Riyadh – Mubasher: Saudi Arabia’s utilities and energy sector must adopt effective strategies to address sustainability challenges in the GCC region, Booz Allen Hamilton said in a report.
Over the last period, the Kingdom has begun carrying out social and economic reforms in a bid to diversify its income resources away from hydrocarbons, the report entitled “The Future is Innovation” added.
The Saudi government’s plan to sell 5% stake of Saudi Arabian Oil Company on the stock markets is the mainstay of these reforms.
The US consulting firm’s report reiterated the importance of enhancing innovation to boost the sustainability of the kingdom's non-oil economy.
Innovative strategies could help the crown prince's ambitious Vision 2030 plan avoid domestic non-oil recession and bolster international confidence, the company showed.
“The key to sustainable success lies in innovation, which is a force constantly promoted yet all too infrequently embraced,” Booz Allen Hamilton MENA vice president Adham Sleiman said.
“Energy and utilities companies often face concerns over the sharing of intellectual property, stakeholder reluctance to invest in new research, and financing issues – all of which can impact innovation,” Sleiman added.
