RIYADH: Saudi Arabia’s tech sector boomed during the second quarter of 2024; especially Artificial Intelligence (AI) and cloud computing services saw substantial growth. There was an increase in AI technologies by 53%, with 8,948 official identification cards issued compared to 5,820 in the previous year. Cloud computing services saw a growth of 43%, with 2,358 documents issued, up from 1,648
The growth resonates with Saudi Arabia’s highly competitive global market, ranking 16th out of 67 countries in the World Competitiveness Rating. Riyadh had the highest number of permits issued for AI technologies with 5,492, followed by Makkah, the Eastern Province, Madinah, and Asir.
The other sectors, notably, the arts, entertainment and the leisure sector saw a substantial commercial growth record with 20,465, and electronic games registrations rose by 29% to 336. The ground passenger transport services grew by 32%, touching 8,213 records, and the short-term accommodation businesses recorded 22% growth with 22,435 records.
Other sectors such as mining and quarrying, pharmaceuticals and medical products also showed remarkable growth for commercial registrations reflecting the evolving business environment of Saudi Arabia. The Ministry of Commerce announced registrations of more than 120,000 commercials during the Q2 of 2024, up by 78% compared to the same period of 2023, reflecting the country’s economic growth.
