Saudi Arabia’s Capital Markets Authority (CMA) is considering developing a financial academy to provide young Saudis with education and training for a future job in the kingdom’s capital markets sector.

“The CMA is discussing with various government entities to collectively do something and build an academy to provide support for [itself],” said Mohammed al-Jadaan, chairman of the authority, speaking at the Euromoney Saudi Arabia conference held in Riyadh on 5-6 May.

He said the kingdom’s financial sector had a “serious shortage of talent” and called on audit firms, banks and government agencies to invest more in developing the skills of young Saudis for the financial sector.

Al-Jadaan said the market regulator was already making a significant effort to encourage young nationals to enter the capital markets sector.

“We started a fresh graduate programme in September last year, and since then we have 27 new trainees,” he said. “We have just launched the second round, and we are taking applications [now].”