Digitization will supercharge the Kingdom of Saudi Arabia’s potential USD 4 trillion non-oil economic investment needed through 2030, industry experts announced at the recent 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 USD 800 billion, create 6 million jobs, and raise Saudi household income by 60 percent, 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,” said Ahmed Al-Faifi, Managing Director of Saudi Arabia at SAP, a leading technology company.
Up to 75 percent 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 the Kingdom’s leading organizations, including telecoms mobily and STC, and 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.