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Digital Transformation, Technical Development Boost Profitability of Saudi Tech Firms in 2023

Tech companies will continue to see their profits grow thanks to their efforts to raise their operational efficiency. (SPA)
Tech companies will continue to see their profits grow thanks to their efforts to raise their operational efficiency. (SPA)
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Digital Transformation, Technical Development Boost Profitability of Saudi Tech Firms in 2023

Tech companies will continue to see their profits grow thanks to their efforts to raise their operational efficiency. (SPA)
Tech companies will continue to see their profits grow thanks to their efforts to raise their operational efficiency. (SPA)

Financial analysts have linked the growth of net profits of Saudi application and technology services companies by 22 percent during 2023 with the Kingdom’s significant digital and technical transformation since the launch of its Vision 2030.

They explained that the sector’s companies are likely to see their net profits increase thanks to the implementation of digital transformation plans, the growth of the Kingdom’s digital indicators, and the high demand from government and private agencies to provide integrated digital solutions in the field of transformation to e-government.

The five applications and technology services companies listed on the Saudi Stock Exchange (Tadawul) achieved a 22 percent growth in their net profits by the end of 2023, compared to the previous year. They increased to SAR 2.68 billion ($700 million) in 2023, from SAR 2.2 billion ($600 million) in 2022.

According to the financial results announced in the Saudi financial market, the revenues of the tech sector during 2023 reached about SAR 20 billion ($5.2 billion), with a growth rate of 29 percent over the previous year.

In comments to Asharq Al-Awsat, Economic Analyst and CEO of G.World, Mohamed Hamdy Omar said the Saudi applications and technical services market offered many opportunities for growth in the sector, thanks to the Kingdom’s digital transformation plans.

These plans have encouraged the rise of modern digital and technical services and the launch of many companies operating in the sector.

He noted that the implementation of digital transformation procedures will lead to “a clear rise in the revenues of application and technology services companies in the coming years, in parallel with the growth in the Kingdom’s digital indicators and improvement in the quality of the digital infrastructure, and interest in introducing emerging technologies into the services of government and private agencies.”

Financial Analyst Tariq Al-Ateeq said applications and technical services companies will continue to see their net profits grow during the current year as a result of the sector’s continued efforts to raise its operational efficiency, provide new digital and technical activities, and focus on development, marketing and technical investment services.

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Business

China Widens Foreign Investment Incentive List to Stem Falling Inflows

People visit a shopping center in Beijing on December 20, 2025. (AFP)
People visit a shopping center in Beijing on December 20, 2025. (AFP)
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China Widens Foreign Investment Incentive List to Stem Falling Inflows

People visit a shopping center in Beijing on December 20, 2025. (AFP)
People visit a shopping center in Beijing on December 20, 2025. (AFP)

China on Wednesday listed more sectors eligible for foreign investment incentives, from tax breaks to preferential ​land use, in its latest effort to stem a prolonged decline in overseas capital inflows.

Under the 2025 edition of the catalogue of industries for encouraging foreign investment, China added more than 200 and revised about 300, with a ‌focus on ‌advanced manufacturing, modern services and ‌green ⁠and ​high-tech ‌sectors, the list jointly issued by the National Development and Reform Commission and the commerce ministry showed.

The new catalogue, which takes effect on February 1, 2026, replaces the 2022 version and continues a policy framework ⁠that offers foreign-invested enterprises tariff exemptions on imported equipment, preferential ‌land pricing, reduced corporate income ‍tax rates in ‍designated regions and tax credits for reinvestment ‍of profits.

The catalogue also extends incentives to central and western regions, as well as the northeast and Hainan, as Beijing seeks to attract ​more foreign investment into less developed areas.

China has in recent months ⁠taken a raft of measures to boost foreign investment, including pilot programs in Beijing, Shanghai and other regions to expand market access in services such as telecoms, healthcare and education, amid trade tensions with the United States.

Foreign direct investment in China totaled 693.2 billion yuan ($98.84 billion) from January to November this year, down 7.5% from the ‌same period last year, data from the commerce ministry showed.

Business

Environment Ministry Launches Saudi Citrus Season with Production Exceeding 158,000 Tons

The citrus production season in the Kingdom begins in July and continues through March each year. (SPA)
The citrus production season in the Kingdom begins in July and continues through March each year. (SPA)
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Environment Ministry Launches Saudi Citrus Season with Production Exceeding 158,000 Tons

The citrus production season in the Kingdom begins in July and continues through March each year. (SPA)
The citrus production season in the Kingdom begins in July and continues through March each year. (SPA)

The Saudi Ministry of Environment, Water and Agriculture launched on Wednesday the Kingdom’s citrus season in local markets as part of its efforts to support and develop the agricultural sector and enhance food security in the country, in line with the Saudi Vision 2030.

The is part of the ministry’s ongoing efforts to support national agricultural products, raise awareness of citrus varieties and their nutritional benefits and production areas, and highlight their year-round diversity across production seasons.

These efforts help in improving marketing efficiency, boost competitiveness, and achieve rewarding economic returns.

Citrus fruits are among the most widely cultivated crops in the Kingdom. They are grown in several regions that produce a variety of citrus types, most notably lemons, oranges, mandarins, grapefruit, citron, and kumquats.

The ministry said lemon production leads Saudi citrus output, with total production exceeding 123,000 tons and more than 1.5 million fruit-bearing trees. Orange production follows, with total output reaching 35,700 tons and more than 397,000 fruit-bearing trees.

The citrus production season in the Kingdom begins in July and continues through March each year, it added.

The ministry said the Saudi citrus season has been launched with a number of major retail markets across the Kingdom showcasing local products through innovative packaging and display methods. This boosts the quality and reliability of local products and increases consumer demand during production seasons.

Business

SLB Awarded 5-Year Contract to Stimulate Unconventional Gas in Saudi Arabia

SLB has been awarded a five-year contract by Saudi Aramco to provide stimulation services for its unconventional gas fields. (Asharq Al-Awsat)
SLB has been awarded a five-year contract by Saudi Aramco to provide stimulation services for its unconventional gas fields. (Asharq Al-Awsat)
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SLB Awarded 5-Year Contract to Stimulate Unconventional Gas in Saudi Arabia

SLB has been awarded a five-year contract by Saudi Aramco to provide stimulation services for its unconventional gas fields. (Asharq Al-Awsat)
SLB has been awarded a five-year contract by Saudi Aramco to provide stimulation services for its unconventional gas fields. (Asharq Al-Awsat)

Global technology company, SLB, has been awarded a five-year contract by Saudi Aramco to provide stimulation services for its unconventional gas fields, the company said in a statement on Tuesday.

The move is part of a broader multi-billion contract, supporting one of the largest unconventional gas development programs globally, it said.

The contract encompasses advanced stimulation, well intervention, frac automation, and digital solutions, which are important to unlocking the potential of Saudi Arabia’s unconventional gas resources - a cornerstone of the Kingdom’s strategy to diversify its energy portfolio and support the global energy transition.

“This agreement is an important step forward in Aramco’s efforts to diversify its energy portfolio in line with Vision 2030 and energy transition goals,” said Steve Gassen, SLB executive vice president.

“With world-class technology, deep local expertise, and a proven track record in safety and service quality, SLB is well positioned to deliver tailored solutions that could help redefine operational performance in the development of Saudi Arabia’s unconventional resources,” he added.

These solutions provide the tools to work toward new performance benchmarks in unconventional gas development.

SLB is a global technology company that drives energy innovation for a balanced planet.

With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, it works on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition.