Saudi Arabia implements a strategy to reduce dependence on fossil fuels
Saudi Arabia continues to implement a development strategy that will reduce dependence on hydrocarbon production. According to a new plan from the authorities, the kingdom is launching a program to improve global supply chains. Its goal is to increase the country’s attractiveness for investment in the logistics sector. For this initiative, Saudi Arabia has allocated 2.7 billion dollars, which will be used to encourage suppliers to locate their logistics complexes in the country.
The authorities want Saudi Arabia to become a modern hub for industrial companies with great opportunities and a favorable location in terms of international routes. The kingdom plans to make the local economy the largest in the world by 2030. The country has a comprehensive approach to this, attracting investors in various sectors, improving the business environment, and building centers for the development of innovative technologies. In addition, the Saudis are investing in green energy and the production of environmentally friendly fuels, such as green hydrogen.
Another innovation from Saudi Arabia is the construction of a city of the future in the province of Tabuk, which will be located in the desert. Work has already begun on the implementation of the plan, and the foundations and foundations for communication systems are being prepared. According to the project, the length of the city is 170 kilometers, its height will be about 500 meters. In total, it will be able to live in the complete comfort of 9 million people.
The main purpose of the construction is to create a modern tourist center, whose infrastructure will operate using artificial intelligence technology. And the life support of the megalopolis will take place thanks to clean energy sources and with a minimum of emissions. For example, the city will have electric transport, which will ensure movement from any point in the metropolis within 20 minutes.
Saudi Arabia is also known for its investments in partner countries’ industries. Through the Sovereign Fund, the kingdom supports business projects in the industrial sector. Many companies cooperate with European and Asian companies. For example, a Saudi investor plans to build wind and solar power plants in Kazakhstan, as well as to build a battery manufacturing plant. About $200 million has been allocated for these projects. In addition, talks are underway on cooperation in the agricultural and energy sectors. Investors from Saudi Arabia are also interested in Kazakhstan’s logistics sector, as the country has taken over much of the route that connects Europe and Asia in the past year. In addition, it is also interesting for cooperation in other segments and has a high potential for development.
