RIYADH: Saudi Arabia’s digital economy is poised for further growth following discussions between a top official and a multinational technology company aimed at strengthening their strategic partnership.
The Kingdom’s Minister of Communications and Information Technology Abdullah Al-Swaha's meeting with Nvidia CEO Jensen Huang aims to support and strengthen the region’s digital economy, particularly in Saudi Arabia, recognized as the largest market for technical innovation in the Middle East and North Africa.
The two also explored the potential role that generative artificial intelligence can play in supporting digital innovation and investment opportunities.
During the reception, key topics of discussion included fostering innovation in deep technologies, optimizing the social and economic benefits of implementing generative artificial intelligence techniques, and seizing numerous opportunities in the digital sector.
Last month, Al-Swaha emphasized the Kingdom’s leadership in AI, highlighting the establishment of the region’s inaugural GenAI Accelerator and The Garage, the largest deep technology business incubator in the region.
The minister also noted various noteworthy digital achievements by Saudi Arabia that gained global recognition in 2023.
Notably, the Kingdom secured the third position in the World Bank’s GovTech Maturity Index and ranked fourth globally in terms of readiness for digital regulations, as indicated by the International Telecommunication Union’s report titled “Global Digital Regulatory Outlook 2023.”
This comes as Saudi Arabia continues to make strides in driving the digital economy through global collaborations and partnerships with key countries.
On the sidelines of the World Economic Forum held in Davos in January, the minister engaged in discussions with his Singaporean counterpart, Josephine Teo, to strengthen their nations’ strategic partnership in the fields of digital economy, emerging technologies, and digital government.
They emphasized the significance of initiatives fostering innovation and digital development under the umbrella of the Saudi-Singapore Joint Committee.
Areas of mutual interest encompass the opening of joint markets, initiatives to promote technical investments, advancement of the digital sector, and strengthened collaboration in researching and developing advanced technologies.
These efforts are geared toward enhancing and supporting the growth of the digital economy.