Saudi Arabia Achieves Record Numbers in Digital Economy, Space, and Innovation

🔅 Development in Digital Economy, Space, and Innovation:
Saudi Arabia has achieved record figures in the digital economy, space, and innovation sector, with the tele communications and technology volume reaching 163 billion Riyals ($43.4 billion).

🔅 Foreign Investments and Cloud Computing:
Foreign investments in cloud computing exceeded 16 billion Riyals ($4.2 billion), with the establishment of 4 special economic zones, including a cloud computing zone.

🔅 Venture Capital Investment:
A report revealed that venture capital VC investments in technology in Saudi Arabia were around 3 billion Riyals ($800 million). Saudi Arabia accounted for 42% of the total venture capital invested in the Middle East and North Africa MENA region in the first half of 2023, up from 31% in 2022. This growth comes despite a global decline.

🔅 Job Creation and Women’s Empowerment:
The tech sector in the Kingdom has created 354,000 jobs, with the percentage of women’s empowerment rising from 7% in 2018 to 35%.

🔅 Advancements in Digital Government and Regulatory Readiness:
Saudi Arabia ranked third globally in the Digital Government Maturity Index and fourth in digital regulatory readiness.

🔅 Enhancing Digital Transformation:
The Saudi Council of Ministers has approved the “Telecommunications and Information Technology” system to enhance digital transformation and develop the digital economy in the country.

🔅 Focus on Sector Development:
The new system aims to develop telecommunications and information technology sectors, enhance digital infrastructure, protect consumers, and encourage innovation and entrepreneurship.