JEDDAH: IT industry in Saudi Arabia will grow at a CAGR of around 10 percent during 2010-2013, RNCOS said in its latest report “Middle East ICT Market Analysis”. It noted that the GCC countries are experiencing rapid economic growth due to their burgeoning regional markets. Besides, growing youth population and increasing government spending on infrastructure and education will create a demand for advanced technology and security in the Kingdom. The report further said Saudi Arabia has emerged as the largest market for security products in the GCC, followed by the UAE. our study has found that the government support plays a critical role in the development of Middle East ICT sector. The governments of Middle Eastern countries are recognizing the need of ICT sector for the overall economic growth and to reduce their dependency on oil. Moreover, the liberalization of the ICT sector has also encouraged private sector for more investments. Separately, new contracts in the Saudi building sector recorded a value of $85 billion in 2010, Ventures Middle East, organizer of the Big 5 Show, a fair in the sector that held an edition in Jeddah this year. Of this total, $33 billion were for civil construction, i.e. buildings contracts. The sector had the biggest turnover in 2010, followed by industrial enterprises, oil and gas, energy and water, infrastructure as a whole, piping and offshore works. It showed that the Saudi building sector is currently the center of attention since the domestic market sustains the demand for works.
