Saudi 2.0: Digital technologies underpinning the kingdom’s economic landscape

Saudi 2.0: Digital technologies underpinning the kingdom’s economic landscape

In a short span, Leap has clearly emerged as one of the most defining technology events in the region and the world, and with less than three weeks to the technology showcase’s second edition, it is a good time to look back and reflect on the kingdom’s achievements and prepare for the journey ahead. Already the largest economy in the Middle East and among the 20 largest economies in the world, the kingdom’s objective is to become a more prosperous economy, whereby Saudi Arabia is ranked among the top 15 economies worldwide by 2030. With Saudi Vision 2030 as the guiding north star, Saudi Arabia is undoubtedly blazing the trail when it comes to the adoption of latest cloud led emerging technologies to accelerate its digital economy and diversify beyond its rich oil and natural resources. Analyst firm IDC suggests that ICT spending in the kingdom of Saudi Arabia will reach $33.5bn for 2022 and investments in public cloud will cross the $1.26bn mark in 2022 and will grow at CAGR of 26.8 per cent by 2026. This shows the rapid growth in cloud adoption in Saudi Arabia as organisations identify a more cost-efficient, secure, agile, and flexible business model