Saudi PPP agreement to improve the digital economy in the MENA region, According to World Bank

Saudi Arabia had a deal with the World Bank that would develop a public-private partnership that would speed up the digital adoption of developing countries.

According to a top official, this agreement will improve the digital economy in the North African and Middle East regions.

Based on an exclusive interview, the regional director of Gulf Cooperation Council countries at the World Bank, IssamAbousleiman stated that several jobs can be created in the MENA region by introducing a digital economy to boost the gross local product by $1.6 trillion.

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He continued that the GDP per capita in the MENA region could experience a $7,000 increment alongside the additional introduction of artificial intelligence and digitalization.

According to his comments on the sidelines at the Global AI Summit, there would be a $7000 boost in the GDP per capita if the GCC nations are removed and the developing nations are focused on. An announcement made by the Saudi Authority of Data and Artificial Intelligence indicated that the World Bank and Saudi Arabia are entering an agreement known as the Digital Development Partnership and funds are being contributed to this objective.

In 2016, DDP was launched to help put into operation, the Report on 2016 World Development on digital shares.

A cybersecurity funds was launched by the World Bank in July 2021 among the extensive DDP umbrella initiative.

A statement released by the World Bank indicated that developing countries will through the project take advantage of digital innovations to provide solutions to urgent issues.

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Abousleiman indicated that this agreement can improve the participation of women in labor activities from 20% to 40%. Saudi Arabia is considered by the World Bank as a nation with a fast adoption of digitalization.

Abousleman indicated that Saudi Arabia is among the top five to ten in the whole world to adopt 5G internet which has introduced a digital economy and administration where funds are poured into the required sectors.

The second edition of the Global AI Summit was hosted by the Kingdom and organized by the SADIA between 13 to 15 Sept in Riyadh, where numerous professionals, policymakers, and individuals are in attendance.

Over 40 memorandums and deals were agreed upon and signed between the private sector and the global public. Several international and local programs among the institutions and institutional companies were declared to improve international agreement on Artificial intelligence and its uses.

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