Saudi Arabia to Sustain Growth by Approving Digital Economy Policy

Saudi Arabia to Sustain Growth by Approving Digital Economy Policy

Saudi Arabia seeks speeding up the growth of economic digitization, technology adoption and digital entrepreneurship after the cabinet approved the digital economy policy earlier this week.

The policy is based on seven main principles, namely access (digital infrastructure, data and digital platforms), technologies, innovation, human capital, social prosperity and inclusiveness, confidence in the digital environment and market openness.

It comes as an extension of the Kingdom's efforts during its presidency of the G20 in 2020 to overcome obstacles and address the challenges facing the greater inclusion of the private sector in the digital economy.

The policy targets supporting the development of the digital economy, creating competitive advantages for the Kingdom, achieving diversified and sustainable economic growth, and global leadership in promising sectors, as well as highlighting the country's international trends in digital economy-related issues.

According to specialists, the cabinet's decision will speed up the pace of digitization in the Saudi economy.

Saudi Arabia is ranked the first in the world in the speed of the fifth generation (5G) mobile internet. It was also ranked seventh in world in the growth rate of innovative companies, according to the recent Global Competitiveness Report