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20 Tech Companies Listed on Tadawul with a Value Exceeding $39 Billion

Deputy Governor of the Communications, Space and Technology Authority for the Technology Sector (Asharq Al-Awsat)
Deputy Governor of the Communications, Space and Technology Authority for the Technology Sector (Asharq Al-Awsat)
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20 Tech Companies Listed on Tadawul with a Value Exceeding $39 Billion

Deputy Governor of the Communications, Space and Technology Authority for the Technology Sector (Asharq Al-Awsat)
Deputy Governor of the Communications, Space and Technology Authority for the Technology Sector (Asharq Al-Awsat)

Raed Al-Fayez, Deputy Governor of the Communications, Space, and Technology Commission for the Technology Sector, revealed that the number of tech companies listed on the Saudi stock market has grown to 20 in 2023, with a market value of around SAR 148 billion ($39.5 billion). This marks a significant increase from just two companies in 2020.

Speaking on Wednesday at the opening presentation of the fourth edition of the Digital Technology Forum under the theme, “Integration for a Sustainable Digital Future,” Al-Fayez noted that Saudi Arabia’s tech sector market size reached approximately SAR91 billion ($24.3 billion) in 2023, making it the largest in the region.

He added that the key enablers in the sector include a supportive investment environment, enabling regulatory frameworks, the availability of talents and expertise, and a renewed digital infrastructure.

Al-Fayez further highlighted that Saudi Arabia leads the region in venture capital investments, with a value of $1.4 billion, providing financial support for ideas and entrepreneurs. By mid-2023, the Kingdom ranked first in the region and second globally among emerging markets in venture capital funding.

He also mentioned that the Saudi tech sector boasts the largest workforce in the region, with 360,000 employees by the second quarter of this year, specializing in various fields. Women make up 35% of this workforce, a rate higher than the European Union average, the G20, and even Silicon Valley.

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Trump Reportedly Unsure Whether Impact of Economic Policies Will be Felt in Time for Midterms

US President Donald Trump makes a statement to reporters as he heads into the White House after landing on the South Lawn in Marine One in Washington, DC, USA, 13 December 2025. EPA/Samuel Corum / POOL
US President Donald Trump makes a statement to reporters as he heads into the White House after landing on the South Lawn in Marine One in Washington, DC, USA, 13 December 2025. EPA/Samuel Corum / POOL
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Trump Reportedly Unsure Whether Impact of Economic Policies Will be Felt in Time for Midterms

US President Donald Trump makes a statement to reporters as he heads into the White House after landing on the South Lawn in Marine One in Washington, DC, USA, 13 December 2025. EPA/Samuel Corum / POOL
US President Donald Trump makes a statement to reporters as he heads into the White House after landing on the South Lawn in Marine One in Washington, DC, USA, 13 December 2025. EPA/Samuel Corum / POOL

US Donald President Trump expressed uncertainty about whether Republicans would keep control of the House of Representatives in next year's midterm elections because some of his economic policies have yet to take full effect, the Wall Street Journal reported on Saturday.

Trump, in an interview conducted on Friday, told the Journal, "I can’t tell you. I don’t know when all of this money is going to kick in," when asked about the whether Republicans would lose the House in November.

The White House did not immediately respond to Reuters' request for comment.

The president has argued that his economic policies, including his imposition of widespread tariffs on imports, are creating jobs, boosting the stock market and attracting increased investment into the United States.

After campaigning last year on promises to tame inflation, Trump has in recent weeks alternated between dismissing affordability problems as a hoax, blaming President Joe Biden for them, and promising his economic policies will benefit Americans next year.

"I think by the time we have to talk about the election, which is in another few months, I think our prices are in good shape," Trump said in the interview.

Last month the president rolled back tariffs on more than 200 food products in the face of growing angst among American consumers about the high cost of groceries.

The president did not say whether he would lower tariffs on additional goods, the Journal reported.

Trump's overall approval rating edged up to 41% in a new Reuters/Ipsos poll but the approval rating on his performance on the cost of living was just 31%.

Democrats have won a string of victories in state and local elections in Virginia, New Jersey and New York City, where growing voter concerns about affordability, including high food prices, were a key topic.

Officials have said Trump will hit the road in the new year to campaign for Republican candidates and emphasize his economic policy successes. Trump has said his tax cuts and tariffs on foreign goods will put more money in the pockets of American families.

Business

China to Boost Exports, Imports in 2026, Seeking ‘Sustainable’ Trade, Official Says

A woman walks in Ritan park one day after a heavy snowfall in Beijing on December 13, 2025. (AFP)
A woman walks in Ritan park one day after a heavy snowfall in Beijing on December 13, 2025. (AFP)
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China to Boost Exports, Imports in 2026, Seeking ‘Sustainable’ Trade, Official Says

A woman walks in Ritan park one day after a heavy snowfall in Beijing on December 13, 2025. (AFP)
A woman walks in Ritan park one day after a heavy snowfall in Beijing on December 13, 2025. (AFP)

China plans to expand exports and imports next year as part of efforts to promote "sustainable" trade, a senior economic official said on Saturday, state broadcaster CCTV reported.

The trillion-dollar trade surplus posted by the world's second-largest economy is stirring tensions with Beijing's trade partners and drawing criticism from the International Monetary Fund and other observers who say its production-focused economic growth model is unsustainable.

"We must adhere to opening up, promote win-win cooperation across multiple sectors, expand exports while also increasing imports to drive sustainable development of foreign trade," Han Wenxiu, deputy director of the Central Financial and Economic Affairs Commission, told an economic conference.

China will encourage service exports in 2026, Han said, pledging measures to boost household incomes, raise basic pensions and remove "unreasonable" restrictions in the consumption sector.

He restated the government's call to rein in deflationary price wars, dubbed "involution", where firms engage in excessive, low-return rivalry that erodes profits.

The IMF this week urged Beijing to make the "brave choice" to curb exports and boost consumer demand.

"China is simply too big to generate much (more) growth from exports, and continuing to depend on export-led growth risks furthering global trade tensions," IMF Managing Director Kristalina Georgieva told a press conference on Wednesday.

Economists warn that the entrenched imbalance between production and consumption in the Chinese economy threatens its long-term growth for the sake of maintaining a high short-term pace.

Chinese leaders promised on Thursday to keep a "proactive" fiscal policy next year to spur both consumption and investment, with analysts expecting Beijing to target growth of around 5%.

Business

UK Economy Unexpectedly Shrinks in October

People exit the London Underground station at Bank, outside the Bank of England (L) and the Royal Exchange building (back R) in central London on December 12, 2025. (Photo by HENRY NICHOLLS / AFP)
People exit the London Underground station at Bank, outside the Bank of England (L) and the Royal Exchange building (back R) in central London on December 12, 2025. (Photo by HENRY NICHOLLS / AFP)
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UK Economy Unexpectedly Shrinks in October

People exit the London Underground station at Bank, outside the Bank of England (L) and the Royal Exchange building (back R) in central London on December 12, 2025. (Photo by HENRY NICHOLLS / AFP)
People exit the London Underground station at Bank, outside the Bank of England (L) and the Royal Exchange building (back R) in central London on December 12, 2025. (Photo by HENRY NICHOLLS / AFP)

Britain's economy unexpectedly contracted again in October, official data showed Friday, dealing a blow to the Labour government's hopes of reviving economic growth.

Gross domestic product fell 0.1 percent in October following a contraction of 0.1 percent in September, the Office for National Statistics said in a statement.

Analysts had forecast growth of 0.1 percent.

Manufacturing rebounded in the month as carmaker Jaguar Land Rover resumed operations after a cyberattack that had weighed on the UK economy in September, AFP reported.

But analysts noted that businesses and consumers reined in spending ahead of Britain's highly-expected annual budget.

"Business and consumers were braced for tax hikes and the endless speculation and leaks have once again put a brake on the UK economy," said Lindsay James, investment manager at Quilter.

Prime Minister Keir Starmer's Labour party raised taxes in last month's budget to slash state debt and fund public services.

At the same time, Britain's economic growth was downgraded from next year until the end of 2029, according to data released alongside the budget.

Finance Minister Rachel Reeves raised taxes on businesses in her inaugural budget last year -- a decision widely blamed for causing weak UK economic growth and rising unemployment.

She returned in November with fresh hikes, this time hitting workers.
Analysts said that Friday's data strengthened expectations that the Bank of England would cut interest rates next week.