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Saudi Arabia hopes that technology will push its local economy forward as the kingdom tries to reach the goals of Crown Prince Mohammed bin Salman’s Vision 2030 plans, a top Saudi official has told The Associated Press.
Saudi Arabia’s Minister of Industry and Minerals, Bandar Al-Khorayef said that his ministry is “betting” on technology to aid it, adding “Technology will be a main driver for our growth in the sector.”
Al-Khorayef said technology also will create more jobs for the Saudi youth.
That’s a goal of the Vision 2030 plan, which also calls for weaning the kingdom off relying on fossil fuel sales.
Investments in the industrial sector have reached more than $350 billion, and the number of factories in the kingdom has exceeded 10,000, according to the ministry.
The value of Saudi non-oil exports in the first half of 2022 amounted to about $44 billion, an estimated increase of 31%.
Al-Khorayef also discussed Lucid, a U.S.-based electric car builder in which Saudi Arabia has shares.
The company will open a plant in Saudi Arabia for the local and regional markets.
CEER, a Saudi electric car brand, will create a factory soon.
Saudi investments in electric cars are expected to reach $50 billion in the next decade.
Al-Khorayef said he expects a bright and “great future” for Saudi Arabia as a lot of investments are being allocated to invest in people.
He said his country has “one of the largest programs to develop human capital, to make the Saudi citizen a global citizen.”
This article was provided by The Associated Press.