The role of universities in building a knowledge-based economy in Saudi Arabia

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The role of universities in building a knowledge-based economy in Saudi Arabia

A knowledge-based economy is one of the critical factors of modern economies. Growth in most of the economies of the world, particularly with most developed economies, are progressively based on knowledge. In a knowledge-based economy, economic development is influenced by education, learning and training etc. The present universities are also increasingly conscious of the importance of higher education in the creation of knowledge-based economies. The kingdom of Saudi Arabia (KSA) has embraced the advances towards a knowledge-based economy by placing emphasis on the higher education sector. Saudi universities are playing a critical role towards the Kingdom’s shift into a knowledge-based economy and hence attaining economic growth and development. This paper’s objective is to critically look into the critical part that universities play in establishing a knowledge-based economy through innovation, research commercialisation, and technology shift as economic development policies. The role of universities in creating a knowledge-based economy in Saudi Arabia is also being examined.

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