“Saudi Arabia right now is a digital-first economy. That’s the move, that’s the plan, and we’re diversifying from an oil-based economy to a bigger economy.” – 03:44
Adel Alharbi, an Executive Advisor involved in Saudi Arabia’s Vision 2030 initiative, joins Patricia Wu from Money20/20 Middle East is Riyadh to discuss the strategic framework that aims to reduce the kingdom’s dependence on oil by diversifying its economy.
Adel begins by explaining the concept of sovereignty in the technology sector, which defines the extent of a country’s control over technology and data. He discusses the importance of international companies, such as AWS and Microsoft Azure, in establishing operations in Saudi Arabia and the negotiations surrounding incentives and sovereignty that accompany their entry into the market.
As the conversation unfolds, Adel highlights the significance of the Money20/20 event as a representation of Saudi Arabia’s ambitious Vision 2030. He notes that the financial sector, particularly fintech, is set to experience substantial growth due to the presence of global tech giants and the competitive advantages they bring, such as lower computational costs.