Saudi Arabia dominates 51% of ICT revenue, 35% of total assets in GCC

Saudi Arabia accounted for 51% of the gross revenue from the GCC’s information and communications technology (ICT) sector as the Saudi Exchange (Tadawul)-listed telecom firms reported SAR 107.4 billion in revenue for 2022, 9% growth year-on-year (YoY).

The details were given in a presentation by Argaam during the ninth edition of the ICT Indicators Forum 2023, organized by the Communications, Space and Technology Commission (CST). 

Saudi Arabia also dominated 35% of the industry assets, at SAR 224.4 billion by 2022, an increase of 4% YoY.

The market value of the listed companies under the telecommunication services sector reached SAR 293.9 billion at the start of March.

As for the coming two years, the Kingdom’s ICT industry will likely report revenue growth of 5.3% to SAR 97.2 billion in 2023 and 4.4% to SAR 101.5 billion. The industry’s net earnings are also forecast to rise 8.4% and 8% to SAR 15.4 billion and SAR 16.7 billion in 2023 and 2024, respectively.