KNOWLEDGE ECONOMY, INNOVATION AND THE UNIVERSITIES' EDUCATION ROLE IN SAUDI ARABIA: A STUDY OF ACADEMICIANS' PERSPECTIVES AT THE UNIVERSITY OF HAIL

The labour market is witnessing a significant increase in the levels of demand to learn new skills in areas such as data science, artificial intelligence and machine learning, which are among the most prominent features of the new industrial revolution. Universities have a vital function in the knowledge economy and innovation, as they generate and share knowledge through research, education, and creativity. The knowledge economy (KE) and innovation are key drivers of economic growth, as they promote innovation, productivity, and competitiveness. It creates new industries and jobs that require highly skilled workers. Weakness and inadequacy of the educational and research system have been considered as one of the main issues in Saudi Arabia. The aim of this study is to identify the role of universities in the knowledge economy and innovation in Saudi Arabia from the perspective of academics at the University of Hail. To achieve the objective of this research, a cross-sectional explanatory and descriptive research design with a quantitative approach was adopted by the researchers. A sample size of 83 academicians was chosen using a simple random sampling procedure. The analysis method employed was structural equation modelling (SEM) with partial least squares (PLS). The adopted instrument for collecting the data were a survey. The questionnaire measures were based on a 5-point Likert scale. To measure the reliability and validity of the instruments, Cronbach's alpha, composite reliability, and Fornell-Lacker criterion tests were conducted. The findings of the study revealed that educational curriculum, educational policy, infrastructure, and scientific research have a significant role in (KE) and innovation, whereas the results of teaching methods showed no significant role in (KE) and innovation. To remain competitive in the ever-changing economic landscape, policymakers in Saudi Arabian universities must prioritize curriculum design, infrastructure, teaching methods, policies, and skilled manpower while paying more attention to science, technology, and innovation. In addition, universities should focus on developing the skills of their graduates to meet the demands of the job market. This can be achieved by offering internships and apprenticeships, as well as providing training in soft skills such as communication, teamwork, and problem-solving.