For many years, I have been lobbying for the consolidation of the financial sector, especially the insurance segment. The timing of the consolidation is even more imperative now as a result of the economic pressures caused by the coronavirus disease (COVID-19) pandemic.

As for the banking sector, it is a fact that Saudi banks have felt the heat from some rating agencies, although S&P reported that Saudi banks have shown the most resilience in the region. Furthermore, with SAMA injecting billions of riyals into the system, the banking sector managed to mitigate the impact of the pandemic.