Saudi set to become a tech powerhouse

Jeddah / Tribune News Service

The Kingdom is set to become a
world class, technologically advanced country under the new economic strategy led by Deputy Crown Prince Mohammed bin Salman, according to businesspeople.
Ihsan Bu-Hulaiga, chairman and founder of Joatha Consulting Center for Business Development, said there was no doubt the government was committed to the goals outlined in Vision 2030 and its operational plan, the National Transformation Program, a local publication reported.
He said this would result in the country diversifying its sources of income and reducing its dependence on oil. This would be a major step forward from the 1970s when the country first started to export petrochemical products, he was quoted as saying.
“The diversification of income sources will not start from zero because the Kingdom already provides excellent services that make up about 40 percent of the country’s gross domestic product. But the big challenge remains to increase the contribution of technology, including digital activities, knowledge industries and retail services,” said Bu-Hulaiga.
He said challenges would be solved because the deputy crown prince has now met with chief executive officers of some of the world’s largest companies during his visit to the United States including from Boeing, Raytheon International, Lockheed Martin International, Dow, Microsoft and Cisco, which are worth over $800 billion. In addition, there would be technology transfers from other companies after he met with the chief executives of Facebook and Twitter.
Mohammed bin Khamis, a businessman, said the visit of Prince Mohammed to America would have significant benefits for citizens over the long term, including developing science and research capabilities, the wider participation of the private sector and investments by major players.
“This visit has been the longest and most important for the economy. It comes at a time when the global economy is suffering from slow growth and uncertainty, especially after Britain’s exit from the European Union,” he said.
He said the visit would allow the country’s massive sovereign fund to seize opportunities through acquisitions and taking stakes in companies to create another source of income for the country. This has already happened with the investment in Uber, he said.
He said Prince Mohammad
was demonstrating to everyone, particularly the country’s young people, that the government was taking concerted action to ensure the long-term sustainability of the economy, which would ultimately benefit all citizens.

Saudi, France to ink pacts

Tribune News Service

Saudi Arabia and France are expected to sign major trade agreements in housing, defense, energy, health care, agriculture, transport, research, sports, media, environment and tourism during the current visit of Deputy Crown Prince Mohammed bin Salman.
This is according to French sources quoted by a local publication on Monday, which said the pacts would be concluded during a meeting of the Saudi-French Joint Committee, which first met in June last year in Paris.
That meeting was chaired jointly by Prince Mohammed and France’s foreign affairs minister. The second meeting was held in October of the same year.
There are more than 80 French companies in the Kingdom providing jobs for more than 27,000 citizens. French ambassador to the Kingdom, Bertrand Bzansno, said that trade has increased significantly between the two countries. French exports to the Kingdom rose from 2014 to 2015 by 6 percent, to reach 3.1 billion euros.
He said Saudi exports to France had been affected by a decline in oil prices and is currently at 5.3 billion euros, adding that Paris is the third-largest investor in the Kingdom. He said a major housing agreement is likely to be signed.
The prince’s first official visit to Paris in June last year for the inaugural Saudi-French joint committee followed a summit meeting in Riyadh between French President Francois Hollande and Gulf leaders including Custodian of the Two Holy Mosques King Salman.
During meetings with French politicians, including Prime Minister Manuel Valls, the two sides will look at “new perspectives of cooperation in the framework of the National Transformation Program”, the French Embassy said in an earlier statement. “Major regional issues will also be touched upon.”