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.
