Riyadh – Mubasher: Saudi Arabia represents 50% of the region’s digital economy, which hiked by 73% to reach $260 billion, Abdullah Al Swaha, Saudi Minister of Communications and Information Technology, said.
Al Swaha’s remarks came on the sidelines of the fourth edition of the LEAP conference, which is being held at the Riyadh Exhibition and Convention Center under the theme ‘Into New Worlds’.
He added that Saudi Arabia registered a jump in tech professionals from 150,000 to 381,000, adding that the Kingdom could have ranked the fifth-largest tech hub in Europe if it was part of the European Union (EU).
Unicorn startups, private companies with a valuation over $1 billion, have grown to 15 in the region, according to the Saudi minister.
He noted that unicorn startups in Saudi Arabia increased from two to seven.
The minister indicated that the digital economy achieved $16 trillion worldwide, but so far, there are 2.6 billion people outside this digital economy, including 100 million in the global North and 2.5 billion in the global South.
On the first day of the conference, Saudi and global tech companies announced investments at a total value of $14.85 billion.
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