Saudi Arabia’s Tech Boost: How UK is Helping the Kingdom Drive Innovation in Business

Saudi Arabia is currently experiencing growth in its businesses, thanks to regulatory reforms that have opened up new opportunities for companies to adopt new technologies. One of the most appealing foreign markets for these Saudi businesses is the United Kingdom, with a tech market valued at over $1 trillion. As part of Crown Prince Mohammed bin Salman’s Vision 2030 project, Saudi Arabia is investing heavily in various industries, with technology as a key pillar of its reform plan.

To support the tech ambitions outlined in Vision 2030, the Saudi-UK Tech Hub was launched in 2022. This hub aims to enhance bilateral cooperation in the tech sector and is operated under the Saudi British Joint Business Council umbrella. Although not a physical structure, the hub serves as a platform for joint initiatives and events within the tech sectors of both countries. Approximately 35% of the 200 members of the SBJBC, which includes both UK and Saudi businesses, operate within the tech sector.

Matt Jones, a project officer at the tech hub, explained that it was established in response to the growing importance of technology within the Saudi economy, as mandated by Vision 2030. There is a strong emphasis on digitalizing and transforming existing sectors such as finance with fintech technologies being integrated in line with regulatory changes led by Central Bank and Capital Markets Authority. This focus on technology highlights Saudi Arabia’s commitment to diversifying its economy away from oil.