RIYADH: Saudi Arabia’s financial sector’s training market is set to hit SR1 billion ($266.6 million) by the year 2026, according to the Financial Academy. The figure was announced as part of the academy’s strategic plan for the years 2024-26 which included a study of the industry’s current education environment. It also revealed that the target audience for professional development and certificates will hit 132,000, while it aims to qualify more than 37,000 of the sector’s employees. Mana Mohamad Al-Khamsan, CEO of the Financial Academy, explained on the sidelines of an introductory meeting held on Jan. 31 that the strategy was in line with the industry’s needs and the growth witnessed in the Kingdom. He said: “Its formulation was based on four main pillars that constituted the general landscape in the field of training and specialized professional certificates including the academy’s financial expertise, analysis of professional needs in the industry, consideration of the renewed strategies for stakeholder partners, and finally analyzing the emerging trends in human capital development.” The CEO highlighted the academy’s contribution to further activate the role of financial institutions in the sector, including the formation of an advisory committee of banking experts with the aim to set out the framework for development and training solutions offered to workers in banking. Al-Khamsan said: “Special centers for each of the financial subsectors were established to analyze the professional needs and to provide the appropriate development and training solutions.” He went on to say that the new strategic plan aimed to build a diverse portfolio of training programs and professional certificates that were compatible with the financial sector trends, would enhance the readiness of human resources for jobs, and improve internal tools to boost the culture of continuous learning and financial sustainability. “The strategy aims to develop human capabilities by providing training programs, certificates and innovative solutions specifically designed to meet the changing needs of the financial sector,” the CEO added. The Capital Market Authority and the Saudi Central Bank are key partners in establishing the Financial Academy and covering its financial budget in conjunction with Vision 2030’s Financial Sector Development Program. In 2020, the academy became an independent legal and administrative body tasked with developing the human capital capabilities working in the financial sector. Its services cover all relevant subsectors including banking, finance, insurance, and capital market.