Unveiling Saudi Arabia’s Futuristic Technological Investments
Last Updated on November 9, 2023 by Ameer Hamza
Under the wise guidance of Crown Prince Mohammed bin Salman, the Kingdom has started on an ambitious journey to diversify its economy and become a world leader in innovation and technology. At the center of strategic plans like Vision 2030, a roadmap for improving the economy and society lies technology. These efforts aim to guide the nation toward a more technologically advanced future.
A Roadmap To Achieving Progress In Technology In The Kingdom Of Saudi Arabia
The Kingdom announced billions of dollars in advanced technology investment in 2022. In total, the Kingdom plans to invest over $6.4 billion in many sectors over the next few years. For example, it has also invested $1 billion in the NEOM Tech & Digital Company, and sources report that the company plans to create its own metaverse, a 3D virtual environment where users can engage with each other.
The Saudi Vision Cable, which runs for 1,160,000 meters and is the first high-capacity underwater cable in the Red Sea, is also an example of the Kingdom’s investment in the future of technology. It will give smooth connections of up to 18Tbps per fiber pair through four landings in Jeddah, Yanbu, Duba, and Haql. There will also be a total of 16 fiber pairs. This is part of their overall plan to expand the Group’s investment opportunities and help the Kingdom become more digital by improving its digital infrastructure.
Moreover, the Kingdom has drawn in over $9 billion in investments for upcoming technologies. This includes American companies like Oracle Corp and Microsoft (MSFT.O), which are building cloud regions in the Kingdom. Abdullah Alswaha, the Saudi Minister of Communication and Information Technology, stated that Microsoft wants to invest $2.1 billion in a cloud that can scale globally. Oracle also stated that it would invest $1.5 billion to create a new cloud region in Riyadh.
Saudi Arabia also understands the importance that AI and robotics can have on different industries. It has made major investments in robotics to improve various industries, such as healthcare, construction, and logistics. In 2017, the Kingdom granted citizenship to Sophia, an AI-powered humanoid robot developed by Hanson Robotics.
The Kingdom also has a young, tech-savvy population interested in technological progress. This makes it an appealing location for investors to invest. According to the GEM study, 90% of the people surveyed thought it was easy to start a business in Saudi Arabia, making it one of the best countries with a leading economy.
The Kingdom is investing in advanced technology in order to move towards an era of creative thinking and sustainable development. Through projects like Neom, the nation is creating a blueprint for a smart city that will integrate cutting-edge technologies into everyday life. The Vision 2030 blueprint is also pushing for the growth of a knowledge-based economy. As the Kingdom welcomes technology and diversifies its economy, it encourages partnerships, entrepreneurship, and the growth of startups.