Global Economytechnology

Saudi Arabia chases UK Tech Firms to Partner on $500bn Neom City

Saudi Arabia chases UK Tech Firms to Partner on $500bn Neom City

Saudi Arabia has suggested the UK’s firms and companies connect. Saudi Arabia is offering a part in Multi-billion dollar smart cities for the UK. Uk is and was always very popular with its fintech and everyone knows about that. Smart cities will help Saudi Arabia in a different way. This approach of doing something fundamentally new will attract more job places into the country. Saudi Arabia is dependent on the oil industry and they need to do more non-oil spaces in order to develop various fields and experiences.

Saudi Arabia is building 16 smart cities which will attract many tourists and people who are traveling for investments and finding jobs. This country is trying to become as futuristic as it gets. By 2030, their goal is to become the world’s most innovative digitized nation. This ambitious wish needs to be accompanied by different fields that need to be developed by that time in order to have economic diversification and the drive of making expectations into a reality.

The government of Saudi Arabia already has invested $4 billion on digital technology and infrastructure. They need only the last inventions and techniques in order to make the dream come true. To pursue the vision of the future, Saudi Arabia is starting to develop its roots in trading. They need some additional investments and trading is one of the globally popular ways to make it. Almost every country around the world who are allowing trades, are becoming more and more ensured that their economy is growing by it.

By 2030, Saudi Arabia plans to become the world’s first cognitive city. According to Joseph Bradley, head of the tech and digital at Neom, they will leverage 90% of data in order to utilize it in the city.

This kind of kick start needs a lot of investments and collaborations. This city will include gaming, robots, drones, industrial automation, and many things that we will need in the future. 

These cities will attract the greatest minds in the world because this will be a new center for gaming, trading, and everything people are looking forward to meeting in the future.

The Oil-Based Economy is Counting its Days

The oil-based economy will be passed in the near future. The government is already looking for new ways to attract money and investments into their country. Saudi Arabia is part of numerous free-trade agreements and has some FTA negotiations going through. That is why one of the world’s biggest exchange markets, forex, is very popular in this country. Trading currencies in Saudi Arabia is very popular among residents as well. There are several Forex trading brokers in Saudi Arabia who offer the best possibilities for traders in accordance with local laws. finding a regulated and safe forex broker can’t really be taught so the trader always needs to choose wisely. 

To be sure, Saudi Arabia has one of the largest economies in the world. However, this is the country which has many possibilities in order to not only depend on oil and its prices. Uncertainty is not a good cup of tea when you are trying to build 16 futuristic cities.

Most importantly, there will be renewable energy soon. This will be a very painful thing to deal with for Saudi Arabia’s economy.

Conclusion

To be strong enough to get away from the oil-based economy will not be easy. But everything is possible when you are in a country like Saudi Arabia. They only lack two things in their country, which is poor water supply and poor soil. Every other field in this country is rapidly developing and their rises are watched closely by everyone in the world.

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