Saudi Arabia’s commitment to digital transformation is making waves, with a significant investment in its ICT infrastructure. According to The Communications, Space and Technology Commission (CST), the Saudi ICT market reached an impressive USD 40 billion by the end of 2022, solidifying its position as the largest in the MENA region.
This growth is a result of the government’s calculated efforts in reshaping policies and regulations. Such initiatives have successfully attracted investors, contributing to a total investment of USD 25 billion in digital infrastructure over the last six years.
The driving force behind this growth is the emergence of giga projects—ambitious endeavours aligning with Saudi Arabia’s vision for the future. These projects not only exemplify ambition but also catalyze significant ICT investment and innovation, presenting an extraordinary opportunity for international players.
In a pragmatic move, Saudi Arabia has announced the establishment of four special economic zones, one exclusively dedicated to cloud computing. This zone aims to attract USD 13 billion in investments (FDI & Domestic Direct Investment) by 2030, with a particular focus on the Data and AI sectors.
Frost & Sullivan, a global advisory firm, assists businesses in navigating this dynamic sector. Specializing in identifying opportunities aligned with market demands, Frost & Sullivan extends its expertise to aid ministries in Saudi Arabia. Their role encompasses providing comprehensive market understanding to drive informed decision-making, from growth opportunity assessment to go-to-market strategies.
The ICT market in Saudi Arabia is indeed flourishing and ripe for investment. Watch Frost & Sullivan’s Growth Expert Anas Haj Kasem, Associate Director, ICT Practice, Frost & Sullivan share his valuable insights into this promising sector via this video: https://frost.ly/9go