Saudi Arabia spent SAR 93.7B to develop digital infrastructure: Al-Kassabi

Saudi Arabia spent SAR 93.7 billion on developing its digital infrastructure, to be ready for automation and digital transformation, in addition to allocating another SAR 75 billion for future development, Minister of Commerce Majid Al-Kassabi, said.

In a session on “services trade” at the annual World Economic Forum in Davos, Switzerland, he said that Saudi Arabia focused on promoting business growth and collaborating with international organizations to develop legislation to protect and attract investments. This is in addition to improving human skills, while creating a premium residency center to attract exceptional talents.

Al-Kassabi stated that the Kingdom is experiencing an unprecedented transformation in light of Vision 2030, which focuses on developing sectors and expanding global trade.

Meanwhile, he said that work is underway to diversify the economy by focusing on new sectors, such as tourism, culture, mining, services, entertainment, and others. In addition, the government has set up new agencies to develop and improve the business environment, such as the Small and Medium Enterprises General Authority (Monshaat), Saudi Authority for Intellectual Property, National Competitiveness Center (NCC), and Saudi Center for Economic Business.

The minister noted that the Kingdom created the “premium residency” system, which facilitated attracting global talent and investors. This also ensures the improvement of human skills.

Al-Kassabi said the Kingdom worked with the GCC countries to open new markets through the free trade agreements to access global resources and benefit from its location.

Moreover, the minister indicated that the volume of services trade in the Kingdom was estimated at SAR 540 billion in 2023, as the growth rate reached 7%. He pointed out the importance of facilitating trade in services globally as it impacts economic growth.