Arab News, Tuesday, Jan 03, 2023 | Jamadi Al Thani 9, 1444
Saudi Arabia’s ICT market value hit $40.9bn in 2022
Saudi Arabia’s first global spectrum auction, the launch of the latest
generation of Wi-Fi, and the initial application of fifth-generation technology
in the region all helped the Kingdom’s information and communications
technology market hit SR154 billion ($40.9 billion) in 2022, according to new
figures released by the Communications, Space, and Technology Commission.
The developments helped consolidate Saudi Arabia’s
position as the largest ICT market in the Middle East and North Africa, and the
growth of the Kingdom’s digital economy is set to double the impact in the field
of user protection and institutional excellence, Saudi Press agency reported.
During 2022, Saudi Arabia witnessed several
developments that boosted its ICT sector.
This included up to 600 firms registering in the
first global spectrum auction aimed at covering the airspace with internet
services, with the size of investment opportunities forecasted to stand at SR1
Additionally, as a result of the commission’s
regulatory capabilities, the number of ICT firms aiming to be listed in the
financial market hit 11, reflecting a growth rate of 350 percent when compared
The commission also launched an experimental
regulatory environment specializing in emerging technologies in support of
innovative digital business models, which was adopted by 10 international as
well as local companies in the field.
Moreover, the authority registered over 87 local
technical products – whose annual sales exceed SR500 million – to customers and
distributors across 28 countries globally.
As part of its organizational roles, the authority
launched the Digital Regulations Academy aimed at developing human cadres in the
field of digital regulations and to contribute to further propelling the
Kingdom’s digital transformation journey.
A total of 19 private and government agencies
benefited from the seven training programs offered by the academy so far.
The CST Commission's ambition is to enable the
digitization and adaption of emerging technology while elevating the services of
the telecommunications and information technology sector to new heights.