20 Canadian Companies Look to Invest in Saudi Digital Transformation

    Riyadh, October 9, 2024, SPA – More than 20 Canadian companies have expressed interest in investing in Saudi Arabia's digital transformation, seeking to leverage opportunities in the Saudi telecommunications and technology market, valued at 166 billion Saudi riyals.
   The announcement was made during a meeting of the Saudi-Canadian Business Council with a delegation of Canadian technology companies, convened by the Federation of Saudi Chambers of Commerce on Wednesday.
   Director for the Middle East and Africa at the Ontario Ministry of Economic Development Job Creation and Trade Eyad Qudsi attended the meeting, alongside representatives from the federation’s national communications and information technology committee, various government entities, and investors.
   Chairman of the Saudi-Canadian Business Council Mohammed bin Nasser Al-Dulaim emphasized the remarkable growth of the information technology sector in the Kingdom, highlighting its status as one of the largest markets in the region. He noted that Saudi Arabia’s information technology sector commands over 57% of the total telecommunications market in the Middle East and 53% of the region's information technology industries, advocating for stronger Saudi-Canadian partnerships in this sector.
   The meeting focused on the telecommunications and information technology sectors in Saudi Arabia and Canada, exploring opportunities, particularly in NEOM and Ontario. Additionally, it emphasized Saudi Arabia's favorable business environment, its facilitation of foreign investments, and strategies to enable Canadian investors to capitalize on opportunities within the Saudi market.
   During the meeting, the Canadian delegation highlighted the scale of Ontario’s technology sector, which is home to over 22,000 high-tech companies employing 420,000 individuals. The sector contributes approximately US$53 billion in annual GDP, with exports exceeding US$9 billion.
   --SPA