Monday 25 June 2018

Saudi IT market to hit $5bn by 2015

Riyadh, January 25, 2012

Saudi Arabia’s lucrative IT sector – currently the biggest in the Gulf region – is expected to grow into a $4.9 billion market by 2015, said experts ahead of a major information and communications technologies (ICT) event in Riyadh.

The 'Gitex Saudi Arabia 2012,' will run from May 21 to 24 at the Riyadh International Convention and Exhibition Center under the auspices of the Saudi Ministry of Communications and Information Technology.

The 11th edition of the international ICT exhibition for Saudi Arabia will introduce local, regional and international investors and businesses to the vast potential of the booming IT sector in the Kingdom.

Saudi currently represents almost 70 per cent of the Gulf’s total IT business and has received investments in excess of $35 billion over the last 10 years, said experts, citing official data.

The Kingdom’s governing Shura Council has already set a strategic objective to raise the IT industry’s GDP contribution to 20 per cent by 2020, reflecting the government’s treatment of the ICT development as a national priority.

Other growth factors include a predominantly youthful demographic and a growing population which are expected to drive per capita spending to $186 in the next three years.

According to experts, more than $4 billion in local projects could be spent over the next few years into IT segments such as data centers, video gaming, hardware and semiconductors manufacturing and ICT services.

Saudi has been very receptive to the idea of technology-enabled growth, which is why it now occupies a leading position in the regional economy, said Gitex Saudi organisers, Riyadh Exhibitions Company.

Its IT market has a lot to offer to Arab and international businesses especially as government is prioritizing the accelerated growth of local ICT capabilities, it stated.

Gitex will be hosted into two parts: a Businesses Section featuring Saudi Communications 2012 – The 14th International Telecommunications Exhibition which will serve as the business-to-business portion, and Computer Shopper 2012 - a consumer section which will focus on tech-savvy consumers looking for tailored products and services that suite their individual lifestyle and needs.-TradeArabia News Service

Tags: Saudi | Gitex | technology | ICT | communications | IT market |

More IT & Telecommunications Stories

calendarCalendar of Events