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Prince Amir Al Saud

Basics of economic progress in Saudi Arabia

Basics of economic progress in Saudi Arabia

 

 

Technology has brought revolution in the entire world. It is considered as a necessary source in the economic development of any country. Or it is not wrong to say that economic growth and technological advancement are truly related to each other. In the present age, it is believed that only capital cannot bring the development in the country.

It is the technological factor combine with capital that has brought a significant progress in the rate of economic growth.

The role of technology in economic progress of Saudi Arabia can be judged by the following facts:

Key Initiatives and programs by private or government sectors

Saudi Arabia is one of the prime Arab countries which is at the forefront of the technology.

Within the country private and government sector is advancing & supporting the technology in key are : 

Best Use of natural resources

Saudi Arabia has been blessed with a large number of natural resources, including oil, natural gas, copper, iron ore, petroleum, and gold. Technology helps Saudi Arabia in the extraction and utilization of these resources more effectively.

Improvement In quality

Quality of goods and services has been improved drastically in the country with the advent of latest procedures. Now the goods have become standardized and are available in the best packaging according to their quality.

Various initiatives have been established under the National Science, Technology and Innovation Plan, including construction, agriculture, water technologies, advanced materials, biotechnology, information technology, medical and health, energy, petrochemicals technology, oil and gas, communication, electronics.

The aim of these initiatives is to advance the economy of the kingdom by developing the technological innovations, supporting the research in universities, localizing the technology and improving the institutional and legislative system to stimulate the kingdom economy.  

Energy Sector

Technology is playing very impressive role in increasing the economic growth.

In anticipation of high growth in domestic energy consumption Saudi arabia has initiated to create a domestic nuclear industry.

Presently Saudi Arabia generates 52 GW from its 79 major power plants which is a good ratio.

By 2032, the government intends to produce 110 GW. This would cost $7B of 16 reactors by 2019.

Technology also helps Saudi Arabia to produce surplus capacity for exports. Behind their gulf neighbors like United Arab emirates, the Saudi programs are reckoned to be the second most developed in the Arab world.

Specialization

Technological progress and implementation has improved the division and specialization of labor in all sectors of the economy. Due to this, products or goods are now produced on a large scale.

Improved the labor Efficiency

The overall efficiency of the labor has also been improved throughout the country. Labor is getting better rewards as it has increased the labor output per hour. The basic necessities like clothes, food, shelter and education are also improving. With the help of more refine methods and machines, technology has also reduced the burden of work from the labor.

International Trade

Technology has brought significant advancement in the international trade. Due to the revolution of internet and digital platforms the business boundaries are now expanded and reached to the new levels.

Expansion Of Industries

The use of technology has expanded the Kingdom industries. It has improved the labor efficiency and also reduced the cost of production. The products and goods are now accessible in lower price while keeping the producer profit at the marginal level.      

Role of Nanotechnology in Growth of Oil & Gas and Utility Industry

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