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GCC Technology Creates 600,000 Jobs and Adds $ 255 Billion to GDP: Report

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Muscat – According to the latest report released by Strategy & Middle East, by developing appropriate policies and developing technology champions, GCC countries will reach the level of a high digital economy and add US $ 255 billion to regional GDP. And by 2030, it has the potential to create more than 600,000 technical jobs. , A consulting firm that is part of the PwC network.

According to the report, GCC’s digital economy is expanding rapidly, but it continues to focus on traditional IT. GCC countries said they could develop what is known as a “technical champion” to grow the digital economy.

Technology Champions are companies that play a central role in the global technology industry and help shape the technology sector of advancing countries.

“Such companies provide economies and scope of the scale needed for innovation, talent attraction, job creation, large-scale investment, and exports. A thriving technology ecosystem leads to a strong digital economy. “Strategy & says.

GCC countries said they could make significant profits if they could close the gap with the major digital economies that are developing rapidly in their own right.

Consulting firms predict that the emergence of GCC’s “technical champions”, along with appropriate policies, could play an important role in increasing regional GDP by a cumulative 5% by 2030. This will allow GCC countries to reach levels.State-of-the-art digital economy

As a result, US $ 255 billion will be added to the region’s GDP, of which US $ 119 billion will be paid to Saudi Arabia. In addition, by reaching advanced digital status, the region will create a total of 600,000 more technology jobs and will benefit from about 340,000 jobs in Saudi Arabia alone. ” I am saying.

Based on that analysis, the strategy and forecast is that GCC’s overall annual technology market growth will be 12% from 2022 to 2025, and digital solutions will grow at 24% annually.

In addition, GCC countries said that enabling the development of national technology champions would yield the economic and social benefits promised by innovation and growth.

“Technology champions have the economies of scale and scope needed to promote innovation, attract talent, create jobs, and promote investment and exports. They dominate the domestic market and dominate the global market. We can get a fair share, “the company said.

According to Strategy &, GCC countries can change their position in the global technology market.

“Currently, GCC countries are primarily buyers and employers and are in an unsustainable position. Instead, they should become technology disruptors by allowing the development of their own technology champions. Creating a tech champion requires collaborative efforts by a leading investor and a government acting as a facilitator, “says Strategy &.

The consulting firm said the development of Saudi Arabia’s technology sector reflects events in the region.

“Saudi Arabia has registered one of the region’s highest technology market growth rates and currently accounts for more than half of the region’s technology market. Most spending is still directed at traditional IT. But there are promising signs of rapid future growth in advanced digital solutions, “adds Strategy &.

The company predicts that the global digital economy, which is growing six times faster than the traditional digital economy, will contribute up to 25% of global GDP by 2025. Currently, China and the United States are in an overwhelming position with 90 technical champions. Percentage of market capital of 70 of the world’s largest digital companies.

Sources

1/ https://Google.com/

2/ https://www.muscatdaily.com/2022/06/05/gcc-tech-sector-to-create-600000-jobs-add-255bn-to-gdp-report/

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