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00:00 Internet of Things is one of the fields that has increased demand in Saudi Arabia recently,
00:06 especially with the development of the infrastructure for communications and technology,
00:11 where the total investment in digital infrastructure in the kingdom exceeded
00:16 about 93 billion Saudi Riyals over the past six years.
00:21 According to a report issued by the Saudi Communications, Space and Technology Commission,
00:26 IoT Squared is a joint venture between the General Investment Fund and the STC Group,
00:32 with the aim of providing Internet of Things solutions for smart cities
00:37 and the fourth industrial revolution applications,
00:40 in addition to smart transportation and logistic services.
00:44 IoT Squared, which was established in 2022,
00:49 has more than 120 partners with the Internet of Things Industry Leadership
00:54 to support its regional business strategy,
00:57 which aims to provide advanced solutions for governments, companies,
01:02 and small and medium-sized businesses in the Middle East.
01:06 It also focuses on the Saudi market.
01:09 According to Othman Al-Dahash, CEO of IoT Squared,
01:13 the Internet of Things market is rapidly growing,
01:17 fueled by the major changes witnessed by the government sector,
01:21 logistic services sectors and the fourth industrial revolution.
01:25 Al-Dahash pointed out expectations that the size of the Internet of Things sector in the kingdom
01:30 will reach 10.8 billion Riyals by 2025,
01:36 with an annual growth of 12.18%.
01:41 Recently, the STC Group announced that it will sign a contract with IoT Squared,
01:46 one of the companies affiliated with the group,
01:51 a contract obligatory for acquisition of Machine Stock,
01:54 which is one of the companies specialized in Internet of Things solutions and technologies.
01:59 The contract contributes to the rapid growth of IoT Squared
02:03 and its establishment in the Internet of Things market.
02:07 STC has confirmed that this acquisition is a continuation of its strategy
02:11 for expansion and growth and enabling the digital economy,
02:15 in addition to the comprehensive digital system of the group.
02:19 Saudi Arabia has launched several giant projects
02:23 that rely heavily on technologies, including the Internet of Things,
02:27 such as the Neom project, the Red Sea, and others.
02:30 Many parties have also announced several projects and services
02:34 that rely on monitoring and tracking through the Internet of Things technologies,
02:38 such as licensing cars that rely on applications,
02:42 and remote storage of medicines.
02:45 All of this is expected to increase demand for the Internet of Things
02:48 in the near future in the Kingdom,
02:51 and raise government and private investments in this field.
02:54 Alshamri Atal, CNBC Arabia, Riyadh
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