The Communications, Space and Technology Commission (CST) concluded the Digital Technology Forum 2024, which was held under the theme "Synergizing for a Sustainable Digital Future“. The forum aims to highlight the potentials of collaboration between government and private organizations in technology sector, with a focus on the major developments in the tech markets.
The forum announced the huge leaps in the technology sector over the past year, with an increase in the Technology market size reaching 91 Billion SAR in 2023, marking a CAGR exceeding 11% over the last five years. Moreover, CST pointed out that the number of tech companies listed in the stock market reached 20 companies, with a market cap exceeding 148 Billion SAR. Additionally, Saudi Arabia achieved first place in the Middle East and North Africa for venture capital value.
This year’s forum presented several awards for the winning tech companies, mainly the Co-Innovation Award which was launched by CST to recognize the top three innovative tech products developed in collaboration between the service provider and the end user. The winning products of the 3rd edition of the Co-Innovation Award are ‘DocCerts ,' Faseeh,' and ‘Muneer‘. Moreover, their Excellencies have awarded the winning companies of the Tech Excellence Award, which aims to celebrate companies contributing to the development of local tech content and achieving national goals, in addition to the winners of the Leading Tech Companies for Empowering Women, which aims to recognize the efforts of outstanding tech companies in providing an empowering environment for women.
It is worth noted that CST organizes the Digital Technology Forum annually, in partnership with the Ministry of Communications and Information Technology (MCIT) to keep pace with the latest developments and trends in the technology sector. Through 4 panel discussions and 4 presentations, the forum highlighted the main opportunities and tools for collaboration in the Saudi technology sector. The forum's sessions and presentations addressed Ecosystem Collaboration to Boost Investment, Regulatory Collaboration to Enhance Technology, Synergizing Skills Development in the Technological Field, Collaboration in Developing the Future of Digital Infrastructure; which contribute in building shared visions on how to develop digital infrastructure, open new markets, and enhance investment in the future fields of technology, with the participation of a pioneering local and global experts.
