Riyadh, Saudi Arabia – October 28, 2024 – Visa, a global leader in digital payments, has marked its 40th year of operations in Saudi Arabia with the opening of an advanced Innovation Center and new regional office in Riyadh’s prestigious King Abdullah Financial District (KAFD). This significant expansion aligns with Visa’s mission to support Saudi Arabia’s Vision 2030 by positioning the Kingdom as a global hub for fintech and digital commerce innovation.
The Riyadh Innovation Center, Visa’s fourth facility of its kind worldwide, is set to foster next-generation payment solutions and enhance partnerships across sectors, collaborating with local fintech firms, government entities, and businesses. Designed to act as a co-creation hub, the center will leverage cutting-edge technologies—including artificial intelligence (AI), virtual reality, biometrics, and the Internet of Things (IoT)—to develop payment solutions tailored to Saudi Arabia’s unique needs, with a special focus on government services, e-sports, smart cities, retail, and tourism.
In his opening remarks, Andrew Torre, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa (CEMEA), highlighted Saudi Arabia’s rise as a leader in digital commerce, emphasizing Visa’s continued commitment to advancing payment technology. “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,” Torre stated. “This facility not only supports the Kingdom’s ambitious Vision 2030 goals but also strengthens Saudi Arabia’s role as a global hub for digital payments.”
Strategic Growth in the Heart of Saudi Arabia’s Financial District
Visa’s new regional office at KAFD will serve as the headquarters for its business development teams across Saudi Arabia, Bahrain, and Oman. Located in proximity to key partners in government, finance, retail, and fintech, the office is poised to foster deeper collaboration and facilitate Visa’s growing workforce, with plans for substantial headcount expansion and senior talent acquisition in technology, product development, and government engagement.
Ali Bailoun, Visa’s Vice President and Regional General Manager for Saudi Arabia, Bahrain, and Oman, underscored the significance of the move to KAFD. “Relocating our office to the King Abdullah Financial District is a substantial investment in Saudi Arabia’s thriving payments market. This new space enhances our ability to collaborate closely with clients and partners, ensuring we continue to support the Kingdom’s digital transformation ambitions in line with Vision 2030,” he said.
Sultan Alobaida, Chief Commercial Officer of the KAFD Development & Management Company, praised the financial sector’s robust growth and the collaboration with international players like Visa. “Visa’s presence at KAFD exemplifies our shared commitment to shaping the future of the financial and payments ecosystem in Saudi Arabia. This collaboration will help Riyadh solidify its status as a premier global financial center, drawing an array of fintechs, banks, and payment leaders,” Alobaida remarked.
A Milestone in Visa’s 40-Year Journey in Saudi Arabia
Reflecting on four decades in the Kingdom, Visa has been a pivotal force in building Saudi Arabia’s digital payments infrastructure, driving growth across sectors such as data analytics, B2B payments, and the gaming industry. Visa’s journey in Saudi Arabia, strengthened by the new Innovation Center and office, has established the company as a leader in the Gulf Cooperation Council’s (GCC) digital landscape.
This milestone also highlights KAFD’s role as a transformative development in Saudi Arabia. Owned by the Public Investment Fund, KAFD encompasses 1.6 million square meters of modern office spaces, residences, and facilities, combining business and lifestyle in a sustainable urban environment. As the world’s largest LEED Platinum-certified green district, KAFD represents the Kingdom’s commitment to an innovative and environmentally responsible future.
Visa’s expanded footprint in Saudi Arabia sets the stage for new technological advancements, solidifying the Kingdom’s role as a global influencer in the payments and digital commerce industry and accelerating its Vision 2030 goals.
