RIYADH: Ƶ should not only serve as an engine of advancement but also act as a “magnet for talent to come to the Kingdom,” according to the minister of economy and planning.
During a fireside chat at the Global Labor Market Conference, Faisal bin Fadel Al-Ibrahim noted that Saudis aspire to work alongside the best talent globally, aiming for positions where they can learn and make a meaningful impact.
“For us to achieve our objectives, it needs to be not only an engine of growth of talent but also a magnet for talent to come to the Kingdom, and that’s what the good working obviously,” the minister said.
He added: “We’re very scientific about which sectors need what kind of talent around the world because we still want to create more and more jobs. But with time, these jobs are going to be more high quality, and there will be room for talents.”
He also underscored the Kingdom’s ambitions to become a productivity-led economy, which “is truly how we can be sustainable, and that is how we can be more resilient.”
With the advent of technology and artificial intelligence, Al-Ibrahim highlighted, the primary focus must be on investments and nurturing talent that positions the Kingdom at the forefront of technological transformations.
“The changes in technology that we’re witnessing today, including artificial intelligence, will almost disrupt every sector. We can be a part of that, let’s say, a group of authors who will define what this looks like, or we can be one of the first early adopters who can benefit from these changes,” said the minister.
For instance, the Kingdom’s growing industrial complex aims to enhance global competitiveness by upgrading facilities Industry 4.0 lighthouses, as it “could give us an opportunity to shorten that training period and push people toward these high-quality, highly skilled jobs,” he explained.
Al-Ibrahim further explained the need to create appropriate spaces, which are well served through the several economic zones and logistics parks that Ƶ has announced, and the Kingdom plans to transform them into cohesive industry clusters.
The minister explained that the clustering effect is essential, where people focus on solving the same problem or live, work and engage together in the same fields.
He also pointed out the necessity to place big bets.
“One big bet we have, we call this, the biggest drive productivity attempt like NEOM and the Line. The Line is attracting the best innovators and problem solvers from around the world to define what the future looks like,” Al-Ibrahim said.
