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Saudi Arabia invests in technology "as if there is no tomorrow"



<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "WASHINGTON-Saudi Arabia's Minister of Finance, Mohammed al-Jadaan says the oil-rich kingdom invests capital in its efforts to diversify the economy, invest money in technology, and "spend as if there is no tomorrow" ========== ================================================== ================================================== ================================================== ================================================== ================================================== As if there was no tomorrow. " The tech push is part of the country's urge to reduce its dependence on oil, as Crown Prince Mohammad bin Salman has emphasized the need for a new direction in the nation. He stressed a vision for 2030 to see Saudi Arabia as a technology center for the Middle East.

On the sidelines of the IMF / World Bank's spring meetings in Washington, al-Jadaan told Yahoo Finance that the country wanted to become a serious player in the technology world and invested heavily. He described a number of investment areas in tech, including artificial intelligence, augmented reality and data mining, where the kingdom wants to attract talent and business.

"Many technology companies are being attacked by Saudi Arabia," al-Jadaan said during a talk at the IMF on Saturday. Because we think this is the future [and] because we want to use it to bring this know-how to Saudi Arabia and build and maintain our talents, we think that's the future and we're investing into the future. "

Crown Prince bin Salman has recently completed a three-week tour of the United States. He spent a week on the West Coast, where he met some of the biggest names in technology such as Jeff Bezos and Richard Branson and entered into agreements with companies such as Snap (SNAP), Amazon (AMZN), Google (GOOGL) and Apple (AAPL)

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " The Ministry of Finance recently announced To make Saudi Arabia one of the world's top 15 economies by 2030 with 22 programs and 74 projects to complete the country by 2020. The country has recently revoked some of its secret laws (19459003) "data-reactid =" 27 "> The Ministry of Finance has recently announced that Saudi Arabia will become one of the 15 largest economies in the world by 2030 with 22 programs and 74 projects that the country wants to reach by 2020. The country has recently adopted some of its more secret laws, including restricting women to driving, as part of their pursuit of outside capital.

<p class = "Canvas Atom Canvas Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " al-Jadaan revealed last year A four-year $ 200 billion stimulus package ($ 53.4 billion) to help debt restructuring businesses contribute to employment and finance small and medium-sized enterprises The kingdom announced in December that it would sell 53 billion riyals (19 $ 2 billion) to stimulate growth in the private sector. "data-reactid =" 28 al-Jadaan Unveils Four-Year Stimulus Last Year A package of 200 billion Saudi riyals (53.4 billion Dollar), which is designed to help companies restructure debt, expand credit lines for companies that contribute to employment and finance small and medium-sized enterprises. The kingdom announced in December that it had reached 53 billion riyals (19.2 billion) (19659006)

al-Jadaan said he sees risks, including cyber security, for which he said that Saudi Arabia is developing a whole new entity and the country's ability to implement its ambitious program [19659007] "One challenge I would lose my sleep over is capacity." If there is something that seriously challenges us, it's not design, it's not planning, it's implementation has been successful, but I want that success continue. "

<p class =" canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" More of the sessions of IMF / World Bank: "data-reactid =" 31 "> More from IMF / World Bank meetings:

<p class =" canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Dion Rabouin is a market reporter for Yahoo Finance. Follow him on Twitter: @DionRabouin . "data-reactid =" 39 "> Dion Rabouin is a market reporter for Yahoo Finance Follow him on Twitter: @DionRabouin

<p class = "Canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "[19659014] Follow Yahoo Finance on Facebook, Twitter Instagram and LinkedIn. "data-reactid =" 40 "> Follow Yahoo Finance on Facebook, Twitter Instagram and LinkedIn.


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