Saudi Arabia is currently experiencing growth thanks to regulatory reforms that have opened up new opportunities for businesses. Many of these businesses are now looking to adopt new technologies, and the United Kingdom has emerged as a particularly appealing foreign market for them. The UK tech market is valued at over $1 trillion, making it an attractive destination for Saudi businesses looking to expand their reach.
To support this growth, the Saudi-UK Tech Hub was launched in 2022 under the umbrella of the Saudi British Joint Business Council. This hub aims to enhance bilateral cooperation in the tech sector and 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 operate within the tech sector, indicating its importance within the Saudi economy.
Matt Jones, a project officer at the tech hub, explained that its establishment was in response to the growing importance of technology within Saudi Arabia’s economy, as mandated by Vision 2030. There is a strong emphasis on digitalizing and transforming existing sectors such as finance, with fintech technologies being integrated into 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.