RIYADH: From protecting its growing digital infrastructure to exporting cybersecurity technologies and expertise, Saudi Arabia is emerging as a key player in addressing global cyber threats.

The Kingdom has made significant strides in developing its technology infrastructure, a key pillar of its Vision 2030 initiative aimed at diversifying the economy beyond oil.

This digital transformation has been accompanied by a comprehensive approach to online safety – including the adoption of the National Cybersecurity Strategy, which focuses on creating a secure digital landscape that supports rapid technological advancements.

“The growth of Saudi Arabia’s tech infrastructure has substantially enhanced its cybersecurity capabilities,” Sohil Mohamed, director, cyber risk advisory lead at Alvarez & Marsal told Arab News.

He praised the National Cybersecurity Strategy,  saying that it prioritizes resilience, secure digital landscapes, and trust.

This strategic approach ensures that Saudi Arabia’s technological growth is supported by adaptive risk management and dynamic defense mechanisms.

In addition to the government’s efforts, the private sector has also played a critical role in building a secure digital ecosystem.

The expanding cybersecurity market in Saudi Arabia

As one of the fastest-growing markets in the Middle East, Saudi Arabia’s cybersecurity sector is valued at approximately SR13.3 billion.

This rapidly expanding market offers substantial opportunities for public-private partnerships, particularly in developing advanced cybersecurity solutions and creating new business models for commercial involvement.

Additionally, the Saudi government’s focus on digital transformation and cybersecurity has opened new avenues for investment.

“Key areas of focus include the development of advanced cybersecurity solutions, engagement in public-private partnerships, and contributions to national initiatives such as the Cybersecurity Catalyst Program spearheaded by the National Cybersecurity Authority,” Mohamed said.

These initiatives are driving a collaborative effort between the public and private sectors to strengthen the Kingdom’s cyber resilience.

Saudi Arabia’s investment in the sector also positions it as a key player in the global cybersecurity market.

The government has partnered with international organizations and cybersecurity firms to enhance its capabilities and bolster the country’s readiness to handle large-scale cyber threats.

This proactive stance is evident in Saudi Arabia’s role as host of major events, such as the Global Cybersecurity Forum, which brings together industry leaders.

Protecting national infrastructure – a key priority

Critical Information Infrastructure Protection has become a top priority for Saudi Arabia as it seeks to secure vital sectors, such as energy, finance, and transportation, from cyber threats.

The Kingdom has experienced several high-profile cyberattacks, most notably the Shamoon attack in 2012, which targeted Saudi Aramco, one of the world’s largest energy companies.

This incident underscored the importance of building robust cybersecurity measures to protect national assets.

Saudi corporations are increasingly focused on quantifying the economic impact of potential cyberattacks, particularly in industries that form the backbone of the national economy.

“Saudi corporations are progressively implementing sophisticated risk assessment tools and methodologies to quantify the economic impact of cyber threats,” Mohamed said.

He explained that this includes evaluating potential financial losses, operational disruptions, and reputational damage from cyber incidents.

Additionally, cyber insurance is becoming a critical tool for mitigating risks. This provides financial protection against potential cyberattacks and promotes the adoption of best practices across industries.

The growing reliance on cyber insurance reflects the increased awareness among Saudi businesses of the importance of proactive cybersecurity measures.

Exporting cybersecurity expertise and technology

Saudi Arabia’s progress in cybersecurity is not only benefitting the Kingdom but also positioning it as a global leader capable of exporting expertise and technologies.

The National Cybersecurity Authority has been instrumental in fostering international collaborations and creating platforms for knowledge sharing.

Initiatives such as the National Cybersecurity Academy provide advanced training to professionals, equipping them with the skills needed to address both domestic and international challenges.

Alvarez & Marsal’s Mohamed said: “By leveraging its robust cybersecurity frameworks and strategic partnerships, Saudi Arabia can offer tailored cybersecurity services and solutions to other regions. Initiatives such as the National Cybersecurity Academy by the NCA.”

This capacity for exporting cybersecurity solutions will allow Saudi Arabia to play a critical role in addressing global online threats.

Moreover, the Kingdom’s strategic location and status as a regional economic hub make it a key player in cybersecurity across the Middle East and North Africa region.

Saudi Arabia is increasingly seen as a model for other countries seeking to enhance their cybersecurity frameworks. Its experience in managing threats and building resilient digital infrastructure has positioned it as a leader in this space.

The Kingdom’s efforts to protect its critical infrastructure are seen not just as a defensive necessity but also as a key pillar in positioning the Kingdom as a leader in global cybersecurity. Vision 2030 has been a central driver of this transformation.

Samer Omar, cybersecurity and digital trust leader at PwC Middle East, highlighted to Arab News how the Kingdom’s digital growth has shaped its cybersecurity strategy.

“Saudi Arabia has achieved fourth place globally in the digital services index, first regionally, and second among G20 nations. The rapid advance in technology has increased the digital ecosystem in Saudi Arabia, which in turn has further increased its exposure to cyber-attacks,” Omar said.

He added: “In response, the Kingdom has successfully orchestrated a combination of regulations, investments, and awareness which has propelled most sectors to adopt a proactive security by design approach.”

This proactive approach allowed Saudi Arabia to secure the highest ranking possible in the UN Global Cybersecurity Index 2024, a reflection of the Kingdom’s investment in a secure digital future.

Omar pointed out that Vision 2030 has accelerated the investment in human capital to build critical national capability and aid nationals in attaining key cybersecurity skills and certifications.

He also emphasized the vital role Vision 2030 plays in safeguarding the Kingdom’s critical sectors, particularly energy, finance, and smart cities, which are integral to the nation’s economy.

“Saudi Arabia faces compelling challenges in these critical sectors due to the complex infrastructure, creating a potentially vulnerable and vast attack surface for adversaries,” Omar said.

Omar noted Saudi Arabia’s determination to not only secure its own digital landscape but also position itself as a cybersecurity leader on the global stage.

This leadership is exemplified by initiatives like the Global Cybersecurity Forum, which Omar describes as “a unique ecosystem and platform that is actively engaging with leading bodies such as the World Economic Forum,” thus shaping the future of cybersecurity well beyond the Kingdom.

Addressing the cybersecurity talent gap

Saudi Arabia has been proactively addressing the shortage of cybersecurity talent by heavily investing in capacity-building programs supported by both public and private sectors.

“There are an estimated 19,600 Saudi cybersecurity professionals with 32 percent of them being female,” Omar said.

He continued: “In addition, most major universities have cybersecurity education and training including Capture The Flag competitions, and all the major cybersecurity technology vendors provide training on their products and services.”

These efforts are integral to the country’s broader vision of strengthening its digital infrastructure under Vision 2030.

A secure future

According to Omar, the cybersecurity industry in Saudi Arabia is projected to experience significant growth in the coming years, driven by the Kingdom’s Vision 2030 initiative and robust regulatory frameworks.

“NCA released a report this year that estimates the size of the cybersecurity market to be SR13.3 billion with 31 percent of the spending from the public sector and the remaining 69 percent from the private sector,” he said.

Omar went on to say: “Some analysts estimate the cybersecurity CAGR to be between 11 percent to 13 percent.”

This is due to Vision 2030, which serves as a catalyst for developing the digital ecosystem, Omar explained, emphasizing the strategic role of the initiative in shaping the country’s cyber transformation.

LONDON, Dec 20 : Oil prices fell on Friday on worries about demand growth in 2025, especially in top crude importer China, putting global oil benchmarks on track to end the week down more than 3 percent.

Brent crude futures fell by 32 cents, or 0.4 percent, to $72.56 a barrel by 4:09 p.m. Saudi time. US West Texas Intermediate crude futures also eased 32 cents, or 0.5 percent, to $69.06 per barrel.

Chinese state-owned refiner Sinopec said in its annual energy outlook released on Thursday that China’s crude imports could peak as soon as 2025 and the country’s oil consumption would peak by 2027 as diesel and gasoline demand weaken.

“Benchmark crude prices are in a prolonged consolidation phase as the market heads toward the year-end weighed by uncertainty in oil demand growth,” said Emril Jamil, senior research specialist at LSEG.

He added that OPEC+ would require supply discipline to perk up prices and soothe jittery market nerves over continuous revisions of its demand growth outlook. The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, recently cut its growth forecast for 2024 global oil demand for a fifth straight month.

JPMorgan sees the oil market moving from balance in 2024 to a surplus of 1.2 million barrels per day in 2025, as the bank forecasts non-OPEC+ supply increasing by 1.8 million bpd in 2025 and OPEC output remaining at current levels.

Meanwhile, the dollar’s climb to near a two-year high also weighed on oil prices, after the US Federal Reserve flagged it would be cautious about cutting interest rates in 2025.

A stronger dollar makes oil more expensive for holders of other currencies, while a slower pace of rate cuts could dampen economic growth and trim oil demand.

US President-elect Donald Trump said on Friday that the EU may face tariffs if the bloc does not cut its growing deficit with the US by making large oil and gas trades with the world’s largest economy.

In a move that could pare supply, G7 countries are considering ways to tighten the price cap on Russian oil, such as with an outright ban or by lowering the price threshold, Bloomberg reported on Thursday.

Russia has circumvented the $60 per barrel cap imposed in 2022 using its “shadow fleet” of ships, which the EU and UK have targeted with further sanctions in recent days.