Riyadh, Saudi Arabia, 27^th October 2024

Visa, a world leader in digital payments, marks a significant milestone as it celebrates 40 years of operation in Saudi Arabia with the opening of a state-of-the-art Innovation Center and a new office in the prestigious King Abdullah Financial District (KAFD). Visa's new facilities are integral to the company's commitment to supporting Saudi Arabia’s Vision 2030, aiming to position the Kingdom as a global hub for fintech and digital commerce innovation.

The Riyadh Innovation Center – Visa’s fifth globally - was officially inaugurated by (SAMA), further emphasizing Visa’s strong collaboration with key government entities in driving the Kingdom’s digital transformation goals. The Center will play a pivotal role in advancing next-generation payment solutions and strengthening partnerships with local fintechs, financial institutions, government related entities, and businesses.

Accelerating Saudi Arabia’s Digital Future with InnovationAs part of Visa’s expansive global innovation network, this facility is designed to act as a hub for co-developing cutting-edge payment solutions tailored to the Kingdom’s needs. The center features advanced technologies like virtual reality, biometrics, and the Internet of Things (IoT), with a focus on government solutions, e-sports/gaming industry, smart cities and tourism.

The Center’s capabilities will not only serve the local market but also allow Saudi-made innovations to be transferred globally, positioning the Kingdom as a driving force in the global digital economy. With Saudi Arabia projected to see 15.4% CAGR until 2027, the Innovation Center is poised to accelerate this growth, propelling the Kingdom toward its Vision 2030 goals.

“As one of Visa's largest markets in the CEMEA region, the Kingdom of Saudi Arabia has rapidly emerged as an innovative leader in digital commerce propelled by the clear vision of the government and efforts of the local industry. Our new Innovation Center in Riyadh has been designed to bring the next generation of payment technology and will serve as a collaborative platform to co-create the future of digital commerce,” said Andrew Torre, Visa’s Regional President for CEMEA. “We are proud to build on our 40 years of supporting digital payments in Saudi Arabia with our expanded innovation capabilities that will further strengthen the Kingdom’s position as a global hub for digital commerce, transforming how payments are made across the world.”

Strategic Expansion with a New Office in KAFDThe new Innovation Center is part of Visa’s new office in KAFD, where Visa’s payment experts and business development teams for Saudi Arabia, Bahrain and Oman will be based. This move to KAFD brings Visa closer to its key clients and partners, fostering deeper collaboration across sectors such as government, financial services, and fintech. The modern workspace is designed to support Visa’s growing team and expanding operations, with plans for significant headcount growth and senior talent acquisition across multiple departments, including technology, product development, and government engagement.

“Over the past 40 years, Visa has played a pivotal role in building Saudi Arabia's payments infrastructure, transforming it into a key digital payments market globally,” said Ali Bailoun, Visa’s Vice President and Regional General Manager for Saudi Arabia, Bahrain and Oman. “The relocation of our office to KAFD is a significant investment that underscores our confidence in Saudi Arabia as a thriving payments market. It strengthens our ability to collaborate and innovate with our clients and partners while ensuring we continue to support the Kingdom’s ambitious digital transformation goals in line with Vision 2030.”

Sultan Alobaida, Chief Commercial Officer of the KAFD Development & Management Company noted: “The Saudi banking sector continues to thrive within a remarkably supportive operational climate, underpinned by a resilient and thriving financial sector, achieving a robust growth of 9.3% in 2023 and an impressive 3.9% in just the first quarter of 2024. At KAFD, we are committed to collaborating with the financial industry and international partners to shape the financial ecosystem of the future, which is integral to Saudi Arabia’s economic development and sustainable growth and in alignment with Vision 2030.” He added: “Our strong financial presence helps bolster Riyadh’s stature as a premier global financial center, drawing a distinguished array of financial institutions and banks, and we are delighted to welcome Visa to this esteemed portfolio. Their presence anchors our shared vision for the evolving financial landscape in Saudi Arabia."

Located in the heart of the Saudi capital, Riyadh, KAFD is a transformative mixed-use development that merges the worlds of business and lifestyle and sets new benchmarks in urban living, smart city technologies, and sustainable development, designed to transform how urban communities live, work, and play. Spanning 1.6 million square meters, the Kingdom’s first vertical city is home to 95 buildings across five asset classes, featuring Grade A office spaces, upscale residences, diverse commercial and retail areas, luxury hospitality, and vibrant entertainment venues, all interconnected and walkable within 10-minutes.

In recognition of its first-class digital infrastructure that delivers robust connectivity, sustainability, and a seamless live, work, and play experience, KAFD is the first neighborhood in the Middle East, and North Africa (MENA) to achieve WiredScore's Global Smart Neighborhood Certification. A green district, KAFD is the world’s largest LEED platinum-certified business and lifestyle destination with over 40 Silver and Gold LEED-certified buildings amongst its expansive portfolio, including the first LEED Platinum v4-certified Fire Station in the world. Designed by 25 world-leading architectural firms, KAFD is also reshaping Riyadh’s skyline, becoming a strikingly recognizable part of the cityscape. Blending contemporary design with Saudi Arabia’s rich cultural heritage, KAFD was awarded the prestigious King Salman Charter for Architecture and Urbanism for its iconic Grand Mosque, inspired by the desert rose native to the Arabian Peninsula.

Celebrating 40 Years of Innovation and Market LeadershipVisa’s 40-year journey in Saudi Arabia has been defined by ongoing investment in the Kingdom’s digital ecosystem. The company’s leadership is reflected in its role as a key enabler of digital payments, driving growth in areas such as data analytics, B2B payments, and the gaming industry. Visa’s Innovation Center and new office will further consolidate its position at the forefront of the GCC’s evolving digital landscape.