DUBAI (Rahnuma): Silicon Valley, a cluster of cities in the southern part of the San Francisco Bay Area in California, is synonymous with technology startups and businesses that have changed the world.
Apple, for instance, posted a net income of $55.26 billion in 2019, compared with $3.5 billion in 2007 when it first released its iPhone 1, according to a report by Statista, a leading provider of market and consumer data.
This manifold jump in income in a span of just 22 years makes Apple a major contributor to US economic growth. A 2018 report by Apple predicted that the company would contribute $350 billion to the US economy over the next five years.
Today, Saudi Arabia, which was responsible for 16.1 percent of global oil exports in 2018, is pushing for a growing role for technology in small and medium-sized enterprises (SMEs) with a view to positioning itself as a regional center of high technology and innovation.
Vision 2030, a reform program aimed at diversifying Saudi Arabia away from oil dependency and creating new-economy jobs for a young population, has made it possible to imagine such a transition.
A new set of objectives have been given to captains of the SME sector aimed at making it a vital contributor to the country’s economy by lifting its contribution to the GDP from 20 percent to 35 percent by 2030.