In a recent scholarly article, the Arabian Gulf University (AGU)’s Professor Odeh Al Jayousi talked about the innovation-based economy and that it is key to secure jobs for young population in the post-oil era.
The professor reminded that by 2020 the GCC population would reach nearly 50 million. Next to that, the GDP was expected to reach USD 2 trillion in 2020, compared to the USD 300 billion in 2000. Additionally, the food imports would grow to USD 53 billion by 2020. All these statistics required immediate attention and action advised the professor and suggested measures.
At first place, he said, a transition to a sustainable economy was needed. The scholar proposed strategic measures in the field of health, energy, water, finance, and education. He highlighted the importance of the key enablers of the national innovation system that included human capital, education, R&D, a private sector, and the policy framework.
As an example of a good working knowledge-intensive industry, he named the ALBA aluminum industries in Bahrain. Al Jayousi also pointed out that investing in gold, silver, copper, and other non-oil minerals could diversify the GCC economy and provide opportunities for innovation and entrepreneurship.
According to the professor, the innovations require less administrative barriers, more adequate economic and environmental policies. He also added that in the era of fintech, the innovation in finance, business models, and partnerships was crucial. In his view, Bahrain and the GCC as a whole possess the right mindset to create a vibrant ecosystem for innovations in several industries, including e-banking, software development, financial engineering, data analytics, and more.