Towards a digital economy
The growth in the digital economy of any nation is an important indicator of its standing in the future economic map of the world. The rapid pace in which the global digital economy has surged forward has allowed it to easily take over the conventional postindustrial revolution economic systems.
Saudi Arabia is exploring the future through numerous initiatives, topped by Vision 2030. The Saudi economy is taking shape by means of these initiatives, moving away from the dependence on oil revenues, which, in the past, have helped in moving the wheels of development in the Kingdom.
According to the latest reports, Saudi Arabia will build a giant technological center similar to America’s Silicon Valley. The center will be the largest in the Middle East and will house a huge data center. It will certainly reflect positively on the qualitative advancement of the various business activities and services rendered in the Kingdom.
Such a giant step in the technological arena is expected to strengthen the Saudi economic position regionally and internationally. Specialist international centers have estimated that 70 percent of the world’s advanced technologies will be based on the digital economy by 2020.
While the digital economy accounts for one-third of the Chinese GDP, making China second to the USA as an economic power, there are ambitious countries, like Saudi Arabia, which are well positioned to catch up and narrow the gaps.
The young Saudi society, backed by a clear governmental vision, will strive hard to make a resounding impact in the digital world. The stereotyped image of the Kingdom as a consuming society, with an economy completely dependent on oil, is poised to change in the not-too-distant future.