A recent study estimated that Saudi Arabia's economy could create 124,000 jobs by 2030 through its tech activities and technology industries.
It said this will be reflected on the Kingdom’s GDP with an impact of not less than SAR15 billion ($4 billion) for the same period.
The estimates were made by a strategic study conducted by Virgin Hyperloop One (VHO) and Saudi Arabia’s King Abdullah Economic City (KAEC) to build the world's first pathway for testing and adopting Hyperloop technology in Saudi Arabia.
It revealed plans to establish a research and development center to manufacture a facility to support the development of Hyperloop technology.
The study said that a Center of Excellence, if approved, would support the technology sector by incorporating advances in robotics and ArtificiaI Intelligence.
The VHO Center of Excellence could break ground in KAEC in 2020 and include an integrated test track, as well as explore the feasibility of creating a manufacturing center and operating facility that would propel the Kingdom to the forefront of VHO development worldwide.
The VHO project is expected to significantly support a number of the economic and social pillars of the country’s 2030 Vision, including the expansion of transportation, the development of urban infrastructure and the growth of a technology-enabled modern economy.
According to a statement issued on Thursday, Chairman and CEO of DP World and Chairman of VHO Sultan Ahmed bin Sulayem explained that the study highlights that hyperloop is more than high-speed connectivity for passengers and cargo.
“The findings have shown a positive alignment between the project and Saudi Arabia’s ambitious national economic and social development agenda.”
“With this in mind, we are delighted to highlight this vision at the Future Investment Initiative and continue our talks with a multitude of stakeholders,” he added.
“Saudi Arabia had set out a clear strategy for economic diversification and development through its Vision 2030 reform plan,” said Ahmed Linjawy, GCEO of KAEC, adding that attracting world-class technology companies like VHO was an important indicator of momentum.
“Establishing a center of excellence will drive job creation, connect our cities and people while stimulating research and development and tech investment that will be the foundation of our future economy.