Saudi Arabia’s technology market has achieved a remarkable milestone, reaching a value of SR91 billion ($24.2 billion) in 2023. This represents a year-on-year increase of 12.3 percent, underscoring the significant impact of the Kingdom’s digital infrastructure. The announcement was made during the opening of the fourth edition of the Digital Technology Forum held in Riyadh on October 9.
Raed Al-Fayez, the deputy governor for Information Technology and Emerging Technologies at the Communications, Space and Technology Commission (CST), highlighted the growing interest among technology companies in listing on the Saudi stock market. This trend aligns with CST’s projection that the technology market could further expand to SR103 billion by 2025.
Vision 2030 and Economic Contribution
Under Saudi Arabia’s Vision 2030, there is a strategic goal to elevate the technology sector’s contribution to the national GDP from the current 1 percent to 5 percent by 2030.
He also pointed out a substantial rise in the number of tech companies listed on the Saudi stock market, which surged from just two in 2020 to 20 today. Collectively, these companies boast a market value of SR148 billion, reflecting the increasing confidence of investors and businesses in the Kingdom’s tech landscape.
Support for Innovation Through National Programs
Al-Fayez discussed the launch of the National Technology Development Program, which is backed by a budget of SR2.5 billion. This program aims to support innovative companies and features 18 initiatives designed to assist businesses throughout their investment journeys. Additionally, the program has formed partnerships with 45 entities, underscoring the importance of collaboration and integration among organizations.
Exploring Synergies for Future Growth
The fourth edition of the Digital Technology Forum aims to explore potential synergies between government and private sectors within the technology landscape. By focusing on key advancements in technology markets, the forum seeks to foster collaboration that can drive innovation and economic growth in Saudi Arabia’s burgeoning tech ecosystem.
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