Business Wire

Riyadh Set to Become the Arab World’s First Digital Capital in 2020

Share

Riyadh is set to become the Arab world’s first ever digital capital city. The announcement was revealed at the 23rd session of the Council of Arab Ministers of Communications and Information Technology, which took place on December 18 at The Ritz-Carlton hotel in Saudi Arabia’s capital.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191219005518/en/

Minister of Communications and Information Technology His Excellency Eng. Abdullah Al-Swaha (Photo: AETOSWire)

Minister of Communications and Information Technology His Excellency Eng. Abdullah Al-Swaha (Photo: AETOSWire)

The decision to name Riyadh the Arab Digital Capital follows the city’s prominent role in adopting and promoting the use of digital technologies to enhance socio-economic development, advance healthcare, improve education, and to ultimately increase community welfare, which helped to elevate the ICT sector's contribution to GDP to 4%. The Kingdom also climbed 16 places in World Economic Forum’s Global Competitive Index 2019 in terms of ICT adoption, and topped in the ease of doing business ranking according to the World Bank’s 2020 report.

The ‘Arab Digital Capital’ initiative seeks to encourage the creation of a stimulating ecosystem for investment in Information and Communications Technology (ICT), activate initiatives that develop knowledge within the ICT industry across Arab countries, and to adopt new initiatives that facilitate and enhance tech entrepreneurship in the Arab region.

Minister of Communications and Information Technology His Excellency Eng. Abdullah Al-Swaha extended congratulations to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and to His Royal Highness Prince Muhammad bin Salman bin Abdulaziz, Crown Prince and Deputy Prime Minister and Minister of Defense. He hailed the great and unlimited support to the sector by the Kingdom’s good government, which highlighted it regionally and internationally. He also emphasized the acknowledgment as an addition added to the record of the Saudi ICT sector’s march, which has advanced the country’s digital infrastructure making it eligible for obtaining this title and precedence. This came in a keynote speech at the announcement ceremony attended by the Secretary-General of International Telecommunication Union, relevant Ministers, Arab Ambassadors to Riyadh and a number of interested ICT professionals and specialists.

Saudi Arabia is the region’s largest ICT market and ranks 13th globally, with a value of $28.7 billion in 2019 and strong growth in both the consumer and enterprise segments. Supported by a young and tech-savvy population, Saudi Arabia is a market of early technology adopters, with one of the highest social media penetrations in the world. Mobile subscribers stood at 43.8 million in 2019, representing a 129% penetration of the total population.

Following the launch of Vision 2030, the last few years have seen a significant acceleration in the proliferation of digital transformation initiatives. In 2019, Saudi Arabia was second among G20 countries for radio spectrum liberalization, with a subsequent positive impact on the quality of digital services provided by local operators experienced.

Supported by a 93% internet user penetration versus the global average of 53%, Saudi Arabia also became the first adopter of commercial 5G technology in the Middle East and North Africa, and the third largest globally – an achievement that is set to boost the adoption of other digitalization trends characterizing the Fourth Industrial Revolution. In parallel, the Kingdom is the 5th G20 country in internet speed, and jumped 91 places from 105th to 14th in the relevant global rankings, with a 51.8Mbps average speed.

Earlier this year, Ministry of Communications and Information Technology (MCIT) launched a five-year strategy aimed at accelerating the sector’s growth by 50% and elevating its contribution to GDP by $13.3 billion. Despite the global trend towards job disruption as a consequence of digitalization, the MCIT’s technology localization initiatives have significantly increased the ICT sector’s employment capacity in 2019.

The “Arab Digital Capital” award is a recognition of Saudi Arabia’s achievements in the ICT sector and is set to provide an even greater impetus to the country’s already busy regional and international agenda in the coming year. As the only Arab nation represented in the G20, Saudi Arabia will be hosting the G20 meetings throughout 2020, under the theme “Realizing Opportunities of the 21st Century for All.” The G20 Leaders Summit will take place on November 20-21, 2020 in Riyadh, the newly nominated Digital Capital of the Arab World.

Editor’s Note: new website for Riyadh Arab Digital Capital 2020 is at www.adcapitals.org

*Source: AETOSWire

Contact information

The Communications and Information Technology Commission – Saudi Arabia
Saeed H. AlGhamdi
Office: +966 11 4618244
Email: Shghamdi@citc.gov.sa | www.citc.gov.sa
Twitter: @CITC_SA

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Bermuda Confirmed as a Global Leader in the Fight Against Money Laundering and the Financing of Terrorism and Proliferation18.1.2020 00:11:00 EETPress release

Bermuda’s regulatory regime has been assessed by the Caribbean Financial Action Task Force (CFATF), and the global inter-governmental Financial Action Task Force (FATF), and confirmed for having some of the highest international standards when it comes to combatting money laundering and the financing of terrorism and proliferation. The mutual evaluation report (MER) of Bermuda’s systems and framework, published today by the CFATF, highlights the outstanding work that has been done to comply with the FATF 40 Recommendations, used by 180 governments to protect the integrity of the international financial system. Of the more than 75 MERs published to date, Bermuda ranks first against the Technical compliance requirements, with 39 of the 40 Recommendations rated as Compliant or Largely Compliant, is in the top six for overall level of effectiveness and one of only two jurisdictions with a high level of effectiveness in relation to its risk assessment and domestic coordination mechanisms. S

Moody’s Analytics Wins an Artificial Intelligence Award17.1.2020 16:00:00 EETPress release

Moody’s Analytics, a global provider of financial intelligence, has won the Best Financial Services AI Solution category at the 2019 Artificial Intelligence Awards. We won this award for the QUIQspread™ solution, which helps institutions automate the spreading of financial statements. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200117005191/en/ Our extensive financial spreading expertise and data resources are at the heart of the QUIQspread tool, which uses machine learning to understand an institution’s financial data spreading policies. Increased accuracy, shorter processing times, and lower costs are achieved as the tool gets smarter with every spread. As a software-as-a-service platform, QUIQspread is scalable with business growth. It contains data on the financials of more than 22 million private firms, which immediately helps it to improve spreading accuracy. The QUIQspread tool easily integrates with clients’ inter

L&T Technology Services Reports a 10% Increase in Q3FY20 Net Profit17.1.2020 15:36:00 EETPress release

L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India’s leading pure-play engineering services company, announced its results for the third quarter ended December 31, 2019. Highlights for Q3FY20 include: USD Revenue at $199 million; growth of 7% YoY Revenue at Rs 14,230 million; growth of 8% YoY EBIT margin at 16.8%; up 30bps YoY Net profit at Rs 2,041 million; growth of 10% YoY During the quarter, LTTS won 9 multi-million dollar deals across all major industry segments which includes 2 deals having TCV of USD30mn+ each. On a YoY basis, LTTS has increased its USD20mn+ clients by 2 and its USD10mn+ clients by 4. “Q3 results were consistent with our expectations. We had a strong performance in three segments - Transportation, Plant Engineering, and Medical Devices that are each growing in excess of 20% on YoY basis. Digital & leading-edge technologies - the growth driver for ER&D, contributed to 41% of Q3 revenues and grew by 29% YoY. We are seeing a new set of opportunities as

Schlumberger Announces Full-Year and Fourth-Quarter 2019 Results17.1.2020 14:50:00 EETPress release

Schlumberger Limited (NYSE: SLB) today reported results for full-year 2019 and the fourth quarter of 2019. Full-Year Results (Stated in millions, except per share amounts) Twelve Months Ended Change Dec. 31, 2019 Dec. 31, 2018 Year-on-year Revenue $32,917 $32,815 0% Income (loss) before taxes - GAAP basis $(10,418 ) $2,624 n/m Pretax segment operating income* $3,978 $4,187 -5% Pretax segment operating margin* 12.1 % 12.8 % -68 bps Net income (loss) - GAAP basis $(10,137 ) $2,138 n/m Net income, excluding charges & credits* $2,054 $2,261 -9% Diluted EPS (loss per share) - GAAP basis $(7.32 ) $1.53 n/m Diluted EPS, excluding charges and credits* $1.47 $1.62 -9% Full-Year Revenue by Area North America $10,843 11,984 -10% Latin America 4,149 3,745 11% Europe/CIS/Africa 7,683 7,158 7% Middle East & Asia 10,017 9,543 5% Other 225 385 n/m $32,917 $32,815 0% North America revenue $10,843 $11,984 -10% International revenue $21,849 $20,446 7% North America revenue, excluding Cameron $8,525 $9,55

H.I.G. Capital Invests in Luxury Complex Near Venice17.1.2020 14:46:00 EETPress release

H.I.G. Capital, LLC ("H.I.G."), a leading global private equity investment firm with over $35 billion of equity capital under management, announced today that one of its affiliates has recently completed an investment in Portopiccolo, a state of the art, self-contained luxury complex near Venice which includes 203 high-end residential apartments, a five-star hotel with a spa and 110 marina berths. Terms were not disclosed. H.I.G. continues to add to its sizeable holdings of real estate assets across Europe, consisting of both equity as well as debt investments, with a focus on its target market of value-add small and midcap opportunities. Riccardo Dallolio, Managing Director and Head of H.I.G. Realty Partners Europe, commented: “This marks our 10th real estate investment in Italy. The Italian real estate markets represent a key part of our European value-add strategy and we continue to actively look at opportunities in the small/midcap sector across the capital structure.” Gabriele Mag

Philip Morris International Recognized for Business Excellence in 4th Annual One Planet Awards17.1.2020 14:21:00 EETPress release

Philip Morris International Inc. (PMI) (NYSE: PM) has been recognized among this year’s most awarded winners in the One Planet Awards program, an initiative acknowledging business and professional excellence in industries around the world. The company earned four awards for its achievements in delivering a smoke-free future from the more than 50 judges, who represent a wide spectrum of global industry experts. PMI received Gold awards in the Achievement of the Year in Diversity and Milestone of the Year categories in recognition of becoming the first multinational company to achieve global EQUAL-SALARY certification; PMI’s president of South & Southeast Asia, Stacey Kennedy, was awarded Gold in the Woman of the Year in Business & the Professions category; and the company earned a Grand Trophy for being among this year’s most-awarded winners. “We are passionate about our work at PMI to achieve a smoke-free future and make better alternatives to cigarettes available for men and women who

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom