BT AL-SAUDIA

establishing truly ‘ smart cities ’, which the leadership believes will further drive innovation and investment in the Kingdom . To that end , Saudi Arabia has also announced a smart megacity called “ NEOM ”, which aims to become a hub for innovation and technology transfer .

The $ 500bn project will operate independently from the existing governmental framework with its own tax and labour laws and an autonomous judicial system , and

forms a substantial part of the effort to reduce Saudi Arabia ’ s dependence on oil , diversify its economy , and develop public service sectors .

“ The smart cities initiatives coming from the government , including NEOM , will attract new technologies and experts , enable connectivity and innovation , magnetise new investments and capitals and thus lead to the evolution of the economy and country . That is all in line with the vision to move away from oil being the main

BT Al Saudia SOC

346 March 2018