Communications And Technology Market In Saudi Arabia Reaches SAR 180 Billion By 2024

The Communications, Space and Technology Commission (CST) announced that the communications and technology market in Saudi Arabia reached SAR180 billion in 2024. This growth reflects a compound annual growth rate of 7.5% over five years. The announcement took place at the 11th ICT Indicators Forum 2025 in Riyadh, attended by Acting CST Governor Eng. Haitham Al-Ohali and sector leaders.

During the forum, CST General Manager of Regulations Eng. Thamer AlKhwaiter shared insights on telecommunications and technology performance indicators. He noted that Saudi Arabia's median mobile internet speed reached 129 Mbps, ranking fourth among G20 nations in 2024. Mobile subscriptions grew to 68.2 million, with a yearly increase of 7%. The space market also expanded to SAR7.1 billion in 2024.

Ranjit Rajan, Vice President of Research for META at IDC, presented "Tech Transformation in Saudi Arabia in the AI Era." He highlighted significant advancements in cloud computing, artificial intelligence (AI), and related sectors within the Kingdom's communications and technology market.

Jassim AlJubran from Al Jazira Capital delivered a detailed financial analysis titled "ICT Sector Financial Performance in Arqaam." He reported that ICT-listed companies' total assets reached SAR255 billion, with revenues at SAR128 billion and a market cap of SAR427 billion.

A panel discussion further explored the sector's financial performance with contributions from AlJubran, Mobily's Vice President of Investor Relations Mohammed Aljbali, and Etihad Atheeb Telecom Company's Vice President of Budgeting and Financial Planning Yazan bin Ibrahim Al-Turki.

Amr Hashem, MENA Policy Director at GSMA, presented "Mobile Communications: Realistic Indicators and Future Development Insights." He highlighted Saudi Arabia's leadership in mobile connectivity and its progress in accelerating 5G deployment.

The forum concluded with CST Director of Internet Techs Development Department Eng. Musaab Alammar unveiling the fourth edition of the "Saudi Internet Report 2024." This report covers internet usage trends, user behaviours, preferences, popular applications, and data consumption rates within the Kingdom.

The event provided a comprehensive overview of Saudi Arabia's communications and technology sector achievements. It showcased significant growth across various areas such as mobile connectivity, financial performance, cloud computing advancements, and AI integration.

With inputs from SPA