Key Trends and New Opportunities in Saudi Arabia and the UAE’s IT Markets

 

On 15th April, a thematic event for CEOs on expanding the presence of IT companies in international markets — GlobaLink: USA vs GULF, was organised by the IT Ukraine Association together with Payoneer, a partner company of ITU.

 

During the event, Olga Gvozdyova, Advisor to the Director of the Entrepreneurship and Export Promotion Office, exclusively presented research on the IT markets of Saudi Arabia and the UAE.

 

Today, Saudi Arabia and the UAE are not just about oil. They are the heart of the digital transformation of the entire Middle East, where over 70% of the region’s digital economy is concentrated.

 

This is evidenced by the fact that nearly 80% of consumers in these countries prefer FinTech solutions: mobile banking, digital payments, investment platforms, and micro-lending. Additionally, almost half of all e-Commerce purchases are paid for digitally.

 

Key Trends: 

 

• Both markets offer opportunities for businesses but have different strategies: Saudi Arabia demands long-term commitments and innovative thinking, while the UAE requires promptness and proven infrastructure. 
• The UAE ranks second in the MENA region for the number of tech startups, while Saudi Arabia is second in the Gulf countries. 
• In terms of FinTech companies, the UAE surpasses Saudi Arabia, but the latter demonstrates higher growth rates in the B2C digital economy. 
• The outsourcing IT market in the UAE is 42% larger than that of Saudi Arabia. 
• The most in-demand IT positions include Data Scientists and Analysts, Cloud Solutions Architects, AI and Machine Learning Engineers, Blockchain Developers, Cybersecurity Experts, and Software Engineers.

 

The full version of the research with up-to-date data is now available for download on the Diia.Business portal via the following link: cutt.ly/1rjPM48Z 

 

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The research was prepared by EEPO.Ukraine, the national project Diia.Business, commissioned by the IT Ukraine Association as part of the EU4Business: SME Policies and Institutions Support (SMEPIS) project, implemented by Ecorys in consortium with GIZ Ukraine, BRDO, and Civitta, with financial support from the European Union.