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  • 21-03-23

    NEOM Tops Forbes' List of Top 10 Economies of Future Companies in Saudi Arabia

    (MENAFN) NEOM, Saudi Arabia's USD500 billion signature giga-project, has claimed the top position in Forbes' new list of Top 10 Economies of the Future Companies in Saudi Arabia. The list features 40 firms divided into four categories to highlight the Kingdom's most progressive companies. The report, prepared in partnership with Saudi Arabia's Research, Development, and Innovation Authority, includes the 10 most innovative companies in Saudi Arabia, with NEOM claiming the third position in this category.

    According to the report, NEOM relies heavily on 5G hyperconnectivity, Artificial Intelligence, robotics, purpose-built data centers, big data analytics, augmented virtual reality, and automated guided vehicles within its mega projects: Trojena, Oxagon, and THE LINE. The Saudi Crown Prince has invested $1 billion in AI, including a metaverse platform in 2022, through NEOM Tech & Digital Co. The report noted that the Saudi Arabian government, with the support of major telecom and large industrial companies, has been developing the country's innovation ecosystem, and these efforts are starting to show results.

    Saudi Telecom Co., also known as stc, was revealed as the Kingdom's second Economy of the Future Co., whereas Al Rajhi Bank came in third. The Saudi Arabian Oil Co., also known as Saudi Aramco, led the way as the most innovative company and the top energy and industrial leadership company, according to the Forbes report. With 70 percent of its shares owned by Aramco, the Saudi chemical manufacturing company SABIC came in second in innovation and energy and industrial leadership in 2022.

    Forbes added that Saudi Arabia is on the way to becoming a global innovation powerhouse, with all the ingredients in place, including world-class infrastructure, a young, educated workforce, large companies with big pockets, and supportive leadership. The report highlights the progress made by the Kingdom's innovative companies, particularly in the areas of technology and sustainability, which are crucial for the country's future growth and development.

    NEOM's top position in Forbes' list of Top 10 Economies of the Future Companies in Saudi Arabia is a testament to the project's ambitious vision and innovative approach to developing a sustainable smart city. The project's reliance on advanced technologies and its focus on sustainability and quality of life make it a model for future developments in the region and beyond.

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