| The Future Factories Program offers a glimpse into Saudi Arabia’s future. The latest programme aims to build a strong technology ecosystem, and upgrade the country’s thriving manufacturing sector to prepare it for the next industrial revolution. The government aims to automate 4,000 factories by deploying artificial intelligence and advanced technologies. That represents about 40% of the factories operating in the kingdom in an industry that contributes 11% of the gross domestic product.
The efforts are part of the National Industrial Development and Logistics Program, which will transform the Saudi economy by 2030.
The impetus comes just as the Saudi economy is taking off, and expected to grow at a brisk pace compared to most major economies. While the oil sector is the engine driving growth, other parts of the economy are also enjoying a boom.
Saudi business confidence for the year ahead remains firmly upbeat as new order growth continues despite mounting global economic pressures. Consumer sentiment is also buoyant, with total consumer and credit card loans rising in the second quarter compared to the first quarter of 2022 and the same period last year, according to the Saudi authorities.
Meanwhile, the number and value of e-commerce transactions in the kingdom in the second quarter also hit a record high. Indeed, the number of e-commerce transactions have tripled since the second quarter of 2020, suggesting Saudis continue to embrace online shopping. Saudis spent SAR 29.78 billion on e-commerce in the second quarter, compared to SAR 10.45 billion in the second quarter of 2020, when the pandemic started.
All these are indicators of a confident economy, which is in the middle of rapid digitalisation brought about by technological changes. While the kingdom’s tech and digital market currently stands at USD 40 billion, the focus on e-commerce, gaming, industrial innovation, and digital content is expected to create 250,000 jobs and billions of dollars of fresh new investments into the country. | 
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