GCC: The Age of Digitalization is Here

Published on 06 Sep, 2019

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This report delves into digitalization initiatives in the GCC region aimed at improving its digital competitiveness. High competitiveness would enable GCC countries to diversify into new markets, increase industrial efficiency and productivity. Governments in these countries are implementing programs to fast track development. These efforts have prompted businesses to focus on digital transformation. Besides touching upon programs, the report highlights focus areas for stakeholders that are crucial to continue with modernization.

The reason why GCC countries lag behind in digital competitiveness is that traditionally they have not focused on R&D; as a result, development of knowledge in the region has been limited. Their regulatory and technological frameworks are also in the nascent stage. There is a lot of scope for improvement in ease of starting business and contract enforcement laws. GCC countries do have certain positives, such as a highly developed telecom infrastructure, which could help them strengthen digitalization efforts.

Initiatives have begun to yield results, with digitalization increasing across regions; however, to sustain the momentum and ensure steady progress, cooperation between various stakeholders is required, alongside implementation of individual initiatives. The region needs an ecosystem capable of supporting development, internal company improvements and government-company alliance.