RIYADH — A.T. 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.

During the summit, the analysis provided by A.T. Kearney revealed that the Fourth Industrial Revolution offers the opportunity to add more than one trillion Saudi riyals to the Saudi economy. The main gain, close to SR900 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, president of King Abdulaziz City for Science and Technology (KACST), Prince Faisal Bin Abdullah, 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, along with other dignitaries.

Mauricio Zuazua, Partner, A.T. 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 Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, 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.”

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 stated: “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 realize financial benefits, results and the economic stability these technologies offer to the Saudi economy.” — SG