Question

1. Technological Innovation and Business Strategies in Arab and,New technological trends how would it be applied to contribute to the growth of big firms and SMEs in Saudi Arabia and around the world, its impact on society and the challenges it faces?

Answer 1

The nation of Saudi Arabia is dependent wholly on the crude oil and gas reserves that it sells internationally for its economy. Such dependence of one product is not efficient for the long term economy of the nation. This was understood by the new leader who came up for the new plan for Saudi Arabia as vision 2030. Hence the use of new technologies and the strategies of globally competitive businesses are to come in for the nation now in Small and medium-sized businesses in the nation get the needful boost and infrastructure to make the changes aimed for.

Here the challenges are in the way the Islamic nation of Saudi Arabia uses the laws of the faith which has nothing to do with the modern-day global economy for any kind of business. Further, gender equality is very low which makes 50% of the nation not get engaged in this process of change and innovation. The nation has to understand the needs and slowly reform from the Islamic to the federal law of the day like any good democracy. Again, the nation is not democratic which makes the businesses of the democratic nations have issues in investing in such an economy.

The Small and medium-sized businesses of Saudi Arabia would need innovations and support from the government to grow and prosper to go global. Further, the national education and skill development initiatives have to be taken since the challenges are a deficit of skilled manpower of the nation. The changes in the business and investment laws are unclear which has to be made clear else it would remain a challenge. The ways the global businesses operate are to be adopted which should be open to ideas and the coordination of the teams across the globe like aspects are to be incorporated to get over the challenges.