Latest news with #IstvanJakab
Arab News
06-02-2025
- Business
- Arab News
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.
Asharq Al-Awsat
06-02-2025
- Business
- Asharq Al-Awsat
Hungarian Companies to Invest in Technology, Digitalization in Saudi Arabia
Hungarian Companies to Invest in Technology, Digitalization in Saudi Arabia A coalition of 25 specialized Hungarian companies is preparing to invest in Saudi Arabia's technology and digital transformation sectors, aiming to capitalize on the abundant opportunities presented by the Kingdom's Vision 2030, it was announced during the Saudi-Hungarian Business Forum in Riyadh. Wednesday's event, organized by the Federation of Saudi Chambers, was attended by several dignitaries, including Hungarian Parliament Deputy Speaker Istvan Jakab, Saudi-Hungarian Business Council chairman Marwan Al-Mutlaq, Shura Council Saudi-Hungarian Parliamentary Friendship Committee chairman Dr. Ibrahim bin Mohammad Al-Qannas, Hungarian Ambassador to Saudi Arabia Balazs Selmeci, and various Saudi investors. Jakab highlighted the strong relationship between the Shura Council and the Federation of Saudi Chambers, noting the establishment of the Hungarian-Saudi Holding Company last year. The company represents a coalition of Hungarian firms in the digital transformation sector, focused on investing in Saudi Arabia and forming partnerships with local investors in technology, finance, and food industries.
Leaders
06-02-2025
- Business
- Leaders
Hungarian Business Consortium Eyes Tech, Digitalization Investments in Saudi Arabia
A consortium of 25 Hungarian specialized companies is gearing up for investing in Saudi Arabia's technology and digital transformation sectors to leverage the massive opportunities presented by Saudi Vision 2030, reported the Saudi Press Agency (SPA). The announcement came on Wednesday during Saudi-Hungarian Business Forum, organized by the Federation of Saudi Chambers in Riyadh. The Hungarian Parliament Deputy Speaker, Istvan Jakab, and the Saudi-Hungarian Business Council chairman, Marwan Al-Mutlaq, attended the event. In addition, the Chairman of the Shura Council Saudi-Hungarian Parliamentary Friendship Committee, Ibrahim bin Mohammad Al-Qannas, the Hungarian Ambassador to Saudi Arabia, Balazs Selmeci, and several Saudi investors were present. During Saudi-Hungarian Business Forum, Jakab underscored the strength of relations with the Shura Council and the Federation of Saudi Chambers. In the light of this, he pointed to the establishment of the Hungarian-Saudi Holding Company last year, which represents a consortium of Hungarian companies specializing in digital transformation, seeking investment opportunities in Saudi Arabia and partnerships with Saudi investors across the digital, financial, and food industries. During his speech, the Saudi-Hungarian Business Council chairman, Marwan Al-Mutlaq, highlighted the Kingdom's status in the technology and digitalization sector, ranking fourth globally in e-government and tenth in e-commerce. He also said that the Saudi-Hungarian Business Council will work in its new session on strengthening the partnership between Saudi and Hungarian investors and enhancing trade between both countries. In 2023, the trade exchange between Saudi Arabia and Hungary reached SAR 1.8bn, marking a 27% growth. Saudi exports surged by 216%, with SAR 584mn, while imports from Hungary amounted to SAR 1.2bn. Short link : Post Views: 1
