According to a top official, Saudi Arabia’s IT and ET (emerging tech) market segment is expected to grow at a compound annual growth rate (CAGR) of 10%, surpassing $27 billion by 2025.
Dr Mohammed Altamimi, Governor of Communications and Information Technology Commission (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.”
Dr Altamimi spoke at the Digital Technology Forum on ‘Promising Investment Opportunities for a Digital Future’. The one-day forum brought together representatives from the international IT and ET industries, as well as global investors and digital technology experts.
The forum covered the most recent trends and best practices in smart cities, investment success stories, and investment opportunities
The forum covered the most recent trends and best practices in smart cities, investment success stories, and investment opportunities in Saudi Arabia’s IT and ET sectors. Discussions with some of the most innovative and visionary IT and ET experts and investors took place during the sessions. Additionally, billions of dollars in investment opportunities were highlighted across various adjacent markets, including cloud, IoT, Fintech, and more.
CITC also unveiled its new Advisory Groups Initiative at the forum, which aims to improve communication and collaboration between the public and private sectors. The Kingdom’s investments in digital infrastructure, which have positioned it as a digital frontrunner among G20 nations, were also discussed.