Estonia’s Bolt eyes further Saudi expansion

By expanding its services, Bolt aims to reduce reliance on private car usage, thereby alleviating urban congestion and environmental impact. (Supplied)
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Updated 03 March 2024
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Estonia’s Bolt eyes further Saudi expansion

  • Firm expresses keen interest in the rapidly growing Saudi market

RIYADH: Saudi Arabia’s dynamic business environment is continuously drawing attention from international companies, and now Estonian ride-hailing giant Bolt is looking to expand its operations in the Kingdom. 

Established in 2013, the company has become a prominent player in the global mobility industry, operating in 45 countries and 500 cities, with a current valuation of €7.4 billion ($8 billion). 

In an interview with Arab News, Martin Villig, chairman and co-founder of Bolt, expressed his firm’s keen interest in the rapidly growing Saudi market. 

“We have operated in Saudi Arabia since 2017 completing millions of trips with hundreds of thousands of drivers signed up to the platform. Our business in Saudi Arabia has grown 10 times over in the past three years and we now have operations in all cities across the country,” Villig told Arab News. 

“However, we still see room for growth. Our short-term objective is to continue on that growth trajectory and increase both the number of trips completed and the number of drivers signed up to the platform,” he added.

Supporting a national vision 

Looking toward the future, Bolt’s vision aligns closely with Saudi Arabia’s Vision 2030, particularly in the development of smart cities and sustainable transportation systems.Villig said the company is “already part of this Vision,” adding: “This includes investments in public transportation, as well as the promotion of alternative modes of transportation, including shared mobility services.”

He added: “However, with demand growing for shared mobility services in Saudi Arabia in recent years, we see huge opportunity to grow our operations in Saudi Arabia providing a convenient, affordable and environmentally friendly way for people to move around.” 

Villig claimed this will help alleviate some of the problems cities in Saudi Arabia are facing due to over-reliance on private cars, such as increased travel time, congestion, accidents and pollution. Expanding its presence within the Kingdom remains a priority for Bolt, with Villig emphasizing the importance of growing the driver base to improve service availability.  

“Our belief is that this will reduce the reliance on private car usage which will help alleviate some of the problems facing cities in Saudi Arabia today,” he stated. 

Bolt is also actively engaging with government entities in the Kingdom to integrate ride-hailing services within the public transport ecosystem.   The company’s collaboration with Saudi authorities has been notably successful, including its role as a mobility partner for Riyadh Season 2022, showcasing Bolt’s commitment to enhancing transportation solutions in the Kingdom. 

In terms of new offerings, Villig indicates that the focus remains on expanding the reach of its core ride-hailing service.

A strategic Kingdom 

The expansion into the Saudi market is strategic for Bolt due to the Kingdom’s burgeoning tourism sector and the proliferation of business and entertainment hubs, presenting a significant growth opportunity for the ride-hailing industry.  

“In 2023 alone, Saudi Arabia welcomed over 27 million foreign tourists, with Bolt playing a vital role in facilitating their mobility across the Kingdom,” Villig said. 

Our business in Saudi Arabia has grown 10 times over in the past three years and we now have operations in all cities across the country.

Martin Villig, Bolt chairman

He believes that private companies like his are instrumental in supporting Vision 2030 by aligning their operations with the Kingdom’s strategic goals.  

By leveraging its extensive experience in addressing urban mobility challenges across the globe, Bolt aims to be a key partner for Saudi government entities in enhancing the country’s transport infrastructure.

A regulatory leader 

Gaining experience from over 45 jurisdictions, Bolt is adept at navigating varying regulatory landscapes, from highly regulated environments to those still shaping their frameworks.  

Villig emphasizes the company’s commitment to collaborating with regulators in every market to foster competition and meet customer needs effectively. 

“Bolt was one of the main supporters of the internal policies promoted by the Saudi government and we fulfilled all the job localization program requirements,” he said. 

“We have also committed to sharing data with the Saudi authorities to ensure the most appropriate mobility solutions are implemented,” he added.

A multi-billion-dollar company 

Since its inception in 2013, Bolt has managed to secure large investment rounds, amassing over €1 billion to fund its growth. 

“While I cannot disclose an exact figure, we view Saudi Arabia as an attractive investment opportunity and I am a strong believer that healthy competition is good for all parties, including the population of Saudi Arabia,” Villig stated. 

Bolt is tackling the significant challenges posed by rapid urbanization and increased car ownership in cities across the Kingdom and the wider Middle East and North Africa region.  

“This has led to various environmental and social problems such as increased travel time, congestion, accidents and pollution. Riyadh highlights the problem — at the start of 2022 it was expected that 18 million cars would be on Saudi Arabia’s roads, 30 percent of which would be in Riyadh,” Villig explained. 

By expanding its services, Bolt aims to reduce reliance on private car usage, thereby alleviating urban congestion and environmental impact. 

The company operates on a global shared mobility platform, efficiently connecting suppliers and consumers across various services, including ride-hailing, food delivery, and micromobility.  

The company earns revenue by charging a small commission for facilitating these connections, with its micromobility service offering a direct-to-consumer model.  

Despite facing macroeconomic challenges such as inflation and rising interest rates, Bolt achieved significant revenue growth and profitability gains last year, with plans to continue this positive trajectory towards break-even while balancing growth with profitability, Villig stated. The inception of Bolt was influenced by several factors, including the burgeoning Estonian tech ecosystem, the vast potential within the transportation industry, rising smartphone adoption, existing ride-hailing systems, and the poor quality of local taxi services.  

Villig explained that these elements combined to inspire his brother, Markus Villig, the CEO of Bolt, to launch a company aimed at revolutionizing transportation through technology. “In every city we operate, the ultimate goal is to introduce our services in a way that enhances the existing transport infrastructure, making it easier and more affordable for people to move around in more environmentally friendly modes of transport,” Martin Villig said. 

“Bolt has also generated working opportunities for hundreds of Saudi people in our Riyadh office who have been able to increase their income and use the ride-hailing industry to develop their personal business skills,” he added. 

Martin Villig is scheduled to speak at Saudi Arabia’s largest startup and technology event, LEAP 2024, set to take place in Riyadh from March 4 to 7.


Saudi Arabia’s AI imperative: seizing the agentic enterprise to fulfill Vision 2030 goals

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Saudi Arabia’s AI imperative: seizing the agentic enterprise to fulfill Vision 2030 goals

  • Workers who use AI daily are 64% more productive and 81% more satisfied with their jobs

RIYADH: As Saudi Arabia advances its ambitious Vision 2030, a transformative shift in the global workplace underscores a critical opportunity for the Kingdom’s organizations.

Slack’s latest Workforce Index survey revealed an unprecedented surge in the adoption and impact of artificial intelligence, presenting a clear pathway for Saudi businesses to lead in the era of digital labor, drive economic diversification, and create high-value roles for the future workforce.
“Saudi Arabia has all the ingredients to lead this shift: a young population, a government willing to modernize at extraordinary speed and industries preparing for global competition,” Mohammad Al-Khotani, the senior vice president and general manager of Salesforce Middle East told Arab News.

From adoption to advantage
The evidence that AI is a decisive competitive advantage is now overwhelming. Slack’s research, which surveyed 5,000 global desk workers, found that daily AI usage has soared by 233 percent in just six months.
Workers who use AI daily are 64 percent more productive and 81 percent more satisfied with their jobs than their non-AI-using colleagues. This trend is even more pronounced in specific markets; in the UK, daily AI users report an 82 percent increase in productivity and a 106 percent boost in job satisfaction.
According to the report, this surge is fundamentally reshaping work. The data confirms that trust grows with use: workers who use AI agents daily are twice as likely to trust them in areas like data protection and accuracy. 
Furthermore, AI is enabling workers to expand their capabilities strategically. Some 96 percent of AI users have leveraged the technology to perform tasks they previously lacked the skills to do.
Workers are now 154 percent more likely to use AI agents to perform tasks better and more creatively, not merely to automate them. The top productivity boosts come from eliminating extensive research, assisting with communication, and overcoming creative blocks.
Given this, Al-Khotani emphasized the macroeconomic imperative for Saudi organizations to lead, not follow. 
“Saudi Arabia is one of the few countries where the public sector has already set a global benchmark for digital service delivery. This creates a macroeconomic condition in which private-sector organizations must now match the pace set by the state,” he said. 
He further noted that “the scale of Saudi Arabia’s transformation, megaprojects, tourism growth, manufacturing build-out and new digital sectors, requires the productivity lift that only digital labor and AI agents can provide. Organizations that adopt early will move faster, earn citizen trust and gain market share.”
This perspective is echoed by Mohamad El-Charif, founder of the Middle East’s first sovereign regulatory compliance platform, Qadi.
“When we talk about digital labor in Saudi Arabia, we have to acknowledge that legal and regulatory AI is not optional. If we wait and come in as fast followers, we’ll end up running our core legal and regulatory workloads elsewhere, governed, and updated elsewhere,” he explained to Arab News. 
He argued that early adoption creates a lasting advantage: “Moving early with governed, sovereign agents, lets Saudi organizations encode their own local laws, internal policies, escalation paths and audit trails into the infrastructure.”
He added: “Under Vision 2030, leading Saudi banks, insurers, telcos, and energy companies are not just serving the domestic market; they’re becoming global players. If they build their regulatory backbone early and on their own terms, they don’t just stay in bounds at home, but they also carry that infrastructure with them as they expand.”

From automation to the agentic enterprise
This ground-level adoption aligns with a strategic corporate pivot identified in the 2025 MuleSoft Connectivity Benchmark Report, produced in collaboration with Deloitte.
The report highlighted that generative AI has reshaped human-AI interaction, and the next frontier is the rise of the “agentic enterprise.” This model involves autonomous AI agents that can operate with unprecedented independence, responding to queries, managing sophisticated tasks, and optimizing workflows without continuous human intervention.
The report found that 93 percent of IT leaders intend to introduce such autonomous agents within two years, with 40 percent having already done so and another 41 percent planning deployment within the next year.
This shift is accelerating rapidly; the average number of AI models in use has already doubled from 2024 projections, and IT leaders predict a further 78 percent increase over the next three years.
Salesforce Middle East’s Al-Khotani elaborated on this strategic potential, stating: “AI agents offer a multiplier effect across sectors that Vision 2030 prioritizes. This same efficiency can shift the economics of different industries.”
He added: “Legacy sectors can automate routine compliance, scheduling, documentation, onboarding and case resolution. Public services can move from reactive to proactive, anticipating citizen needs and completing tasks autonomously.”
Qadi’s El-Charif described this as turning “compliance from a blockage into an API,” accelerating Vision 2030’s ambitions. 
“For a thriving economy, the biggest gift you can give businesses is predictable, low-friction compliance,” he said, adding: “When you encode local laws, regulations and internal policies into agents, those checks move inside the workflow. Approvals can happen in days, not months, without lowering standards.”
However, this potential is gated by integration. Some 95 percent of IT leaders cite integration challenges as the primary hurdle to effective AI implementation. 
Organizations use an average of 897 applications, with 46 percent using over 1,000, yet integration levels have stagnated.

Opportunity for the Kingdom
For Saudi organizations, moving early to adopt and integrate AI is no longer optional, but a strategic necessity to lead in digital labor and deliver on Vision 2030’s goals of a vibrant society, a thriving economy, and an ambitious nation.
First, deploying AI in ways that deliver positive outcomes for both business and employees is key. The Slack Index showed that AI enhances human connection, not replaces it.
Daily AI users are 246 percent more likely to feel more connected to colleagues and report a 62 percent higher sense of belonging. This counters fears of displacement, showing AI can augment teamwork and culture.
Al-Khotani stressed the principles for positive deployment, noting: “AI must be introduced as augmentation, not substitution. When people understand that agents are handling low-value tasks, while humans focus on creativity, judgment and customer relationships, acceptance is extremely high.” 
He added that Salesforce data shows 84 percent of AI users say the technology makes them enjoy their job more, largely because it reduces repetitive work.
El-Charif advocated for a practical Outcome-Workflow-Governance framework to achieve this symbiosis, saying: “We design agents to take over that ‘read, retrieve, reconcile’ loop. 
“This doesn’t replace humans, but it elevates them out of the infrastructural gridlock.” 
He added: “That, for me, brings a real opportunity of using agentic AI to remove the glue work that exhausts people, and free up talent to focus on strategy, relationships and judgment, which is exactly what Vision 2030 is asking our institutions to excel at.”
Agentic AI can directly accelerate Vision 2030 ambitions. As noted by Goldman Sachs Research, generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.
For Saudi Arabia, this means modernizing legacy sectors, improving efficiency in health care and financial services, and supercharging nascent industries. 
The MuleSoft report confirmed that APIs and API-related implementations now account for 40 percent of company revenue on average, up from 25 percent in 2018, demonstrating the tangible economic value of a connected, AI-ready infrastructure.
El-Charif also highlighted the societal dimension, stating: “For a vibrant society, this technology drives transparency and trust. When rules are encoded into agents, their application becomes consistent and audit-ready. This builds confidence in the market and investors know that compliance isn’t subjective, but structural.”
Finally, this transition will create high-value roles for humans. The integration challenge itself is a source of future jobs. The MuleSoft report found that developers spend an estimated 39 percent of their time building custom integrations, and IT staffing budgets are expected to rise by 61.5 percent year-over-year to meet AI demand.
Al-Khotani foresees specific new roles emerging from the AI integration challenge, saying: “Salesforce’s research shows that organizations adopting AI expect their data and integration teams to grow nearly 50 percent over the next three years.” 
He went on explaining that this opens pathways for new roles such as AI integration architects, agent workflow designers, and responsible AI officers and digital trust specialists.
El-Charif identified the emergence of roles such as “Legal Engineer,” — someone who understands both the regulation and how to encode it into logic.
Furthermore, as AI handles routine tasks, workers are freed for more strategic, creative, and innovative work, precisely the skills needed for a knowledge-based economy. 
Al-Khotani envisioned this shift elevating Saudi Arabia’s broader economic structure: “As agents take on routine and administrative tasks, Saudi Arabia’s workforce will shift toward higher-value roles that emphasize creativity, human judgment, and strategic decision-making.”
He added that this shift increases productivity per capita, a core Vision 2030 outcome, because the workforce is no longer limited by the volume of manual work it can process. “The macroeconomic structure becomes more innovation-driven and less labor-intensive.”
Global AI adoption is accelerating, worker productivity and satisfaction are skyrocketing with its use, and the next wave of enterprise value lies in agentic AI.
For Saudi Arabia, the mandate is to build the robust, integrated digital foundations today that will allow its organizations and workforce to not just participate in this future, but to lead it, turning the promise of Vision 2030 into an intelligent, automated, and human-centric reality. 
As Al-Khotani concluded: “The future economy will not reward automation alone, it will reward nations that use AI to elevate human potential. Saudi Arabia is positioned to be one of them.”