Over the recent years, Saudi Arabia has been making big leaps towards achieving a diverse and digitally driven economy.
As part of the kingdom’s economic diversification masterplan Vision 2030, Saudi Arabia plans to spend more than $32.9 billion on their ICT sector in 2022, according to IDC. Moreover, Saudi Arabia’s ICT Strategy 2023 outlines creating more than 25,000 jobs in the sector, increasing the size of the IT market and emerging technologies by 50 percent.
The kingdom is continuously making aggressive reform programmes to achieve its national transformation goals, including increasing public-private partnerships in R&D, advancing talent development and attracting investments among others.
In celebration of Saudi Arabia’s 92nd National Day, here are some of the tech and innovation stories from the kingdom that made headlines this week.
First Saudi woman astronaut
The Saudi Space Commission (SSC) has announced the Kingdom’s first astronaut programme, which will be dedicated to train competent Saudi nationals to undertake long- and short-term space flights.
The Saudi Astronaut Program, which is an integral part of the Kingdom’s ambitious Vision 2030, will send Saudi astronauts into space to help better serve humanity. One of the astronauts will be a Saudi woman, whose mission to space will represent a historical first for the Kingdom.
National Day celebrations in the metaverse
Saudi-based creative advertising agency, The Bold Group, has partnered with King Abdulaziz Foundation for Research and Archives (Darah) to bring Saudi National day to the Decentraland metaverse.
The celebration will feature feature multiple layers of Saudi culture in an open-air museum, with each level displaying various representations of the beauty of Saudi Arabia.
“We are activating the metaverse in an impactful way by paying tribute to Saudi National Day,” said Abeer Alessa, Co-Founder and Chief Executive Officer, The Bold Group.
“Fusing our past with our future, we are honouring the storied history of the Kingdom, preserving our heritage and displaying it with pride for people to engage with in the new digital realm.”
First blockchain-enabled trade finance transaction
HSBC has successfully executed a blockchain-enabled, trade finance transaction between Chinese car manufacturer, SAIC Motor and the Taajeer Group, Saudi Arabia’s exclusive agent for MG cars.
Conducted on the Contour platform, this is a regional first for the automotive sector.
The transaction is also a first of its kind in Saudi Arabia, where, according to David Leslie, General Manager of the Trade Finance Business at SABB, increased digitisation is aligned to the Vision 2030 initiative to make the Kingdom a regional trade hub. “Blockchain can significantly reduce friction and increase the pace of trade for companies trading with Saudi Arabian entities.”
Oracle names first female country leader for Saudi Arabia
Oracle has appointed Riham Almusa as its new country leader for Saudi Arabia to support the digital transformation initiatives of the company’s public and private sector customers in the Kingdom.
As the new country leader, Almusa will also prioritise Oracle’s plan to attract, train, mentor and prepare Saudi’s next generations talent for the digital economy.
Almusa who is passionate about inclusion and equity in the workplace, specifically of women and the youth, will focus on how we further embed global Diversity & Inclusion strategy with a focus on localising for Saudi Arabia.
Fintech platform erad raises $2.4 million
Saudi-based fintech startup, erad, has raised $2.4 million in a pre-seed funding round.
The round was backed by UAE-based Nuwa Capital, VentureSouq and Saudi Arabian venture capital firm, Khwarizmi Ventures with additional private investment from prominent regional angel investors.
Co-founded by Salem Abu-Hammour, Faris Yaghmour and Youssef Said, erad seeks to offer a secure, data-driven platform that evaluates marketing, sales, and accounting activity of promising online businesses.
