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.
Facing a volatile oil and gas market, and with half of the population under 25 years old, the Kingdom’s economic transformation could double GDP by $800 billion, create six million jobs and raise Saudi household income by 60%, 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, the Kingdom can super-charge its economy, unleash the private sector potential and leapfrog established economies in raising productivity and investment,” says Ahmed Al-Faifi, managing director, SAP – Saudi Arabia.
Up to 75% of productivity gains can be achieved by matching best practices, the report states.
“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,” adds Al-Faifi.
SAP co-innovates with the Kingdom’s leading organisations, including telecom companies Mobily and STC, Al Nasser Group, Bin Sammar Trading and Contracting Company, 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.
Words by Katie Streten Experiential Strategy Director, VMLY&R COMMERCE Throughout the last year,June 13, 2021 | By Shruthi Nair
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