Digitisation will supercharge Kingdom of Saudi Arabia
Industry experts SAP reveal hyper-connectivity can drive productivity and investment in Saudi Arabia
At Mobile World Congress 2016 in Barcelona, SAP unveiled that digitisation will supercharge the Kingdom of Saudi Arabia's potential $4 trillion non-oil economic investment by 2030.
A report by McKinsey Global Institute revealed that the Kingdom is facing a volatile oil and gas market, and with half of the population under 25 years old, an economic transformation could double GDP by $800bn, create 6m jobs and raise the Saudi household income by 60%. Furthermore the report stated up to 75% of productivity gains can be achieved by matched best practices.
"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.
He added: "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."
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.
SAP is also supporting sustainable work possibilities for Saudi Millennials as its 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.
Digitisation in general is where organisations should be heading to, according to analysts at IDC, the ICT market across the Middle East will cost $103bn in 2016. Speaking at IDC Middle East CIO Summit 2016, Crawford Del Prete, IDC's chief research officer and executive vice president for worldwide research products urged organisations to not only survive but thrive in this new digital economy and to take the time to make that investment in company agendas.