A.T. Kearney, in partnership with Saudi Arabian think tank Al-Aghar, recently hosted its Fourth Industrial Revolution KSA Leadership Summit in Riyadh, where analysis provided by the consulting firm revealed that the Fourth Industrial Revolution can add more than one trillion Saudi Riyals to the country’s economy.
The gathering included both industrial and technology leaders, policymakers, and academics, and aimed to define the key initiatives that will enable the Kingdom to benefit from technology advances in order to further diversify and strengthen Saudi Arabia’s economy.
The main gain, close to 900 billion Saudi Arabian Riyals, will come from indirect contributions mainly from wholesale, retail and manufacturing.
The summit focused on some of the most critical issues and opportunities the country faces, and how best to benefit from the synthesis of physical, biological and digital technologies of the Fourth Industrial Revolution.
The event was conducted in the presence of His Highness Prince Turki bin Saud bin Mohammed Al Saud, president of King Abdulaziz City for Science and Technology (KACST) and His Highness Prince Faisal bin Abdullah bin Mohammed Al Saud, chairman of the steering committee of Al Aghar Group.
Mauricio Zuazua, partner, A.T. Kearney, said, “The Kingdom has made great strides and is heavily investing in technology to diversify its economy away from a reliance on oil. Under the vision of HRH Prince Mohammad bin Salman bin Abdulaziz Al Saud, technology is high up on the agenda for the Kingdom. The Fourth Industrial Revolution future of production can add significant value to the kingdom and will significantly impact the way we live our lives and do business.”
The sessions addressed the most important issues and opportunities for the Kingdom’s economy in light of the Fourth Industrial Revolution, including ‘localisation, trade and investment’, ‘technology and innovation’, ‘small and medium-sized enterprises and ‘human capital and skills’.
Zuhair Maghrabi, general manager of Al Aghar Group, said, “We look forward to working on the necessary preparations for Saudi Arabia to take on a role in the new digital economy. We also hope that this workshop provides a launching point for discussion and an opportunity to realise financial benefits, results and the economic stability these technologies offer to the Saudi economy.”
