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INTERNATIONAL TECH HUBS THIRD EDITION | BDO LLP
SAUDI ARABIA
increase in foreign direct investment (FDI) from 3.8% to 5.7% of GDP, along with a Top 10 ranking in the World Economic Forum (WEF) by 2030 – the country currently ranks 25th. ICT is seen as a key enabler in facilitating all these goals. The technology infrastructure in SA is already one of the best in the world, with 4G coverage reaching 88% of the population and delivering mobile broadband speeds of around 30 megabits per second. Meanwhile, 37% of households are linked up to fibre optics, achieving similar speeds. SA was one of the first countries to launch a first phase of the 5G standards using a single 5G frequency band, with plans to launch additional frequency bands in 2021. The Kingdom is currently among the world’s top five world leaders for 5G implementation (alongside Australia, Kuwait, Taiwan and South Korea), with download speeds of over 200mbps.
Gihad Al Amri is Managing Partner of BDO Saudi Arabia, and has headed up the
region for over 20 years. With a degree in Accounting from King Abulaziz University in Jeddah, and a Masters from American University, Washington DC, Gihad brings an international approach to his role, with personal expertise in financial accounting, auditing, assurance, consolidation, tax and managerial finance.
OVERVIEW The last few years have seen significant acceleration in the adoption of new and emerging technology across Saudi Arabia (SA), instigating a huge amount of investment in the sector. Today, SA is the largest information and communication technology (ICT) market in the Middle. With ambitious plans for technological growth over the next decade, there is little doubt that SA offers huge potential for new and expanding tech businesses looking to reach an international market. THE TECH LANDSCAPE SA’s 2030 Vision positions technology as a top priority in the Kingdom’s economic blueprint for the future. The Vision includes ambitions to increase non-oil government revenue from $43.5 billion to $267 billion by 2030, raising the share of non-oil exports in non-oil gross domestic product (GDP) from 16% to 50% by the same year. Other key goals include an
THE VISION INCLUDES AMBITIONS TO INCREASE NON-OIL GOVERNMENT REVENUE FROM $43.5 BILLION TO $267 BILLION BY 2030, RAISING THE SHARE OF NON-OIL EXPORTS IN NON-OIL GROSS DOMESTIC PRODUCT (GDP) FROM 16% TO 50% BY THE SAME YEAR.
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