The tech industry is becoming increasingly important to Saudi Arabia’s efforts to diversify its economy away from oil, and the UK has emerged as an attractive foreign market for investment. Crown Prince Mohammed bin Salman’s Vision 2030 project has led to increased interest in the UK’s tech market, valued at over $1 trillion.
In response to this growing importance, the Saudi-UK Tech Hub was established in 2022 to enhance bilateral cooperation in the tech sector. While not a physical structure, the hub operates as a platform under the Saudi British Joint Business Council (SBJBC) to facilitate joint initiatives and events in both countries’ tech sectors. The SBJBC boasts around 200 UK and Saudi members, with 35% involved in the tech industry.
Matt Jones, project officer at the tech hub, explains that the establishment of the hub was necessary due to Vision 2030’s emphasis on digitalizing and transforming various sectors in the economy. This includes embedding fintech in response to regulatory changes initiated by the Central Bank and Capital Markets Authority.
Overall, partnerships with UK companies are seen as key for Saudi businesses looking to adopt new technology and achieve their economic diversification goals. The Saudi-UK Tech Hub plays a crucial role in promoting collaboration and investment in the tech sector between Saudi Arabia and the United Kingdom, aligning with Vision 2030’s objectives.
