The new sandbox is also aimed to attract local and international investment into the space
Saudi Arabia is launching an Emerging Technologies Sandbox to let new tech service providers test their products in a safe environment. The Communications and Information Technology Commission (CITC) in the kingdom launched the sandbox to allow emerging technology service providers to create innovative solutions and services that accelerate digital transformation across sectors.
The new sandbox is also aimed to attract local and international investment into the space. SAMA, the Saudi Central Bank, has its own sandbox that looks to give local and international fintech players a space to test their products.
In February, the Minister for Communications and Information Technology, Engr. Abdullah Alswaha announced that Saudi Arabia would invest more than $6.4 billion in future technologies to drive innovation. Meanwhile, the country is also looking to ramp up foreign direct investment in its economy to spur its grand-scale economic diversification plans.
Saudi Arabia has undergone massive change, updating its regulatory environment to make laws more investor and business-friendly, and the kingdom has improved its ease of doing business as it seeks to diversify its economy away from oil under its ambitious Vision 2030 plan.
