Saudi Arabia’s Tech Takeover: Why Global Giants Are Racing to Invest

Saudi Arabia is quickly becoming the world’s next big tech hub, thanks to its groundbreaking investments in smart cities, AI, and digital infrastructure. Here’s why it’s attracting the world’s top tech firms.

Saudi Arabia, a nation traditionally known for its vast oil reserves, is rapidly emerging as a global technology powerhouse. Underpinned by the ambitious Saudi Vision 2030 initiative, the Kingdom is undergoing a sweeping digital transformation. It aims to diversify its economy and position itself as a leader in innovation and tech-driven industries.

This ambitious endeavour has attracted many regional and international companies, all eager to participate in Saudi Arabia’s technological growth. The change, however, has been in the works for some time now. The Public Investment Fund (PIF), has been investing in the tech space since 2015.

The PIF has been touted as the highest-spending state-owned investor in the first half of 2024. According to a Global SWF report, the PIF has pumped a whopping $10.2 billion from January to June 2024.

The sovereign wealth fund has been a major investor globally and was reportedly the top spender in 2023, deploying $31.6 billion in the year.