Saudi Arabia accounted for 41% of total revenues in the GCC telecommunications and information technology sector and 37% of total assets.
The revenues of Saudi-listed companies listed within the sector reached about SAR 119 billion in 2023, marking growth of more than 10% year-on-year (YoY).
This was presented by Argaam team during the ICT Indicators Forum 2024 in its tenth edition, organized by the Communications, Space & Technology Commission (CST).
The Kingdom accounted for 34% of the total sector’s assets valued at SAR 250 billion in 2023, with a YoY rise of about 12%.
The market value of companies listed in Saudi Arabia’s telecommunications and information technology sector neared SAR 379.2 billion according to the closing date of April 21.
In the next two years, revenues from the Saudi telecommunications sector are expected to grow by 5.9% and 4.6% in 2024 and 2025 to SAR 105.8 billion and SAR 110.6 billion, respectively. Its net profits will decline by about 5.3% to SAR 16.1 billion in 2024 and grow by more than 10% to SAR 17.8 billion in 2025.
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