Saudi businesses are embracing new technology as part of their efforts to diversify their economy away from oil, with the United Kingdom emerging as an attractive foreign market. The UK’s tech market, valued at over $1 trillion, has seen increased interest from Saudi Arabia under Crown Prince Mohammed bin Salman’s Vision 2030 project.
As part of Vision 2030’s tech ambitions, the Saudi-UK Tech Hub was established in 2022 to enhance bilateral cooperation in the tech sector. While not a physical structure, the hub operates as a platform under the Saudi British Joint Business Council to facilitate joint initiatives and events in both countries’ tech sectors. The SBJBC boasts around 200 UK and Saudi members, with 35% involved in the tech industry.
According to Matt Jones, project officer at the tech hub, the growing importance of the tech sector in the Saudi economy necessitated the establishment of the hub. Vision 2030 emphasizes digitalizing and transforming various sectors in the economy, such as finance, with a focus on embedding fintech in response to regulatory changes initiated by the Central Bank and Capital Markets Authority.
Overall, the Saudi-UK Tech Hub plays a crucial role in promoting collaboration and investment in the tech sector between Saudi Arabia and the United Kingdom, in line with Vision 2030’s objectives. With Saudi businesses increasingly looking to adopt new technology, partnerships with UK companies are seen as key to achieving their economic diversification goals.