Business & Money | Monday 27 June, 2016 7:54 am |

 Deputy Crown Prince Mohammed bin Salman recently visited Silicon Valley near San Francisco. Silicon Valley is home to many of the world’s largest technology companies.

The aim of the visit was to assist in establishing a high-tech sector to achieve the aims of a diverse economy as sought by Saudi Vision 2030, and also to improve ties with the world’s tech giants in order to implement new projects in the Kingdom.
Abdullah Al-Maghluth, a member of the Saudi Economic Association, said: “Prince Mohammed bin Salman’s visit to the US helped project the new Saudi economic vision to the world’s largest technology companies and investment banks there.”
He said that a number of tech deals were announced between the Kingdom and Silicon Valley companies during the visit after displaying the possible investment opportunities for American investors in Saudi Arabia.
Al-Maghluth said the important visit aimed at strengthening US-Saudi economic relations within Saudi Vision 2030, signing deals with US financial companies, attracting investors, increasing growth opportunities, technology localization, and infrastructure, promoting political rapprochement, and discussing international counter-terrorism efforts.
He said that the Kingdom ranked first as the most important trading partner with the US among Gulf Cooperation Council (GCC) states in relation to its non-oil trade with the US which amounted to $17.4 billion.
“This visit is to accelerate investments and transferring technology and networks to the Kingdom, so that there will be great competition for localizing technology and expertise,” he said.
He said that the Saudi Arabia was able to absorb technology companies, such as Microsoft, which would support the Kingdom in its ambitious digital and knowledge-based innovation transformation under Vision 2030.
Salem Ba-Ajajh, an academic at the University of Taif, said: “Prince Mohammed bin Salman’s visit to the US strengthened political and economic relations and trade exchanges between the two countries, in accordance with the contracts signed with investment firms, particularly those specializing in the retail sector.”