Saudi Arabia’s regulatory reforms have spurred growth in its businesses, and many of them are now 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. To further support the tech ambitions outlined in Vision 2030, the Saudi-UK Tech Hub was 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 it was established in response to the growing importance of technology within Saudi Arabia’s economy as mandated by Vision 2030. There is a strong emphasis on digitalizing and transforming existing sectors such as finance, with regulatory changes led by the Central Bank and Capital Markets Authority necessitating fintech integration into these sectors. This focus on technology is indicative of Saudi Arabia’s commitment to diversifying its economy away from oil.