Software-as-a-Service (SaaS) unicorn Zoho made waves on March 5 with its announcement of investing approximately Rs 1,100 crore (SAR 500 million) in Saudi Arabia’s digital infrastructure development. This strategic move is aimed at fostering partnerships with local government entities to propel the nation towards achieving the ambitious Saudi Vision 2030.
Reinforcing Data Sovereignty with New Data Centers
In alignment with Personal Data Protection Laws (PDPL), Zoho also unveiled two new data centres in Saudi Arabia, strategically located in Jeddah and Riyadh. These centers are fully operational and ensure that local data remains within the Kingdom’s geographical boundaries, bolstering data sovereignty and compliance.
Empowering SMEs with Financial Support and Digital Solutions
In a bid to empower small and medium-sized enterprises (SMEs) in Saudi Arabia, Zoho Corporation has earmarked an additional Rs 221 crore. This fund will provide SMEs with annual wallet credits for the next decade, granting access to Zoho’s suite of 55+ cloud-based applications and training resources.
Zoho’s strategic partnerships aim to facilitate the seamless adoption of digital technologies among SMEs, fostering digital upskilling and innovation within the local business ecosystem. These initiatives are poised to drive economic growth and competitiveness in Saudi Arabia’s rapidly evolving digital landscape.
Financial Performance Amidst Global Industry Challenges
Despite the software industry’s global slowdown, Zoho reported impressive financial results for the fiscal year 2023. With consolidated revenue reaching Rs 8,703 crore, marking a substantial 30% year-on-year increase, and a consolidated net profit of Rs 2,836 crore, Zoho demonstrates resilience and growth amidst challenging market conditions.
Zoho’s substantial investment in Saudi Arabia’s digital infrastructure underscores its commitment to fostering technological innovation and economic development in the region. By leveraging its expertise and resources, Zoho aims to accelerate Saudi Arabia’s digital transformation journey while empowering SMEs with the tools and support they need to thrive in the digital age.
