The Middle East’s tech landscape is undergoing a shift as Saudi Arabia, with ambitious projects such as Neom City by NEOMedia Technologies, INC (OTCMKTS: NEOM), aims to rival the UAE’s status as the region’s primary tech hub. The annual meeting at Davos this year showcased Saudi Arabia’s determination to attract talent and investment.
The Saudi delegation, in a grand display on the Davos Promenade, outlined key elements of its Vision 2030 strategy. The spotlight focused on projects like Neom, a new urban development in northwestern Saudi Arabia. Additionally, the AlUla project was highlighted as well as part of the kingdom’s initiative to transform a heritage city into a global tourist destination. The country seeks to diversify its economy by emphasizing tourism, technology, and logistics, moving away from its historical dependence on oil.
Moreover, a significant part of Saudi Arabia’s Davos presence was dedicated to promoting Neom. It emphasizes the country’s potential as a hub for tourism, luxury living, and innovation. The goal was to communicate to the investment community that Neom is “open for business,” as stated by a Neom spokesperson. Markedly, this aligns with the broader Vision 2030 plan, focusing on economic diversification and reducing reliance on oil.
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Saudi Arabia’s heading towards economic evolution with Neom
Saudi Arabia’s finance minister, Mohammed al-Jadaan, highlighted the country’s successful diversification efforts, reducing the contribution of oil to its GDP from 70% to the range of 30% to 35%. The Kingdom is now actively seeking a higher global profile, hosting a special World Economic Forum in Riyadh in April. Al-Jadaan emphasized strategic relationships with the U.S. and China, positioning Saudi Arabia as a bridge between the two.
Furthermore, Saudi Arabia’s tech ambitions, including initiatives like Neom City, extend beyond megacities and flashy projects. Experts suggest that the core mission is to attract talent to fuel a value creation cycle in artificial intelligence (AI). The King Abdullah University of Science and Technology (KAUST) plays a crucial role in this mission. KAUST focuses on strategic partnerships, supporting startups, and fostering AI research and ethics.
Despite the UAE’s current dominance in the tech sector, Saudi Arabia is investing heavily in its tech hub ambitions. KAUST’s efforts, coupled with flexible regulations, contribute to positioning Saudi Arabia as a formidable player on the global stage. Besides, a young, educated population hungry for innovation further enhances the country’s appeal. Observers draw parallels with countries like Singapore and Israel, which, lacking natural resources, leveraged their intellectual capital to become tech-driven economies.
Similarly, Saudi Arabia sees AI as a transformative force, with experts noting its potential to revolutionize education and training. Saudi Arabia, with its large population, aims to harness AI for personalized education, including projects within Neom City. Many consider this move a game-changer in upskilling millions.
Saudi Arabia’s presence at Davos signals its commitment to becoming a global tech powerhouse. With ambitious projects, a focus on AI, and strategic global partnerships, the Kingdom aims to reshape the Middle East’s tech landscape. As the world watches, Saudi Arabia’s Vision 2030 unfolds, bringing with it the promise of a diversified, technology-driven future.
zartasha@mugglehead.com
