Standard Chartered: Saudi Arabia is among the most prominent economies ready for digital trade globally
Standard Chartered today announced the results of its global report entitled "The future of commerce: digitalization"Which confirmed that the Kingdom of Saudi Arabia has achieved an advanced position among the most prominent global markets in the field of digital trade readiness.
The report highlights the Kingdom’s rapid progress in building a modern, technology-based economy, supported by strong digital foundations and increased institutional capabilities.
Cloud Computing
The results of the report, which was based on a survey of more than (1,200) multinational companies in (17) major markets around the world, indicate that cloud computing is a pivotal pillar in the path of digital transformation. In the Kingdom.
92% of companies confirmed that it is the most important driver of the pace of progress, which places the Kingdom among the developed countries in adopting the cloud, and reflects the large investments in data infrastructure, cybersecurity, and systems modernization across major sectors.
The report highlights the Kingdom’s strength in the field of artificial intelligence, as (60%) of Saudi companies see artificial intelligence as an essential element for raising efficiency and enhancing competitiveness, and it is one of the highest rates recorded globally.
Intelligence Artificial
This is in line with the Kingdom’s strategy to deploy artificial intelligence in the government and private sectors and trade operations, while opening new horizons for automation, advanced analytics, and enhancing cross-border interoperability.
The report also shows the growing adoption of digital assets in the Saudi market, as (62%) of companies reported the importance of tokenized tools, digital settlement mechanisms, and blockchain-enhanced supply chain platforms in improving transparency, reducing friction, and enhancing the flexibility of trade flows.
Accelerated transformation
He said Mazen Al-Benyan, CEO and Head of Banking and Hedging at Standard Chartered Saudi Arabia: "The Kingdom of Saudi Arabia is witnessing an accelerating transformation that makes it one of the most dynamic digital economies in the world, with companies demonstrating a clear combination of ambition and great capacity."He added: This momentum reflects a clear vision for transformation and an environment that enables companies to adopt advanced technologies on a large scale, which places the Kingdom in an influential position in the future of digital commerce globally."
Digital Economy
The report indicates a strong compatibility between companies in the Kingdom and international digital frameworks, as (94%) of Saudi companies support the expansion of digital economy agreements that unify standards and enable the cross-border use of digital commercial documents.
This is reinforced by the possession of many Saudi companies with advanced internal capabilities that contribute to the design and management of their digital programs to ensure speed, control and efficiency.
With the expansion of the digital talent base, the development of infrastructure, and the increasing momentum in adopting the cloud and artificial intelligence and digital assets, the Kingdom continues to strengthen its position as a regional and global center for technology-enabled trade.
The Kingdom’s journey reflects a strategic commitment to building a diversified economy based on innovation and integrated into the future of global trade.
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