Riyadh - Sharikat Mubasher: Saudi Arabia’s communication and technology market size is expected to exceed SAR 163 billion by the end of 2023, marking a 6% increase compared to 2022, as reported by the Kingdom’s Communications, Space, and Technology Commission (CST).

Showcasing the Kingdom’s achievements in 2023, the CST stated that around 18 technology firms were listed in the Saudi financial market, raising the total number to 38 firms with market value amounting to SAR 118 billion and registering a 66% increase opposite to 2022.

The CST launched Fusion Company to offer innovative solutions and comprehensive insights to government entities through data collection and analysis from major service providers and submitting it as customized data.

Furthermore, the CST formed the first Space Entrepreneurship Alliance in Saudi Arabia to develop a robust foundation to foster entrepreneurs in the Kingdom's space sector and achieve growth and sustainability.

The alliance aims to create an entrepreneurial ecosystem in the space sector and acts as a platform that gathers stakeholders to support Saudi entrepreneurs in innovation.

It should be mentioned that Saudi Arabia was ranked second among the G20 countries in the ITU’s ICT Development Index (IDI) 2023, which monitors the economies of 169 countries to measure their progress in ICT services through two main pillars ‘universal connectivity’ and ‘meaningful connectivity’.