If Saudi Arabia Won't Act, then Who Will?

One of the prominent business leaders in the United Arab Emirates once said, "If Saudi Arabia won't act, then who will?"

Amidst the current global political and economic changes, the Kingdom of Saudi Arabia has emerged as a significant power in the Middle East and globally. The country has become a driving force for progress beyond its borders, influencing the region andthe rest of the world. This resurgence is exemplified by the Kingdom's Vision 2030, which signifies its deep commitment to achieving sustainable development and comprehensive economic transformation. The goals of Vision 2030 aim to enhance the quality of life, foster innovation, and advance technology on a global scale. This is happening under the wise leadership of King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman, the Crown Prince and Prime Minister.

Saudi Arabia is making significant investments in large-scale projects to modernize its infrastructure and reduce dependence on oil as its primary source of income. The country also focuseson diversifying its economy by developing new tourism, technology, and renewable energy sectors. This strategy aims to create sustainable revenue streams and boost economic growth, ultimately positioning Saudi Arabia as a critical player in the global economy across multiple sectors.

Saudi Arabia is aware of the crucial role that science and technology play in driving progress and development. Therefore, the country is emphasizing the advancement of education, research, and innovation by establishing modern educational and research institutions and providing support for entrepreneurship and innovation. The ultimate objective is to create a knowledge-based economy that encourages comprehensive and sustainable growth.

The Kingdom of Saudi Arabia has demonstrated the importance of leadership and ambition in shaping the future of the Middle East and beyond. By undertaking mega-projects and futuristic strategies, Saudi Arabia is progressing toward achieving its Vision 2030 goals. The country has highlighted several landmark projects that serve as significant milestones on this path, including:

NEOM: It is a project to create an advanced economic and technological zone on the Red Sea coast. The zone will focus on innovation, technology, renewable energy, and other sectors.
Qiddiya: It is one of the most significant entertainment projects in the world and is located near Riyadh. Its goal is to establish Saudi Arabia as a premier tourist destination by providing global entertainment, sports, and arts experiences.
The Red Sea Project: Over 50 islands will be developed into a luxury tourist destination, with a focus on sustainable tourism and preserving the natural environment.
Amaala: This luxury tourism destination, situated on the northwestern coast of the Kingdom, aims to create a luxurious and sustainable environment. It is dedicated to wellness and relaxation.
AlUla Vision: An initiative to make AlUla a global destination for heritage, culture, and nature, leveraging its rich history and natural beauty.
The Saudi Green Initiative and the Middle East Green Initiative: Their goal is to promote sustainability by planting trees, reducing carbon emissions, and developing renewable energy sources.

Recognizing the significant role played by the Public Investment Fund (PIF) in realizing Vision 2030 is essential. As one of the world's most significant sovereign wealth funds, PIF is committed to diversifying Saudi Arabia's sources of income and investing in various sectors, including technology, renewable energy, industry, tourism, and infrastructure. Below are some notable examples of PIF's investments in the technology and industry sectors:

Global technology companies: PIF invested in major tech companies, such as Uber and Lucid Motors, to expand its investment portfolio and benefit from the growth in the tech sector.
Technology funds: The fund invests in technology-focused venture capital funds, including those for early-stage start-ups and high-growth companies.
Local tech hubs: PIF supports and funds tech projects in Saudi Arabia with the aim of turning the country into a regional center for innovation and technology.
Renewable energy and clean industries: PIF invests in solar and wind energy projects, emphasizing clean industries and renewable energy as part of the Kingdom's commitment to transition to clean energy.
Manufacturing industries: The fund invests in developing manufacturing industries in the Kingdom, including heavy and light industries, to enhance the country's industrial base and create job opportunities.
Industrial infrastructure: PIF supports industrial infrastructure projects such as industrial cities and special economic zones to attract foreign investments and facilitate production and export processes.

Saudi Arabia is positioning itself as a leader in innovation and sustainable development. It emphasizes the importance of teamwork and global cooperation in addressing common challenges. The Saudi Renaissance is proof of its ability to evolve and progress.

If Saudi Arabia won't act, then who will?