Gulf Cooperation Council (GCC) countries must develop ‘tech champions’ to compete with the U.S and China and add billions to their GDP by 2030, a new report by Strategy& Middle East, part of the PwC network, says.
“Tech champions” is a term used to describe companies which provide the economies of scale and scope necessary for innovation, talent attraction, job creation, large-scale investment, and exports, the report says.
GCC countries could reach the level of advanced digital economies, adding US$255 billion to regional GDP, of which $119 billion would be in Saudi Arabia.
The challenge for GCC countries is that while the GCC’s digital economy is expanding rapidly, it remains focused on traditional IT. The region can invest more in R&D and startups; increase tech and digital talent; and improve national innovation, development of products, and services delivery. Tech champions develop in three key stages: creating an anchor portfolio and value propositions; scaling up and expanding geographically; and diversifying and monetizing at scale, according to the report.
[Click here to download the report from Strategy& Middle East, part of the PwC network]
