- The presence of Saudi Arabia’s delegation in Davos was robust as the country aims to position itself as a technology hub within the region.
- At Davos, the Saudi delegation made a significant impact by setting up an elaborate storefront on the main street to promote Neom, a new urban development in northwestern Saudi Arabia.
- Riyadh’s ambitious expansion plan places a strong emphasis on establishing itself as a hub for generative AI technology.
In 2024, a standout feature on the Davos promenade is the pop-up exhibition showcasing Saudi Arabia’s Neom development.
Over the years, the United Arab Emirates has been a prominent tech hub in the Middle East, benefiting from factors such as the absence of personal income tax, flexible visa policies, and attractive incentives for international businesses and workers.
However, Saudi Arabia is now striving to attract attention and talent away from its neighboring tech hub on the Arabian Peninsula, a goal that was evident during this year’s Davos event.
The Saudi delegation made a grand statement with their presence on the main street, highlighting various projects including the promotion of Neom, the AlUla project aimed at transforming the heritage city into a global tourist destination, and the showcasing of the MiSK Foundation and its youth ambassadors. These efforts align with the Vision 2030 strategy focused on economic diversification.
The spotlight on Neom at Davos underscores its potential not only as a luxury living and tourism destination but also as a hub for innovation.
A spokesperson for Neom expressed to CNBC that the intensified presence was designed to educate potential investors about the development and signal its readiness for business opportunities.
This push for economic diversification was reinforced by the country’s finance minister, Mohammed al-Jadaan, who highlighted the significant decrease in oil’s contribution to the GDP, emphasizing the kingdom’s expansion into sectors like tourism, technology, and logistics.
As part of its global engagement strategy, Riyadh is set to host a special World Economic Forum in April, aiming to strengthen its position as a key player in international relations and negotiations.
Neom is a pivotal project under Crown Prince Mohammed bin Salman’s Vision 2030 plan, focusing on various “giga” projects that include infrastructure investments and attracting fintech expertise from the region and beyond.
Experts at Davos note that while attention is often drawn to the extravagant megacities under development, the primary objective is to attract talent that will drive value creation in AI.
Key initiatives such as the King Abdullah University of Science and Technology (KAUST) are instrumental in this mission, working towards Saudi Arabia’s goal of becoming a global leader in AI by 2030 through strategic partnerships and investments in AI research and development.
Saudi Arabia’s unique advantages, including available resources, regulatory flexibility, and a young, educated population eager for innovation, position it favorably on the global stage, particularly in the realm of AI technology.
The transformative potential of AI extends beyond conventional boundaries, with a focus on personalized education and upskilling for millions of individuals in countries like the UAE and Saudi Arabia.
Drawing inspiration from tech-driven nations like Singapore and Israel, Saudi Arabia and the UAE are actively fostering start-up ecosystems and technological innovation to propel their growth and competitiveness on the global stage.
— CNBC’s Karen Gilchrist contributed to this report.
