Alignment with ICT Sector Strategies
The Digital transformation directions are aligned with the ICT sector and its development as planned in the Saudi Arabia ICT Sector Strategy 2023.
An essential alignment is set for the development of the telecommunications and information technology infrastructure, especially high-speed broadband. In addition, other standards are considered, such as the building standards to facilitate the extension of broadband networks.
An important alignment is driven by the fact that there is a significant need to strengthen the governance of digital transformation. Regulations and legislation are paramount to his alignment process.
Another important alignment policy is to enhance the partnership with telecom operators.
With all these alignment considerations, the digital transformation strategic directives of Saudi Arabia have recognized that strong support should be given to local investments in the telecommunications and information technology sectors.
Alignment with UN SDGs
The Kingdom’s efforts to address the UN sustainable development goals have been well established and supported. In fact, different digital transformation initiatives are aligned with the SDG framework
in the Kingdom, taking into considerations that are congruent to priorities, goals, innovation, and collaboration.
The Strategic Directions of digital transformation are congruent to different sustainable development of the United Nations. It is evident that Saudi Arabia’s sustainable development priorities stipulated in Vision 2030, its efforts achieve the 2030 Agenda of the United Nations and the 17 Sustainable Development Goals
The Kingdom has established the Steering Committee for Sustainable Development, which consists of 20 national entities with the aim of coordinating governmental efforts and supervising performance to achieve the sustainable development goals.
The government is encouraging the private sector companies nationwide to align their operations and strategies in the areas of human rights, labor, environment, and anti-corruption.
Adapting to strategy in the Age of Digital Disruption
Disruption permeates every industry and geography—and it’s constant. Private companies in Saudi Arabia that keep conducting business and commerce in traditional way without initiating modern, innovative practices will be more vulnerable to disruption.
With the onset of the COVID-19 pandemic and the dawning reality that similar viruses might be recurring with us for an extended period, businesses are seeing changes in the fiscal landscape, and are being compelled to adapt their operating models.
Maintaining a “business as usual” mindset can be a risky strategy, leaving many businesses open to being disrupted. Rapid advances in digital technologies introduce new, more efficient, and effective processes, making new business models possible and providing unparalleled opportunities for value creation. However, unleashing that value requires a strong innovation capability.
Right of participation and inclusion
The Kingdom Saudi Arabia's has made serious efforts towards enhancing digital inclusion of all citizens, residents, particularly of people exposed to vulnerable situations. Working to leave no one behind, the Kingdom is accelerating development towards achieving the UN Agenda 2030, its SDGs, and Saudi Vision 2030. In virtue of the Right of participation and inclusion for all citizens and residents in the Kingdom, all have equal rights to get easy and affordable access to Internet, digital government services and actively participate in the consultations and decision-making processes.
More about Right of participation and inclusion, click here.
Redefining Strategic planning
Saudi Arabia is experiencing exponential growth driven by the ambitious Vision 2030. In the next decade, the Kingdom is moving to become the center of the Arab and Islamic worlds, an investment powerhouse and the main hub connecting three continents.
Currently, a total review of transformation strategy that will be used to achieve growth of this magnitude, the country needs to begin redefining core processes and practices whether it is buildings, products, or services. The Kingdom’s population is expected to reach nearly 40 million by 2030 with 89% urbanization.
This implies an increasing demand for new infrastructure construction.
Coupled with diminishing natural resources, and an increasing demand for sustainable development, this requires the industry to rethink the way we do things.
With “Digitization of infrastructure Construction” being the core theme of the national development, citizens observed how their peers are using emerging technologies like generative design, augmented and virtual reality, robotics, and additive manufacturing through presentations by information technology companies.
Saudi Arabia is on the path of a bold and energetic approach to deliver best-in-class projects. Over the recent past, it has showcased several milestones to position the Kingdom as a global hub for future technology and we are delighted to be part of this journey by empowering the imaginative minds of the Kingdom. Change in this case is defined as a strategy implemented by the board, executive management, and designed to provide an overhaul plan to implement leading industry practices in the following strategic priority areas in Islamic finance:
- Strengthening the governance, risk and compliance environment.
- Improving risk management and internal controls.
- Enhancing financial reporting and disclosure practice.Ameliorating Sharia’ compliance process and assurance.
- Upgrading business models to respond to market changes and regulatory requirements.
- Leadership and talent development.
- Industry collaborative initiatives.
Each of these practices involves major decisions and significant change.
One new approach that we advocate is to think about engaging the industry in collaborative dialogue platforms to address the catalysts for change in regulation, governance, risk and reporting transparency.
This approach is driven partly by the current need to stand up to competition and challenges, and partly by the increasingly strategic role that change is expected to play in business today.
A change may be the right plan for the industry’s boards and executive management to revitalize and energize policies and plans, and boldly develop the services and capabilities needed to support future growth objectives.
Please tell us why (select up to two options)