MENA IT spending to reach $194bn in 2024 – up 5.2% on previous year: report

MENA IT spending to reach $194bn in 2024 – up 5.2% on previous year: report
Despite the rise, organizations are becoming more cautious with their IT expenditures, according to an expert. Shutterstock
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Updated 18 June 2024
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MENA IT spending to reach $194bn in 2024 – up 5.2% on previous year: report

MENA IT spending to reach $194bn in 2024 – up 5.2% on previous year: report

RIYADH: Information technology spending in the Middle East and North Africa region is set to reach $193.7 billion in 2024, a 5.2 percent increase from the previous 12 months, according to a new report. 

In its latest MENA IT Spending forecast, US-based consulting firm Gartner stated that while the outlay in the sector is set to increase, it will be at a slower rate than the 6.6 percent annual rise recorded in 2023.

This comes as tech startups based in the region secured $429 million in funding in the first quarter of the year. Additionally, MENA saw around $1 billion in tech commitments by venture capitals during the first six months of 2024.

Earlier this year, global investment manager Investcorp dedicated $500 million for growth stage tech companies in the region, while venture capital firms Singaporean Golden Gate and UAE’s Polynome Group both dedicated $100 million each for MENA-based tech investments.

Miriam Burt, managing vice president analyst at Gartner, noted that the slowing growth of expenditure in the IT sector is being caused by factors beyond the sector itself.

“While inflation in the region has eased, organizations in the Middle East continue to face challenges due to ongoing uncertainty caused by oil production cuts, downside economic risks linked to regional geopolitical tensions, as well as supply chain disruptions in key shipping routes,” she said.

“As a result, local organizations are becoming more cautious with their IT expenditures,” Burt added. 

Data center spend to fall




Data centers have been the focus of spending in recent years. Shutterstock

The report stated that despite experiencing growth in 2023, spending on data center systems is projected to decline by 0.3 percent in 2024, reflecting a shift toward alternative capabilities. 

Data center system expenditures are set to drop from $4.82 billion in 2023 to $4.80 billion in 2024. 

The systems in data centers include servers, external controller-based storage, and enterprise network equipment. 

“This is due to the rise in demand of alternative options such as software-defined storage, hyper-converged infrastructure software, and the ‘storage as a service’ model,” said Burt. 

MENA IT services spending is expected to record an increase of 9.6 percent in 2024 to reach $19 billion, up from $17.3 billion last year. 

“IT leaders in the MENA region are, in the first instance, spending more on professional and consulting services to prepare their businesses for cloud migration, AI (artificial intelligence), generative AI, and IoT (internet of things) implementations, and secondly, taking advantage of the data monetization opportunities resulting from the convergence of these technologies,” Burt added. 

“Security remains a key area for IT services spending, as well as the increasing purchase of products, services, and tools through ‘XaaS’ (Anything-as-a-Service) consumption models – both contributing to the overall growth of this segment,” she added. 

Demand drop of new devices




Shutterstock

Device spending is expected to decline by 4.5 percent in 2024 due to uneven demand for newer devices, such as mobile phones, in different countries within the MENA region. 

The subsector is set to drop from $28.3 billion recorded in 2023 to $27 billion this year. 

Software is set to see the highest growth in 2024, with spending forecasted at $15.2 billion, up from $13.5 billion in the previous 12 months. 

Communications services are expected to account for the bulk of 2024’s IT spending, with $127.5 billion in expenditures, up from $120 billion in 2023. 

“CIOs (chief information officers) in the MENA region are expected to increase their spending on cloud services. While AI/GenAI has some influence on cloud services spending, it is not expected to have an immediate and significant impact on IT spending levels in MENA in 2024,” said Eyad Tachwali, senior director advisory at Gartner. 

“Regional CIOs’ focus today is primarily on everyday lower-cost use cases rather than on costly game-changing AI,” he added. 

Furthermore, the report stated that global hyperscalers, which have the ability to offer extensive infrastructure for storage and computing facilities for AI and GenAI, are accelerating investments in in-country data centers, particularly world-class green data centers. 

“Some have launched sovereign cloud services tailored to the unique needs of specific Gulf Cooperation Council markets,” Burt said. 

Gartner’s IT spending forecast methodology relies heavily on rigorous sales analysis by over a thousand vendors across the entire range of IT products and services. 

On a separate note, other analysts state that Saudi Arabia is the fastest-growing IT market in the Middle East, Turkiye, and Africa. 

Jyoti Lalchandani, regional managing director of research firm IDC, said wider information and communication technology market spending is expected to reach $37.5 billion by the end of 2024. 

The comments were made during the ICT Indicators Forum hosted by the Saudi Ministry of Communication and Information Technology alongside the Saudi Communications, Space, and Technology Commission in Riyadh on April 24.  

It was further noted that spending in this area across the Saudi government sector would exceed $752 million by the end of 2024 as innovative technologies become foundational to building an “experience economy.” 

“AI, big data analytics, IoT, and cybersecurity spending is poised for tremendous growth and will account for almost one-third of overall IT spending in Saudi Arabia in 2024. Spending on AI in Saudi Arabia will surpass $720 million in 2024, reaching $1.9 billion by 2027 at a CAGR (compound annual growth rate) of 40 percent – half of that will be on interpretative AI,” Lalchandani said. 

“We have seen Saudi Arabia emerge as a hub for the cloud,” he added, with spending on public cloud forecasted to surpass $2.4 billion in 2024 and reach $4.7 billion by 2027.  

Software-as-a-Service will account for more than 50 percent of the 2024 spending. 

IDC further highlighted that spending on cybersecurity alone will surpass the $1 billion mark in 2024 and reach $1.6 billion in 2027. 

“I do remember a few years ago, the cybersecurity market was estimated at about $500 million. Today, we’re talking about literally double that. We’re talking about $1 billion in the cybersecurity industry, and to hear it be called the fastest growing market in the region is really a testament to our beloved nation,” Salman Faqeeh, CEO of Cisco Saudi Arabia, said while speaking on a panel during the forum. 


Saudi crowdfunding funding hits $800m a year: top official 

Saudi crowdfunding funding hits $800m a year: top official 
Updated 15 sec ago
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Saudi crowdfunding funding hits $800m a year: top official 

Saudi crowdfunding funding hits $800m a year: top official 

RIYADH: Crowdfunding has emerged as one of the fastest-growing financial channels in Saudi Arabia, with platforms doubling in size annually and surpassing SR3 billion ($800 million) in capital last year, according to a top official. 

During a panel discussion at the Kingdom’s premier tech conference, LEAP 2025, Mohammed El-Kuwaiz, chairman of the Capital Market Authority, stated the financing landscape has also expanded significantly, moving beyond traditional bank loans and initial public offerings. 

“Whether we look at debt crowdfunding or equity crowdfunding, these platforms have actually been doubling in size every year for the past three years,” he said, highlighting their growing role in the country’s evolving financial ecosystem. 

Alongside crowdfunding, Saudi Arabia has introduced a range of new financing options to support businesses at different stages of growth. 

“We used to think of financing as one of two routes, either bank financing or IPOs. Today, that menu includes a plethora of investment and financing options,” El-Kuwaiz said. He highlighted that the country now has eight distinct investment and financing stages, with half of these introduced in recent years. 

The rapid rise of crowdfunding is part of a broader transformation in the Kingdom’s capital markets, which have expanded significantly since the Vision 2030 economic diversification plan was unveiled in 2016.

“The story of capital markets and how they serve entrepreneurs is very much running in parallel with the growth that we’ve been seeing in LEAP. We have moved from being the 25th or 26th largest market in the world to now being one of the top 10 largest markets in the world,” he said. 

The regulatory environment has also evolved to support business formation, with changes to the country’s corporations law allowing for multiple classes of shares and various investor rights. 

“Most startups and most founders require a degree of flexibility that our former corporations’ law did not allow them to serve,” El-Kuwaiz said, citing features such as drag-along and tag-along rights that were previously unavailable. 

Exit strategies for startups have expanded as well, with IPO activity accelerating and mergers and acquisition regulations being streamlined. 

“We moved from doing something like 10 listings a year to, in the last couple of years, doing in excess of 40 IPOs a year, and more than 50 percent of these listings are actually small and medium businesses. Many of them are actually venture-backed,” El-Kuwaiz said. 

However, mergers and acquisitions remain the most common exit strategy, with regulatory updates in 2017 and 2018 fueling a surge in M&A transactions. 

“As a result of that first rewrite, we have actually seen in the last five or six years more M&A activity than since we established the CMA 15 years ago,” he added. 

Saudi Arabia’s capital market transformation has also made it an increasingly attractive destination for international entrepreneurs. 

“We have seen more and more from outside of the region seriously considering relocating to Saudi Arabia because of the market, because of these regulatory developments, and this potential to exit,” the CMA said.

Debt markets have also played a crucial role in financing businesses, surpassing equity markets in capital raised since 2021. 

El-Kuwaiz added that since then, “our debt capital market has been raising more capital for businesses and governments than the equity capital market, both in primary and secondary.” 

He also underlined that Saudi Arabia is developing its private credit sector alongside its debt market, with expectations that the latter will grow faster in the near term due to its liquidity and traceability advantages. 

El-Kuwaiz emphasized that the Kingdom’s efforts to enhance business formation, financing, and exit opportunities are creating a model that extends beyond national borders. 

“When we first started, we thought that solving the entrepreneurial problem was a Saudi-specific problem,” he said, adding: “But as we have evolved, we recognize that if we solve this problem, we can actually solve this problem for all entrepreneurs — whether in Saudi, the Gulf region, or the broader Middle East.”


Pakistan says IMF ‘on board’ over $7 billion bailout targets

Pakistan says IMF ‘on board’ over $7 billion bailout targets
Updated 11 min 26 sec ago
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Pakistan says IMF ‘on board’ over $7 billion bailout targets

Pakistan says IMF ‘on board’ over $7 billion bailout targets
  • The statement comes days before the arrival of an IMF team for the first review of the facility
  • IMF bailouts are critical for Pakistan which narrowly avoided a sovereign default in June 2023

KARACHI: Pakistan has taken the International Monetary Fund (IMF) on board over its targets under a $7 billion loan program it secured in September, a finance ministry official said on Tuesday, days before the arrival of an IMF mission in the South Asian nation for the program’s first review.
A successful review, expected later this month or in early March, would see the Washington-based lender release around $1 billion tranche to cash-strapped Pakistan, which seeks to boost its foreign exchange reserves to achieve the IMF’s threshold of three months import cover.
IMF bailouts are critical for Pakistan which narrowly avoided a sovereign default in June 2023 by clinching a last-gasp, $3 billion IMF loan and is currently navigating a tricky path to economic recovery.
“We are on track,” Khurram Schehzad, an adviser at the Pakistani finance ministry, told Arab News. “The IMF is on board on the targets and benchmarks that we have achieved as well as only a few we are chasing. We are fully prepared to go into the review process.”
The statement is expected to allay investor concerns about Pakistan meeting the IMF’s conditions to reform its economy by cutting on energy subsidies, broadening the tax net to agriculture, real estate and retail sectors, and privatizing loss-making, state-owned enterprises like the Pakistan International Airlines (PIA).
“We are working on the taxation side by bringing in the under-taxed and non-taxed sectors into the net by broadening, deepening and widening it,” Schehzad said.
Provincial governments in Pakistan’s Sindh, Punjab, Khyber Pakhtunkhwa and Balochistan provinces have recently enacted laws to impose taxes on farm incomes, fulfilling one of the IMF’s requirements.
Since averting an imminent default on its external debt in 2023, Pakistan is now keeping its current account in check primarily through containing imports. The country’s exports rose 10% to $19.6 billion in the last seven months till January, while it is keeping tabs on imports that increased by 7% to $33 billion, according to Pakistan Bureau of Statistics.
“Our balance of payment position is going to be manageable this year,” said Schehzad, who believes population growth and climate change are the two biggest challenges facing Pakistan’s economy.
The country achieved a current account surplus of $1.2 billion from July 2024 till December 2024 and is expecting to receive a record $35 billion worker remittances by June 2025. It expects IT exports to increase to $4 billion this year.
As jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party carries out countrywide protests to demand the return of its “stolen” mandate in the last general election, PM Shehbaz Sharif’s government is trying to shore up the fragile economy, which Schehzad said is expected to expand in the range of 3% to 3.5% this financial year ending in June.
Pakistan’s central bank has slashed the interest rate by a cumulative 1,000 basis points to 12% since June to spur economic growth, thanks to the easing inflation that rose 2.41% last month, the lowest in more than nine years.
“We are keeping an eye on the prices of all essential items that should be reflective of the prevailing inflation numbers, so to close the gap between numbers and on-ground prices,” the finance adviser said.
The pace of price hike is expected to ease further in the months ahead, which will create more room for the central bank to decrease the rate of bank borrowing.
“We are giving priority to long-term sustainability of the economy over short term reliefs,” Schehzad said.
The Pakistani government is striving to turn the hard-earned economic stability with fiscal and external consolidation into a growth that is export-led and driven by productive and efficient investments primarily by the private sector, according to the finance adviser.
The government is working to break the so-called boom-and-bust cycle Pakistan’s economy has been “suffering from in the past many years now” and targets 6% growth and beyond by 2029, he added.


Saudi Arabia unveils $1.78bn investments to advance AI, digital talent

Saudi Arabia unveils $1.78bn investments to advance AI, digital talent
Updated 40 min 54 sec ago
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Saudi Arabia unveils $1.78bn investments to advance AI, digital talent

Saudi Arabia unveils $1.78bn investments to advance AI, digital talent

RIYADH: Investments totaling $1.78 billion marked the third day of the LEAP 2025 Tech Conference in Riyadh, aimed at accelerating artificial intelligence and digital talent development.

Industry leaders, investors, and policymakers have launched several initiatives to drive digital transformation in Saudi Arabia, aligning with Vision 2030 to position the Kingdom at the forefront of the digital age.

Among these, Equinix, a global leader in digital infrastructure, announced a $1 billion investment in data centers nationwide, starting with a 100-megawatt facility to serve hyperscale and retail customers in the region.

“Equinix has been at the center of technological advancements for 26 years. Our global interconnection hubs allow data to move seamlessly worldwide, and now, we are expanding further into Saudi Arabia,” said Judith Gardner, vice president of growth and emerging markets at Equinix.

Saudi Arabia’s Communications, Space, and Technology Commission has launched Cohort 3 of its innovative regulatory sandbox program, aimed at empowering innovators and startups to test new technologies. 

Abdulaziz Al-Batli, general manager of technology enablement at CST, emphasized the commission’s approach, which balances ample space for innovation with necessary regulatory oversight.

To further solidify Saudi Arabia’s position as a regional technology and innovation hub, DAMAC’s EDGNEX unveiled plans to expand its investments in data centers for cloud computing and AI across the Kingdom. 

The company aims to develop a 500-megawatt capacity by 2030, aligning with the country’s broader digital transformation goals. 

This initiative complements the wave of investments announced at LEAP 2025, reinforcing Saudi Arabia’s commitment to enhancing its digital infrastructure and fostering an AI-driven economy.

Strengthening AI, startups, and emerging technologies

Several investment funds have pledged a total of $695 million to support startups specializing in AI, gaming, and innovative tech solutions, including:

  • JOA Capital and Buidlnow: $80 million AI-powered infrastructure fund.
  • Ula Capital: $75 million data-driven fund for AI and deep tech startups.
  • Sanabil Accelerator by Orbit: $60 million fund for over 200 early-stage tech startups.
  • Sharaka Financial: $30 million fund for startups in the MENA region.
  • MERIT and BRKZ: Secured funding rounds totaling $28 million and $22 million, respectively.
  • Torod: The largest Series A funding round for logistics tech in MENA, led by WAED.

These investments bring the Kingdom’s total venture capital commitments announced at LEAP to nearly $700 million, with close to $100 million dedicated to startup investments.

AI innovations and talent development

WhiteHelmet introduced ASIF, the first AI-powered construction agent designed to revolutionize the building industry by optimizing speed and efficiency.

Additionally, Microsoft announced the establishment of the Kingdom’s first Data Center Academy in partnership with the National IT Academy.

“This initiative aligns with Microsoft’s mission to provide cutting-edge digital skills and training, ensuring Saudi Arabia’s workforce is ready for the AI-driven future,” said Zainab Al-Amein, vice president of national digital transformation at Microsoft.

Similarly, Huawei, in collaboration with the Ministry of Communications and Information Technology, unveiled plans for a Future Skills Center to enhance AI expertise in the region. 

Accenture and Atomcamp also launched the first AI Academy in Saudi Arabia, aiming to train 20,000 Saudi professionals by 2030.

Expanding space and digital economy

CST Gov.  Mohammed Al-Tamimi, highlighted key themes shaping LEAP 2025, including AI, cloud computing, quantum technologies, and the intersection of space and the digital economy.

“We are witnessing the second phase of our space track, with over 20 events dedicated to discussions on space competition and the connection between space and the digital economy,” said Al-Tamimi.

Gaming industry

The gaming industry also saw significant investments, with HGM announcing a $300 million commitment to bring top gaming titles to Riyadh. The Kingdom’s first major military shooter game is set to launch in October, developed by a team with experience in franchises like Call of Duty.

With these major announcements, LEAP 2025 continues to reinforce Saudi Arabia’s position as a global technology and innovation hub. The ongoing event is underscoring the country’s efforts to drive digital transformation, AI advancements, and economic diversification in line with Vision 2030.


Closing Bell: Saudi main index edges down to close at 12,424

Closing Bell: Saudi main index edges down to close at 12,424
Updated 11 February 2025
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Closing Bell: Saudi main index edges down to close at 12,424

Closing Bell: Saudi main index edges down to close at 12,424

RIYADH: Saudi Arabia’s Tadawul All Share Index ended Tuesday’s trading in red, as it shed 47.40 points or 0.38 percent to close at 12,424.32. 

The total trading turnover of the benchmark index was SR6.36 billion ($1.70 billion), with 69 stocks advancing and 155 retracting. 

Nomu, Saudi Arabia’s parallel market, gained 143.56 points to close at 31,570.32 while the MSCI Tadawul Index edged down by 0.46 percent to 1,543.86. 

The best-performing stock on the main market was Raoom Trading Co. The firm’s share price soared by 5.59 percent to SR189.

The share price of Fawaz Abdulaziz Alhokair Co. increased by 5.38 percent to SR15.68. 

Zamil Industrial Investment Co. also saw its stock price climbing by 4.91 percent to SR36.35. 

Conversely, Tihama Advertising and Public Relations Co.’s share price declined by 3.4 percent to SR16.50. 

On the parallel market, Mohammed Hadi Al Rasheed and Partners Co. was the top gainer, with its share price increasing by 6.98 percent to SR138.

On the announcements front, Saudi Electricity Co. said that it commenced issuing a dollar-denominated, senior secured sukuk on Feb.11 with the offering set to run until Feb.12. 

SEC, in a statement to Tadawul, said that the sukuk has a minimum subscription level of $200,000, while the final issuance size will be determined based on market conditions. 

The company added that the offering is being conducted through a special-purpose vehicle and is available to qualified investors within the Kingdom and abroad. 

SEC’s share price dropped by 0.46 percent to SR17.22. 

Hedab Alkhaleej Trading Co. has set the price range for its initial public offering on Nomu at SR48 to SR52 per share, the firm’s financial adviser and lead manager Yaqeen Capital said. 

According to a Tadawul statement, the offering comprised of 800,000 ordinary shares representing 10.67 percent of the issued share capital of the company after the IPO. 

The book-building period for qualified investors will run on Feb. 16-20.


PIF forum in Riyadh to drive private sector growth with new partnerships, investments

PIF forum in Riyadh to drive private sector growth with new partnerships, investments
Updated 11 February 2025
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PIF forum in Riyadh to drive private sector growth with new partnerships, investments

PIF forum in Riyadh to drive private sector growth with new partnerships, investments
  • Event to catalyze strategic alliances and expand economic opportunities in key industries

RIYADH: Saudi Arabia’s Public Investment Fund is set to unveil new private sector partnerships and investment initiatives at its annual Private Sector Forum, scheduled for Feb. 12-13 in Riyadh.  

The event, which will bring together more than 90 PIF-backed companies, seeks to strengthen supply chains, boost local manufacturing, and accelerate economic diversification under Vision 2030. 

Now in its third year, the forum will spotlight business opportunities with the sovereign wealth fund and its portfolio companies, identify potential prospects for investors and suppliers, and expand avenues for collaboration. It will also serve as a bridge between PIF, its portfolio companies, and the private sector, reinforcing localization efforts. 

The event aligns with Saudi Arabia’s push to boost private sector participation in its economic diversification efforts, with the wealth fund playing a key role in this transformation. 

Established in 1971, the fund manages assets estimated at $930 billion and is central to Saudi Arabia’s strategy to reduce reliance on oil, with investments spanning technology, tourism, and infrastructure both locally and globally. 

The forum provides a platform for engagement, emphasizing partnership opportunities between PIF, its portfolio companies, and the local private sector.  

It also offers networking opportunities and direct access to supplier registration with portfolio firms. Additionally, participants can learn about PIF programs designed to support the private sector. 

FASTFACTS

Established in 1971, the fund manages assets estimated at $930 billion and is central to Saudi Arabia’s strategy to reduce reliance on oil, with investments spanning technology, tourism, and infrastructure both locally and globally. 

The event, which will bring together more than 90 PIF-backed companies, seeks to strengthen supply chains, boost local manufacturing, and accelerate economic diversification under Vision 2030. 

The forum is expected to draw over 12,000 visitors, including more than 1,000 C-level executives from the public and private sectors. It will feature over 120 speakers, 15 panel discussions, and 25 workshops. 

It will feature specialized workshops led by experts from PIF and its portfolio companies, providing insights into investments and supply chain opportunities.

Over 100 MoUs are expected to be signed, with 80 ministers and government officials in attendance. The forum will also include five side events and special corners.

Workshops and insights 

The event will feature specialized workshops led by experts from PIF and its portfolio companies, providing insights into investments and supply chain opportunities. These sessions will highlight expected demand for key products and services, equipping businesses with the knowledge to make informed decisions. 

The event is expected to draw over 12,000 visitors, including more than 1,000 C-level executives from the public and private sectors. It will feature over 120 speakers, 15 panel discussions, and 25 workshops. 

Some of the key speakers include Saudi Minister of Municipalities Majed Al-Hogail, Minister of Transport and Logistics Saleh Al-Jasser, Investment Minister Khalid Al-Falih and Minister of Economy and Planning Faisal Al-Ibrahim. 

Ceer CEO James DeLuca, Riyadh Air CEO Tony Douglas and Ma’aden CEO Robert Wilt are also scheduled to speak at the event. Other notable participants include Jerry Todd, head of the national development division at PIF; Ranjith Powell, head of ports and transport infrastructure at PIF; and Abdullah Al-Hussaini, head of strategy and engagement at PIF.

Attendees can engage with more than 100 portfolio company booths, 10 government entity booths, and participate in 10 business matching sessions. 

Additionally, over 100 memorandums of understanding are expected to be signed, with 80 ministers and government officials in attendance. The forum will also include five side events and special corners.

Panel discussions will bring together thought leaders from government entities, PIF, and its portfolio companies, discussing the private sector’s vital role in Saudi Arabia’s development, successful collaborations with the wealth fund, and opportunities in emerging sectors and giga-projects. 

The forum will also feature key announcements from PIF, reinforcing its commitment to private sector collaboration to drive economic growth. 

The event will feature four main tracks, covering investment and collaboration opportunities, as well as manufacturing and localization through panels and matchmaking sessions connecting private sector representatives with PIF portfolio companies. It will also include workshops on financing tools and capital market opportunities, along with sessions highlighting key programs and initiatives available to private sector firms. 

Day 1 highlights 

The forum will open with a keynote ceremony, followed by panels on government support for the private sector, supply chain localization, and biotech growth. Presentations will spotlight industry leaders such as ALAT, Ceer, Ma’aden, NUPCO, and Cruise Saudi. 

Key sessions include the MUSAHAMA Awards and a fireside chat on Riyadh Air’s vision for aviation. Workshops at the PSF Pavilion – Lab 1 will cover localization, finance, and infrastructure, while Palmgrove – Lab 2 will host panels on Saudi Arabia’s automotive, transport, and logistics sectors. 

Day 2 highlights 

The second day will feature panels on real estate market enablers, covering strategy, regulation, licensing, deal structures, funding, and partnerships. Presentations will highlight key projects, including Jeddah Central Development, NEOM, New Murabba, ROSHN, and King Abdullah Economic City. 

Fireside chats will explore Red Sea Global’s luxury tourism push, Diriyah Co.’s historical significance, and Rua Al Madinah’s vision for enhancing visitor experiences. 

Workshops at PSF Pavilion – Lab 1 will focus on contractor programs, AI’s role in Saudi Arabia, and the innovation ecosystem. Palmgrove – Lab 2 will cover manufacturing acceleration, sports investment, and Saudi investment opportunities. The MUSAHAMA Design Competition Awards will also take place. 

PIF’s Private Sector Forum is emerging as one of the most significant business events in Saudi Arabia, not only as a networking platform but also as a driver of tangible economic outcomes. 

The 2024 event saw strong private sector participation, with agreements signed across industries, including construction and financial services. The forum attracted over 9,000 attendees and showcased more than 10 investment and supply opportunities.

This year’s forum is expected to build on that momentum, with a strong emphasis on investment facilitation and supply chain resilience. 

The forum will conclude with a series of closing remarks from PIF executives, summarizing key takeaways, new business agreements, and upcoming initiatives aimed at further integrating the private sector into Saudi Arabia’s economic growth plans.