Data is the ‘new oil’, says Saudi minister

The data market will trigger the fourth industrial revolution (4IR) as data is the “new oil”, the Saudi Minister of Communications and Information Technology, Abdullah Al-Sawahah, said on Sunday.

The open data market provides investment opportunities worth SAR 12 billion, accounting for 1 percent of the Kingdom’s non-oil gross domestic product (GDP).

“We, as public and private enterprises along with education institutions should reconsider the supply-demand equation in the labor market, which aims to focus on youth, data and artificial intelligence,” Al Swaha added on the sidelines of Al Yamamah Information and Communication Technology Forum 2018.

Last year, Saudi Arabia focused on building solid digital infrastructure, turning over 270,000 households, schools, universities and public utilities into smart facilities, he added.