Technology revolution to transform 70% of global business practices, minister says

RIYADH: Global estimates suggest that technology adoptions and expansion are set to transform 70 percent of business practices globally, according to a top official.

Speaking during the opening of the Human Capability Initiative held in Riyadh, Saudi Education Minister Yousef bin Abdullah Al-Benyan highlighted that global estimates indicate a potential disruption of 40 percent of workers’ skills within the next four to five years due to these changes. 

“During the next two days, over 250 global leaders and experts will join us to share their knowledge and insight on how to unleash the potential for human capability and catalyze international corporations to maximize resilience in times of uncertainty,” Al-Benyan said. 

He added: “Technology adoptions and expansion are set to transform 70 percent of business practices globally. As economists continue to navigate this dynamic labor market landscape, it is more critical than ever to work inclusively to promote positive human capability outcomes.” 

Al-Benyan emphasized the importance of harnessing human potential in a world that is constantly changing. Additionally, he highlighted the need to address evolving labor market dynamics both locally and globally. 

“Today, we convene to navigate the currents of changes shaping both local and international labor markets. Human Capability Initiative is a part of the Kingdom Vision 2030 and supports the goal of advancing skills,” the minister said. 

He also noted that over the next two days, over 40 announcements will be made, reflecting the Kingdom’s commitment to working collaboratively with all partners. 

Additionally, Al-Benyan mentioned that Saudi Arabia’s Human Capability Development Program, which encompasses strategies covering all stages of learning, from early childhood to lifelong learning, aims to unleash individuals’ full potential.  

Furthermore, he emphasized collaboration between the government, private sector, and non-profit organizations to ensure success and prosperity for all. 

“To make these efforts a reality, Saudi Arabia will come working with all partners to explore opportunities and promote innovative policy design and solutions advancing human capability,” Al-Benyan continued. 

He added: “It is within this context that human capability initiatives emerge as a beacon of hope and progress — a global, collaborative platform dedicated to advancing the human capability agenda. HCI aims to empower individuals and foster resilient economics for the future.”  

Touted as the first-ever global cooperative platform designed to unify international efforts and enrich the global dialogue on the challenges and opportunities for developing human capabilities, HCI is being held under the patronage of Saudi Crown Prince Mohammed bin Salman. 

According to the HCI website, the event will explore opportunities in various areas including skill development, the future of work, education, talent, and technology.