Latest news with #SR11.8
Saudi Gazette
25-05-2025
- Business
- Saudi Gazette
Saudi Arabia's digital economy grows to 15.6% of GDP in 2023, GASTAT says
Saudi Gazette report RIYADH — Saudi Arabia's digital economy accounted for 15.6% of the Kingdom's gross domestic product (GDP) in 2023, reflecting a 1.6% increase compared to 2022, according to the latest bulletin released by the General Authority for Statistics (GASTAT). The 2023 Digital Economy Statistics Bulletin highlights significant growth in the information and communications technology (ICT) sector, which continues to play a central role in the Kingdom's economic diversification and digital transformation goals. Imports of ICT goods reached SR54.9 billion in 2023, up from SR45.8 billion the previous year, marking a growth rate of 19.9%. Meanwhile, exports and re-exports of ICT products surged by 76.1%, rising from SR6.7 billion in 2022 to SR11.8 billion in 2023. The report also noted that 71.6% of internet-connected establishments in Saudi Arabia are now using smart systems or devices. These include smart meters, lighting, alarm systems, and surveillance cameras, pointing to growing technological integration in the private sector. The ICT sector's total operating revenues stood at approximately SR236.4 billion last year, while operating expenses reached SR115.4 billion. Compensation paid to employees within the sector amounted to SR27.5 billion, emphasizing the sector's importance as an economic and employment driver. GASTAT categorized the digital economy into three levels based on international standards developed by the United Nations Conference on Trade and Development (UNCTAD). The basic level, which includes core ICT production activities, contributed 2.6% to GDP. Establishments that rely on digital inputs, classified under the narrow level, accounted for 2.3%, while the broad level, which reflects companies enhancing their products and services through digital integration, represented the largest share at 10.7%. The bulletin emphasized that the Kingdom's digital economy statistics were compiled in line with UNCTAD's international guidelines to ensure comparability and transparency, positioning Saudi Arabia as a rising digital hub regionally and globally.
Zawya
27-01-2025
- Business
- Zawya
Saudi Arabia and Italy sign 26 deals for expanding partnership
ALULA — Saudi Arabia and Italy have signed 26 memoranda of understanding (MoUs) for expanding partnership across key industries, including construction, renewable energy, cultural exchange, and advanced technologies. The MoUs were signed during the Saudi-Italian high-level roundtable meeting, with the participation of Italian Prime Minister Giorgia Meloni, Minister of Investment Khalid Al-Falih, CEOs, private sector leaders, and representatives from major companies of both countries in AlUla on Sunday. During the meeting, Italian businesses highlighted their aim to capitalize on an estimated SR11.8 trillion in Saudi inward investment over the next six years. The meeting also explored collaborative prospects in green energy, automotive manufacturing, infrastructure development, tourism, agrifood, solar and wind energy projects, sustainable tourism initiatives, and advanced construction technologies. Heritage tourism was also a key focus, with participants highlighting Italy's expertise and Saudi Arabia's ambition to become a leading global travel destination. As the Kingdom plans to create 1.6 million tourism jobs by 2030, Saudi-Italian partnerships are poised to drive skills development, promote sustainable tourism, and expand opportunities in the private sector. In 2023, Saudi exports to Italy reached SR18.5 billion, driven primarily by mineral fuels and petrochemicals, while imports from Italy totaled SR22 billion, reflecting strong demand for Italian products such as machinery, pharmaceuticals, and advanced engineering solutions. In 2024, 63 investment licenses were granted to Italian firms in the Kingdom—an increase of 110 percent over the previous year—underscoring the rising Italian interest in advanced manufacturing, construction, and renewable energy. On the second day of her visit to AlUla, Italian Prime Minister Meloni visited on Monday the Hegra archaeological site in AlUla. During the visit, she was accompanied by Emir of Madinah Region Prince Salman bin Sultan, Minister of Commerce Majed Al-Qasabi, Acting CEO of the Royal Commission for AlUla Abeer AlAkel, and several officials from both Saudi Arabia and Italy. The visit to Hegra, Saudi Arabia's first UNESCO World Heritage site, featured key archaeological and historical landmarks, including Qasr Al-Farid and other sites. Later on the day, Meloni left AlUla, marking the conclusion of her visit to Saudi Arabia. She was seen off at AlUla International Airport by Emir of Madinah Prince Salman bin Sultan, Minister of Commerce Majed Al-Qasabi and several other officials. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
27-01-2025
- Business
- Saudi Gazette
Saudi Arabia and Italy sign 26 deals for expanding partnership
Saudi Gazette report ALULA — Saudi Arabia and Italy have signed 26 memoranda of understanding (MoUs) for expanding partnership across key industries, including construction, renewable energy, cultural exchange, and advanced technologies. The MoUs were signed during the Saudi-Italian high-level roundtable meeting, with the participation of Italian Prime Minister Giorgia Meloni, Minister of Investment Khalid Al-Falih, CEOs, private sector leaders, and representatives from major companies of both countries in AlUla on Sunday. During the meeting, Italian businesses highlighted their aim to capitalize on an estimated SR11.8 trillion in Saudi inward investment over the next six years. The meeting also explored collaborative prospects in green energy, automotive manufacturing, infrastructure development, tourism, agrifood, solar and wind energy projects, sustainable tourism initiatives, and advanced construction technologies. Heritage tourism was also a key focus, with participants highlighting Italy's expertise and Saudi Arabia's ambition to become a leading global travel destination. As the Kingdom plans to create 1.6 million tourism jobs by 2030, Saudi-Italian partnerships are poised to drive skills development, promote sustainable tourism, and expand opportunities in the private sector. In 2023, Saudi exports to Italy reached SR18.5 billion, driven primarily by mineral fuels and petrochemicals, while imports from Italy totaled SR22 billion, reflecting strong demand for Italian products such as machinery, pharmaceuticals, and advanced engineering solutions. In 2024, 63 investment licenses were granted to Italian firms in the Kingdom—an increase of 110 percent over the previous year—underscoring the rising Italian interest in advanced manufacturing, construction, and renewable energy. On the second day of her visit to AlUla, Italian P rime Minister Meloni visited on Monday the Hegra archaeological site in AlUla. During the visit, she was accompanied by Emir of Madinah Region Prince Salman bin Sultan, Minister of Commerce Majed Al-Qasabi, Acting CEO of the Royal Commission for AlUla Abeer AlAkel, and several officials from both Saudi Arabia and Italy. The visit to Hegra, Saudi Arabia's first UNESCO World Heritage site, featured key archaeological and historical landmarks, including Qasr Al-Farid and other sites. Later on the day, Meloni left AlUla, marking the conclusion of her visit to Saudi Arabia. She was seen off at AlUla International Airport by Emir of Madinah Prince Salman bin Sultan, Minister of Commerce Majed Al-Qasabi and several other officials. Page 2
