Saudi Arabia announces significant growth in digital economy to 460 billion SR

Abdullah Al-Swaha, Saudi Arabia's Minister of Communications and Information Technology, has disclosed that the country's digital economy has grown significantly, with a worth of about SR460 billion ($122.65 billion).

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This uptick is a noteworthy 10 percent growth since the start of Saudi Arabia's far-reaching Vision 2030 plan, signifying a critical turning point in the nation's technical development.

Speaking at a press conference held during the LEAP Tech Conference 2024 in Riyadh, Al-Swaha underscored the remarkable expansion of the Kingdom's technical and digital market, which now exceeds SR183 billion ($48.7 billion). The conference, spanning four days and drawing to a close soon, has garnered considerable international attention, with announcements of multi-billion-dollar investment deals geared towards advancing digital transformation initiatives.

During the conference's Monday opening speech, Al-Swaha revealed plans to invest an astounding $11.9 billion in technology. Interestingly, the occasion provided a stage for the announcement of major partnerships with major international tech companies like IBM, Datavolt, Amazon Web Services, and ServiceNow, thereby solidifying Saudi Arabia's standing as a major actor in the global digital arena.

Featuring over 1,100 speakers, including renowned international figures, experts, and specialists alongside their Saudi counterparts, the 3rd edition of the LEAP Tech Conference 2024 convened under the theme "New Horizons" at the Riyadh International Convention & Exhibition Center. This gathering facilitated a robust exchange of insights, strategies, and innovative solutions aimed at driving the Kingdom's digital agenda forward.

The conference gave participants a vital chance to investigate new trends, cultivate alliances, and make use of cutting-edge technologies in order to further Saudi Arabia's goal of becoming the region's preeminent digital hub. The event, which placed a strong emphasis on cooperation, innovation, and investment, reaffirmed the Kingdom's dedication to using technology to boost competitiveness, promote sustainable growth, and drive economic diversification in the digital age.

Overall, the LEAP Tech Conference 2024 served as a testament to Saudi Arabia's determination to embrace digital transformation as a catalyst for progress, prosperity, and socio-economic development, positioning the Kingdom as a dynamic and forward-thinking player in the global digital economy.

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