( CNN ) -- In Saudi Arabia today perhaps the biggest factor fuelling inflation is the influx of money from oil . The kingdom is the world 's top oil producer -- making an estimated $ 2 billion from oil exports last year . Abdulkarim Abu Al Nasr CEO of NCB , the region 's biggest bank . John Defterios ( JD ) sits down with Abdulkarim Abu Al Nasr ( AN ) , CEO of NCB , the region 's biggest bank and begins by asking him how Saudi Arabia can help the lowest levels of society to benefit from the record oil prices . ( AN ) : I think the government has to change its role from a business owner to a business enabler by privatizing , by putting a foundation of the legal infrastructure , the encouragement and incentives . The business community has to step up to the challenge and I think that private business has to act in different capacities . In the role of a full partner , in the role of entrepreneur and job creator because this time around the private sector has to play the role hand in hand with the government rather than depending on the government to be the only solution to economic and development needs . ( JD ) : From your vantage point how is this economic undertaking different to what it was thirty years ago ? ( AN ) : I think there are a couple of faults that come from this point . First of all , in the first boom the government was the engine of growth for the economy . There was very little of the private sector . This time around the private sector is alive and well and is participating very much . I think this time around the boom is also accompanied by a strong reform agenda . Last time , it was n't . It was just merely a spending on infrastructure and projects . ( JD ) : Do you see , in the near future , outright sales to the major international banks , like HSBC or Citigroup or Barclays who have a lot of experience in emerging markets ? ( AN ) : I think that the regulators are going to look for quality players to come to the market . I think that is very much welcomed and sought after because they bring with them capabilities and expertise . I think the issue of selling the banks to these players is a matter of valuations and a matter of desire from the owners . Let 's keep in mind that a lot of these banks are still owned by families and by certain groups . Its not easy to go out and buy a large chunk of financial services out of the stock market . ( JD ) : What does this mean for the future , a mini form of protectionism ? ( AN ) : I do n't think protectionism is the real word because we already are seeing the transformation and already the liberalization of the sector . I think it 's just the identification of acquisition targets and then the desire of the owners , to actually surrender control and take advantage of the valuations . ( JD ) : Within the emergence now in the region , you see not one financial centre but four or five of them . Saudi Arabia has its own designs , Bahrain , Qatar , Abu Dhabi and , of course , Dubai . Is this going to lead to an acute shortage of trained people to fill the jobs and how much of an urgency is that today ? ( AN ) : I think it 's going to be a challenge . I think the idea of having regional financial centers is not absurd . I think the level of wealth building that is taking place in the region encourages the creation of financial centers to effectively and efficiently mediate and allow players to come together to do that . I think also there are different players for example the financial centre in Saudi Arabia is predominantly bringing financial intermediaries together in a compound . Not necessarily to create a different regulatory environment . It is a different play than for example the one in Dubai or in Qatar . I think the challenge on human capital is real and we are competing against the best resources around the world with everybody else . E-mail to a friend .
In Saudi Arabia , the flood of petrodollars is fuelling inflation . He talks with Abdulkarim Abu Al Nasr , CEO of NCB , the country 's biggest bank . He gives his views on today 's challenges and Saudi 's future prosperity . And how to help the lowest levels of society benefit from the record oil prices .