Saudi Arabia and the World Economic Forum are to set up a Centre for the Fourth Industrial Revolution in the Kingdom.
Mohammed Al-Tuwaijri, Saudi Arabia’s Minister of Economy and Planning, and Klaus Schwab, WEF Executive and Chairman, signed the agreement following meetings to discuss areas of joint co-operation between the Kingdom and the Geneva-based organisation.
“The centre will provide space for the development of the mechanisms, plans and applications of the Fourth Industrial Revolution in the Kingdom and will contribute to the adoption of technology and best practices in the region and the world,” read an issued statement.
Saudi Arabia is forging ahead with plans to overhaul its economy to reduce its reliance on oil, through measures such as investments in advanced technology, to create jobs for nationals and diversify sources of revenue.
The Kingdom has made investments in other tech ventures as part of its broader plan to transform the country into a high-tech investment powerhouse.
The Fourth Industrial Revolution is based on a number of areas, including Artificial Intelligence, Machine Learning, the Internet of Things, robots, Smart Cities, governance, future shaping of technology and data policy, automated mobility, unmanned aerial vehicles and the future of airspace.
The King Abdulaziz City for Science and Technology will manage the Centre for the Fourth Industrial Revolution in co-operation with WEF.
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