COUNTRY FOCUS : SAUDI ARABIA
Dynamic leadership by technology government agencies and public sector institutions , large scale investments by national telecom players , investments by cloud hyper scalers into cloud regions , establishment of data sovereign clouds , and setting up of regional headquarters in Riyadh , have permanently shifted the Middle East ICT axis to Saudi Arabia .
Tomorrow ’ s Middle East ICT set to overshadow others
Riyadh skyline
Saudi Arabia ’ s ICT sector stands as the largest and fastest-growing in the MENA region , valued at more than US $ 40 billion . Saudi Arabia ’ s ambition has attracted global attention , with multinational ICT providers gathering annually for the LEAP technology conference and Global Cybersecurity Forum , according to Oxford Business Group .
Saudi Arabia is propelling itself into a new era of digital innovation . Fuelled by an influx of foreign direct investment and a colossal $ 7 trillion development plan for giga projects , ICT spending in the Saudi Arabia is projected to soar , according to IDC . the next biggest spenders in IT ; however , healthcare , finance , retail , wholesale , professional services , and education sectors are expected to see the fastest rates of growth over the next five years .
" Saudi Arabia ' s trailblazing transformation journey is testament to visionary leaders and their unwavering commitment to building a resilient digital economy ," says Hamza Naqshbandi , IDC ’ s Associate Vice President for Saudi Arabia and Bahrain . “ Saudi CIOs now stand as the architects of tomorrow and will be pivotal in shaping an era where digital prowess empowers a nation ' s aspirations .”
The government sector is spearheading IT spending in the Saudi Arabia in 2023 . The key sectors of finance , communications , energy , and manufacturing will be
Constituting over 4 % of Saudi Arabia ’ s GDP , the Information and Communications Technology , ICT market is the largest and fastest-growing in the
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