Saudi Arabia’s Tech Ambitions Soar with the Launch of UK Hub, Aiming to Diversify Beyond Oil

Saudi Arabia’s regulatory reforms have led to growth in its businesses, and many are now looking to adopt new technologies. The United Kingdom, with a tech market valued at over $1 trillion, is a particularly appealing foreign market for these Saudi businesses. As part of Crown Prince Mohammed bin Salman’s Vision 2030 project, Saudi Arabia is investing heavily in various industries, with a particular focus on technology as a key pillar of its reform plan.

To further support the tech ambitions outlined in Vision 2030, the Saudi-UK Tech Hub was formally launched in 2022. This hub is aimed at enhancing bilateral cooperation in the tech sector and is operated under the Saudi British Joint Business Council umbrella. While not a physical structure, the hub serves as a platform for joint initiatives and events within the tech sectors of both countries. Approximately 35% of the 200 members of the SBJBC, which includes both UK and Saudi businesses, operate within the tech sector.

Matt Jones, a project officer at the tech hub, explained that the establishment of the hub was in response to the growing importance of the tech sector within the Saudi economy, as mandated by Vision 2030. There is a strong emphasis on digitalizing and transforming existing sectors, such as finance, with the need to integrate fintech technologies in line with regulatory changes led by the Central Bank and Capital Markets Authority. This focus on technology is indicative of Saudi Arabia’s commitment to diversifying its economy away from oil.