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Saudi Arabia’s ICT sector is primed for considerable expansion in the coming years as digital technologies become ever-more central to cross-sectoral operations and performance. Recently, the government has made significant financial and time savings after successfully shifting many internal processes and public services online, raising efficiency, productivity and coordination across and between its various ministries. Multiple government bodies have been formed over the past decade to oversee the progressive integration of disruptive digital innovations into daily life, with notable expansion in the e-banking and e-commerce spaces signalling an increased public appreciation of and familiarity with electronic processes. This chapter contains interviews with Osama Al Dosary, CEO, Salam; and Omer Alnomany, CEO, solutions by stc.

Saudi Arabia’s defence expenditure was the sixth highest worldwide in 2021, behind the US, China, India, Russia and the UK. The localisation of industry, and enhanced research and development are core to Vision 2030, the government’s long-term blueprint for development. Given the defence sector’s traditional prominence in the annual budget, it is among the areas targeted to propel the upskilling of the national workforce and create more jobs. Defence-related business forms a key component of Saudi Arabia’s close economic relationship with the US. While more deals have been signed recently between the two nations, the Kingdom’s drive to expand the industry has led it to broaden its portfolio of strategic partnerships and attract international security, aerospace and defence manufacturing entities to establish operations on Saudi soil.

The expansion of Saudi Arabia’s industry is a core part of the Kingdom’s Vision 2030 strategy to diversify the economy and reduce reliance on oil revenue. Industry has been targeted as a driver of future non-oil growth and job creation. Expansion plans are under way for the country’s main strategic industrial segments: oil and gas; petrochemicals; and mining, a significant potential contributor to the economy. Petrochemical projects in the pipeline are facilitating significant increases in natural gas production planned for 2030. The Kingdom’s industrial strategy is driven by Vision 2030, Saudi Arabia’s long-term social and economic tansformation plan. This chapter contains interviews with Suliman Almazroua, CEO, National Industrial Development and Logistics Programme; and Robert Wilt, CEO, Ma’aden.

As Saudi Arabia moves to diversify its economy and reduce its reliance on oil revenue, the energy sector is set to remain of paramount importance to future development. The Kingdom is positioning itself to increase its oil exports over the coming decade in a move expected to help the country maintain its role as a reliable and versatile global supplier in an increasingly uncertain market. State-owned energy firm Saudi Aramco is currently working to increase maximum production capacity from 12m barrels per day (bpd) to 13m bpd by 2027. This chapter contains interviews with Turki Al Shehri, CEO, Engie Saudi Arabia; and Gregory Fayet, CEO, EDF Renewables Saudi Arabia.

Saudi Arabia’s insurance market, the second largest in the Gulf region by gross written premium after the UAE, offers a vibrant and competitive environment. Growth in recent years has been attributed to economic development creating new insurable assets, and new lines of mandatory coverage. Long-term direction is detailed in the country’s Vision 2030 development plan and targets a growing and maturing sector through consolidation, digitalisation and overall capacity building. Like insurers worldwide who responded to the global Covid-19 pandemic by updating their operations and leveraging insurance technology, many Saudi insurance companies have entered a period of rapid digitalisation and modernisation.

Capital markets in Europe, the US and Asia have experienced challenging times in the wake of the Covid-19 pandemic and Russia’s invasion of Ukraine. However, Saudi Arabia’s capital markets have experienced sustained growth, with high-value initial public offerings (IPOs), robust trading, and the Saudi Exchange showing the largest market capitalisation and liquidity of any country across the GCC as of mid-2022. The short and medium-term outlook appears promising, with a strong IPO pipeline, and confidence among foreign and domestic investors that 2023-24 will be an impressive period for the Saudi economy and capital markets. This chapter contains interviews with Mohammed Al Rumaih, CEO, Saudi Exchange; and Rajiv Shukla, CEO, HSBC Saudi Arabia.