King Salman’s Vision 2030 and the economic and social reforms that the Kingdom has implemented in the last few years have had monumental effects on the market. It has improved its’ competitiveness, access to the market and opened opportunities for foreign investors and innovation in the Kingdom. These changes helped moved Saudi Arabia up 3 positions globally, who now sits in 36th place for global competitiveness, and third in the MENA region.
As the Saudi government continue to diversify their economy away from oil, the structural transformation is most evident in the ICT adoption pillar, improving by 16 positions. This is primarily due to a sweeping adoption of broadband and internet users around the country. Leading to an increase in innovation capability, number of patent applications and expenditure on research and development.
As e-commerce and fintech grows in the Kingdom, it placed Saudi in third place among G20 countries for IT governance, defined as a country’s ability to adapt to digital technologies. Creating opportunity for foreign investors to expand into the Kingdom and allowing the market to evolve into a diverse and dynamic economy.
The Saudi government are continually improving conditions of the Saudi market to attract foreign investors into the Kingdom and boost the economy. Evidently, their efforts are producing positive results which we see has drawn numbers of foreign investors into the Kingdom. If you would like to know more about how you can expand into the Kingdom, contact us on +966 11 411 1127 or info@proven-sa.com.