On October 10, 2024, in Riyadh, more than 20 Canadian companies expressed a strong interest in investing in Saudi Arabia's burgeoning digital transformation sector, eyeing opportunities within the country's telecommunications and technology market, which is valued at an impressive 166 billion Saudi riyals. This announcement emerged during a meeting of the Saudi-Canadian Business Council, which convened a delegation of Canadian technology firms under the auspices of the Federation of Saudi Chambers of Commerce.
The meeting was attended by Eyad Qudsi, the Director for the Middle East and Africa at the Ontario Ministry of Economic Development, Job Creation and Trade, alongside representatives from the federation’s national communications and information technology committee, various governmental entities, and prospective investors.
Mohammed bin Nasser Al-Dulaim, Chairman of the Saudi-Canadian Business Council, underscored the remarkable growth trajectory of the information technology sector in Saudi Arabia, characterizing it as one of the largest markets in the region. He highlighted that Saudi Arabia commands over 57% of the total telecommunications market in the Middle East and accounts for 53% of the region's information technology industries, reinforcing the necessity for enhanced Saudi-Canadian partnerships in this dynamic sector.
The focus of the discussions was on the telecommunications and information technology sectors in both Saudi Arabia and Canada, particularly exploring collaborative opportunities in NEOM, the ambitious mega-city project, and Ontario. The meeting also shed light on Saudi Arabia’s favorable business climate, which actively encourages foreign investments, presenting numerous avenues for Canadian investors to tap into the Saudi market.
During the dialogue, the Canadian delegation highlighted the impressive scale of Ontario’s technology sector, which boasts over 22,000 high-tech companies and employs approximately 420,000 individuals. This sector significantly contributes to the province’s economy, generating around US$53 billion in annual GDP, with exports surpassing US$9 billion, illustrating the potential for fruitful collaboration between Canadian and Saudi firms.