RIYADH, 30 December 2020, (TON): Saudi Arabia’s cabinet has approved a digital economy policy, state news agency SPA reported.

The digitalization of the economy will encourage investments, increase local technical leadership and attract international partnerships, Saudi official news agency SPA said.

The Minister of Communications and Information Technology Abdullah Al-Swaha said the policy will be a road map for the Kingdom’s directions for government authorities, the private sector and the international community in fields related to digital economy.

The launch of Saudi Arabia's digital economy policy helps to adopt the Fourth Industrial Revolution technologies in the industrial and mining sectors and raises their competitive edge, said the Ministry of Industry and Mineral Resources in a statement.

The Kingdom aims to be among the top 15 economies in the world, by creating an attractive investment environment and diversifying its economy, to raise the percentage of non-oil exports from 16% to 50% of non-oil GDP and raising the private sector contribution from 40% to 65% of GDP, the report further said.

The Kingdom of Saudi Arabia occupies a prominent economic position, as it is the largest economy in the Middle East and one of the twenty largest economies in the world.