RIYADH: Saudi Arabia’s digital banking sector is poised for growth with an agreement signed by the Ministry of Investment with Gulf International Bank and Bank Albilad. The deal aims to empower investment-focused companies through enhanced digital banking services, according to the ministry’s post on X. This involves delivering unique banking services and providing various facilitations for investors, aligning with global best practices. In December 2023, the ministry signed a memorandum of understanding with Arab National Bank and AlJazira Bank to further empower companies interested in investment, the Saudi Press Agency reported. The signing of these MoUs aligns with the ministry’s efforts to fortify the investment environment in the Kingdom, aiding investors in expanding their investments. This involves offering diverse facilitations to businesses, enhancing their investment experience and contributing to the growth and diversification of the Kingdom’s economy. In September 2023, the ministry inked agreements with Al-Rajhi Bank, Alinma Bank, and Banque Saudi Fransi, reinforcing the role of the digital banking sector and aiding these institutions in delivering enhanced services to investors. These agreements aimed to provide facilities to companies, enriching the investment journey and promoting the growth and diversification of the national economy, as reported by the SPA at that time.