In a rapidly evolving global business landscape, companies are rethinking their strategies to remain competitive. Challenges like cost pressures, sustainability demands, and market shifts are pushing businesses, particularly in the technology sector, to explore new opportunities. Among the options, Saudi Arabia stands out as a compelling choice, offering a vibrant ecosystem for growth and innovation backed by a rapidly diversifying economy.
A Transformative Technology Ecosystem
Saudi Arabia has become a magnet for technology leaders and innovators, cementing its global reputation by hosting landmark events like LEAP 2025. The event, hailed as the world’s largest technology gathering, is set to attract over 172,000 attendees and showcase innovations from more than 1,800 global tech companies, including industry giants such as Microsoft, Oracle, and Google. Investments during LEAP are expected to soar to $11.9 billion, further solidifying the Kingdom’s position as a global tech hub.
Recent success stories highlight Saudi Arabia’s appeal. Tech giant Apple has announced a further expansion into the country, combining retail operations, developer training, and digital payment infrastructure investments. Apple will launch its first online retail store in Saudi Arabia in the summer of 2025, as the company aims to strengthen its presence in the Middle East’s technology sector.
These milestones underscore the Kingdom’s ability to attract diverse players, from global firms to homegrown startups.
Vision 2030: A Roadmap for Growth
At the core of Saudi Arabia’s transformation is Vision 2030. This ambitious plan aims to diversify the economy and increase SME contributions to GDP from 20% to 35%. Additionally, it seeks to boost foreign direct investment from 3.8% to 5.7%.
The digital economy plays a pivotal role in this vision. Currently contributing 14% of GDP, it is on track to reach the 19.2% target by 2030. Continued investment in technology and innovation is driving this growth.
Deep Technology: Leading the Way
Saudi Arabia is emerging as a hub for deep technologies. Half of the nation’s deep tech startups focus on AI and IoT. Collectively, they have attracted nearly $1 billion in funding. These startups support the National Strategy for Data and AI, which aims to position Saudi Arabia as a leader in this field.
The strategy focuses on attracting investment and strengthening research. Since 2015, the number of researchers has increased by 75%. By 2030, the researcher base is expected to grow sevenfold, creating a robust foundation for innovation.
Growing Venture Capital Activity
The Kingdom is experiencing a surge in venture capital (VC) funding. In 2023, startups raised $1.8 billion, representing over half of MENA’s total funding. Fintech led the way, attracting 51% of total investment. Companies like Tamara and Tabby achieved unicorn status, while e-commerce platforms also secured significant funding.
Meanwhile, emerging sectors like health tech, renewable energy, and climate technology are gaining traction. These align with Vision 2030’s focus on sustainability and innovation.
Government Support for Entrepreneurs
Saudi Arabia’s government is committed to fostering entrepreneurship. Programs like the Saudi Unicorns initiative and the National Technology Development Program (NTDP) provide critical support. Over 100 startup investors were active in 2023—a 41% increase from 2018.
Public funding and simplified regulations further encourage startups to thrive. Accelerators and funding initiatives also support high-growth businesses. These efforts create a vibrant ecosystem for innovation.
A Promising Future for Technology
Saudi Arabia is transforming into a global technology leader. Through Vision 2030, the Kingdom is building a knowledge-based economy. By investing in deep tech, supporting entrepreneurs, and fostering venture capital, it offers unmatched opportunities for growth.
For businesses seeking innovation and expansion, Saudi Arabia is the place to be.
Injaz Company is proud to support technology companies entering the Saudi market. We provide tailored services, including market entry strategies, local partnerships, and on-ground support. By leveraging our expertise and network, we help businesses thrive in this dynamic and fast-growing economy.
