2022 Q1 Report En · Page 5

 
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Financial Sector Development Highlights 
Under Patronage of HRH Crown Prince, Saudi Arabia to 
Host Global Entrepreneurship Congress 
Under the patronage of His Royal Highness Crown Prince 
Mohammed bin Salman bin Abdulaziz, Crown Prince, Dep-
uty Prime Minister, and Chairman of the Council of Eco-
nomic and Development Affairs, the Small and Medium 
Enterprises General Authority (Monsha'at) organized in Ri-
yadh the Global Entrepreneurship Congress (GEC) in col-
laboration with the Global Entrepreneurship Network 
(GEN) during the period of March 27-30, 2022. 
Hosting GEC in Riyadh came following the Kingdom's first 
ranks in the indicators of "Availability of Good Opportuni-
ties to Start a Business", "Ease of Starting a Business", "En-
trepreneurs’ Response to the Pandemic” and “The King-
dom’s Government Response to the Pandemic” among 45 
states from around the world. 
The conference titled Rethink - Reboot - Regenerate was 
one of the first live global gatherings where investors, 
policymakers, and community leaders from around the 
world met to help rebuild the global economy in the post-
pandemic world. 
Saudi Central Bank organizes a Workshop Titled “The 
Development of the Islamic Financial Sector” in Coop-
eration with Islamic Economics Institute 
On December 28, 2021, the Saudi Central Bank (SAMA) 
organized a workshop in Jeddah in cooperation with the 
Islamic Economics Institute, under the title "The Devel-
opment of the Islamic Financial Sector: Possibilities and 
Future Opportunities". 
This workshop comes as part of a series of similar work-
shops purely dedicated to Islamic Finance organized un-
der SAMA's sponsorship to discuss subjects and topics re-
lated to the industry. 
At the beginning of the workshop, which was opened by 
Dr. Mohammed Nassief, dean of the Islamic Economics In-
stitute, Dr. Fahad Aldossari, deputy governor for Re-
search and International Affairs at the Central Saudi Bank 
offered a statement welcoming attendees and referring 
to the quantitative development of the Islamic Financial 
industry, stating the following:  "The Islamic Financial in-
dustry has witnessed a quantitative growth in the size of 
its assets and its spread on an international level, reach-
ing a total asset size of 10.1 trillion Riyals (2.7 trillion 
Dollars) in 2020 according the report of the IFSB." 
Global Entrepreneurship Congress Sees Signing Agree-
ments and Initiatives worth SAR 16bn on Day One 
The Global Entrepreneurship Congress, hosted in Riyadh 
under the patronage of HRH Prince Mohammed bin Sal-
man bin Abdulaziz, Crown Prince, Deputy Prime Minister 
and Minister of Defense, witnessed the signing of 33 
agreements, and the launch of several investment initia-
tives worth more than SR16 billion ($4.2 billion), aimed 
at supporting entrepreneurship in various fields and en-
hancing the Kingdom’s status as an attractive environ-
ment for pioneers, innovators and creators in the Middle
East and North Africa. 
Saudi Aramco signed ten memoranda of cooperation and 
two agreements with local and international companies 
in digital transformation, information technology, and 
national development, while the Social Development 
Bank signed agreements with several entities including 
the Royal Commission in Yanbu and the National Entre-
preneurship Institute (Riyadah), and announced the 
launch of several initiatives to support Empowering en-
trepreneurs valued at more than SR11 billion (around $3
billion). 
The Sa