Saudi Arabia is currently experiencing significant growth thanks to regulatory reforms, and many businesses are looking to adopt new technologies. The United Kingdom is one of the most appealing foreign markets for these Saudi businesses, with a tech market valued at over $1 trillion. 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 aims to enhance 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 this hub was in response to the growing importance of technology within the Saudi economy as mandated by Vision 2030. There is a strong emphasis on digitalizing and transforming existing sectors such as finance with fintech technologies integrated into regulatory changes led by Central Bank and Capital Markets Authority. This focus on technology represents Saudi Arabia’s commitment to diversifying its economy away from oil.
