Is Saudi Arabia The Next Digital Leader?

      Published on Monday, 30 September , 2019      706 Views     
Is Saudi Arabia The Next Digital Leader?

  • Technology

Many millionaires and some billionaires are made from Saudi Arabia’s oil industry, and the majority of the Saudi Kingdom’s economy was built around it in the past, but the times are changing.

Saudi’s leaders know that they can’t rely oil to drive the economy forever, so they have started initiatives to diversify their economy through other industries, the most promising route being in digitalization.

This is something that Saudi Arabia strives to be a leader in, in the next 10-20 years, largely as part of their Vision 2030 Plan. Why is this major focus? Simply cause the right digital approach might add 1% to the GDP for each 20% growth in transformational technology investment.

There is not a single successful country in the world that does not rely on technology for their growth and development. So how is Saudi Arabia implementing this into their economy?

The process starts with encouraging and teaching entrepreneurship.

Because of the Vision 2030 Plan, entrepreneurship is gaining momentum across the Saudi Kingdom. 2018 alone saw a staggering $49 million in VC investments towards Saudi start-ups, and accelerator programs are popping up to help businesses drive innovation.

This initiative is also trickling down into education, research centers, and international organizations driving the whole country to jump in to the craze of the digitization and technology sector.

Category Technology | 2019/09/30 latest update at 6:37 PM
Source : For | Photocredit : Google
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