Hungarian firms plan major tech investment in Saudi Arabia under Vision 2030
RIYADH: An alliance of 25 Hungarian companies is preparing to invest in Saudi Arabia's technology and digital transformation sectors, seizing the opportunities offered by Vision 2030.
The announcement, made at the Saudi-Hungarian Business Forum in Riyadh organized by the Federation of Saudi Chambers, underscored the growing economic ties between the two nations, the Saudi Press Agency reported.
The forum was attended by Hungarian Parliament Deputy Speaker Istvan Jakab, Saudi-Hungarian Business Council Chairman Marwan Al-Mutlaq, Shoura Council Chairman Ibrahim bin Mohammad Al-Qannas, and Hungarian Ambassador to Saudi Arabia Balazs Selmeci.
The initiative builds on the creation of the Hungarian-Saudi Holding Co. last year, a consortium focused on digital transformation and investment partnerships across Saudi Arabia's digital, financial, and food sectors.
Trade between Saudi Arabia and Hungary reached SR1.8 billion ($480 million) in 2023, reflecting a 27 percent increase, with the Kingdom's exports surging 216 percent to SR584 million and imports at SR1.2 billion.
Jakab highlighted the strength of Hungary's relationship with Saudi Arabia, saying: 'The relationship with the Shoura Council and the Federation of Saudi Chambers is strong,' and emphasized the potential of the holding company to foster investment and collaboration in key sectors.
Al-Mutlaq noted Saudi Arabia's growing influence in the tech sector, ranking fourth globally in e-government and tenth in e-commerce.
He added that the Saudi-Hungarian Business Council, in its new term, will focus on strengthening investment partnerships and boosting bilateral trade.
Hungary has maintained diplomatic ties with Saudi Arabia for over 28 years, contributing to ongoing bilateral cooperation. The country's advanced IT sector presents opportunities to share expertise with Saudi Arabia's growing technology landscape.
As part of Saudi Arabia's Vision 2030 plan, the country is making substantial investments in digital transformation, focusing on emerging technologies such as artificial intelligence, cloud computing, and the Internet of things to build a significant digital economy by 2030.
Government spending on technology is expected to reach $24.7 billion by 2025, according to a report published by the International Trade Administration.
Key initiatives include the Public Investment Fund backing advanced tech firms like Alat, which focuses on AI, semiconductors, and robotics, with projected investments of around $100 billion by 2030.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Leaders
17 minutes ago
- Leaders
Hajj 2025: Saudi Crown Prince Lauds Success in Pilgrims Service
The Saudi Crown Prince and Prime Minister, Mohammed bin Salman, has praised the Kingdom's efforts in serving pilgrims during the Hajj season 2025, reported the Saudi Press Agency (SPA). On the occasion of Eid Al-Adha, the Saudi Crown Prince on Friday greeted citizens, residents and pilgrims on behalf of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud. During his speech, Crown Prince Mohammed bin Salman lauded the continued efforts of the Saudi authorities in serving the Two Holy Mosques, the Holy Sites, and their guests, which led to the success of the Hajj season. He praised the employees of various government sectors, as well as male and female volunteers, for implementing the Saudi State's policies to ensure a safe and peaceful Hajj experience for all pilgrims. Moreover, the Saudi Crown Prince reiterated the Kingdom's commitment to exerting all efforts to ensure the comfort of pilgrims. The Crown Prince's remarks came during a reception at the Royal Court in Mina Palace, where he received the Pakistani Prime Minister, Muhammad Shehbaz Sharif; Saudi Arabia's Grand Mufti; senior scholars; several princes; and high-ranking officials from the Gulf Cooperation Council (GCC). The guests also included the commanders of the military sectors and scouts participating in Hajj operation. Short link : Post Views: 1
Saudi Gazette
15 hours ago
- Saudi Gazette
Crown Prince lauds great efforts exerted to ensure comfort of pilgrims
Saudi Gazette Report MINA — On behalf of Custodian of the Two Holy Mosques King Salman, Crown Prince and Prime Minister Mohammed bin Salman received Eid Al-Adha well-wishers at the Royal Court of Mina Palace on Friday. The reception was attended by Pakistani Prime Minister Muhammad Shehbaz Sharif, Saudi Grand Mufti Sheikh Abdul Aziz Al-Sheikh, several princes, senior scholars and sheikhs, senior officials of the Gulf Cooperation Council (GCC) states, ministers, and the commanders of the military sectors and scouts participating in this year's Hajj. In a speech, the Crown Prince, on behalf of King Salman, congratulated the attendees as well as Saudi citizens, expatriates, and the Hajj pilgrims on the blessed occasion of Eid Al-Adha. 'We implore God Almighty to return this blessed occasion to our nation and to Muslims around the world with continued goodness, prosperity, and peace. The continued success we witness today in serving pilgrims is the result of the efforts of our blessed state in serving the Two Holy Mosques, the holy sites, and their visitors,' he said while emphasizing that Saudi Arabia will continue exerting efforts to ensure comfort of the pilgrims. 'We commend the continuous efforts made by you, those working across various government sectors, and the male and female volunteers in implementing the state's policies so as to enable pilgrims to complete their rituals in security and tranquility. We ask God Almighty to continue blessing us with security and safety, and to grant us success in continuing to perform this great duty to the fullest extent possible,' he added. Lt. Gen. Mohammad Al-Bassami, director of Public Security and chairman of the Hajj Security Committee, delivered a speech on behalf of the military sectors participating in the Hajj. He highlighted the government's financial capabilities, human resources, and technical equipment to serve the pilgrims, paying the utmost attention to the Grand Mosque and its visitors. Al-Bassami said that a total of 213,323 personnel from the security and military sectors are participating in implementing the directives of the leadership to facilitate the performance of the Hajj rituals in safety and security, relying on the help of God and fortified by their professional capabilities, field experience, and knowledge gained from the Saudi Vision, led by the Crown Prince, making serving the pilgrims one of their most important priorities and noble goals. He pointed out that the successes achieved by the Hajj security plans to date are the result of the directives of King Salman and the unlimited support of the Crown Prince for the continuous improvement of service to the pilgrims. He highlighted the supervision and follow-up of the minister of interior and chairman of the Supreme Hajj Committee over the preparation and implementation of Hajj security plans, as well as the integration of roles among all participating entities. 'All plans are built on precise foundations and clear responsibilities, supported by an advanced operations center that plays a significant role in managing the security and service system. The center utilizes advanced technologies and modern surveillance systems, making immediate decisions through data analysis and risk assessment to ensure the security and safety of pilgrims,' he added.
Leaders
17 hours ago
- Leaders
Iranian President Thanks Saudi Arabia for Intensive Efforts of Hajj 2025
Iranian President Thanks Saudi Arabia for Intensive Efforts of Hajj 2025 Iranian President Masoud Pezeshkian has expressed sincere thanks to Saudi Arabia's Crown Prince Mohammed bin Salman for the Kingdom's efforts in ensuring smooth and secured Hajj season, according to the Saudi Press Agency. During a phone call on Thursday, Pezeshkian expressed gratitude and appreciation for the 'hard work of the Saudi government' in providing seamless services during Hajj 2025. Pezeshkian also stressed Iran's willingness to foster relations with all Muslim nations, particularly Saudi Arabia, according to Iran's state news agency IRNA. Related Topics: Spanish Muslims Make Hajj Journey on Horseback Saudi Crown Prince Arrives in Mina to Oversee Hajj Services INTERVIEW: A Spiritual Awakening — One Pilgrim's First Steps Toward Hajj Short link :
