Saudi Vision Drives Digital Transformation, Boosts Knowledge Economy Progress

Digital City in Riyadh, Saudi Arabia (Asharq Al-Awsat)
Digital City in Riyadh, Saudi Arabia (Asharq Al-Awsat)
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Saudi Vision Drives Digital Transformation, Boosts Knowledge Economy Progress

Digital City in Riyadh, Saudi Arabia (Asharq Al-Awsat)
Digital City in Riyadh, Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia has cemented its position as one of the world’s leading emerging digital economies, driven by an ambitious strategic vision under its “Vision 2030” plan, which places digital transformation at the heart of sweeping economic and social reforms.

The Kingdom’s push has been underpinned by major investments in telecommunications and information technology infrastructure, helping to build the region’s largest and fastest-growing tech market.

The Saudi digital economy is now valued at 495 billion riyals ($132 billion), accounting for 15% of the Kingdom’s GDP, according to the 2024 Vision 2030 progress report, which highlighted significant growth in the country’s digital business environment, supported by modern regulations and legislation that boosted government efficiency and strengthened the appeal of the local market.

The launch of the Absher platform marked the first major milestone in Saudi Arabia’s digital shift, serving as a springboard for broader e-government services. It was followed by advanced platforms such as Tawakkalna and Nafath, which revolutionized the relationship between the state and its citizens through automated, high-efficiency services.

To drive its digital ambitions, the Kingdom established the Digital Government Authority and the Saudi Data and Artificial Intelligence Authority (SDAIA) to coordinate digitalization efforts and harness big data.

These moves accelerated the digital transformation and bolstered Saudi Arabia’s standing in global rankings.

The Kingdom climbed to sixth place globally in the United Nations E-Government Development Index for 2024, surpassing its timeline target and moving closer to its goal of ranking fifth by 2030. It also ranked first regionally, second among G20 countries, and fourth worldwide in the Digital Services Index.

Saudi Arabia continued to strengthen its global digital leadership in 2024, topping several international benchmarks, including first place worldwide in open government data and digital government skills, and seventh in the e-participation index, reflecting the maturity and integration of its digital ecosystem.

The Kingdom’s telecommunications and technology market is expanding rapidly, reaching 180 billion riyals ($48 billion) in 2024. Female participation in the tech sector surged from 7% in 2017 to 35% in 2024, while more than 381,000 specialized tech jobs have been created.

Saudi Arabia maintained its position as the world’s second-highest ranked country in the ICT Development Index for the second consecutive year. Internet penetration reached 99%, and over 3.9 million homes are now connected to fiber-optic networks.

In cybersecurity, the Kingdom secured first place globally in the 2024 Global Competitiveness Report’s cybersecurity index. Key initiatives included the launch of the national “Haseen” portal and the establishment of the National Cybersecurity Academy to secure the digital environment and bolster trust in electronic services.

Saudi Arabia’s cybersecurity market is estimated at 13.3 billion riyals ($3.5 billion), with private sector spending accounting for 69% and government spending for 31%. The sector employs more than 19,600 professionals across 355 companies offering advanced cybersecurity solutions.



Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)
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Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)

Saudi Arabia’s Public Investment Fund has fully allocated the proceeds of its green bond issuance, directing $9 billion to eligible projects, in a move that highlights the sovereign wealth fund’s growing role in shaping a more sustainable future and delivering lasting positive impact worldwide.

According to a recent report issued by the Public Investment Fund, reviewed by Asharq Al-Awsat, the expected impact of the fund’s eligible green projects includes generating 427 megawatts of renewable energy, avoiding emissions equivalent to 5.1 million tons of carbon dioxide, and treating 4 million cubic meters of wastewater.

The Public Investment Fund aims to establish itself as an active participant in global debt markets, while also fostering the development of a dynamic domestic market. This would enable the fund to access short- or long-term liquidity through a diverse range of financing instruments.

Financing strategy

The fund’s capital markets program aims to further strengthen its financing strategy and execution capabilities, both at the level of the Saudi sovereign wealth fund and across its portfolio companies, while enabling deeper engagement with global and local debt markets.

The program will also support expanding the fund’s capacity to raise debt and deploy it as a source of investment financing, in line with its overall funding strategy. This approach is designed to instill greater discipline in cash flow management and enhance returns on equity for the fund and its portfolio companies.

The green bond issuance will provide the fund with access to a broader pool of investors who prioritize environmental, social, and governance considerations in their investment decisions. It will also allow investors to diversify their portfolios through green assets, a step expected to help accelerate the pace of green investment globally.

Climate change

The fund has taken concrete steps to advance governance and policy, focusing on sustainability, and is a founding member of the One Planet Sovereign Wealth Funds initiative. This international platform aims to accelerate the integration of climate change considerations into asset management decisions and investment opportunities.

As an investment vehicle, the Public Investment Fund operates through acquiring stakes in companies aligned with its mandate, including ACWA Power and Lucid.

It has also established the Saudi Investment Recycling Company, a leader in waste management and recycling, manages the National Energy Services Company, Tarshid, and supports the creation of a voluntary carbon market in the Middle East and North Africa.

These efforts aim to strengthen Saudi Arabia’s position as one of the world’s most energy-efficient countries.

The green bond issuance will finance tangible projects on the ground, helping to accelerate the green transition and advance the Kingdom’s core targets of achieving net zero emissions by 2060 and generating 50 percent of electricity consumption from renewable energy sources by 2030.

This forms a key pillar of the renewable energy program implemented by the fund, which involves developing 70 percent of renewable power generation capacity.


Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)
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Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)

E-commerce sales in Saudi Arabia via "mada" cards soared to an all-time monthly high in October 2025, surpassing SAR30.7 billion.

The surge in sales represents a 68% year-on-year increase, totaling about SAR12.4 billion more than the SAR18.3 billion recorded in October 2024, according to the Saudi Central Bank (SAMA) statistical bulletin on Wednesday.

E-commerce sales for the third quarter (Q3) of 2025 hit SAR88.3 billion, up 15.2% from the previous quarter, representing an increase of about SAR11.6 billion over the SAR76.6 billion recorded in Q2.

On a monthly basis, e-commerce sales in October rose 6%, gaining approximately SAR1.6 billion over September’s total of SAR29.1 billion.

From January to October, "mada" data showed e-commerce sales grew 47.3%, rising by around SAR9.9 billion over the SAR20.9 billion recorded in January.

These figures cover transactions made via "mada" cards on e-commerce websites, apps, and digital wallets, and do not include credit-card payments.


Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
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Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)

Jeddah's King Abdulaziz International Airport (KAIA) celebrated the launch of its first direct flynas flight to Moscow, operating three weekly flights between Jeddah and Vnukovo International Airport.

This initiative, in partnership with the Saudi Tourism Authority and the Air Connectivity Program, boosts air links between Saudi Arabia and Russia.

It marks KAIA's third direct Russian destination, following Makhachkala and Mineralnye Vody, which were inaugurated earlier this month by Azimuth Airlines.

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location.