SAUDI ARABIA

Digital Technology Forum highlights billion-dollar investment opportunities in Saudi Arabia

August 25, 2021
Dr. Mohammed Altamimi, governor of the CITC, inaugurates the first ever Digital Technology Forum in the Kingdom of Saudi Arabia.
Dr. Mohammed Altamimi, governor of the CITC, inaugurates the first ever Digital Technology Forum in the Kingdom of Saudi Arabia.

RIYADH — Saudi Arabia successfully concluded its Digital Technology Forum on ‘Promising Investment Opportunities for a Digital Future’ on Tuesday. The one-day forum brought together the international IT and emerging tech (ET) industries, global investors, and digital technology experts.

Saudi Arabia’s Communications and Information Technology Commission (CITC) organized the event, in partnership with the Ministry of Communication and Information (MCIT), and the Ministry of Investment (MISA).

The forum featured the latest trends and best practices on topics including smart cities, investment success stories, and investment opportunities in IT and ET in Saudi Arabia.

The sessions presented discussions with some of the most innovative and visionary IT and ET experts and investors including representatives from Ericsson, Huwaei, Amazon, Abdullatif Jameel, Machinestalk, and Fawaz Alhokair Group.

Experts discussed key issues such as “Tech Enablement: Infrastructure, Cloud Computing, Cybersecurity and Data”, “Tech Investment: Success Stories”, and “Tech Trends: Investing in Future Technologies, and Tech Market: A Healthy Environment”.

Additionally, investment opportunities worth billions of dollars were highlighted across different adjacent markets including cloud, IoT, Fintech, and more.

Dr. Mohammed Altamimi, governor of CITC, explained, “Saudi Arabia’s digital achievements are a result of the Kingdom’s strategic focus three key objectives: enhancing and protecting the core of digital infrastructure, enabling the expansion of IT services, software, and hardware and, most importantly, supporting the exploration of new emerging markets that will form the backbone of the digital economy.”

CITC also launched the new Advisory Groups Initiative at the forum, with the aim of encouraging greater communication and cooperation between the government and private sectors. Saudi Arabia’s digital infrastructure investments, which have positioned the Kingdom as a digital frontrunner among G20 nations, were also a topic of discussion.

Mathias Johansson, CEO of Ericsson, Saudi Arabia & Egypt explained his company’s long-term investment strategy in the Kingdom, "As a company, Ericsson's focus is on human capital investment in Saudi Arabia.

Therefore, we have put a lot of effort into our successful graduate program, where we onboard brilliant Saudi students and young engineers, integrate them into our company and enable them to take on strategic roles in the future. We’re also pleased to report that the program has a 50/50 gender split today.”

The IT and ET market segment size is predicted to grow at a rate of 10% CAGR, surpassing $27 billion by 2025. Similarly, the IoT market size is expected to grow at a rate of 26% CAGR by 2025. Saudi Arabia has the largest Narrowband IoT role out in MENA, reaching 90% coverage.

Cloud services are expected to make up to 30% of the total ICT spend in the Kingdom by 2030. Saudi Arabia is the first Digital Riser among the G20 countries and 9th in the world for digital skills literacy.

The Kingdom’s progressive spectrum strategy places it second among the G20 for spectrum allocation, enabling many of the emerging technologies that will shape the future. – SG


August 25, 2021
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