RIYADH: The volume of the telecom sector in the Kingdom is estimated at SR180 billion while capital investment is more than SR50 billion, said Abdulaziz Salem Al-Rwais, governor of the Communications and Information Technology Commission (CITC).
Addressing a forum on the sector in Riyadh on Wednesday, Al-Rwais said spending on telecom and IT reached more than SR130 billion in 2016.
He added that the contribution of the sector to gross domestic product (GDP) and nonoil GDP reached 6 percent and 10 percent, respectively.
He said he expected the volume of spending on telecom and IT services would grow to SR138 billion by the end of 2017, thanks to investments by the government and private sectors.
He said the National Transformation Program (NTP) 2020 came as a key support program to realize Saudi Vision 2030. The telecom and IT sector is considered one of the pillars of the NTP 2020 where components of Vision 2030 include the telecom sector and related elements such as infrastructure, broadband, creativity in advanced technologies and investment in the digital economy.
The CITC prepared a plan to bring the sector to a higher competitive position that could provide distinguished services for subscribers and act as a stimulus environment for investors with a number of projects. These steps will increase investments in the sector in hosting, cloud computing, supporting small and medium enterprises (SMEs), and boosting secured networks and information, he said.
He said development in the next years would depend on the telecom and IT sectors covering bank services, e-education, e-government and health services.
This will create attractive investment opportunities, which have to be met with skills, creativity and the rich experiences of the private sector to push the wheels of development forward in this generous country, he said.
He stressed that the CITC would continue efforts to create an effective regulatory environment in a bid to attract and localize investments in the sector.
Saudi telecom sector market hits SR180 billion, says CITC governor
Saudi telecom sector market hits SR180 billion, says CITC governor
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
