Forbes Hails Saudi Economy as a Success

A Forbes magazine report states that Saudi Arabia is “one of the fastest transforming countries in the world as it diversifies its economy and adds whole new sectors.”

The report added: “Since the past decade, the Saudi government, with the support of major telecommunications companies and major industrial companies, has been working to develop the country’s innovation ecosystem,” stressing that these efforts are “starting to bear fruit.”

As an example, the report cited Aramco, which was described as follows: “The largest company in the Kingdom, which received only about 100 US patents in the period of 77 years until 2010, and in 2021 alone, the giant company received 864 patents, and in 2022 the number Aramco patents increased to 963.

The report acknowledges that Saudi Arabia “climbed up 15 positions in the 2022 Global Innovation Index published by the World Intellectual Property Organization and Saudi Arabia ranked second globally among the G20 countries in terms of digital competitiveness, according to the European Digital Competitiveness Center. .”

And Forbes pointed out that “5 of the top 10 funded startups in the Middle East this year are headquartered in Saudi Arabia, compared to only 2 in 2020 and one in 2017.”

The report says Saudi Arabia has committed to getting 50% of its energy from renewable sources by 2030, which will pave the way for achieving a zero emissions goal by 2060, noting that the Saudi Water Conversion Corporation has set a new world record for the lowest energy consumption in the desalination plant is 2.27 kilowatt-hours per cubic meter.

Source: Forbes

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