Foreign investments

Foreign investment in Saudi IT market reaches $2.13 billion

Saudi Arabia – Over SR8 billion ($2.13 billion) of foreign investment has flowed into the Saudi IT market, Deputy Minister Munir El-Desouki has revealed.

Speaking in a virtual Fintech tour, El-Desouki argued that the telecommunications sector in the Kingdom is also becoming attractive to outside investors.

“Thanks to the unlimited support it has received from our government and in partnership with the private sector, we have been able to raise the Kingdom’s ranking in terms of internet speeds from 105th to 6th globally,” he said. he declares.

“We invested in minds to close the digital skills gap. We have trained over 55,000 male and female trainees in qualitative digital skills, as part of the Future Skills initiative,” he added.

El-Desouki said the ministry had helped increase the Saudiization rate in the sector to 58%, and had also seen the female participation rate increase from 7% in 2017 to 28%.

The Ministry has launched the National Information Technology Development Program with a budget of SR 25 billion to strengthen the telecommunications system, increase its efficiency and ensure its sustainability.

The Ministry of Communications and Information Technology is committed to increasing the contribution of the digital economy to the Kingdom’s domestic product, Deputy Minister of Communications and Information Technology Haytham Al-Ohali said.

He added that the ministry is actively contributing with its public and private sector partners to the development of the fintech market.

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