Shour Global Technology Company announced a significant strategic move, with its board of directors approving the establishment of a new, wholly-owned subsidiary headquartered in Riyadh. According to the official statement published on the Saudi Stock Exchange (Tadawul) website, the new company will specialize in vital areas including the development of artificial intelligence solutions and technologies, emerging technologies, big data analytics, and the development of intelligent systems, pending the acquisition of all necessary approvals and licenses from the relevant regulatory authorities.
General context: In line with the Kingdom's Vision 2030
This move comes within the context of the comprehensive economic and digital transformation underway in the Kingdom of Saudi Arabia, underpinned by Vision 2030. The Vision aims to diversify national income sources and reduce dependence on oil by building a knowledge-based and innovation-driven economy. The technology and artificial intelligence sector is a key pillar in achieving these goals, with the Kingdom launching ambitious strategies such as the National Data and Artificial Intelligence Strategy (SDAIA) to position the country as a leading global hub in this field by 2030. Shor's decision aligns perfectly with this national direction and reflects the private sector's responsiveness to government initiatives aimed at strengthening the digital economy.
The importance of the event and its expected impact
The establishment of this company represents a significant step forward for Shore, strengthening its investments in promising technology sectors and expanding its business scope. Domestically, the new company is expected to accelerate digital transformation across various government and private sectors, providing innovative solutions that enhance the efficiency of services and operations. It will also contribute to creating specialized and highly skilled job opportunities for Saudi nationals and support the innovation and entrepreneurship ecosystem in the Kingdom.
Regionally, this investment reinforces Riyadh’s position as a technology and innovation hub in the Middle East, attracting further foreign investment and specialized talent. Internationally, the entry of strong local players like Shore in the field of artificial intelligence enhances the Kingdom’s competitiveness in the global technology race and opens new avenues for collaboration and partnerships with leading global companies. This move is not merely a commercial expansion; it is a strategic investment in the future of the digital economy, aimed at diversifying income sources and creating sustainable long-term growth opportunities.
