A key meeting of business leaders and government officials in Bahrain yesterday (November 26) sought new policies that will help unlock the potential of the 4th Industrial Revolution in the Arab world.

The meeting, also participated by start-ups and venture capitalists, discussed ways to narrow the gap between the region’s technological potential and the policy agenda required to realise it.

The leaders looked to understand and positively shape the Fourth Industrial Revolution in the Arab World so that it serves all parts of society, said a statement.

Held under the theme “The Arab World in the Fourth Industrial Revolution”, the meeting marked the launch of the next phase of the World Economic Forum’s work on the digital agenda for the Arab world, said a statement.

It is supported by a strong mandate from the forum’s Regional Business Council on the Middle East and North Africa, it said.

The programme's first phase is focused on exploring innovative approaches that are being tried and tested to harness the benefits of technological advancement in the Arab world, it added.

Mirek Dušek, deputy head of the centre for regional and geopolitical affairs of the World Economic Forum, said: “In the context of the rapidly spreading Fourth Industrial Revolution, the engagement of key stakeholders has never been more important than today.”

“Reaping the benefits of new technologies while maintaining trust, requires the collaborative efforts of government, businesses and other actors in society,” he said.

Recent technological advances have the potential to fundamentally redefine Arab economies. Participants will address necessary policy challenges in three key areas: E-commerce, data flows and new technologies for the Arab World.

Kamal Bin Ahmed Mohammed, Minister of Transportation and Telecommunications of Bahrain, said: “Just as with business, governments that fail to keep pace with immense technological change risk falling behind. Those that embrace change, adapt to change, and anticipate change will emerge winners.”

“This is why in Bahrain we are finding new ways of ensuring the public and private sectors collaborate, as failing to harness all our talents to control the Fourth Industrial Revolution will risk us missing out on the undoubted benefits it can enable,” he added.

Khalid Al Rumaihi, chief executive officer of the Bahrain Economic Development Board and current chair of the regional business council for the Middle East and North Africa (Mena), added: “Our partnership with the World Economic Forum’s Centre for the Fourth Industrial Revolution on Cross Border Data Flow exemplifies Bahrain’s vision and commitment to be at the forefront of technical change, but also to help craft region-wide solutions.” – TradeArabia News Service