarter of this year, accounting for 13.03 percent of the firm’s capital.
The stock value of Saudi Arabian Cooperative Insurance Co. dropped by 1.64 percent to SR15.64.
ITMAM Consulting Co. has set the price range for its potential initial public offering on the Kingdom’s parallel market between SR13 and SR15 per share, its financial adviser Yaqeen Capital said in a statement.
The statement added that the book-building process will begin on Jan. 5 and run through Jan. 12.
Egypt to accelerate government IPO steps to attract investments, maximize private sector role
The latest developments in the status of a number of companies currently being processed for sale were reviewed
Initiative is part of a broader effort to expand the number of publicly traded companies and attract greater investment
Updated 31 December 2024
REEM WALID
RIYADH: Egypt aims to accelerate the government offerings program procedures in 2025 to maximize the private sector’s economic role and attract more investments.
The announcement was made during a meeting of the Government Offerings Committee, chaired by Prime Minister Mostafa Madbouly, to follow up on the developments of the status of the offering of the four targeted companies affiliated with the Armed Forces, according to a statement by the Cabinet.
This aligns with Egypt’s plan to list over 10 companies in 2025 through public offerings or partnerships with strategic investors. The initiative is part of a broader effort to expand the number of publicly traded companies and attract greater investment.
The firms include National Co. for Petroleum Products Marketing and Distribution, Watanya, National Co. for Natural Water in Siwa, Safi, ChillOut Egypt, and Silo Foods for Food Industries.
The move confirms the country’s seriousness in completing this vital program within the framework of implementing the “State Ownership Policy” document, which primarily seeks to elevate the role of the private sector in various economic activities and raise its contribution, in addition to restructuring some state-owned assets.
This comes amid the difficulties the Egyptian economy has been witnessing with soaring inflation and lower-than-expected revenues, including a significant drop in earnings from the Suez Canal.
During the meeting, Madbouly said the offerings provide opportunities for companies affiliated with the public business sector, whether for public offering on the Egyptian Stock Exchange or for strategic investors, pointing simultaneously to the need to expand the companies offered by the ministry.
The latest developments in the status of a number of companies currently being processed for sale were reviewed, including Sidi Kerir Petrochemicals Co., MIDOR Middle East Oil Refinery, Al-Amal Al-Sharif Plastics, and Egyptian Group For Pharmaceutical Industries.
The steps taken to offer the Gabal El-Zeit wind power plant located in the area south of Ras Gharib were also examined during the meeting, as well as the status of several firms being studied with the Ministry of Public Business Sector as was the offering of stakes in several banks.
Mohamed El-Homsany, the official spokesman for the Cabinet, said the meeting discussed the current status of the government offerings program by reviewing the procedures and executive steps taken by the ministries and relevant authorities to offer the previously announced targeted companies, in addition to those being prepared for offering in several sectors.
Earlier this month, Madbouly announced that Egypt successfully repaid $38.7 billion in debts during 2024, including $7 billion in November and December, demonstrating its commitment to meeting financial obligations despite significant economic challenges.
As the North African nation continues to tackle its economic difficulties, the country is set to receive around $1.2 billion from the International Monetary Fund under a staff-level agreement for the Extended Fund Facility program. The deal, pending approval from the IMF’s executive board, aims to provide crucial financial support to stabilize Egypt’s economy.
Saudi Fund for Development expands global support in final quarter of 2024
SFD has financed more than 800 projects across over 100 countries, contributing a total of $20 billion since its inception
Updated 31 December 2024
Nirmal Narayanan
RIYADH: Economies worldwide have faced significant challenges in 2024, marked by escalating geopolitical tensions and the ongoing conflicts in the Middle East.
Despite these difficult circumstances, the Saudi Fund for Development remained steadfast in its mission to support developing nations through financing vital social and infrastructure projects.
In the first nine months of 2024, the SFD supported various initiatives, including a $101 million investment for the Shounter and Jagran-IV Hydropower Projects in Pakistan, a $55 million loan to bolster Turkiye’s education sector, and a $5 million grant to fund a water project in Benin.
As the official development arm of Saudi Arabia, the SFD has financed more than 800 projects across over 100 countries, contributing a total of $20 billion since its inception in 1974. Now, in its 50th year, the SFD continues to build on its legacy, making significant strides during the final quarter of 2024. Here are some of the highlights from its activities in the last three months of the year.
Loans to Serbia
In October, the SFD marked its entry into Serbia by signing three development loan agreements valued at $205 million. The loans are aimed at supporting key sectors, including agriculture, education, and energy. This partnership is seen as a significant step in Serbia’s socio-economic development.
During the signing ceremony, Sinisa Mali, the deputy prime minister and minister of finance of Serbia, expressed his gratitude for the support and highlighted the importance of the projects in creating jobs and strengthening the country’s economy. “We are grateful for the support. The projects for which this money is intended will contribute to the creation of new jobs, the strengthening of our economy, and better positioning of the Republic of Serbia in the world scientific community,” said Mali.
He also emphasized the importance of the partnership: “The agreements will also reinforce the long-term partnership between the Republic of Serbia and the Kingdom of Saudi Arabia and contribute to the implementation and development of important projects in our country.”
Sultan Al-Marshad, CEO of SFD, commented on the significance of the partnership, stating that it aligns with the fund’s mission to support sustainable development through strategic investments in infrastructure and education.
Partners with the World Bank Group
In another significant move in October, SFD signed a memorandum of understanding with the World Bank Group to deepen international cooperation in advancing sustainable development in emerging economies. The partnership focuses on joint efforts in knowledge-sharing, co-financing, and tackling critical challenges like water and food security, particularly in regions vulnerable to climate change and fragility.
The agreement includes all five institutions within the World Bank Group: the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guarantee Agency, and the International Center for Settlement of Investment Disputes.
Key areas of focus outlined in the MoU include promoting renewable energy, enhancing transportation infrastructure, developing digital economies, and strengthening institutional capacity.
Cooperation with the Global Water Organization
In October, the Saudi fund also signed an MoU with the Global Water Organization. This collaboration aims to support water-related projects worldwide, with the goal of achieving sustainable development goals in various countries.
“This memorandum reflects SFD’s efforts over the past 50 years in enhancing international cooperation in the field of water resource management and water security. This partnership will enhance the provision of innovative financing options to support water projects,” said Al-Marshad at the time.
Deal with AIIB
In the same month, the SFD further extended its reach by signing an MoU with the Asian Infrastructure Investment Bank. The agreement seeks to foster sustainable, resilient, and inclusive development in AIIB member countries, with a particular focus on mobilizing resources through joint initiatives, knowledge sharing, and coordinated communication.
The MoU builds on a $10 million contribution by the SFD to AIIB’s Special Fund Window for Less Developed Members in 2023.
“As a key player in global development, SFD is dedicated to supporting least developed countries and advancing sustainable growth. We strongly believe that partnerships are essential for fostering long-term, impactful development,” said Al-Marshad.
He added: “Working closely with AIIB is a natural fit, given our aligned mission of promoting sustainability and resilience. With the Kingdom of Saudi Arabia’s recent contributions to AIIB’s Special Fund Window, this MoU marks an important milestone in our joint efforts to expand collaboration and drive meaningful change in developing countries.”
AIIB President Jin Liqun highlighted the significance of the agreement, noting that it would unlock new synergies and enhance institutional capabilities to drive resilient, inclusive growth in regions most in need.
“Building on SFD’s support to our Special Funds Window, and our joint effort to explore co-financing project opportunities, the collaboration with SFD will unlock new synergies and bolster our institutional capabilities, driving resilient and inclusive growth, where it is most critically needed,” said Liqun.
Healthcare in Djibouti
In November, the SFD signed an MoU with Djibouti to bolster the East African nation’s healthcare sector. The agreement involves the rehabilitation of the Sultan bin Abdulaziz Dialysis Center at Peltier General Hospital and the construction of a new dialysis center in the Balbala district of Djibouti City, with a total value of SR1.6 million ($426,000).
“This large-scale health project is expected to significantly expand Djibouti’s medical services, reinforcing SFD’s commitment to advancing healthcare infrastructure in Djibouti,” said the fund in a statement.
Djibouti’s Minister of Economy and Finance, Ilyas Moussa Dawaleh, welcomed a delegation from the Saudi Development Fund. SFD
Meetings
In the final quarter of the year, SFD participated in the Multilateral Industrial Policy Forum, organized by Saudi Arabia’s Ministry of Industry and Mineral Resources in partnership with the UN Industrial Development Organization. At the event, SFD showcased its developmental journey since its founding in 1974.
Al-Marshad met with several world leaders to discuss ongoing development projects. In November, Kyrgyzstan President Sadyr Japarov met with the SFD CEO during the Extraordinary Arab and Islamic Summit in Riyadh to review development projects in the Central Asian nation. Likewise, in October, Vietnam’s Prime Minister Pham Minh Chinh met with Al-Marshad to discuss future support for pivotal sectors in Vietnam, which has been benefiting from SFD’s initiatives since 2011.
Through loans exceeding $164 million, the SFD has financed 12 development projects in Vietnam across sectors like transportation, communications, and social infrastructure, all contributing to the country’s economic growth and sustainable development.
Startups of the Year: eyewa and Lean Technologies attract top US investors to Mideast
eyewa surpassed 150 stores across the Middle East and secured its largest funding round to date
Lean’s customer-centric approach has been a defining factor in its success
Updated 31 December 2024
Nour El-Shaeri
RIYADH: Saudi startups eyewa and Lean Technologies have set a new benchmark in attracting international investment and driving innovation across the Middle East in 2024.
Operating in the retail and fintech sectors, respectively, these companies have secured significant funding rounds and reached major milestones, cementing their roles as pivotal players in the region’s entrepreneurial ecosystem.
The future of eyewear
Dual-headquartered in the UAE and Saudi Arabia, eyewa had a landmark year in 2024. The company surpassed 150 stores across the Middle East and secured its largest funding round to date — $100 million — led by General Atlantic, a leading global growth investor based in the US.
In an interview with Arab News, co-founder and co-CEO of eyewa Anass Boumediene emphasized the importance of these milestones, saying: “Investment from such a major international growth equity firm clearly highlights the strength of our business model.”
He added that eyewa’s rapid expansion is part of a broader strategy to reach 250 stores by the end of 2025.
Customer feedback has been central to eyewa’s success, helping the company navigate challenges in its competitive market. “Our first step in mitigating challenges has always been to listen to what we are being told by our customers,” Boumediene said.
Drawing from this feedback, the company invested in advanced technological solutions to improve the customer experience. Notable innovations include AI-assisted eye exams for more accurate prescriptions and augmented reality features that allow customers to try on glasses virtually via eyewa’s website and app.
Boumediene added: “These innovations have allowed us to bridge the gap between in-store and online experiences, making eyewear shopping more accessible and convenient.”
The founders of eyewa, with Anass Boumediene on the right. Supplied
Eyewa’s Gulf-centric approach to product design and pricing sets it apart from global competitors. “We design our glasses specifically for people in the region, whereas our global competitors tend to follow the US or European trends,” Boumediene said.
Affordability is another key driver of eyewa’s success, with prescription glasses starting at $100 — half the average price in the GCC.
“Our designs and pricing are a major factor in the success of eyewa. People in the region really feel like they can connect with the brand at a variety of price points,” he explained.
Building a diverse and strong team has been integral to eyewa’s growth. The company now employs over 1,300 people from more than 50 nationalities, achieving gender parity, with just over 50 percent of its workforce being female.
Boumediene highlighted eyewa’s approach to talent development, saying that optometrists have clear career paths, whether technical or managerial. “Our retail director, who leads our retail operations, is an optometrist,” he added, underscoring the company’s commitment to internal growth.
Looking ahead to 2025, eyewa plans to open an additional 100 stores and establish a production and fulfillment hub in Riyadh. Boumediene described the hub as a game-changer: “It will allow us to deliver bespoke products to customers within 24 hours, the fastest service in the region.”
He further noted that the Middle East’s young population and rapidly growing economies will continue to fuel demand for eyewear, positioning eyewa to capitalize on these trends.
Powering fintech
Lean Technologies, one of the Middle East’s leading fintech infrastructure startups, marked 2024 as a year of milestones, growth, and impact.
Hisham Al-Falih, CEO of Lean Technologies, told Arab News: “This year, two milestones stand out. The first, and perhaps the most visible, is our Series B funding round of $67.5 million, led by General Catalyst with participation from Bain Capital Ventures, Stanley Druckenmiller, Arbor Ventures, and other top-tier investors.”
Al-Falih emphasized that the funding round was not just significant for the capital raised, but also for the caliber of investors backing Lean. “It’s a reflection of the potential they see in the region,” he said, calling it a standout moment for the fintech industry.
Hisham Al-Falih, CEO of Lean Technologies. Supplied
Al-Falih also shared the significance of seeing team members celebrate their five-year anniversaries. “For a company just over five years old, this is deeply meaningful. It highlights the enduring commitment of the people who helped shape Lean from the beginning and continue to drive its mission forward.”
Operating at the intersection of banks, third-party providers, regulators, and millions of end-users, Lean Technologies faces unique challenges in balancing innovation, compliance, and reliability. “This year was particularly challenging as both Saudi Arabia and the UAE accelerated their Open Banking and Open Finance initiatives,” Al-Falih explained.
In this regulatory landscape, Lean played a key role in helping shape the frameworks while maintaining its commitment to clients and end-users. “It’s been a demanding but rewarding process—one that underscores our responsibility not just as a company, but as a critical enabler for the entire ecosystem,” he added.
Lean’s customer-centric approach has been a defining factor in its success. “What sets Lean apart is our relentless focus on solving the most critical challenges faced by our clients and their end users,” Al-Falih noted.
By embedding itself within clients’ businesses, Lean ensures it understands their needs. “This proximity gives us the clarity to address current challenges while also anticipating future opportunities,” he said.
In the UAE, Lean’s account-to-account payment solutions processed over $2 billion in transaction volumes in 2024, streamlining pay-ins and payouts for major companies like e&, DAMAC, and Careem.
In Saudi Arabia, the company’s data solutions, operating under the Saudi Central Bank’s regulatory sandbox, have been leveraged by companies such as Tawuniya, ALJUF, and Salla, as well as Tabby and Tamara to unlock new use cases in insurance, lending, and marketplaces.
Al-Falih reflected on Lean’s growth, saying: “Surpassing our ambitious growth targets wasn’t just about numbers. It was about demonstrating what’s possible when a team is deeply aligned with the needs of its market and its clients.”
This alignment is rooted in Lean’s culture, which Al-Falih described as “the pursuit of greatness.” He explained: “This mindset drives our culture, and we’ve worked hard to create an environment where people can collaborate with exceptional colleagues, achieve remarkable outcomes, and receive the feedback they need to grow.”
Lean structures its approach through a framework called the “3 Spheres of Influence,” which emphasizes mastery of craft, collaboration, and integrity. “These principles encourage our team members to reflect and grow both individually and as part of the Lean team,” Al-Falih added, noting that this cultural foundation has been instrumental in the company’s success.
Looking ahead to 2025, Lean is well-positioned to capitalize on the rapid advancements in Open Banking in Saudi Arabia and Open Finance in the UAE. “For us, these frameworks represent the culmination of five years of hard work—lobbying, collaborating with regulators, and partnering with banks,” Al-Falih explained.
The company’s focus will be on making these initiatives a reality for the market. “Our priority is to seize the opportunities these frameworks create and help bring the vision of Open Banking and Open Finance to life,” he said.
Beyond regulatory developments, Lean is also exploring new ways to improve financial infrastructure for individuals and SMEs. “Our mission remains clear: to enable the next generation of financial innovation,” Al-Falih said, adding: “With the momentum we’ve built, we’re confident in our ability to continue scaling and delivering impact across the region.”
