عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Minister of Industry Briefed on Latest Financial Technologies at New York Stock Exchange

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits the New York Stock Exchange (NYSE) on Tuesday. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits the New York Stock Exchange (NYSE) on Tuesday. (SPA)
TT
TT

Saudi Minister of Industry Briefed on Latest Financial Technologies at New York Stock Exchange

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits the New York Stock Exchange (NYSE) on Tuesday. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visits the New York Stock Exchange (NYSE) on Tuesday. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef visited the New York Stock Exchange (NYSE) on Tuesday.

He was briefed on its latest electronic systems for evaluating companies and sectors, learned about the exchange's history, trading mechanisms, and purchasing processes, and the best practices adopted to enhance efficiency and competitiveness.

Established in 1792, the New York Stock Exchange represents one of the largest exchanges globally, with a market capitalization exceeding $30 trillion. Traders can buy and sell shares of listed companies through an auction-based system facilitated by securities brokers on behalf of clients.

The exchange is renowned for its stringent listing requirements and transparency, offering high levels of investor protection. Operating primarily in the United States, it also has offices in Asia, the Middle East, and Europe.

Furthermore, during his visit to New York, Minister Alkhorayef welcomed industry ministers and leaders of industrial transformation from around the world during an event organized by Saudi Arabia in partnership with the United Nations Industrial Development Organization (UNIDO).

The event served as a precursor to hosting the 21st General Conference of the organization in Riyadh in 2025, as well as the Multi-Party Industrial Policy Forum (MIPF) 2024.

Alkhorayef invited global industry leaders to participate in these events, offering an opportunity to develop innovative industrial solutions and policies that support regional and global industrial development.

Alkhorayef’s official visit to the United States, which will continue until September 28, aims to boost industrial and mining cooperation, strengthen bilateral ties between the two countries, attract quality investments to the Kingdom, and explore investment opportunities in promising sectors, notably aviation and aerospace.

Most Viewed

 
 
Business

Saudi Arabia's Digital Advertising Boom: Addressing Economic Leakage, Boosting Local Content

A digital advertising event recently held in Riyadh (Asharq Al-Awsat)
A digital advertising event recently held in Riyadh (Asharq Al-Awsat)
TT
TT

Saudi Arabia's Digital Advertising Boom: Addressing Economic Leakage, Boosting Local Content

A digital advertising event recently held in Riyadh (Asharq Al-Awsat)
A digital advertising event recently held in Riyadh (Asharq Al-Awsat)

Saudi Arabia’s digital advertising sector is experiencing rapid growth, but a significant portion of its revenues is leaking to foreign platforms. To maximize the impact on the national economy, experts are calling for strategies to curb this outflow and redirect it to local channels.

The importance of retaining digital ad revenues lies in the substantial size of this market. It is estimated that approximately $1 billion in ad spent is lost annually to foreign platforms, representing a considerable loss to Saudi Arabia’s economy.

Dr. Ebada Al-Abbad, CEO of Marketing and Communications at Tadafuq, a Saudi digital advertising network, told Asharq Al-Awsat that the problem stems from the fact that although advertisers, products, and audiences are often local, the largest share of financial gains goes to foreign platforms. He estimated that 70-80% of the $1.5 billion spent on digital advertising in Saudi Arabia in 2022 went to global platforms such as Google and Facebook. This results in the national economy losing nearly $1 billion annually from this sector alone.

Al-Abbad noted that government agencies in Saudi Arabia also contribute to the outflow. He explained that public sector spending on digital advertising, intended to raise awareness among citizens and residents, frequently ends up on foreign platforms. Government spending makes up about 20-25% of the total digital ad market in the Kingdom, meaning hundreds of millions of riyals leave the country annually, weakening the local digital economy.

Al-Abbad argues that Saudi Arabia needs strong local digital ad networks to keep this revenue within the national economy. These networks would help create jobs, drive innovation, and promote cultural diversity in digital content. Developing local platforms would also enhance Saudi Arabia’s digital sovereignty by ensuring that data remains within the country and is not controlled by foreign entities.

Moreover, local networks would reduce dependence on international platforms, ensuring that the economic benefits of digital advertising remain in the Kingdom, he said, stressing that this would align with Saudi Arabia’s broader Vision 2030 goals, which emphasize building a robust, diversified economy driven by local industries and digital transformation.

Globally, the digital advertising sector is growing rapidly. In 2022, worldwide spending on digital ads reached $602 billion, and it is projected to hit $876 billion by 2026. In the Middle East and North Africa (MENA) region, the digital ad market grew to $5.9 billion in 2022, with Saudi Arabia’s market accounting for over $1.5 billion.

In other countries, the digital ad sector plays a crucial role in boosting national economies. For example, in the United States, the digital advertising industry contributed $460 billion to the GDP in 2021, about 2.1% of the total. In the UK, the sector accounted for 1.8% of GDP in 2022. This shows how important digital advertising can be in driving economic growth.

One of the key challenges facing Saudi Arabia’s digital ad sector is the dominance of global platforms like Google and Facebook, which control 60% of the global digital ad market, Al-Abbad told Asharq Al-Awsat. This dominance results in a significant outflow of revenue and allows these platforms to control digital data and content. He warned that this could undermine Saudi Arabia’s national sovereignty over its digital economy.

To counter this, he emphasized that Saudi Arabia needs to build competitive local networks that can retain a larger share of the market. This will not only keep more revenue in the country but also strengthen the Kingdom’s control over its digital data and content.