RIYADH: The Gulf Cooperation Council countries can add $255 billion to the regional gross domestic product by 2030, with Saudi Arabia contributing $119 billion alone, according to a report by Strategy& Middle East.
Strategy& Middle East, a consulting company that is part of PwC’s network, suggests that this would happen by instituting the right policies and by developing tech champions in GCC countries.
Tech champions play a significant role as they provide the economies of scale and scope necessary for innovation, talent attraction, job creation, large-scale investment, and exports.
“While the GCC digital economy is growing rapidly, that alone will not make the region internationally competitive,” said Chady Smayra, partner with Strategy& Middle East.
“Conversely, with the help of tech champions, regional GDP could jump by a cumulative 5 percent by 2030, creating some 600,000 technology jobs,” he added.
“As the regional economy transitions to being led by digital disruptors, the digital economy could increase its contribution to regional GDP potentially by $30 billion over the next five years, from $169 billion to $204 billion,” Tarek El Zein, another partner, said.