It goes without saying that technology is an integral part of every economy. This also reveals that investing in tech brings great benefits that contribute to the collective growth of a nation. To put it simply, tech stocks are shares in companies in the technology industry. The technology industry includes telecommunications, software, hardware, IT, etc.
In Saudi Arabia, the Saudi Tadawul Group regulates the Saudi Stock Exchange. The Saudi Exchange is among the largest stock exchange globally, with over 198 companies listed on its exchange. However, this article will focus on the leading tech stocks in the Saudi Arabia stock market.
Leading Tech Stocks
As organized by Market Cap, the following are the largest Saudi Arabian software stocks:
1- Al Moammar Information Systems Company:
Known as MIS, the company operates as an information technology company. It offers software development, network and security management, cloud computing and so on, and serves clients across Saudi Arabia. The leading IT company was established in 1979 and today has branches in Jeddah and Al-Khobar. Al Moammar has recorded an increase of $666 million due to the value of its contracts and projects.
Elm Company provides ready-made and customized digital solutions. The company provides its services to the government, corporations and individuals alike. With over 60,000 private and public organizations as its customer base, Elm is known for providing innovative, secure IT services. Elm is also known for its contribution to social programs and has educated over 2000 students on technology.
3- Saudi AZM:
Saudi AZM provides services ranging from strategic planning and information technology to software development and IT consultation services. The company also provides human resource services and helps large corporations manage financial technology projects. The company was launched in 2017 and is based in Riyadh. Within the last month, the stock value of Saudi AZM increased by 15%, while revenue grew by 17% in the last year.
4- Jahez International Co for Information & Technology:
Jahez International is a subsidiary of the Jahez Group in Saudi Arabia. It operates as a food delivery platform but also offers cloud kitchen services, logistics for e-commerce companies and IT services. After almost six years of its existence, the company floated 18% of its capital on the Saudi parallel market in 2021. Today, Jahez operates in more than 47 cities in Saudi, with a network of 1.3 million active users. Its revenue is expected to grow by 28.2% annually with high future ROE.
5- ACWA Power International:
In 2021, ACWA raised over $1.2 billion in the biggest Saudi Arabian listing. The company is key in Saudi Arabia’s efforts to diversify from oil toward green technology. ACWA is valued at $14.2 billion, making it one of the biggest listed companies in Riyadh. The company’s services have extended to 13 countries around the world, and it currently has $66.5 billion worth of power investments.
Saudi Arabia is fast becoming a technology hub that provides the rest of the MENA region with its services. Innovation, government policies and investments in technology will help lead the country towards remaining recognized as a leading technology giant in the world today.