Digitisation to supercharge Saudi’s $4 trillion economic

Muscat: Digitisation will supercharge Saudi Arabia’s potential $4 trillion non-oil economic investment needed through 2030, industry experts announced at the recently concluded Mobile World Congress in Barcelona, Spain.
Facing a volatile oil and gas market, and with half of the population under 25 years old, the Kingdom’s economic transformation could double gross domestic product (GDP) by $800 billion, create 6 million jobs, and raise Saudi household income by 60 per cent, according to a new report by the McKinsey Global Institute.
“By harnessing the potential of the Internet of Things era and hyper-connectivity with real-time analytics, and massive capital investment, Saudi Arabia can super-charge its economy, unleash the private sector potential, and leapfrog established economies in raising productivity and investment,” said Ahmed Al Faifi, managing director of Saudi Arabia at SAP, a leading technology company.
Up to 75 per cent of productivity gains can be achieved by matching best practices, the report said.
“Technology alone cannot solve all problems, but will be key to transforming all of the Kingdom’s verticals. Digital platforms across the public, private, and people sectors can match job skills to careers, deliver new government services, and drive healthcare, retail, and manufacturing innovation,” added Ahmed Al Faifi.
SAP co-innovates with Saudi Arabia’s leading organisations, including telecoms mobility and Saudi Telecom Company, and Al Nasser Group, Bin Sammar Trading and Contracting Company, Saudi Arabia Basic Industries Corporation (Sabic), and Saudi Arabian Airlines.
Supporting sustainable work possibilities for Saudi Millennials, the SAP Training and Development Institute has conducted over 350,000 student-training days in the Kingdom over the past two years, and counts more than 35 University Alliance Partners who have trained over 5,400 graduates.