Saudi Arabia has signed agreements with the United States worth more than $300 billion, as confirmed by Crown Prince Mohammed bin Salman during the Saudi-US Investment Forum held in Riyadh. This significant move underscores the Kingdom’s ongoing efforts to enhance its economic partnerships and investments.

Credit: Fortune

At the forum, Uber CEO Dara Khosrowshahi highlighted that Saudi Arabia has emerged as one of the fastest-growing markets for the ride-hailing service. Currently, there are 140 000 Saudi nationals driving on the Uber platform, catering to 4 million riders across 20 cities in the Kingdom. Khosrowshahi announced that the company is preparing to introduce autonomous vehicles in Saudi Arabia this year, emphasizing the safety benefits of this technology for passengers and road users.

Khosrowshahi explained that autonomous vehicles are designed to be safer because they eliminate distractions common with human drivers. He mentioned that this technology not only ensures safer streets but will also provide a more cost-effective form of transportation. Uber is collaborating with 18 autonomous partners to implement this technology safely.

Another discussion at the forum, moderated by Arab News Editor-in-Chief Faisal J. Abbas, focused on the giga-projects that are crucial to Saudi Arabia’s modernization and diversification efforts under Vision 2030. The transformation of Diriyah, the birthplace of Saudi Arabia, is one such project, aiming to develop the area into a significant cultural, historical, and leisure destination.

Jerry Inzerillo, CEO of Diriyah Company, noted that the $63.2 billion project is on schedule and has welcomed its three millionth visitor to the UNESCO World Heritage site. Currently, there are 45 000 workers involved in the project, and Inzerillo stated that they are collaborating with 83 American companies.

In addition, Michael Dyke, CEO of the New Murabba development in Riyadh, described the Mukaab, a massive cube-shaped building that is expected to be one of the world’s most iconic structures. Dyke compared it to the MSG Sphere in Las Vegas, highlighting that the Mukaab will be 22 times larger and will feature advanced technologies like holograms and artificial intelligence.

NEOM, another ambitious project, is being developed along the Red Sea coast. Rayan Fayez, Deputy CEO of NEOM, explained that the project spans 26 500 square kilometers, equivalent to the size of Massachusetts. He stated that significant infrastructure is being established, including 500 kilometers of fiber optics and renewable energy sources.

During the forum, Ahmed Al-Khateeb, the Minister of Tourism, predicted that by 2030, tourism would be as pivotal to Saudi Arabia’s economy as oil is today. He noted the impressive growth of the tourism sector since the launch of Vision 2030, with the number of tourists expected to increase from 50 million in 2019 to 115 million by 2024, exceeding the target of 100 million.

Al-Khateeb expressed excitement about building the tourism sector and emphasized the importance of a vibrant, educated young population to support this growth. He aims to increase the tourism sector’s contribution to GDP from 5 percent to 10 percent by 2030 and plans to welcome 50 million international tourists by that time. The minister also highlighted the collaboration with the US to adopt best practices in the tourism industry, including education and vocational training opportunities for young Saudis.