Saudia Arabia: The ancient land of black gold, the land of the holy sites, chosen land by the God for Pilgrimage, home to the world’s largest sandy deserts, is now the biggest hub of the wealth of technological advancements.
With the advent of the world’s tallest skyscrapers and home to the world’s largest airport, KSA is known as the country with the largest oil reserves and one of the most technologically advanced countries on earth.
It’s not only hard to beat KSA’s economy, which relies heavily on oil wealth, but now it will be impossible to compete with Saudi Arabia with the latest technological advancements the Saudi government plans to achieve.
How Did Saudi Arabia become one of the most technologically advanced countries in the world?
Saudi Arabia has rapidly become one of the world's most technologically advanced countries, driven by the visionary goals of its Vision 2030 plan. Over the past decade, the KSA government's dedicated efforts toward digitalization have led to significant changes, with specific Key Performance Indicators (KPIs) set for ministries, catalyzing a swift transition from traditional methods to widespread technological advancements.
The private sector in Saudi Arabia has realigned its strategies to embrace technological advancements in response to substantial government investments. Financial institutions, in particular, are adopting cutting-edge blockchain technology solutions. Tangible progress is evident in infrastructure projects like the high-speed train and world-class metro system, symbolizing Saudi Arabia's commitment to technological advancements.
The nation's relatively small population, significant capital, and historical dependence on oil have fueled a deliberate shift toward adopting new technology trends. Saudi Arabia leverages defense contracts that mandate localization to attract foreign tech firms, while the sovereign wealth fund strategically invests to insulate public finances from oil price fluctuations.
Whizpool’s comprehensive research explores these trends by working closely with KSA tech companies and providing insights into Saudi Arabia's proactive pursuit of technological growth on a global scale.
Top Technological Advanced Sectors of KSA
In recent years, Saudi Arabia has seen a notable rise in venture capital investments, signaling a boom in innovation and startups. The LEAP 2023 event in Riyadh saw the announcement of nine funds, totaling an impressive $2.4 billion, aimed at propelling the growth of startups. This aligns with the significant surge in VC funding for Saudi startups, with a remarkable 72% increase in 2021 and 2022. Harvard Business Review reports that these investments reached a substantial $987 million across 144 deals.
This surge in investment is further fueled by Saudi Arabia's young and tech-savvy population, known for its strong inclination towards top technological services. This demographic factor makes the KSA appealing to investors seeking opportunities in new technologies.
According to the Global Entrepreneurship Monitor (GEM) report, 90% of respondents find starting a technology business in Saudi Arabia easy, positioning the country at the top among economies regarding tech entrepreneurial friendliness.
Saudi Arabia's top technologically advanced sectors are experiencing significant growth, driven by increased venture capital investments. What are these sectors?
- AI Trust, Risk, and Security Management (AI TRiSM)
- Continuous Threat Exposure Management (CTEM)
- Sustainable Technology
- Platform Engineering
- AI-Augmented Development
- Industry Cloud Platforms
- Intelligent applications revolutionizing customer experiences in Saudi Arabia
- Democratized Generative AI
- Augmented Connected Workforce
- Machine Customers
These important tech trends are like a guide for Saudi businesses going digital. They help businesses become stronger, make the most of data, and grow faster.
Saudi Arabia Is the New Technology Hub of the Future
Why is Saudia Arabia considered the next technology hub of the world? Why will KSA have the most advanced technologies on the planet? Why all the biggest tech companies are investing in KSA? These are the questions on everyone’s mind these days.
These questions lead to only one answer: “ New technological Vision” that only Saudi Arabia plans. Yes, we are talking about several new technological projects, from software and mobile app development to THE LINE: a revolution in urban living. The plan for Saudi Arabia's visionary urban project positions the country as a new technology hub.
This underscores Saudi Arabia's commitment to pioneering architectural and technological advancements.
Conclusion
In conclusion, Saudi Arabia, historically known for its rich oil reserves and cultural significance, is now emerging as the global epicenter for technological advancements.
With inspiring achievements such as the world's best software and mobile application development, tallest skyscrapers, and the largest airport, the kingdom's route to becoming one of the most technologically advanced countries is undeniable.
Due to the Utopian Vision 2030 plan, the nation has witnessed a rapid digital transformation in the past decade. This shift is not merely confined to economic sectors. Still, it extends to infrastructure, innovation, and entrepreneurship, as evidenced by the surge in venture capital investments and the establishment of cutting-edge technological sectors. Saudi Arabia's strategic investments in sectors like AI, sustainable technology, and intelligent applications exemplify its commitment to staying at the forefront of global technological advancements.
The ambitious urban project, THE LINE, symbolizes a paradigm shift in urban living, solidifying Saudi Arabia's status as the future technology hub. As the kingdom continues to spearhead pioneering architectural and technological initiatives, it is assured to shape the future landscape of technological innovation globally. The world's attention is rightfully focused on Saudi Arabia as it heads up for unmatched technological advancement for the future world.
