Saudi Arabia’s Embrace of Technology: How Regulatory Reforms are Driving Growth and Expansion in the Kingdom, and the UK as a Potential Destination for Future Innovation
Saudi Arabia’s regulatory reforms are driving growth in its businesses, and many of these companies are now looking to adopt new technologies. One of the most appealing foreign markets for these businesses is the United Kingdom, with a tech market valued at over $1 trillion. To further support their tech ambitions, as part of Crown Prince Mohammed bin Salman’s Vision 2030 project, Saudi Arabia is investing heavily in various industries, with a particular focus on technology as a key pillar of its reform plan.
To enhance bilateral cooperation in the tech sector, the Saudi-UK Tech Hub was formally launched in 2022 under the Saudi British Joint Business Council umbrella. This hub serves as a platform for joint initiatives and events within the tech sectors of both countries. Approximately 35% of the 200 members of the SBJBC, which includes both UK and Saudi businesses, operate within the tech sector.
Matt Jones, a project officer at the tech hub explained that it was established in response to growing importance of technology within the Saudi economy, mandated by Vision 2030. There is a strong emphasis on digitalizing and transforming existing sectors such as finance with fintech technologies that integrate with regulatory changes led by Central Bank and Capital Markets Authority. This focus on technology reflects Saudi Arabia’s commitment to diversifying its economy away from oil.
