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Digital Technology Forum Discusses Role of Local Content in Saudi Tech Sector

The Digital Technology Forum will feature nine dialogue sessions and presentations by 25 specialized speakers, who will discuss enabling local technology products and Blockchain technology. (Asharq Al-Awsat)
The Digital Technology Forum will feature nine dialogue sessions and presentations by 25 specialized speakers, who will discuss enabling local technology products and Blockchain technology. (Asharq Al-Awsat)
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Digital Technology Forum Discusses Role of Local Content in Saudi Tech Sector

The Digital Technology Forum will feature nine dialogue sessions and presentations by 25 specialized speakers, who will discuss enabling local technology products and Blockchain technology. (Asharq Al-Awsat)
The Digital Technology Forum will feature nine dialogue sessions and presentations by 25 specialized speakers, who will discuss enabling local technology products and Blockchain technology. (Asharq Al-Awsat)

The Saudi Communications and Information Technology Commission (CITC) is holding this Sunday the Digital Technology Forum 2022, under the title, “Enabling Local Technology Products”, with a focus on Blockchain technology.

Held under the patronage of Eng. Abdullah Al-Sawaha, Minister of Communications and Information Technology, Chairman of the Board of Directors of the CITC, the forum extends over two days and is being held in partnership with the Ministry of Communications and Information Technology, the Saudi Exports Development Authority, the Content and Government Procurement Authority, and with the participation of a number of officials and local and international experts.

The forum will feature nine dialogue sessions and presentations by 25 specialized speakers, who will discuss enabling local technology products and Blockchain technology.

The speakers include Haitham Al-Ohali, Saudi Deputy Minister of Communications and Information Technology, Engineer Osama Al-Zamil, Deputy Minister of Industry and Mineral Resources, Dr. Muhammad Al-Tamimi, Governor of the Communications and Information Technology Commission, and Eng. Ahmed Alsuwaiyan, Governor of the Digital Government Authority.

The event will also be attended by Sherif El-Malt, Public Sector Leader in Europe, Middle East and Africa at Oracle, Anthony Butler, Chief Technology Officer at IBM, Tobias Bauer, Principal at the Blockchain Founders Fund, and Anthony Day, founder of Blockchain Podcast.

The forum will also witness the launch of a number of businesses and initiatives, and an exhibition displaying more than 35 local technology and Blockchain products by more than 30 Saudi companies.

The forum will start with an inaugural presentation, followed by a session dedicated to government’s role in developing and supporting the local technical product, with the participation of a number of Saudi ministers.

The first day will also feature multiple presentations on the “Local Tech Product: A Promising Future,” while another session will review programs on enabling local content, with a presentation on the future directions of technologies and entrepreneurial opportunities.

The second day will witness a main presentation entitled, “Blockchain - Between Promises and Reality”, followed by a dialogue session on “Harnessing the Power of the Blockchain for Digital Government.”

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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.