Haitham Al-Ohali, the Saudi Deputy Minister of Communications, revealed during the business session of the Fourth Industrial Revolution Forum, announced a partnership between the Saudi government and private sectors to launch a fund of $15 billion to invest in technology.
He also pointed out that the fund’s operators will invest 3 to 4 billion dollars externally in digital infrastructure, fiber infrastructure, internet networks, and 5G services.
Fourth Industrial Revolution Forum
Al-Ohali pointed out that 13,000 solar energy centers rely on 5G to implement the service, with 10 million smart meters in the Kingdom.
Al-Ohali stressed that the Kingdom is working to transform into an economy based on technology, information, and skills.
He said that this will bear fruit in the future with huge investments from more than 10 thousand industrial facilities worth 25 billion dollars.
In addition, he pointed out that investment in the fourth industrial technology is expected to reach $200 billion in the Kingdom.
He added that it is also expected to reduce costs for the industrial sector within 10 years, in addition to the retail sector, the health sector, and smart cities, as the numbers will greatly exceed that.
Regarding renewable and alternative energy in technology, Al-Ohali said that it will be relied upon and used to a large extent.
The Minister of Industry and Mineral Revolution confirmed, during his participation in the Fourth Industrial Revolution Forum, that the Kingdom began the transformation process with some important factors.
He pointed out that the Kingdom has a young, educated, and experienced population in modern technologies; this contributed to its readiness to innovate and work in qualitative jobs that will replace low-skilled jobs that are mostly filled by non-Saudi employees.