RIYADH: Saudi Arabia has an opportunity to turn retirement savings into a new source of long-term capital that could deepen financial markets and support economic diversification, according to a report by BlackRock.
The world’s largest asset manager said expanding funded retirement schemes could help channel household savings into productive investments while improving retirement outcomes, supporting the Kingdom’s broader Vision 2030 agenda.
The findings come as Saudi Arabia pushes ahead with pension reforms aimed at strengthening the long-term sustainability of its retirement system. In 2024, the Kingdom approved changes that gradually raise the retirement age to 65 and increase the minimum contribution period required for early retirement.
These developments underscore Saudi Arabia’s commitment to building a more robust framework for individual security while powering the nation’s long-term economic objectives.
Kashif Riaz, head of BlackRock Riyadh Investment Management and Middle East Financial Advisory, said: “Developing robust retirement systems is not just a social imperative, it is a capital markets opportunity.”
