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Saudi Arabia Launches 4th Industrial Revolution Center in Partnership with WEF

Saudi Arabia inaugurated the 4th Industrial Revolution Center in partnership with the World Economic Forum (WEF).
Saudi Arabia inaugurated the 4th Industrial Revolution Center in partnership with the World Economic Forum (WEF).
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Saudi Arabia Launches 4th Industrial Revolution Center in Partnership with WEF

Saudi Arabia inaugurated the 4th Industrial Revolution Center in partnership with the World Economic Forum (WEF).
Saudi Arabia inaugurated the 4th Industrial Revolution Center in partnership with the World Economic Forum (WEF).

Saudi Arabia inaugurated on Wednesday the 4th Industrial Revolution Center in partnership with the World Economic Forum (WEF).

Chairman of King Abdulaziz City for Science and Technology (KACST) Abdullah al-Sawahah announced the new center on the sidelines of the first Saudi Forum for the 4th Industrial Revolution.

The inaugural session was attended by WEF founder and Executive Chairman Professor Klaus Schwab, several ministers and senior officials and prominent Saudi and international speakers.

The forum is an extension of the support for development and innovation in Saudi Arabia by Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.

Al-Sawahah said the forum offers an opportunity to combine talent and technology to present organizations that stimulate innovation.

He highlighted the importance of meeting thinkers and actors, such as representatives of governments, non-governmental institutions, and business leaders, in supporting this initiative.

Schwab congratulated the Kingdom for inaugurating the 4th Industrial Revolution Center that aims to harness new technologies with the best principles of flexible governance, which need government, business and civil society to make technology a force for good and ensure that the society benefits from it.

KACST President Dr. Munir bin Mahmoud El-Desouki said: “Our country needs cooperation and coordination of efforts in the public, private and non-profit sectors and open channels of dialogue to raise awareness about the Fourth Industrial Revolution and identify potential risks.”

“The Kingdom has a solid economic base to build on, through recent reforms to the governance model and the creation of new entities, such as the Saudi Data and Artificial Intelligence Authority, the Cybersecurity Authority, the Digital Government Authority, and the Research, Development, and Innovation Development Authority,” he added.

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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.