CST: Volume of communications and technology market reaches SR180 billion in 2024
RIYADH — The Communications, Space and Technology Commission (CST) revealed that the volume of the communications and technology market reached SR180 billion in 2024, with a compound annual growth rate of 7.5 percent over the past five years.
The announcement was made during the 11th edition of the ICT Indicators Forum 2025, held in Riyadh on Monday, in the presence of Acting CST Governor Eng. Haitham Al-Ohali. The event, attended by leading experts and sector leaders, featured five key presentations along with a panel discussion reviewing the financial performance of the Kingdom's communications and technology sector.
According to a press release issued by the CST, the forum opened with a presentation on performance indicators for the telecommunications and technology sector, delivered by CST General Manager of Regulations Eng. Thamer AlKhwaiter. He revealed that the median mobile internet speed in the Kingdom has reached 129 Mbps, ranking the fourth among G20 countries in 2024. Mobile telecommunications subscriptions have grown to 68.2 million, with an annual growth rate of 7 percent. The presentation also disclosed that the space market volume reached approximately SR7.1 billion in 2024.
The event featured a presentation by Vice President of Research for META at IDC Ranjit Rajan, titled "Tech Transformation in Saudi Arabia in the AI Era." He shared key figures on the Kingdom's communications and technology market, highlighting major developments in cloud computing, artificial intelligence (AI), and related sectors.
In a third presentation titled "ICT Sector Financial Performance in Arqaam," Al Jazira Capital's Head of Research Jassim AlJubran delivered a comprehensive financial analysis of the sector. He reported that the total assets of ICT-listed companies in the Kingdom have reached SR255 billion, with total revenues amounting to SR128 billion and a market cap of SR427 billion.
Meanwhile, the panel discussion examined the financial performance of the sector in Arqaam, with the participation of AlJubran, Vice President of Investor Relations at Mobily Mohammed Aljbali, and Vice President of Budgeting and Financial Planning at Etihad Atheeb Telecom Company (GO) Yazan bin Ibrahim Al-Turki.
In another presentation titled "Mobile Communications: Realistic Indicators and Future Development Insights,' MENA Policy Director at GSMA Amr Hashem revealed Saudi Arabia's leadership in mobile connectivity and the significant progress made in accelerating 5G deployment.
The forum's final presentation, delivered by CST Director of Internet Techs Development Department Eng. Musaab Alammar
unveiled the fourth edition of the "Saudi Internet Report 2024," which addresses internet usage and growth in the Kingdom, along with key indicators related to user patterns, behaviors, and preferences. The report also reviews the most used and downloaded applications, in addition to individual data consumption rates.
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