The Fourth Industrial Revolution offers the opportunity to add more than SR1 trillion ($266.68 billion) to the Saudi economy, according to an analysis released by AT Kearney at a recent summit.

AT Kearney, a leading global strategic management consultancy, in partnership with Al Aghar, a Saudi Arabian think tank, recently hosted its Fourth Industrial Revolution KSA Leadership Summit in Riyadh, Saudi Arabia.

The gathering which included both industrial and technology leaders, policymakers, and academics, aimed to define the key initiatives that will enable the kingdom to benefit from the advances in technology of the Fourth Industrial Revolution in order to further diversify and strengthen Saudi Arabia’s economy.

The analysis added that the main gain, close to SR900 billion ($239.9 billion), will come from indirect contributions mainly from wholesale, retail and manufacturing sectors.

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 Prince Turki bin Saud bin Mohammed Al Saud, president of King Abdulaziz City for Science and Technology (KACST); Prince Faisal bin Abdullah bin Mohammed Al Saud, chairman of the Steering Committee of Al Aghar Group; Dr Ibrahim M Babelli, deputy minister for sectoral development, Ministry of Economy and Planning; Dr Lama Sulaiman vice chair, Jeddah Chamber of Commerce; Dr Mohammed Almajed, CEO of Taqnia Digital Manufacturing, Ihab Foudeh, Public Sector General Manager Microsoft Middle East,,Eng.Tarek Noureldin, Senior Operations Director KSA, Philips Lighting, Andreea Zugravu, Principal, A.T. Kearney, and World Economic Forum Secondee 4IR Future of Production, Mauricio Zuazua, Partner, A.T. Kearney, and Lead Partner World Economic Forum Future of Production, Rudolph Lohmeyer, Vice President, A.T. Kearney Global Business Policy Council.

Mauricio Zuazua, partner, AT 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,” he said.

The sessions addressed the most important issues and opportunities for the kingdom's economy in light of the Fourth Industrial Revolution, including ‘Localization, Trade and Investment’, ‘Technology and Innovation’, ‘Small and Medium-sized Enterprises (SMEs) and “Human Capital and Skills’.

The participating Saudi leaders and international experts defined key initiatives required to capture the identified value.

On the importance of this work and the effective role it plays for the Saudi economy, 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,” he added. – TradeArabia News Service