In 2022, Saudi Arabia allocated $5.1 billion to research and development, marking a significant 32.7% increase from the $3.9 billion invested in the previous year.
A historic memorandum of understanding was inked between Britain and Saudi Arabia, aimed at fortifying the science and technology research connections between the two nations. This strategic move is set to unlock the potential for Saudi Arabia to integrate more deeply into the UK’s lucrative $1 trillion tech market.
The signing ceremony, which featured UK Science Minister Andrew Griffith and Saudi Minister of Communications and Information Technology Abdullah Alswaha, took place during the inaugural day of Saudi Arabia’s LEAP technology conference in Riyadh. The agreement is expected to enhance joint efforts on projects that address critical global challenges, such as food security and the transition to clean energy.
As part of its ambitious Vision 2030 initiative, Saudi Arabia is striving to diversify its economy and reduce its dependence on oil revenues by the end of the decade. Meanwhile, the UK has recently joined the ranks of the United States and China as one of the few countries boasting a tech sector valued at over $1 trillion. Griffiths expressed that collaboration with Saudi Arabia presents a substantial opportunity for UK enterprises, scientists, and researchers.
Griffiths further emphasized the importance of the partnership, noting that the vast scope of Saudi Arabia’s goals in science and technology plays a crucial role in supporting the UK’s own objectives in these domains.