Saudi Arabia's ambitious tech leap

The kingdom is leveraging advanced technology to fuel growth and position itself among the countries leading the governance of cyberspace

- SHYAM SARAN

Saudi Arabia does not usually come to one's attention as a country with advanced scientific and technological capabilities. Its lingering image is that of a semi-feudal, conservative society ruled by a dynastic monarchy. But the reality is starkly different.

Over the past seven years, since Crown Prince Mohammed bin Salman (commonly known as MBS) became Prime Minister, the kingdom has undergone an unprecedented economic and social transformation, propelling a nation of 34 million into the ranks of modern, technologically advanced, high-income countries.

It is one of the most literate countries in the Gulf region and the world. Fully 98 per cent of its population is literate, including 96 per cent of its female population. Over 90 per cent of its population is urbanised and female participation in its workforce is 36 per cent, higher than in India. It is a one trillion-dollar economy, with a per capita income of $21,000.

Although a large part of its wealth comes from its massive oil reserves and production, MBS has launched a Vision for 2030, which would see its non-oil economy grow much faster, with priority to modern manufacturing, renewable and clean energy, tourism and financial services. Saudi Arabia has the world's fifth-largest sovereign wealth fund, with over $900 billion in assets under management. This large capital pool is not only providing funds for the ambitious projects under the Vision 2030, but also investing in foreign assets, including in India. The non-oil economy of the country is already 50 per cent of its gross domestic product.