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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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Iran Oil Exports Slump to Multiyear Lows

An Iranian oil field. Reuters file phto
An Iranian oil field. Reuters file phto
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Iran Oil Exports Slump to Multiyear Lows

An Iranian oil field. Reuters file phto
An Iranian oil field. Reuters file phto

Iran's crude export loadings have fallen sharply, according to observed and estimated tanker loadings, as Tehran braces for a potential strike on the country's key oil infrastructure as part of an Israeli retaliation that could impact Middle Eastern oil supplies.

Iran's last crude export cargo was estimated to have loaded on Oct. 4 with only one other cargo seen since Sept. 29, when the geopolitical conflict between Iran and Israel escalated, according to S&P Global Commodities at Sea.

Although many Iranian crude exports are shipped in 'dark' tankers not transmitting GPS location signals, CAS estimates that Iran's crude exports slumped to 237,000 b/d in the week to Oct. 6, the lowest weekly total in at least two years.

Iran normally ships 7-10 crude cargoes each week with export flows averaging 1.7 million b/d so far this year, up from 1.1 million b/d in 2022, according to the data.

The export slowdown from Iran comes after satellite images circulated on social media Oct. 3 appearing to show tankers leaving Kharg Island, Iran's top crude terminal which handles about 90% of its exports. Traders speculated that Iran was keen to move unladen tankers away from their anchorages at Kharg Island to avoid damage from a potential Israeli strike. Exports from Kharg Island may have now resumed, however, with a 657,000-barrel cargo of Iranian crude lifted there on Oct 4, the CAS data shows.

Fears of a major escalation in the conflict hitting regional oil supplies were sparked by US President Joe Biden on Oct. 3 when he said the US was discussing potential attacks on Iranian oil facilities with Israel. Iran's military head responded saying Tehran would hit back harder at Israel with a "stronger response," if attacked.