Saudi Arabia’s Bold Vision 2030: Unveiling Neom and Beyond at Davos 2024
The Rise of a New Tech Hub in the Middle East
From the snowy peaks of Davos, Switzerland, Saudi Arabia made a grand statement at the 2024 World Economic Forum. Neom, a futuristic urban development in Saudi Arabia’s northwest, took center stage, symbolizing the kingdom’s ambitious drive to become a global tech hub.
Saudi Arabia’s Vision 2030 strategy, spearheaded by Crown Prince Mohammed bin Salman (MBS), aims to diversify the economy, reduce reliance on oil, and position the country as a significant player in the global tech landscape. Vision 2030 is the brainchild of the Crown Prince, and Neom is its flagship project.
Neom: A Visionary Urban Development
Neom is a $500 billion megacity project envisioned as a futuristic urban oasis, where cutting-edge technologies, sustainable living, and human ingenuity converge. The city aims to attract businesses, investors, and innovators worldwide, fostering a vibrant ecosystem of creativity and entrepreneurship.
The Neom spokesperson emphasized the project’s openness for business, inviting the investment community to explore its vast opportunities. Saudi Arabia’s finance minister, Mohammed al-Jadaan, highlighted the significant decline in oil’s contribution to the gross domestic product, from 70% to around 30-35%. This diversification into tourism, technology, and logistics is a strategic economic transformation for the country.
Crown Prince MBS: A Driving Force for Change
Ian Bremmer, president and founder of Eurasia Group, expressed initial skepticism towards MBS’s leadership but now sees him as a catalyst for positive change in Saudi Arabia. Bremmer commended the Crown Prince’s efforts in promoting entrepreneurship, diversifying the economy, combating corruption, and improving education, particularly for women.
Bremmer believes that Saudi Arabia has moved past the Jamal Khashoggi chapter, referring to the controversial operation in 2018 that led to the journalist’s death. He emphasized the kingdom’s progress in addressing human rights concerns and its commitment to building a more inclusive and prosperous society.
Attracting Global Talent to Fuel Innovation
Saudi Arabia’s tech ambitions extend beyond flashy megacities; the core mission lies in attracting global talent to drive a value creation cycle in artificial intelligence (AI). The King Abdullah University of Science and Technology (KAUST), led by a UCLA mathematician, plays a pivotal role in this endeavor.
KAUST aligns with Saudi Arabia’s goal of becoming a global AI leader by 2030 through strategic partnerships, the establishment of a National AI Strategy, and developing AI-powered government services. The university’s AI Initiative and the SDAIA AI Center further contribute to the country’s AI ecosystem.
Vera Futorjanski, former CEO of Veritas Ventures and a key player in building Riyadh’s entrepreneurial ecosystem, believes that Saudi Arabia possesses the resources, flexible regulations, and a young, educated population eager for innovation to succeed on the global stage, including the AI race.
Drawing Inspiration from Singapore and Israel
Jack Hidary, CEO of SandboxAQ, a company specializing in AI and quantum technologies, sees AI’s transformational impact extending beyond mobile phones. He highlights the potential of AI-driven personalized education and training to address the upskilling needs of millions in Saudi Arabia and the region.
Hidary draws parallels between Saudi Arabia and the UAE with countries like Singapore and Israel, which have successfully fostered start-up ecosystems driven by technology and innovation. He emphasizes the importance of investing in smart people to drive technology and innovation, a strategy that Saudi Arabia and the UAE are actively pursuing.
Saudi Arabia’s Global Ambitions
Saudi Arabia’s participation in the Davos Promenade and its efforts to attract global talent and investment signal a bold ambition to transform the country into a leading tech hub. The kingdom’s Vision 2030 strategy, with Neom as its flagship project, aims to diversify the economy, promote innovation, and position Saudi Arabia as a global player.
The country’s focus on AI, its efforts to attract talent, and its willingness to learn from successful models like Singapore and Israel demonstrate a clear path towards achieving its tech ambitions. As Saudi Arabia continues to evolve and embrace the digital revolution, the world watches with anticipation to see how this ambitious vision unfolds.
Embark on the Journey to the Future
Saudi Arabia’s Vision 2030 is a bold and ambitious undertaking that aims to transform the country into a global tech hub. Neom is the embodiment of this vision, a city of the future where innovation, sustainability, and human ingenuity converge.
If you’re an entrepreneur, investor, or innovator seeking a platform to shape the future, Saudi Arabia beckons you. Join the kingdom’s journey towards becoming a global tech leader. Explore the boundless opportunities Neom offers and be a part of history in the making.