Saudi Crown Prince Mohammed bin Salman unveiled a new programme for the research, development and innovation (RDI) sector, which aims to add 60 billion riyals ($16bn) to the kingdom's gross domestic product by 2040.
The National Aspirations and Priorities for RDI initiative will entail an annual investment equal to 2.5 per cent of the country's GDP in 2040, creating “high-value” jobs in science and technology, and further strengthening the kingdom's position as the Arab world's biggest economy, Prince Mohammed said, according to a report by the official Saudi Press Agency.
The programme will focus on four main areas — health and wellness, sustainable environment and the supply of essential products, energy and industrial leadership, and the economies of the future.
The initiative will serve as the cornerstone for the development of the national strategy for RDI, which will be announced at a later stage.
“Our ambition for Saudi Arabia is to become a global leader in research, development and innovation,” Prince Mohammed said of the plan, which is in line with the objectives of Saudi Vision 2030, the national strategy aimed at diversifying the country's economy and reducing it dependence on oil.
Technology is a strong pillar of the kingdom's Vision 2030 strategy, with Riyadh encouraging entrepreneurship and seeking investments from both local and foreign entities to develop the sector.
The world's top oil exporter is projected to spend about $33bn on ICT development in 2022, according to the International Data Corporation. The sector grew by 8 per cent between 2019 and 2021.
Saudi Arabia recorded the highest growth rate among the world's largest economies in the first quarter of 2022, expanding by an annual 10.4 per cent on the back of the rally in oil prices, the Organisation for Economic Co-operation and Development said earlier this month.
Other members of the G20 leading economies averaged 4.5 per cent growth during the period.
The kingdom's economic activity in the first quarter of 2022 was the highest rate of growth in the last 10 years amid increased activity in the oil sector, government data showed.
Saudi Arabia has already taken steps for its new strategy to take off. RDI governance has been restructured and a supreme committee, headed by Prince Mohammed, has been formed to oversee the combined sector, the SPA said.
An RDI authority has also been established to act as an enabler, legislator and regulator, and to develop moonshots, flagship programmes, projects, budget distribution and performance monitoring.
Saudi Arabia aims to attract the “very best” national and international talent, and co-operate and co-invest with major research centres, international and private companies, and non-profits, news agency SPA said. It said start-ups would be prioritised.
The growing ecosystem in the kingdom concluded its best year in terms of venture funding and deals in 2021, growing about fourfold and attracting about $548 million in funding, data platform Magnitt said in its annual report for the kingdom.
That allowed Saudi Arabia to surpass Egypt and rank second in the Mena region in terms of funding last year, it said.
In the energy sector, the plan will result in Riyadh coming up with technology for the production of alternative sources such as green hydrogen, solar and wind.
The industrial sector will be directed to produce technologically advanced and high-value industries, with the mining sector set for further development.
Environmentally friendly technology for water and desalination will also be developed, along with sustainable technology for food production, carbon capture and low-cost electricity generation.
The health vertical will be supported by Saudi Arabia's advanced infrastructure for medical research. The statement said health and wellness remained at the top of national priorities, and the government would address this by providing digital health care to ensure health equity, in addition to exporting biotechnology solutions to the world.
The SPA said the National Aspirations and Priorities for RDI initiative will be followed by “ambitious national programmes to solve major challenges facing the kingdom and the world”.
“The kingdom will warmly welcome the participation of researchers and pioneers in this journey of innovation for the sake of humanity,” it said.
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
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Naga
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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THE SPECS
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Transmission: nine-speed automatic
Power: 310hp
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Benefits of first-time home buyers' scheme
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
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October 1 - Phil Nichol (stand-up comedy)
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
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Pari
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Three stars
ICC T20 Rankings
1. India - 270 ranking points
2. England - 265 points
3. Pakistan - 261 points
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5. Australia - 251 points
6. New Zealand - 250 points
7. West Indies - 240 points
8. Bangladesh - 233 points
9. Sri Lanka - 230 points
10. Afghanistan - 226 points
The biog
Born November 11, 1948
Education: BA, English Language and Literature, Cairo University
Family: Four brothers, seven sisters, two daughters, 42 and 39, two sons, 43 and 35, and 15 grandchildren
Hobbies: Reading and traveling
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
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Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
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Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
