 Gentlemen, and welcome to Al-Arabiya's debate in Davos. We will be discussing in the next hour the future of Arab economies and its readiness to embrace an imminent revolution. Unlike the recent revolution witnessed in the Arab world, today our dialogue will focus on a much more peaceful technological revolution dubbed the Fourth Industrial Revolution. In this context, what kind of opportunities and challenges does this bring to a region suffering one of the highest rates of youth unemployment in the world? How much does this industrial revolution pose itself as a priority in the agendas of decision-makers who are still dealing with the outcomes and spillovers of an Arab Spring, and what role can the private sector play in facilitating this digital transformation? Today we have with us on the panel representatives from major stakeholders, including decision-makers, business leaders, and experts. And without further ado, let me introduce my esteemed guests. His Excellency Yusuf Al-Shahid, Prime Minister of Tunisia. His Excellency Tariq Qabil, Minister of Trade and Industry of Egypt. Dr. Khalid Al-Bayari, CEO of Saudi Telecom Group, and Peter Smith, CEO of Blockchain. I should mention that I would be taking questions from the audience, so please prepare your questions. Your Excellency, Mr. Prime Minister, six years after the revolution and Tunisia is still facing very low economic growth, very high unemployment rate. How does the fourth industrial revolution rank on the government's agenda? Well, first let me say that I'm deeply honored to attend this session and to exchange with you about this important issue. In Tunisia, as you know, we had a revolution in 2011, and after a few years of successful political transition, and the writing of a new constitution in 2014. Now it is about social and economic challenges, because we had a low rate growth during the last five years, we're focusing on the political side, and I think we succeed on that. So now we have a lot of important economic challenges, including job creation, sustainable development, how to create an inclusive growth, and for that we are embarked on structural reforms of our economy with reforms of the banking system, the investment code, and digital transformation. But let me tell you that digital transformation in Tunisia, I mean, the Tunisian, we did a revolution that was boosted by social media. Facebook, for example, really was a catalyst of the Tunisian revolution, and probably without Facebook the Tunisian revolution would evolve to another direction or more slowly. So we believe in the digital transformation in Tunisia, because really it participated to succeed or to the success of the political process that all Tunisians today are proud of. Now we are turning to another phase is how to change the economy, how to use, how to create digital transformation. We in Tunisia consider that our companies, if we make a digital transformation, we can add or this can generate until 2% additional GDP for the next three years. So just for that we are really committed for the digital transformation. And as a government we are trying to prepare the climate, to prepare the legal framework, to prepare infrastructure for that. And I do believe that today in Tunisia we can be ready for that. We have good skilled manpower, we have a good infrastructure on telecom in the South Mediterranean area. I think Tunisia is well prepared for that. We will go back to these points, but I want to hear your opinion, your excellency. Egypt is equally suffering from a high rate of youth unemployment, exceeding probably 30%. You have 25% illiteracy rate, 25% of the people living below poverty lines. Do you see the fourth industrial revolution as an opportunity or as a challenge? Thank you very much Lara, it's my pleasure to be here. Egypt passed two revolutions since 2011. And again, just to give you a perspective, we completed our roadmap through the election of the president, the parliament as well as the constitution. And we've developed a very, I would say, a bold economic reform. We floated the Egyptian pounds two months ago, which I think is a significant step. We are working quite hard to reduce subsidy over a period of time, considering all the social implications. Despite all that, economy grew 4.2% last year. Despite slowing down in tourism, for the reason I think we're all aware, and despite all the implications of the revolution. Our target is to hit five this year and six plus next year. And I think it's quite doable. Unemployment is about 12.8%. This is the actual figure, still considered quite high. And I think primarily impacted by tourism, slow down, small impact from industry because of the shortage in forex in the last year. Now things should be much better. Last two months, industry grew 20%, which is again now, say, reducing the unemployment. So the trend is quite positive. Fourth industrial revolution, I mean the word revolution means it's a sudden and massive. So it will come probably faster than what we think. It will come with its positives and challenges. If you look at the positives, it will change the way we do business. It will improve health care. It will improve production costs. It will reduce development time. It will change the way we live. But it has also challenges or downside that we need to be aware and get ready for it within the Arab countries. It will have an impact on unemployment. So this is something I would say quite critical. It will use less people. It will have an impact on SMEs, which is a core of any economy. It will make big companies bigger. Again, this is something we need to balance. And it will have a significant implications on commercial and industries. So in my view, we need to get ready. We need to get ready in order to use the benefits and minimize the challenges. There are four areas in my view that we need to look at it. Rules, policy and regulations, infrastructure, skills and education, and readiness for different sectors. And hopefully, we will tackle all these in our discussion today. Dr. Khaled, you're the Saudi voice on this panel. They say data is the new oil. And I know Saudi Arabia has an ambitious vision, Saudi Vision 2030, and it aims to wean itself off its addiction on oil, as described by the Deputy Crown Prince. How much does the industrial revolution, this fourth industrial revolution, facilitate this digital transformation for Saudi Arabia, in your opinion? In a big way, Lara. As you said, I think the Kingdom has a fresh outlook to the future. The fact that we have very clearly stated vision for 2030, and we have a very ambitious program, national transformation program leading to 2020, I think it's giving us, both in the industry and the society, the confidence about the future. So the vision itself, although it's overarching, and it basically looks at the society, it looks at how the government should work. Also, it looks at how the economy should work. As you said, we in the Kingdom and also other Arab countries have been addicted to natural resources. And our economies have been grown on using natural resources and always getting subject to the fluctuation in the prices of those natural resources. I think what the vision is trying to do is, first of all, convert the focus on investment in technology. And I think our Saudi Public Investment Fund have shown over the last few months major bold steps into that, especially with the announcement of soft banks about the $100 billion fund. So technology is central to the change in Saudi Arabia. Within the national transformation program, there are two major programs that are actually very much attached to the talk about the fourth industrial revolution. So we have a, because you cannot create this revolution without the right infrastructure, and so we have an ambitious broadband initiative to make sure that broadband is available to every citizen and every SME and every government agency everywhere in Saudi Arabia. In addition, there is a parallel program to digitize the economy. So digitize education, health care, you name it. And that requires clearly, in addition to the infrastructure itself, it requires what I call the enablement platforms that you need. So the cloud, the IoT, the blockchain, all of the new tools and platforms that will enable this massive change to the economy. So in short, I think we've, over the last couple of years, we've seen a revolution in Saudi Arabia, but in a very positive way. Peter, I want your opinion. You had the blockchain, the revolutionary technology behind Bitcoin. But blockchain is promising many changes, not only to the financial sector, but to many different aspects of our lives. Is the Arab world ready for this technology? And what opportunities does it bring? Well, first of all, thank you for having me today. I've been visiting the Middle East for about ten years now. I live there for a brief period of time as well. And it's one of my favorite parts of the world. So it's a great honor to be on stage with all of you today and talk to you about our technology. You know, I think what's exciting for me in the Middle East right now is that there's huge drive for change in the Middle Eastern economies, whether you're talking about the kingdom or you're talking about the Emirates or Egypt or Tunisia. There's a strong sense of purpose and willpower from the government and from the private sector to rebuild a lot of these economies and to leapfrog straight into the digital age. And so for a firm like mine that creates an enormous opportunity to partner with governments and firms in these countries to help power that. The software that we build is fundamentally about disintermediation, which when I say that, we have a lot of sort of people that charge rent here by business models and financial services today. So they sit on risk and they sit between parties. You know, Columbia University estimates that globally this costs the economy about 3% a year, which adds up of course to billions, not trillions of dollars. The Bank of England's pioneered a lot of the research in the public sector around this. They estimate that if they were able to switch to a blockchain system and dramatically reduce disintermediation, they would result would be at least three percentage points in GDP growth. Which three percentage points might sound like a small number, but in a national economy, that's actually enormous. The UK estimates that it would nearly wipe out unemployment in the UK. I think what's interesting about the opportunity in the Arab economies is that there's more willpower to actually do this transformation, whether we're talking about the kingdom or the Emirates in particular. Which means that potentially they could leapfrog entirely. And I think anytime you have a radically new technology, it creates this opportunity. And I think particularly in the case of the Middle Eastern economies right now, it's a really key economy, really key opportunity to become a really global center of financial services and excellence and leapfrog the existing systems that you see in Europe and the United States today. Your excellency, Mr. Prime Minister. I believe that Tunisia, Tunisia Post is trying to adopt the blockchain technology. Is this just the beginning to apply this technology in government services? And what kind of concerns do you have? I think to adopt this kind of technologies, you need three pillars, which are education, infrastructure and rules and regulation. So about education, I think in Tunisia we are ready. Because today in Tunisia we have around 12,000 graduates on ICT a year, which is for the local market enough. And those are well and good skilled people that really can make the change. So for the education pillar, I think Tunisia is ready. For the infrastructure, we are also ready, but we are still doing a lot of efforts to improve and level of penetration of internet and communication. But I think by 2020 and we have what we call smart Tunisia digital plan, and I think by 2020 we'll be ready. The only point that remains and we need to make more, it is the legal framework, should we regulate this kind of new... Before the legal framework, what kind of security issues do you have? You have an increasing number of citizens joining terrorist groups. The cryptocurrency has been linked to terrorist financing. Aren't you concerned about this? Of course we are. This is one of the main concerns that probably will delay or can be kind of stumble blocks for that, to develop this kind. But I think we don't have to make it as an obstacle. We can find a way dealing with this threat, which is a real threat and making the economy, taking advantage of blockchain and the economy. I mean, if we have a balance, what we will win is much more than the risk that we need to manage. Dr. Khaled, I want your expert point of view on this issue. Why the region has one of the highest cyber attack rates in the world? I think the political situation has to do with that, definitely. Cyber attacks, part of them are state-sponsored. And I think that has been driving lots of the cyber attacks in the region. The level of freedom, I think, that has not been there, has caused, again, lots of the youngsters, the hackers, to grow in the dark. And basically, utilize their skills in a way or another. But that can be converted into an advantage. And I think using the skill sets that are available, what in the dark can be a real asset for the Arab countries. In fact, the cybersecurity as an issue needs to be looked at much more seriously at the government level. And in fact, the investment in that side, in our part of the world, has not been there, unfortunately. And therefore, I call for more focus on really creating the right cybersecurity infrastructure. And in particular, it's not the technology that really gets us. It's the people. It's the fact that many are not aware about the impact, or even how cyber attacks are done. Interestingly enough, 80% of cyber attacks do happen because of human mistake. And I think that has not been really focused on. I want your brief comment here, Mr. Tarek. Because the Internet of Things can unlock trillions of dollars in value. However, putting all this information on a network also can cause cybersecurity concerns. What is your view on that matter? I think I would look at it in two aspects. One is what type of regulations we need to put rules and regulations. And then how can we use the Internet of Things if that's what you're referring to. Rules and regulations are extremely important in terms of how can we advance our agenda. If you look at R&D, for example, for the first time, the new Egyptian constitutions dictated that we'd spend 1% of GDP on R&D and R&D incubator. It might not be enough, but it's a very good start. It is inherited with its budget in the 2030 vision of Egypt, including all the nanotechnology, education, and so forth. There are quite some examples we started to use on the Internet of Things. We're using it in industry. It gets several applications that has been already applied as we speak. It is in a growing phase, but again infrastructure is extremely important in order to better utilize the Internet of Things. We're in the phase we've launched for G, broadband, fiber optics in preparation for the 5G. Those are extremely important to better utilize the Internet of Things. Let's take a short break, and after the break, we will be discussing more the issue of governing the Fourth Industrial Revolution. Please stay tuned. Please stay seated. We're going to have a very short break. Mr. Khaled, is it possible to put the mic to change the location of the mic? Okay. Yes? Can I test? One, two, three. Me? Welcome dear viewers again to this session which is taking place at the World Economic Forum on the future of Arab economies with reference to the Fourth Industrial Revolution. We have seen that this technological revolution is coming very fast and needs new approaches when it comes to regulation. What kind of approaches are you using? Would there be any cooperation with regional or international governments when it comes to sharing best practices of these regulations? Yes, of course. As I mentioned before, probably this is the most sharp and difficult point of the question is about regulation, the regulatory body and best practices in this field. Especially that probably the experience showed that this kind of industry, I would like to say it's very complicated to regulate this kind of industry, because the technology is progressing at a very high speed than the regulation. Every time you regulate, then you have a new thing that appears and happens. So in this field, of course, we need to better cooperate and to better exchange experience with other countries. I think in Tunisia this is the step where we stand today. We need to, the debate is about this regulation. As I told you, we are ready in the education system, we are ready on the infrastructure, we are almost ready on the regulatory system. Sometimes we are tempted to say that this industry needs to be auto-regulated or regulated by itself. But with the threat that you mentioned, of course, with terrorism, with foreign fighters being a threat, using today you have a high level of crimes being used using the internet and the website. So the debate is here today. We would like to invest in this and we would like to see our experience to reinforce technical cooperation and capacity-building project with other countries that are developed in this field. I want your opinion here, Peter, because I know the deregulation status of cryptocurrencies or technologies like blockchain has caused some consciousness from governments to embrace this technology. What kind of approach would you like to see when regulating blockchain, for instance, and would 2017 be the year of regulations for blockchain? So regulations always are a complicated subject. I think from a high level regulation and public policy is about sort of weighing the costs to society versus the benefits to society. So all of the tools that have a great upside to society, like, for example, free and open communication like WhatsApp or Twitter, also have very serious downsides. And I think weighing those is the huge challenge for public policy. And it's getting more and more complex because our world is totally interconnected. It's totally global. And so it's very hard to regulate these things at a national level sometimes. And so I don't envy the job of regulators or public policy makers. Now, in our specific industry, I think that the year of regulation in our industry was actually about 2013. This idea that digital currencies or blockchain technology is unregulated is a sensational headline perhaps, but it's something that hasn't been true for many years. The U.S. regulator first issued guidance in 2013. Most European regulators, even some regulators in the Middle East have already issued guidance. So it is quite a regulated market. I think what's interesting from a sort of macro level is that what this technology does is bring transparency to markets. It brings transparency to transactions. In fact, we may have too much transparency in our industry and not enough privacy. And I think that over the long term, that's probably going to be the bigger challenge is around consumer privacy, not around anti-terrorist financing. To date, while it makes for a sensational headline, there's never been a proven incident of terrorists using any kind of digital currency. And the reason, and I'm sure at some point someone will, but... But there have been reports. There have been reports. They make for sensational headlines, but there's never been a proven case. I believe Indonesia stated recently that cryptocurrency, that Bitcoin, was used. They identified it as a key risk area, but not as a proven case. And I'm sure there will be one, so I don't want to make the argument about that, because any financial system is going to have some of this, whether it's the U.S. dollar or the Euro, HSBC, JP Morgan, they have all had these incidents. What I think is interesting is how do you manage that risk? And for us, that comes down to sitting down with governments and building a collaborative roadmap, something that we've been doing for many years. We have a large team dedicated to it. And we have to basically sit down with the regulator and figure out what works for Tunisia, what works for the Emirates, what works for the Kingdom. We've done that in many countries around the world and we're excited to do it in the Middle East. But I think the most important thing to keep in mind is that this innovation happens really quickly. And so regulation has to be agile. It has to be quick. And it has to give you a little bit of room to see what works, because we don't want to eliminate the possibility to do great things, but we also want to control the risk. So it's that really dedicated balance. And like I said, I don't envy public policy makers in that regard. Your Excellency Mr. Tariq, Foxxon, a leading technology company in China, made headlines last year. It announced that 60,000 jobs will be replaced by robots. Very soon you might face this problem in the Egyptian industry. What kind of approach would you take? I think, as I said, there is a pull and pull approach. First of all, I think we are, to be very practical, we're lagging a few years when it comes to the use of that. Putting regulation, putting infrastructure required is key. But more importantly, that we're also growing in other industries that might not be significantly affected with that. As I mentioned, we're growing for 0.2%, with literally very, very small growth on tourism. SMEs still growing. So for example, on the pull side of SMEs, we're putting some incentive to move in formal sectors to the formal sectors, which will give an access to credit, which will give a growth mechanism for SMEs prior that we're getting that revolutions. We have allocated almost 100 billion pounds at a rate of 25% of the regular announced rate for SMEs. In order for SMEs to grow a lot faster till we start seeing the impact of the fourth industrial revolution or robot. We're also taking a lead, for example, in developing a tourism system. Let me give you an example. I mean, I think most of the Middle East tourism business has been impacted a lot with all the terrorist attacks. And Egypt is probably the biggest one of them. So we're developing a system to take the Egyptian experience to people everywhere in the world through a digital top-of-the-line site. So for example, you will be able to use a virtual and augmented reality to buy a ticket to visit the Egyptian museum anywhere in the world. And you will see it exactly as you're doing. You will have a tour guide with you. You will be able to buy a replica of whatever you see. This is one of the examples. We're trying to promote that using the fourth industrial revolution which actually will create so many jobs. Another imminent technology that might destroy jobs is the autonomous cars. Tesla is promising autonomous cars by the end of 2017. Other car manufacturers are promising this technology very soon. The mass production by 2021. We decided to pose the question to Arab citizens, when do you expect to see autonomous cars on the roads in certain Arab countries? Let's hear what they have to say. Maybe in 10 to 15, so we'll see driverless cars. Look at what is happening to cars with drivers. Imagine what would happen to driverless ones. They will get stolen. I think it's impossible for us to see driverless cars in Jordan. It always takes time for our country to advance technologically. Even GPS isn't working properly here. Let alone driverless cars in Egypt in particular. Just a quick reaction, Mr. Tsar. Why we won't see autonomous cars in Egypt? You are planning a smart city, a new capital, and it's going to be smart. Be my guest to be one of them in Canada. I think with the new cities might be. We're building the new administration city, which will be a top of the line smart city. Autonomous cars require infrastructure. There are legal issues. And in my view, even when you launch autonomous cars, you will still have a regular car. Whether you have the infrastructure or not, people still want the regular car to enjoy it. Is that a big priority? Absolutely not. Mr. Khaled, what kind of infrastructure do we need for autonomous cars in Saudi Arabia? And do we have it right now? Yes, we do have it. In terms of an infrastructure, technology infrastructure, it's there. I think the networks are there. In terms of regulation, as the minister just said, I think we do clearly lack everywhere. It's not there yet. But I think we will be amazed by how much adoption will happen. At least for the GCC countries, we've seen adoption of technology in a much faster pace than other places in the world. Media consumption, data consumption that's taking place in the GCC is unmatched in the world. So I will not be surprised that the level of adoption will be even faster in our region. Let's take now some questions from the audience. After the break, we will be discussing the issue of required skills and the preparation of the youth for this Fourth Industrial Revolution. I will take some questions about the topics that we just discussed. Please introduce yourself. Thank you. Hazem Galal from PricewaterhouseCoopers. We've heard some good examples about adoption of technology. My question to the panel is when are we going to contribute and be producers of technology and innovation? Given the lower levels of IP protection, performance in math and science and schools and everything else that's needed for an ecosystem including venture capital? Who would like to answer this question? I mean, for Tunisia, one-fifth of our graduate students are graduates in the ICT. The ICT sector in Tunisia represents almost 7 to 8% of the GDP. So we export services to Africa and also to Europe, but it's still not enough. We need to better market this. Because as I told you, we are very competitive, so a lot of European companies are implemented in Tunisia just a few hours from Europe and with good manpower. We are already in this now, but we need to develop more probably and to stick more to the faster development of this economy. We will take one more question. Please, for the lady. Hello, I am a global shaper from Nice, also I am a national, and my question for all the panel, when are we going to have a common market in the Arab countries? It's easier for young people to work from one place to another, outside the GCC as well. So even, for example, inside the GCC right now, it's way easier for a foreigner to work rather than someone from Egypt or someone from Yemen. So when are we going to have this change? And what is it missing to make it? Who would like to answer the question? I mean, the short answer will be the political will. Exactly. Well, I mean, even... Well, we have decision makers. Is there any plan to move ahead with this? Of course. I mean, we have a lot of convention and a lot of agreement between our countries, but I think they are not working as expected. And now it's still very complicated for young from another country to travel and to be implemented in any other Arabic country, especially with what's happening in the region. We are today fighting terrorism. Terrorism, the region that was impacted by terrorism is the Mina region. So this has really influenced and impacted a lot our policies, our public budget. So today we need that political leader, probably a new generation of political leader that push for that direction. It's not easy, but I think I keep optimist for that. I think it's a very good question. And I think what is happening in the region should be a driving force rather than it should actually push us as Arab countries to unite much faster, because we have the wealth, the skills, the technology, the social is actually much better, well distributed versus the EU, although the EU, the United is even challenged as we speak. Dr. Khaled, brief you. I think the GCC have had an experiment that took us 30 years. We are where we are right now. But I think we can build on what has been done on the GCC. So then GCC now people really can roam around, can work as Saudi, can work in Bahrain, Bahraini can work in the Emirates. So there is a system, there is an ecosystem that has been developed, expanding it to the whole region. And I totally agree with what has been said. It requires a political will. And I think lots of our issues would require a political will, including the regulation question that has just been posed, and it can elaborate on that as we move on. But if we are really to move on and get to the digital economy, there are many challenges, but if you ask me to name two, I would say it's the regulation and it's the training and education of people, the skill sets that's required. But regulations do require political will. What happened in India over the last few months, I think, is an example of how political will, in terms of implementing a major initiative to demonetize the country. We've seen an incredible take up by the people. So it just requires a political will to do it. So how can we prepare our youth for this fourth industrial revolution? We will discuss this after a short break. Forty-three gigabytes per month, we are eight. We'll be back very soon. Dear viewers of Al Arabiya, welcome again to our dialogue that is taking place at the World Economic Forum in Davos on the future of the region's economies within the fourth industrial revolution. As needed as the skills for this fourth industrial revolution, a web report states that 7.1 million jobs will be lost by 2020, mainly in office and administrative job skills, and 2 million gained mainly in computer and mathematical architecture and engineering-related fields, STEM fields, let's say. So is the STEM education the way forward in your opinion? Yeah, and I think one of the things to reflect back on from a broad level is that, you know, one of these things these reports overlook is that as society evolves, we take on new endeavors, right? So maybe if we have five million spare people, we might go colonize Mars, or we might build, you know, a highway that we wouldn't have built, or we might do cancer research that we wouldn't have otherwise built. So I think that's one thing that these reports often overlook. What's undeniable is that there's going to be a huge shift from sort of analog industries to digital industries, and I think preparing sort of the next generation of people to be in these occupations is maybe the single most important thing for policy makers today. I know for us as a global firm, you know, we face skill shortages basically in all markets that we operate in, and that's something that's shared with all technology companies as well. You know, the thing that I would say needs to change in the education system is that there isn't a lot of flexibility in it. And so we're still teaching people the same way that we were in the 1970s, 1960s, but we're living in 2017. And so if you look at universities that are doing a really good job turning out top-level graduates, it's ones that have totally gutted the way they teach. Imperial University in the UK is a great example of this. They have a long-term research program with them and hire a lot of their graduates. They've gutted the way they teach people over the last 10 years. And I think that more of that needs to happen. And from a specific skills perspective, the work that we do is actually sort of at the edge of computer science. And so even though, for example, there's 12,000 ICT graduates coming out of Tunisia, the number of people that have the complex set of skills around implied cryptography, distributed network systems, security, the year-end transactions, or one of the top cyber targets in the world, all of these skill sets together, the intersection is tiny. It's like the head of a pin. And so even if we have these huge supply of graduates, it can be five to 10 years until they're ready to be sort of at the forefront of the engineering field that we need them to be at. And so it's a huge, long-tail investment and it's going to require some really bold changes in the way education works. So again, we went to the streets with students this time. What do they want to study at university? Let's hear what they said. I do not know what I want to study. Maybe a model for advertising. I want to study medicine so I can help people. I want to join the police academy because I want to be free. I want to study engineering, nanoengineering to be specific. I want to study media and become a famous presenter. I want to study medicine because it will improve my standard of living. I want to study fashion design. I want to realize my dream and become a fashion designer. I want to study finance or architecture. Mr. Prime Minister, 65%, it is estimated that 65% of students entering the primary years will end up working in jobs that do not exist, that don't exist still. So the traditional way of teaching students might be obsolete in a few years. What are you doing specifically for the educational system in Tunisia? Yes, we are facing this. In Tunisia we have, this is probably a top priority issue in Tunisia since we have a high level of unemployed people and one or three is educated and owns a higher degree, which really creates a strong social tension on governments. This issue mainly came from the non-adaptation between what those people are learning in the university and what's the need of the market. This is a common trait in all Arab countries. Of course, in all the Arab countries the number one problem is employment, especially for educated people. So in Tunisia, for example, just a few weeks ago we decided to reform our university system to make it more adapted to the needs of the market, of the market currently and also we need to anticipate for at least 10 or 15 years because change are, as I mentioned, happening very quickly. The economy now is moving so quick that sometimes regulation and reforms are not adapted. So we need really to anticipate and to reform our education system starting from the primary school to the university and we already started this in Tunisia after the revolution. There was a global awareness about that in Tunisia because the revolution was done by those youth, young people that are unemployed and educated. I want your opinion, Dr Khaled, because Saudi Arabia is a young population and the young can easily adapt to technology. I believe the Minister of Trade recently said that 70% of Saudis are tech savvy. So how much does this facilitate for Saudis to adopt the new technologies in your opinion? Very much so. As you just said, the youngsters are very digitally savvy. They are ready. What we have just seen shows me that there is lots of confusion for the youngsters. It's an opportunity for the leadership to mold that confusion into very specific programs so that those youngsters, they are ready for the digital economy in a few years, that's one thing. Enterprises, I think, need to change their recruitment processes. One. Second, they need to look seriously at the issue of retraining their staff. It's very important that, for example, for Atelco, that has been traditionally providing traditional Atelco services with traditional network architecture to change dramatically because for me, if I say STC will be a digital enterprise service company by 2020, it means my sales guys, my network guys, my even procurement guys need to start using a different vocabulary even in the way we transact. So it does require both on the political well and the government a way to make sure that the education systems are transformed and or reformed so that we don't see such confusion. You have an STC academy? We do. For training employees or students? No, it's for our employees actually who prepare them for this digital transformation that will... Interesting enough, we are the entity that is putting the infrastructure for but also we need to ensure that we are ourselves digitally transformed. Let me take one more question from the audience before our concluding remarks. Please. My question is for His Excellencies, Prime Minister, you had a very successful investment forum back in November in Tunisia however this soon followed by the news that Petrofac, the British company was threatening to close its operation in Tunisia and is in large part due to social unrest. So I guess that my question would be how is Tunisia planning on improving and restoring its attractiveness to foreign investments in the current social environment? Thank you. Thank you for your question. In fact, we had a very successful Tunisia 2020 investment forum in last November and we had strong participation of policy makers and decision makers all around the world. We still have some social tension in Tunisia. We had a revolution. We are now just six years from this revolution which is nothing in a country like Tunisia with more than 3,000 years of history. So our government was here just for less than five months and we are trying to improve the environment, the business environment through, we just voted a new investment code, a new law for PPP. We are trying to facilitate administrative procedure and to reduce all this to create a kind of fast track or a one-stop shop for foreign investors to come to Tunisia. Tunisia remains a very attractive and very competitive country in the world. We have today more than 3,500 foreign companies implemented in Tunisia, but you are right. We need to do more to better approach the social climate in Tunisia because those expectations were really high after the revolution and now the time is good for the economic side to answer all those expectations from the young population, especially from Tunisia. One last question from the audience. Please. I'm Yassir Sherif, I'm the CEO of Jebel Amar. Sorry, I didn't see you Yassir. I would have introduced you. My question is, how can we prevent the fourth industrial revolution from becoming an organized chaos? Chaos. Would you like to answer that? Sure. I only take the easy questions. No, look, I think that any time you have change, you're going to have a little bit of chaos. Chaos is good. The way capitalism works is essentially organized chaos. It's how much of the wealth in the world today was generated. And so I don't think that we should resist chaos. We should probably try to manage it and put some guide rails around it. This is what I was talking about earlier when I was saying, you know, we need regulation that allows us to experiment, to extend, but also keeps us within the bounds of what is okay in society. And I think the fourth industrial revolution will involve quite a lot of change that's very uncomfortable. It'll mean new definitions of how regulation works as regulation becomes more cross-border. It'll mean new ways of working, new ways of jobs. And I think that's going to take some time to get used to. But ultimately, what's really important is the collaboration between sort of the social sector, the public sector, and private businesses to figure this out. I think that's one of the reasons the forum is so valuable as a venue to do that. And I know for us as a company, and I can only speak for my own company, figuring that balance out with policymakers is something that we're really dedicated to and something that we spend a lot of time on. But there's no easy answer. There's no simple answer to that question. We have five more minutes. I will split them equally. I don't know how among four guests for your concluding remarks. Dr. Khaled, the fourth industrial revolution manifests itself in IoT, Internet of Things, 3D printing, nanotechnology, and autonomous cars and others. What are you least and most excited about in terms of social, economical, and ethical repercussions to the Saudi economy? I'm very excited about them all. I think the technology, regardless of technology, what this thing is doing, it's changing the rules of the business, how you do things, regardless of, you know, being done through an IoT platform or a VR or AR platform, it just brings in a fresh look at things. And we have been, for example, investing in startups and building basically the ecosystem for them. It's just exciting to see that anything you do in life is being transformed into an app. So I don't want to really focus on a specific technology, but I think the tremendous value that can be captured, it's really up to us, especially both in the government and in the business side, to create the right atmosphere for it and the right ecosystem. I think the right level of regulation just echoing what Peter said in terms of making sure that we don't get hooked into the dilemma that is happening now. Regulators are regulating things of the past. Just give you an example. If I'm regulating a voice delivery service, then the regulation has to be the same for regardless of who delivers the service. That's not happening. So fix the regulation, focus on the education and training. I think that's how we can capture the value. Your Excellency, Mr. Tarek. I have a couple of points. One, I don't think we can claim that we know everything about the fourth industrial revolution. The third industrial revolution, which pushed from, which changed from the analog to digital, from mechanical to electrical, created an impact on certain sectors. But it ended up a great revolution and created more jobs. So I don't know, I don't think we can claim that we know everything. What we need to do is to lay the ground and be ready for that revolution from the four items I just said, rules and regulations, infrastructure, skills and training and readiness. In my view, the single biggest challenge for the Arab countries is skills and education. Skills and education. We're working a lot on the top of the pyramids. In Egypt we have, we built six technology parks. We have 14 technology centers that we're working on very advanced areas. And we have, we have 20,000 ICT students coming up every single year. That is in the top of the pyramids. I don't think, or what we need to do a lot more in the bottom of the pyramids from education, from level one. We need to create an environment to promote entrepreneurship. We need to create an environment to promote innovation. That is the answer for some of the questions we've seen here. If we're serious about technology, we need to have a digitalized digital education. In my view, that's, yes, it is a longer term. We cannot afford to work on the top of the pyramids only while leaving the bottom of the pyramids from education. Thank you. One just last. Very briefly. Please. We also need to promote the importance of blue colors. Germany economy is built on blue colors. People should be proud to be blue colors. We cannot afford to have everybody white colors. That is, in my view, a big part of what we have. Concluding statements in 30 seconds, please. Yes. I agree totally with those concluding remarks just to say that for policy makers, conducting the change is the most difficult thing that we have to do. Because we can see the change. We can see we need really to prepare ourselves, prepare the climate, the environment for those coming change. Peter, your concluding statement. And my question would be, is 2017 the tipping point in your opinion for blockchain technology? Not only in the Arab world, in the world. Once again, a small question. So listen, I think that adequate, I think skills is probably the biggest thing in our economy as we make this transformation to the digital age. But I'm very optimistic, actually, about the Middle East right now. I plan to invest heavily there as a company and as a leader of our firm. Even though we have a lot of opportunities around the world, I think the Middle East represents a special opportunity. And I think the reason is because it's a juncture for the Middle East. And I sense that there's a willpower to make that big leap that I was talking about earlier. So I think there's incredible opportunity. We have challenges and we've acknowledged those. But I think it's important to highlight that huge opportunity there. So I'm really excited about the Middle East. I'm most excited about the Middle East for my firm because I'm selfish. And I also think that it's a great opportunity for the Middle East to build a better financial infrastructure. My encouragement would be public policy makers, private business leaders. If you're interested in these technologies, please get in touch with us. We're happy to try to help. To answer your question about when the tipping point is, this is the question of WEF, at least for me. You know, I don't think 2017 will be it. I think that good things take a lot longer than people think. When people join our firm, I tell them that they're signing up for a 10 to 15-year project. And I tell them that when they start on Monday. And so that's my way of saying it's going to take a long time. I think that we'll start to see really big systems put in production in 2018. But what's important to remember is just like, you know, 2013 was the year of Bitcoin regulation. We did 50 million transactions last year. We're doing 200, 250,000 a day. We're on pace to do a million by the end of the year a day. This stuff is already happening. But in terms of when is it going to tip in a classical sense, I think it'll probably be 2018. Thank you all for your valuable input and thank you for your questions.