Saudi Arabia, which has the second-largest oil reserves in the world, had a GDP of around USD 1,067.58 Billion in 2023. Oil has accounted for approximately 40% of Saudi GDP and 55% of its fiscal revenue in recent years. The strategic framework launched by Saudi Arabia, Vision 2030, has planned to reduce its dependency on oil and diversity. There’s an increasing requirement for regulatory reforms and technology advancements to achieve this vision. 

To ensure efficiency in regulations, advancement and efficient project execution is essential.  Also, to understand the contribution of PMP experts, it’s necessary to understand the challenges hitting the financial sector in Saudi Arabia. PMP professionals are vital in improving operational efficiency finances and driving strategic finances. 

With this blog, I will explore the role of PMP experts in the kingdom's financial sector. Moreover, I will introduce you to a new PMP certification and define the specific benefits of the certification

Challenges Faced By Saudi Arabia's Financial Sector

Although Saudi Arabia is experiencing rapid growth and increasing GDP every year, the financial sector encounters several challenges that include:

1. Classification of the Economy: The financial sector mainly depends on oil revenues, making it challenging to handle global fluctuations in oil prices. The efforts for Vision 2030 are ongoing, and uncertainty in non-oil sectors creates challenges for financial stability. This brings inflation pressures and economic instability, directly affecting investment trends and consumer confidence.

2. Decreased Workforce: A 2018 study by Korn Ferry Projects found that Saudi Arabia could face a shortage of approximately 6,63,000 skilled workers by 2030. This shortage of qualified professionals must be addressed, and a balance of Saudization policies must be established. Saudization policies encourage local workforce participation in attracting the global market. To keep pace with evolving technologies, there is a requirement for reskilling and continuous learning in the workforce.

3. Increased Competition: The rise of fintech startups and digital banks has revolutionised the financial sector of the kingdoms. This revolution has been a tough competitor for traditional finance service providers and banks. Customers' choice to shift towards personalised and digital banking services challenges the local players to innovate. The entry of International banks and investment firms into the Saudi Arabian market brought global expertise, demanding product and service innovation.

4. Regulatory Compliance: To all the financial institutions in Saudi Arabia, it is essential to comply with the strict regulations of SAMA( Saudi Arabia Central Bank).  It is also mandatory for institutions to follow global regulatory standards such as Base III and International Financial Reporting Standards( IFRS).  Continuous adaptations are always demanded due to the frequent updates in the financial policies and regulatory frameworks. Monitoring efforts and compliance costs are always high in anti-money laundering ( ALM) and counter-terrorist financing regulations (CTF).

5. Risks and Uncertainty:  Diplomatic disputes in the Middle East can have an impact on foreign investments and financial stability. This fluctuation in the Global markets affects Saudi Arabia’s economic outlook. The overdependence on FDI( foreign direct investment) can impact the growth in financial markets. 

6. Trust and Credibility:  Although the advancements and technological improvements made in the financial sector are improving, many people still lack awareness and understanding about the market and investments. Bringing in the financial trust,  particularly in the rural areas, is still challenging. This is because of cybersecurity threats such as financial fraud, ransomware attacks and data breaches. Consumer trust in digital banking is still growing but requires strong customer education and security measures.

With  the increased competition, cybersecurity threats, and decreased workforce, PMP experts are vital in navigating these challenges. Let us understand how PMP experts address these challenges.

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How PMP Experts Are Shaping the Future of Saudi Arabia's Financial Sector

With the ambitious goal to reshape Saudi Arabia’s financial sector and bring life to Vision 2030, PMP professionals address these challenges by: 

1. Facilitating Economic Diversification Through Market Volatility

Aligning with Vision 2030 of Saudi, PMP experts manage the project by diversifying the financial services beyond oil and gas. Initiating new sources such as  airlines, renewable energy, and Saudi tourism can contribute more to the resilient economy. Risk management is crucial in Saudi Arabia for navigating market volatility and ensuring that projects remain stable even during fluctuating economic conditions. Investing in education, training, and reskilling programs can increase the workforce and reduce the reliance on the oil industry.

2. Enhancing Workforce

PMP experts play an important role in talent identification and development of the workforce by monitoring teams and fostering continuous improvement. Teams build leadership skills and bridge the skill gap between employees.They optimise the resource allocation, ensuring the right people receive the required skills.  Identifying compelling talents facilitates the proper knowledge transfer to junior members.  PMP experts build a stronger workforce by tracking employee performance and identifying areas for improvement. PMP experts are trained to analyse projects. Therefore, they can quickly analyse the skill gaps within the team.

3. Enhancing Competitiveness

PMP experts lead projects focused on innovation, customer-centric and process improvement. These experts ensure projects are completed within the dedicated time framework and budget. This efficiency translates to cost savings and smooth delivery within the organisation's competitive edge. PMP experts eliminate the inefficiencies in the project and streamline operations for better resource utilisation. This effective utilisation minimizes waste and maximizes productivity.

4. Navigating Regulatory Compliance

PMP experts bring structured methodologies to manage projects and ensure adherence to evolving revolutions set by the Saudi Central Bank, Basel III and IFRS. They excel in breaking down all the large and complex regulatory requirements into manageable projects. PMP experts develop detailed project plans that outline the necessary steps to achieve the standards, including resource allocation, stakeholder conversation and risk assessments. Their guidance and expertise reduce the risk of non-compliance and associated penalties. PMP experts document the processes to keep a record of compliance-related activities.

5. Assistance in the Financial Risks

 PMP professionals use strategic planning to mitigate financial risk and ensure that the projects stay within the budget. They begin by identifying the economic risks and how they could impact the project; once identified, they analyse the probability and impact. Based on this analysis, PMP experts develop strategies to respond to and eliminate these risks.

6. Building the Customer Trust 

By bringing in projects to enhance financial literacy and by expanding digital banking services, PMP experts build customer trust and gain credibility. Their efforts to cover a broader audience have always accessed reliable financial services. They aim to align with the inclusive goals of Saudi.

Read More: How PMP is Transforming Saudi Arabia's Oil Industry

PMP Practices in Managing Financial Projects in Saudi Arabia

In Saudi PMP, professionals apply standardised practices to ensure successful project outcomes. The key PMP practices used in managing financial projects in Saudi Arabia are:

1. Standard Methodologies: The PMP framework utilises the Project Management Body of Knowledge to maintain standard control and consistency throughout the project.
2. Agile Methodology: PMP experts implement Agile practices and methodologies to adapt themselves to the changing requirements. They strive to bring in innovation, flexibility and continuous improvement.
3. Relationship: Balancing the relationship with the Stakeholders, including regulatory bodies and financial institutions, is prioritized to align with the project objectives and goals. 
4. Quality Assurance:  Through rigorous testing of processes, PMP experts ensure that they meet the pre-defined goals and standards set by the regulatory requirements.
5. Monitoring:  By utilising the KPIs and reporting mechanisms, PMP professionals allow for tracking progress and making informed decisions.

Adhering to these key practices, PMP-certified professionals drive efficient, compliant projects aligned with the goals of the nation.

Also Read: Growing Demand for PMP Professionals in Saudi Arabia (2025)

Successful Financial Projects Led by PMP Professionals in Saudi Arabia

Here are a few notable financial projects led by PMP professionals:

1. PPPs( Public-Private Partnerships)

PMP professionals facilitated the implementation of PPPs in Saudi Arabia and brought the structural approaches into project planning and execution.  Expertise in PMP has played a vital role in time management, collaboration with stakeholders and increasing the efficiency of the project managers.

2. PIF (Public Investment Funds) 

 Saudi Arabia has undertaken various projects to diversify its economy. PMP experts established a dedicated Project Management Office to oversee the PIF initiatives. It was also honoured with the “PMO of the Year” award at the Global Excellence Awards by the Project Management Institute. 

Conclusion

Saudi Arabia’s financial sector is transforming, but the country must address challenges to attain sustainable development. Overcoming challenges like regulations and compliance will require an unskilled workforce, which will be crucial in shaping the industry’s future. 

The expertise of PMP professionals in project management, risk management and execution makes them indispensable in transforming the nation’s financial landscape. 

Certification

For professionals looking to expand their skills in project management and contribute effectively to Saudi Arabia’s financial sector, StarAgile’s PMP Certification is the right one. This globally recognised certification provides you with detailed knowledge of efficient Project Management. You’ll also get to study real-time examples of how to deal with problems like risk management, team collaboration, and deadline management. PMP course gives you the confidence to tackle them quickly. 

Remember, it’s now or never! If you're an aspiring professional looking to be a PMP professional, obtain your PMP certification from StarAgile and boost your career. It will help you become a key player in Saudi Arabia’s financial transformation.