The Communications, Space and Technology Commission (CST) has concluded the Digital Technology Forum 2024, held under the theme “Synergizing for a Sustainable Digital Future.” The forum aimed to highlight the potential for collaboration between government and private organizations in the technology sector, focusing on major developments in tech markets, CST said in a news release.
The forum announced significant advances in the technology sector over the past year, with the technology market size reaching 91 billion SAR in 2023, marking a compound annual growth rate (CAGR) exceeding 11% over the last five years. Moreover, CST pointed out that the number of tech companies listed on the stock market reached 20, with a market capitalization exceeding 148 billion SAR. Additionally, Saudi Arabia achieved first place in the Middle East and North Africa for venture capital value.
This year’s forum presented several awards for winning tech companies, primarily the Co-Innovation Award, launched by CST to recognize
the top three innovative tech products developed in collaboration between service providers and end users. The winning products of the third edition of the Co-Innovation Award are DocCerts, Faseeh, and Muneer. Additionally, their Excellencies awarded the winning companies of the Tech Excellence Award, which aims to celebrate companies contributing to the development of local tech content and achieving national goals, as well as the winners of the Leading Tech Companies for Empowering Women Award, which recognizes outstanding tech companies that provide an empowering environment for women.
It is worth noting that CST organizes the Digital Technology Forum annually in partnership with the Ministry of Communications and Information Technology (MCIT) to keep pace with the latest developments and trends in the technology sector. Through four panel discussions and four presentations, the forum highlighted the main opportunities and tools for collaboration in the Saudi technology sector. The forum’s sessions and pr
esentations addressed ecosystem collaboration to boost investment, regulatory collaboration to enhance technology, synergizing skills development in the technological field, and collaboration in developing the future of digital infrastructure, which contribute to building shared visions on how to develop digital infrastructure, open new markets, and enhance investment in future fields of technology, with the participation of pioneering local and global experts.
Source: Saudi Press Agency
