Speaking of KSA: A Visionary Hub For Communications And Technological Advancements
Featured here: https://www.thebrandberries.com/2023/07/03/speaking-of-ksa-a-visionary-hub-for-communications-and-technological-advancements/
The Kingdom of Saudi Arabia (KSA) is emerging as a frontrunner in technology and e-commerce, among other industries, positioning itself as a region with immense potential for innovation and economic growth. With the implementation of Saudi Vision 2030, a comprehensive roadmap for diversification away from oil, and emphasising the creation of a thriving economy, the country is actively working towards a historic transformation into a private-sector-led structure. With a young and educated population, this current landscape, of course, holds immense promise for international brands seeking to capitalise on the exciting developments unfolding in the country, yet working with trusted, expert partners in integrated communications will be paramount to successfully executing localised strategies throughout the Kingdom.
With the country-wide rollout of Saudi Vision 2030-led initiatives, we are naturally witnessing exciting opportunities, which present themselves to businesses and investors alike, while KSA’s support for entrepreneurship and diverse business sectors is driving the growth of its expanding startup ecosystem. HBR reports that the country’s fastest-growing sectors, including tech, fintech, and e-commerce, are projected to exceed $13 billion by 2025, and with 44 global tech companies reportedly also set to relocate their headquarters to Riyadh, the country is poised to become a technological innovation and entrepreneurship hub of the future.
The SAR 28.5 billion e-commerce market size demonstrates the growing digital landscape and consumer demand for online services. Several cities in Saudi Arabia are being ambitiously equipped with smart infrastructure, aiming to rank among the top 100 worldwide. Additionally, fibre optics cover 37% of households, facilitating the seamless integration of advanced communication technologies and demonstrating consumer responsiveness to future-forward tech innovation.
KSA has also witnessed numerous technology launches that further solidify its position as a technological powerhouse. For instance, Lucid, an electric vehicle manufacturer, plans to commence manufacturing in Saudi Arabia in 2024, contributing to the growth of sustainable transportation. In addition, Mobily and Ericsson’s partnership to provide financial services in the Kingdom showcases the integration of telecommunications and finance sectors, fostering digital transformation and convenience for Saudi citizens. Meanwhile, local oil giant Aramco is diversifying its interests and expanding into the tech industry. Collaborating with AVEVA, Aramco aims to establish the world’s largest digital hub in Saudi Arabia. These initiatives also attract global talent, promote significant innovation within the country, and point to a tech-enabled future backed by unprecedented levels of foreign investment.
In fact, investor confidence in KSA is already significant enough to have substantiated a 65% year-on-year increase in 2023.[1] Saudi Arabia’s sovereign wealth fund, the world’s largest, is also actively supporting tech startups, while the burgeoning young population of KSA with a strong appetite for buying products online is also proliferating the Kingdom’s venture capital industry. So much so that it is in fact now the best-performing venture capital market in MENA. Coupled with rapid economic growth and tech-friendly government policies which have energised a ground swell of foreign investors, KSA’s GDP growth projection for 2023 sits at 7.6%, as reported by Bloomberg, with GDP per capita standing at USD 23,570.
These examples no doubt demonstrate a widespread belief in the country’s vision, potential, and commitment to fostering a business-friendly environment for entrepreneurs and investors alike. The Kingdom’s efforts to attract foreign direct investment through economic reforms and ease-of-doing-business initiatives have contributed to this positive trend.
These insights, therefore, beg the question, how best can international and local brands and foreign businesses capitalise on the tidal wave of exciting developments unfolding in the KSA region?
Shaping the Narrative
As the Kingdom undergoes a rapid transformation and diversification of its economy, there is a pressing need for skilled PR and communications experts to shape and convey the narrative. Companies, organisations, and government entities in Saudi Arabia require strategic communication strategies to highlight their contributions, accomplishments, and alignment with the vision of Saudi Arabia’s future. Communication professionals can play a pivotal role in helping clients navigate this dynamic environment, establishing their reputations, and building strong relationships with key stakeholders.
Establishing Thought Leadership
With the influx of global tech companies and the growing innovation ecosystem, there is an opportunity for brands to engage with expert communicators to position their clients as thought leaders in their respective fields. By leveraging the unique expertise, knowledge, and insights of their clients, communication professionals can help establish them as authoritative voices, not only within Saudi Arabia but also on the global stage. This can be achieved through the media, speaking engagements, industry collaborations, awards, and engaging content strategies bolstered by social media and digital marketing tailored to the local KSA market.
Bridging Cultural Gaps: Saudi Arabia has a rich cultural heritage, and as the country opens up to the world, there is a need for effective cross-cultural communication. PR can help brands successfully demonstrate a deep understanding of Saudi culture, customs, and values, and it can very practically serve as a cultural bridge between brand and consumer, facilitating meaningful connections between international companies, investors, and the local population. By tailoring communication strategies to resonate with Saudi audiences while respecting cultural sensitivities, PR experts can help foster positive engagement and build long-term relationships.
Embracing Digital Communication
Saudi Vision 2030 places significant emphasis on digitising operations and enhancing e-government initiatives. This presents a wealth of opportunities for brands to work with seasoned integrated communication experts in devising well-versed digital strategies that successfully achieve cut-through with the Kingdom’s consumer population. From social media campaigns to content marketing, influencers, and online reputation management, there is a growing demand for professionals who can navigate the digital landscape effectively. Communication experts can leverage the power of digital platforms to amplify their clients’ messages, engage with target audiences, and drive brand awareness within the region.
Partnering with Tech Startups
From a communications perspective, the surge of tech startups in Saudi Arabia provides communication professionals with an opportunity to collaborate with innovative companies and leverage their cutting-edge solutions. In doing so, experts can gain insights into emerging technologies, identify unique angles for storytelling, and showcase the impact of these technologies on various industries. This style of collaboration enables even the savviest of digital comms experts to stay at the forefront of technological advancements in the region and position their clients as early adopters and disruptors in their respective fields.
And there you have it. The emergence of Saudi Arabia as a major hub for communications and technology creates an ideal landscape for PR and communications professionals to thrive. By capitalising on the transformative opportunities presented by Saudi Vision 2030, brands leveraging intelligent counsel, and using integrated communication, can seize the opportunity to position themselves as major players in the dynamic and evolving Saudi market, as well as remain agile, informed and ready to adapt. This is an exciting time for brands and PR experts alike to be inspired by the ambition of Saudi Vision 2030 and become part of MENAs most thriving and diversified tech-driven economy.
[1]https://www.bloomberg.com/news/articles/2023-02-05/saudi-business-confidence-hits-two-year-high-as-boom-continues
Words By: Sophie Simpson, Managing Director and Founder of Atteline