Space technology and the metaverse will receive investment and support from the Saudi Arabian government, the Minister of Investment said as he set out the Kingdom’s digital ambitions.
Speaking at the LEAP 2022 forum in Riyadh, Khalid Al Falih said Saudi Arabia was an early adopter of digitization and he heralded the country’s “great class of entrepreneurship” and “young Saudis who are willing to create innovations.”
The minister insisted that the Kingdom would make a contribution to the “next phase” of the global digital economy, as he pointed out Saudi Arabia is the largest market economy in the region, with the digital sector seeing a 7 percent increase from SR140 billion (£37 billion) to SR250 billion.
Reflecting on the future, Al Falih said that “space technology” and the “metaverse” are “going to affect our daily lives.”
“The government will be enabling regulations and capital to co-finance those opportunities,” he added.
