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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

02:59 [BLANK_AUDIO]

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