The Persian Gulf countries are witnessing Saudi Arabia’s strategic shift away from its traditional oil-based economy towards a new focus on financial technology (FinTech). In the last quarter of 2023, its economic growth rate was 1.5%, a deceleration from the preceding quarter. The expansion was primarily fueled by the non-oil sector, which saw a 2.6% jump, in contrast to the oil sector that experienced a decline of 2.1% due to reduced production.