RIYADH: An alliance of 25 Hungarian companies is preparing to invest in Saudi Arabia’s technology and digital transformation sectors, seizing the opportunities offered by Vision 2030.
The announcement, made at the Saudi-Hungarian Business Forum in Riyadh organized by the Federation of Saudi Chambers, underscored the growing economic ties between the two nations, the Saudi Press Agency reported.
The forum was attended by Hungarian Parliament Deputy Speaker Istvan Jakab, Saudi-Hungarian Business Council Chairman Marwan Al-Mutlaq, Shoura Council Chairman Ibrahim bin Mohammad Al-Qannas, and Hungarian Ambassador to Saudi Arabia Balazs Selmeci.
The initiative builds on the creation of the Hungarian-Saudi Holding Co. last year, a consortium focused on digital transformation and investment partnerships across Saudi Arabia’s digital, financial, and food sectors.
Trade between Saudi Arabia and Hungary reached SR1.8 billion ($480 million) in 2023, reflecting a 27 percent increase, with the Kingdom’s exports surging 216 percent to SR584 million and imports at SR1.2 billion.
Jakab highlighted the strength of Hungary’s relationship with Saudi Arabia, saying: “The relationship with the Shoura Council and the Federation of Saudi Chambers is strong,” and emphasized the potential of the holding company to foster investment and collaboration in key sectors.
Al-Mutlaq noted Saudi Arabia’s growing influence in the tech sector, ranking fourth globally in e-government and tenth in e-commerce.
He added that the Saudi-Hungarian Business Council, in its new term, will focus on strengthening investment partnerships and boosting bilateral trade.
Hungary has maintained diplomatic ties with Saudi Arabia for over 28 years, contributing to ongoing bilateral cooperation. The country’s advanced IT sector presents opportunities to share expertise with Saudi Arabia’s growing technology landscape.
As part of Saudi Arabia’s Vision 2030 plan, the country is making substantial investments in digital transformation, focusing on emerging technologies such as artificial intelligence, cloud computing, and the Internet of things to build a significant digital economy by 2030.
Government spending on technology is expected to reach $24.7 billion by 2025, according to a report published by the International Trade Administration.
Key initiatives include the Public Investment Fund backing advanced tech firms like Alat, which focuses on AI, semiconductors, and robotics, with projected investments of around $100 billion by 2030.
