Saudi Arabia's smartphone market grew 26% YoY in Q1 2023

Even as many economies struggled in 2022 amid macroeconomic and geopolitical pressures, Saudi Arabia showcased exceptional resilience and emerged as the fastest-growing G-20 economy of 2022. With record-low unemployment rates, a thriving non-oil sector, and robust private consumption, the country experienced a remarkable economic boom.

This economic success story was further complemented by a rapid digital transformation, evident in the surge of Point of Sale (PoS) transactions, e-commerce activity, and digital payments, all pointing towards a growing culture of digitalization and consumer spending.