Saudi Arabia's Strategy to Amplify Digital Economy Through BRICS

• Saudi Arabia to Supercharge Digital Economy with Open Data Programs
• Coordinating with BRICS
• Saudi Arabia's Leap in the Digital Economy
• Saudi Arabia's National Data Index: A Game Changer
• Upgrades to the Open Data Platform
• Aligned with Vision 2030

Saudi Arabia to Supercharge Digital Economy with Open Data Programs

Saudi Arabia announces a monumental strategy to reconstruct its digital finance infrastructure, initiated by the roll-out of open data programs. This significant move also heralds the introduction of a National Data Index, a first for the nation, and a significant milestone in its journey towards a data-driven economy.

Coordinating with BRICS

In recent months, the BRICS alliance, comprising of Brazil, Russia, India, China, and South Africa, has accentuated its focus on digital finance. This endeavor is in the wake of China's groundbreaking launch of the digital yuan, motivating other alliance members to streamline their own digital economies. The hypothetical possibility of a universal digital currency for the alliance has been a hot topic for discussion.

Saudi Arabia's Leap in the Digital Economy

Amid these developments, Saudi Arabia, a recent invitee to the BRICS alliance, has taken strides to align its focus towards the digital economy. The country is preparing for the unveiling of a National Data Index, an instrument that will have profound implications for its digital sector.

Saudi Arabia's National Data Index: A Game Changer

Described as a dynamic result-based indicator for follow-up and evaluation, the National Data Index aims to measure the progress of government agencies in various areas such as data management and compliance.

Upgrades to the Open Data Platform

Besides the index, the kingdom also anticipates enhancements to the Open Data Platform. It is noteworthy that this platform has already garnered over 7,000 data sets contributed by 19 publishers across 35 different use cases. The roll-out of these two pivotal tools was managed by the Saudi Data and Artificial Intelligence Authority in conjunction with the National Transformation Program.

Aligned with Vision 2030

In 2022, these entities endorsed a memorandum of understanding with the aim of discovering and executing new partnerships and innovative business solutions, in line with the ambitious Vision 2030 initiative.

Edited by Jonathan Stoker