Saudi Arabia’s Vision 2030: How Regulatory Reforms and Technological Advancements are Driving the Kingdom’s Business Growth and Expansion into International Markets

Saudi Arabia’s regulatory reforms have led to growth in its businesses and a focus on adopting new technologies. The United Kingdom, with its tech market valued at over $1 trillion, is an appealing foreign market for these Saudi businesses. As part of Crown Prince Mohammed bin Salman’s Vision 2030 project, Saudi Arabia is investing heavily in various industries, with technology as a key pillar of its reform plan.

To further support the tech ambitions outlined in Vision 2030, the Saudi-UK Tech Hub was launched in 2022. Operated under the Saudi British Joint Business Council umbrella, the hub aims to enhance bilateral cooperation in the tech sector and 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 operate within the tech sector.

Matt Jones, a project officer at the hub, explained that it was established to respond to the growing importance of technology within Saudi Arabia’s economy as mandated by Vision 2030. The focus on digitalizing and transforming existing sectors such as finance has led to a need for fintech technologies that integrate with regulatory changes led by the Central Bank and Capital Markets Authority. This emphasis on technology is indicative of Saudi Arabia’s commitment to diversifying its economy away from oil.