The decisive stewardship of the kingdom’s economy by its central bank, the Saudi Arabian Monetary Agency (Sama), during the height of the global financial crisis in late 2008 and early 2009 has enhanced the country’s reputation as a well-managed financial services centre.

Now a raft of governmental and economic reforms is showing Saudi Arabia to be more than a solid and conservative Arab state. At the beginning of 2009, King Abdullah bin Abdulaziz al-Saud reshuffled his cabinet, appointing several reformers in place of conservative ministers.

Economic reforms are also going ahead. In May, the Capital Market Authority gave the green light to brokerage firms to buy and sell Islamic and conventional bonds in the kingdom. The creation of a fledgling debt market is a significant staging post in the development of Saudi Arabia as a serious financial services centre for the Middle East. Reform has been slow for years, but it has picked up the pace.

Index of Special Report articles:

• Riyadh takes slow route to reform

• The Gulf’s new financial centre

• Aramco waits for demand to return

• Riyadh’s utility plans for growing demand

• Restoring the commercial capital of Jeddah

• Commentary: Balance needed in historic Jeddah