Saudi ICT sector offers several opportunities for foreign, local investors: Official

Faisal Al-Otaibi, Director of the Economic Studies Department at the Communications, Space and Technology Commission

Faisal Al-Otaibi, Director of the Economic Studies Department at the Communications, Space and Technology Commission (CST), said there are several opportunities for foreign and local investors to increase growth in the Kingdom’s information and communications technology (ICT) sector in the future.

In an interview with Argaam on the sidelines of the ICT Indicators Forum 2023, the official said that the sector witnessed increasing growth in the past periods, adding that the sector is promising and the growth opportunities will likely witness strong leaps in the future.

The sector is witnessing a diversification in the services provided, as the coverage of services reached more than 170% of the population, which contributed to an increase in spending on communication services by individuals and the business sectors, Al-Otaibi said.

He added that the dependence of many economic activities in the Kingdom on communications and information technology services reinforces its growth.

The official indicated that the commission witnessed a complete dependence of economic activities on the sector following the COVID pandemic, as the sector urgently needs emerging technology projects in artificial intelligence and others.

Moreover, several listed companies have seen growth in their market values in the sector, as the current market value has exceeded 41-42% of the market capitalization of the GCC sector, which boosts investor confidence, Al-Otaibi added.

He also pointed out that the Kingdom has achieved global leadership, as several foreign companies are seeking to have a presence in the sector, noting the commission has witnessed foreign investments in information technology.