(MENAFN- MENAFN.COM)
In recent years Saudi Arabia has set its future to be a technologically advanced one and is currently in the process of becoming the global leader of the digital economy. So what does that mean for the economy of Saudi Arabia? How do they set out to achieve their goals and how it has opened doors for IGaming in the process.
Saudi Arabia Technological Advancements
With the Saudi’s looking to become the global tech leaders through the full engagement of new technologies such as Artificial Intelligence (AI), Internet of Things(IoT), Blockchain, Big Data, Robotics, Machine Learning, and 5G, it shouldn’t come as a surprise they are doing well financially. Throughout history, we have seen countries in which develop/adapt new technologies, economies and societies as a whole grow. Let’s take a look at how they set out to achieve the technologically advanced future.
Artificial Intelligence
Firstly let’s dive into AI. Saudi Arabia has released its first AI strategy to become the global leader by 2030. With objectives to train 20,000 specialists and experts, have 300 active startups as a bare minimum and attract $20 billion in national and foreign investment in data and AI technologies. The strategic objective is to have the most welcoming legislation for Data & AI businesses and talents, by developing flexible and stable regulatory frameworks and also incentive schemes in a bid to attain companies, investors and talents. They also want to develop an adaptive policy framework on standards regarding Data & AI including the ethical use of AI.
BlockChain
Amongst the first countries to engulf new digital solutions in a “live” environment. The KSA’s institutions have already started to experiment with the uses of blockchain, with the hopes to deploy them in the future. With that comes SAMA (Saudi Arabian Monetary Authority) new regulatory Sandbox, with the objective to understand and assess the impact of new technologies in the financial sector to help transform the market into a smart financial centre
With the welcoming of the blockchain, so has the unexpected rise of Igaming in Saudi Arabia despite the industry being illegal.
A Brief Chapter of the Igaming rise in Saudi Arabia
Since gambling is very restricted in Saudi Arabia, gamblers have been adopting the new technologies readily available for them in order to gamble safely without being apprehended by the law. With the use of VPN technology and blockchain, players are now able to use offshore gaming sites with some of the best online casinos for Saudi Arabians just a few clicks away. Igaming has had a steady rise, which comes to no real surprise when you just hit a new financial wealth of $1 trillion despite the recent challenges brought forward by the pandemic. Blockchain has opened a massive door for safe less traceable methods of payment.
Internet of Things
IoT solutions have resulted in early success in industry sectors of education, health care, environmental management, smart cities, open data, smart manufacturing and is expected to reach its max potential in the coming years. Some of the major benefits of such systems include Enhanced Productivity, Safety and Security, Improved Asset Management, Real-Time Analytics, Cost Optimisation and even better customer service.
Big Data
Major government ministries such as the Ministry of Health, Education, Foreign Affairs and Finance are all massive producers of open data and as of recently have started to share extensive data on the Open Data Portal DATA.GOV.SA. These databases provide the general public with an endless variety of opportunities, just imagine what you can do potentially by utilising data analytic techniques, a few examples would be boosting local manufacturing, designing better services, increasing R&D capabilities, amongst other potential applications. This shall be ongoing till 2024.
Robotics & Automation
The government of Saudi Arabia seem to be keen on the Kingdoms Robotics agenda, with initiatives and institutional framework for AI, IoT and Big Data, they have already established many committed institutions such as the Saudi Data & AI Authority(SDAIA), National Center for Artificial Intelligence (NCAI) and National Data Management Office(NDMO) and a framework for the use of robotics and automation purposes.
Saudi Arabia actually granted citizenship to a Robot named Sophia in October 2017 becoming the first-ever country to do so!
5G Technology
Sites are set to again become one of the leading nations to unlock innovative high-performance use cases and applications based on 5G with the National Spectrum Strategy 2025. With Objectives to use it for commercial use 2021-2023.
Conclusion
Saudi Arabia sets out to conquer the Digital Space, with initiatives and projects to start their technological journey! One can’t argue that it seems to have helped the financial sector, especially during these pandemic times. BlockChain has somewhat helped Igaming rise through the help of e-wallet options and techniques to keep transactions less traceable. Will Saudi Arabia look to help grow the Igaming industry or set out to decrease the unforeseen rise is another question entirely? For now, gamblers are left to use techniques to cover their tracks if they are looking to have a dance with fortune.
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