Saudi Arabia Announces Digital Economy Policy

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Saudi Arabia Announces Digital Economy Policy

Riyadh, Saudi Arabia - DEC 29, 2020: National Committee for Digital Transformation of Saudi Arabia has launched the Kingdom’s digital economy policy. The newly created policy will contribute to developing the digital economy in the Kingdom, introducing the public and private sectors as well as the international society to the national orientations in files related to the digital economy. It will also ensure the alignment of government entities’ approaches, with a view to achieving diversified and sustainable economic growth, in addition to creating competitive advantages for the Kingdom.

The Kingdom has a prominent economic position, as its economy is the largest in the Middle East and ranks among the 20 largest economies in the world. ‘Thriving Economy’ is one of the pillars for the Kingdom's Vision 2030, as it aims to raise its economy to the first 15 ranks in the world, by creating an attractive investment environment and diversifying its economy, to raise the ratio of non-oil exports from 16% to 50% of non-oil GDP and increase the private sector contribution to GDP from 40% to 65%.

Through the Group of Twenty (G20), the Kingdom has also exerted efforts to empower the digital economy and address its challenges by enabling the private sector to benefit from the digital economy and defining a framework for a reliable, human-centered economy.

The Kingdom has set the development of the digital economy as one of the key enablers for the promotion of promising non-oil sectors and seeks to raise the ratio of digital economy’s contribution to the GDP in parallel with the leading global economies.

The Digital Economy Policy has 7 key pillars, namely: access, technology, innovation, human capital, social prosperity, inclusion, digital confidence, and open market. These principles are geared towards enhancing the creation of an attractive digital investment environment.

The Digital Economy Policy aims to pave and develop a roadmap for government and private entities in the Kingdom in order to facilitate investment in the digital economy and to declare the Kingdom's international orientation in the digital economy.

The Digital Economy Policy features promulgation of the Kingdom’s existent environment that stimulates investment in the digital sector, thus encouraging the private sector to raise the proportion of investment in digital businesses. It also introduces individuals within the Kingdom to the opportunities and improvements that will be provided by the Digital Economy Policy and consolidates the Kingdom’s keenness to deliver on an attractive and inclusive digital investment environment in line with the sustainable development goals, which contributes to raising the Kingdom's ranking in international indicators. Similarly, it introduces foreign investors to the Kingdom’s serious desire to render an attractive environment for digital businesses with the aim of raising the proportion of digital foreign investment.



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