New communications law bolsters Kingdom’s position as regional hub for innovation and technology
Saudi Gazette report
Riyadh — The Ministry of Communications and Information Technology (MCIT) said the new Cabinet-approved Communications and Information Technology (IT) Act would strengthen the Kingdom’s position as a regional hub for IT. innovation and technological investments.
Additionally, the law will help the Kingdom secure a global leadership position, the ministry said on its official Twitter account.
The law will also help accelerate the growth of the digital economy and qualitative markets such as digital content and emerging technologies.
Furthermore, it will empower entrepreneurs and small businesses by stimulating technical innovation, improving the competitiveness of the sector and creating an attractive investment climate.
In addition, the law will help increase the flexibility of the digital infrastructure as the backbone of digital transformation, improve the experience and quality of services, as well as protect the rights of beneficiaries.
This in addition to having an economic impact represented in the expansion of the technology market as well as the emerging technology and communications market, the size of which is estimated at SR 144 billion – the largest in the Middle East region. East and North Africa (MENA).
The law will create 318,000 jobs and drive technology adoption for a digital society with an innovative future, the ministry said.
The IT sector’s major markets include the technology market with SR73 billion, the communications market (SR71 billion), the digital content and emerging technology markets (SR11 billion each), as well as the cloud computing (SR10 billion).
The law aims to achieve the objectives of investors in the IT sector, including providing an attractive environment for IT investments, increasing the efficiency of the sector’s services and developing its infrastructure.
It will also improve its local content and stimulate demand for the products and services of national establishments.
Strengthening the clarity and transparency of procedures, regulating the use of the frequency spectrum to ensure its optimal use, as well as encouraging digital transformation and strengthening the competitiveness of the sector will also be part of the new law.