Saudi Tops MENA Digital Economy Ranking With SAR 495 Billion Valuation
Saudi Arabia has emerged as the largest digital economy in the Middle East and North Africa, with a total valuation exceeding SAR 495 billion (approximately USD 132 billion), according to Minister of Communications and Information Technology Abdullah Al-Swaha. The figure reflects cumulative contributions from digital infrastructure, e-commerce, cloud services, and emerging tech applications.
Globally, the Kingdom now ranks fourth in digital systems preparedness, a reflection of sustained investments in infrastructure and a broader push under Vision 2030 to diversify the economy beyond oil and foster a culture of innovation.
The announcement was made during the opening of the Digital Saudi Exhibition in Riyadh, where Al-Swaha highlighted the role of homegrown talent and local innovation in driving national progress. While the exhibition showcased Saudi Arabia's technological advancements, no new sector-specific investment details or future funding commitments were disclosed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CairoScene
5 hours ago
- CairoScene
Saudi Fintech Tarmeez Capital Raises Funds to Expand Sukuk Services
The funding aligns with stc group's broader strategy to expand its digital finance footprint and back high-growth platforms that enhance capital accessibility in the Kingdom. Jul 13, 2025 Saudi-based fintech Tarmeez Capital has secured its first institutional capital injection, marking a key milestone in the company's efforts to scale its Sharia-compliant sukuk and debt instrument offerings. The funding aligns with stc group's broader strategy to expand its digital finance footprint and back high-growth platforms that enhance capital accessibility in the Kingdom. Tarmeez Capital has quickly emerged as one of the most active players in Saudi Arabia's fintech landscape, amassing over 180,000 users and facilitating more than SR 2 billion in sukuk and digital debt financing. The company offers end-to-end digital services and claims its issuance process is seven times faster than traditional channels. This investment comes at a pivotal time for the Kingdom's debt markets. In 2024, Saudi Arabia's corporate debt market grew to SAR 140 billion, while sukuk and bond issuances via CMA-licensed digital platforms rose to SR 3.5 billion - a 127.36% increase year-on-year. With a product suite aimed at both institutional and retail investors, Tarmeez Capital has grown its sukuk issuance activity by 459% over the past year. The latest funding round is expected to help the company meet growing demand and further accelerate the digitisation of sukuk in line with Saudi Vision 2030's capital market ambitions.
CairoScene
7 hours ago
- CairoScene
Saudi Chocolate Sector to Reach USD 1.53 Billion by 2030
From high-end pralines to homegrown brands, Saudi Arabia's chocolate industry is expanding fast - meeting half of national demand and outpacing regional spending averages. The appetite for chocolate in Saudi Arabia is apparently insatiable, with 3,532 cocoa and chocolate businesses having officially registered across the country by the end of June 2025. Riyadh leads the pack with 1,490 active entities, followed by Makkah (909), the Eastern Province (416), Al-Qassim (213), and Madinah (149). As of last year, more than 1,000 chocolate production facilities were operating across the Kingdom - 35% of them based in Riyadh - allowing domestic producers to cover around half of the country's total chocolate consumption. Saudi demand continues to rise. Imports reached 123 million kilograms in 2024, while per-capita chocolate spending hit USD 41 in 2023 - 10 times the Middle East average. Over two-thirds of consumers in the Kingdom say they're willing to pay extra for premium chocolate, helping drive a steady uptick in the market. The sector is expected to grow from USD 1.23 billion in 2025 to USD 1.53 billion by 2030, with a compound annual growth rate of 4.5%, according to market forecasts
CairoScene
12 hours ago
- CairoScene
Egypt's Fuel Imports Exceed USD 10 Billion in Six Months
Egypt's fuel imports exceeded USD 10 billion in the first half of 2025, driven by increased demand from electricity generation and industrial sectors amid growing energy needs. Jul 13, 2025 Egypt imported approximately USD 6.4 billion worth of fuel during the first half of 2024, up from USD 6.1 billion during the same period the previous year. Of that total, around USD 3.6 billion was allocated to petroleum products, with the remainder covering crude oil, diesel, natural gas, and related imports. Fuel imports - including diesel and liquefied petroleum gas - accounted for an estimated 20% to 25% of domestic energy consumption in 2025. The uptick is largely attributed to rising demand from electricity generation and industrial operations. To address the growing reliance on imports, Egypt has been sourcing fuel from Gulf countries with surplus production and leveraging deferred payment agreements. Government plans are underway to reduce the share of imported fuel in total consumption starting in 2025, focusing on boosting domestic output and increasing crude oil and natural gas production through accelerated field development.
