"Although oil and gas are essential pillars of our economy, we have begun expanding our investments into additional sectors. Diversifying our economy is vital for its sustainability". Crown Prince Mohammad bin Salman made this statement in 2016, while unveiling Vision 2030, an ambitious strategic framework to diversify the Kingdom of Saudi Arabia's economy. 

The King Abdullah University of Science and Technology in Jeddah became the country's first Leadership in Energy and Environmental Design (LEED) certified building in 2009. Today, Saudi Arabia accounts for 15% of green building projects in the Arab world, including the highest concentration of gold and platinum LEED-certified buildings.

America’s largest design engineering firm, Aecom, has been appointed to handle the design and support of the “backbone infrastructure” for Saudi Arabia’s NEOM.   Aecom’s President, Lara Poloni, commented on the contract, saying: “We are excited to be playing such a pivotal part in delivering one of the world’s largest and most complex infrastructure projects”.

She then went on to say: “As the centerpiece of Saudi Vision 2030, NEOM will become one of the world’s leading destinations to attract talent and investment and drive economic change in the Kingdom.”

“Our global multi-disciplinary team of experts will bring together a diverse set of skills to deliver a sustainable project that will connect communities and create thousands of jobs across Saudi Arabia.”

NEOM has selected Bechtel to accelerate primary infrastructure development for its Cognitive Cities. It has awarded a contract to the U.S.-based global industry leader for executive project management work.

Saudi Arabia is building the crossborder city NEOM, a US$500 billion futuristic mega-project deep in a desert bordering the Red Sea — the Kingdom says “it will be 33 times the size of New York City with plans for flying cars and robot dinosaurs”, according to a report in Business Insider.  Besides Bechtel, Aecom, SNC Lavalin are also in the US$500 billion project.

“Blueprints obtained by the Wall Street Journal detail wild plans for artificial rain, a fake moon, robotic maids, and holographic teachers. Phase one is due for completion in 2020, with the final brick laid in 2025.”

Tech experts have proposed creating a new artificial intelligence ‘centre of excellence’ in the Middle East to capitalise on an anticipated $300bn boom in the emerging industry.  Dr. Jassim Haji, president of the Artificial Intelligence Society Bahrain, predicted that new AI-based roles will begin appearing within the next year amid a regional surge in the use of automation.  

It comes after international audit firm PwC predicted that the AI sector will contribute $300bn to the Middle East economy by 2030, fueled by mega-projects and a new wave of innovation.

A $500-billion smart city. A $200-billion solar farm. Billions of dollars in investments in gas and petrochemicals. These were all facets of Saudi Arabia’s Vision 2030 - perhaps the most ambitious economic diversification in the world. Now, that ambition is in tatters. Can Saudi Arabia pick up the pieces and truly diversify its economy away from oil, or are its plans dead in the water, leaving the Kingdom’s survival forever tied to oil revenues?