Saudi Arabia is one of the most well-endowed – we’re talking about money, silly – countries on planet Earth. It’s home to Dubai, a city that flourishes today that was once nothing but desert some years ago, brought to life by money – and tons of it.
Mohammed al-Jadaan, the finance minister of the money-strapped Saudi Arabia, recently shared that both the country of Saudi Arabia and its most prominent investors are “spending as if there is no tomorrow” in the tech sector.
Most Saudi Arabians made their money through oil, which is used by cars all around the world. While electric cars are slowly coming into prominence, more green forms of communication – bikes, electric cars, and potentially even vehicles that run on biofuel of sorts – will certainly dominate the worldwide market in the next few decades.
Because everybody with half a brain in Saudi Arabia knows that oil won’t last forever, in order for wealth to stay within the country, its big-money guys need to transform their wealth of oil into investments in technology.
As a matter of fact, Prine Mohammad bin Salman has stressed that, by 2030, he wants the Middle Eastern country to be a hub for everything technology across the Middle East.
Data mining, artificial intelligence, and augmented reality are the three centermost areas in which Saudi Arabian investors and its government are hoping to invest, as Crown Prince Mohammad believes that those three areas are potentially the most lucrative in years to come.