The B2B size of the Saudi ICT market is SAR 30 Billion with a CAGR of 7% for the next five years. Data management, strategy, and governance will be core to the sector’s future and the Kingdom’s technology foundation.
Master Works was founded in 2010 by Hani Al-Lehaibi and Bandar Al-Amri in Riyadh, Saudi Arabia, then quickly expanded regionally with offices in Egypt, UAE, Jordan, and India. The company specializes in data technologies across several verticals such as data strategy, governance, management, visualization, and monetization. Along with data products and services, Master Works provides technology solutions in related digitization fields such as API management and Robotic Process Automation (RPA).
Master Works has excelled in its ability to turn data into assets for more than 140 clients in both private and government sectors, and across 250 projects. The entrepreneurial founders did not stop there but also developed homegrown products and solutions that are tailored for local needs and challenges. Examples of these are P+ (PMO multi-platform solution) and S+ (strategy management solution), which are used by more than 25 clients in the Kingdom. Other great successes are Leopard (financial and operational KPI management), Octopus (data governance tool), and Baseer (video analytics).
Furthermore, the company was able to partner with more than 20 global technology providers who are leaders in their respective fields. Offering a complete and robust data solution in today’s interconnected world requires high-level capabilities across different platforms and products, delivered for local technological requirements. Master Works offers that unique value to clients, where localization and top-tier technologies are deployed across different industries.
Data solutions and products have become foundational to the whole industry as the size of the B2B sector of the Saudi ICT market is expected to reach SAR 42 Billion (USD 11.2 Billion) in five years. Localization requirements alone are expected to be a major driver for data solutions, coupled with other organic drivers such as technological advancements in data quality, management, and governance.
Moreover, as a share of GDP, at least 90% spending growth in the Kingdom for B2B IT solutions is still to be realized when compared to mature international markets (e.g., France, Germany, Spain, etc.). Today, Master Works is a leader in the industry, and with this incoming growth, the company expects to capture further market share as its expansion accelerates.
Currently, the company is preparing for its public listing in the Kingdom, a monumental milestone for the exciting plans ahead. In parallel, Master Works is doubling down on its in-house developed solutions, with many new products coming down the pipeline. The company’s research and development capabilities enabled it to become the most sought-after data solution provider in the Kingdom, and the plan is to expand on this catalyst and solidify its position as a national technology champion for Saudi Arabia on the global stage.
Compared with G20 public companies, Saudi technology firms are extremely underrepresented in the Kingdom’s public markets, standing at only 1.83% of the total market capitalization when combining both Main and Nomu markets (excluding Aramco). G20 technology public market representation stands at a median of 7.5% and a mean of 10.7%, showcasing a potential increase of at least 5 times in Saudi Arabia (an additional SAR 238 Billion in market value). We are firmly bullish on this opportunity, and Master Works is leading our efforts in realizing this potential.
