The past few years have been a dramatic period for Saudi Arabia’s financial services sector, which not so long ago boasted just 10 local banks and was closed to foreign ownership.

It has endured a rollercoaster ride on the stock market as the Tadawul All-Share Index reached record highs before plunging spectacularly last year. But it has also reaped the benefits of a liberalisation programme that has been backed by a series of new regulations and the establishment of the Capital Market Authority (CMA) in 2004.