A tech overview of Riyadh

Did you know that Riyadh, the capital and main financial hub of Saudi Arabia, has been ranked 30th in the global smart city ranking? Interestingly, the city has exceeded some of the world's most popular tourist destinations like Paris, Berlin, and Madrid. 

It is also worth mentioning that Riyadh has been evaluated for its smart city development, earning the title of the 3rd smartest Arab city based on the IMD Smart City Index. Saudi Arabia being in 15th-place in the Global Innovation Index (GII) rankings in 2022. 

The country is investing heavily in building an innovation ecosystem for digital transformation, with strategic agendas like Vision 2030 focusing on economic and social reforms, driving progress in innovation and technology.

At the same time, Saudi Arabia has attracted over $9 billion in investments, with Microsoft committing $2.1 billion and Oracle investing $1.5 billion in cloud technologies. The government is encouraging international companies to invest in Saudi Arabia and relocate regional headquarters to Riyadh by offering various benefits for government contracts.

Moreover, Riyadh is one of the top 200 startup ecosystems in the world. In fact, it is the highest-ranked startup ecosystem in Saudi Arabia. Startups in Riyadh are particularly strong in Fintech, where it ranks 96, as well as Ecommerce & Retail, and Transportation. 

The startup scene in Riyadh has developed a lot in recent years, with a significant increase in the Global Ecosystem Index by 99 spots in 2023. Some success stories contributed to the city growing Fintech industry. In 2023, Tamara, stc pay, and Foodics are among the most promising startups in Riyadh.

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