Several Middle Eastern countries have developed their own 2030 visions to boost their economy and foster economic diversification instead of relying on just one segment. Those visions would also enable societies to enjoy high standards of living and experience a satisfying lifestyle that offers opportunities. Saudi Arabia, Egypt, and the United Arab Emirates (UAE) are then pure examples of Arab nations that are scrambling to develop projects and initiatives that would strengthen their economies and enable greater economic diversification.
UAE
To reduce reliance on the oil sector, the UAE announced a long-term plan for the transformation of the emirate’s economy. The metaverse is then a crucial aspect of the UAE’s economy as the country announced its Metaverse Strategy last May, which aims to turn Dubai into one of the world’s top 10 metaverse economies as well as a global hub for the metaverse community. The UAE has shown that it is willing to stake money in the high-risk field of innovative technology. Even Emirati leaders believe that the tech industry will eventually replace the oil industry as the nation works to diversify its economy, according to the Arab Gulf States Institute in Washington. The Metaverse sector is then predicted to boost production and efficiency, enhance safety, and create new jobs which are all in line with the UAE’s Vision 2030. There’s even one of the UAE’s early private-sector metaverse projects called 2117. This project got named after the dream of Dubai’s ruler Sheikh Mohammed bin Rashid to colonize Mars a century from now.
Saudi Arabia
The 2030 Vision, which outlines the kingdom’s aspirations to diversify its economy, continues to include NEOM as one of its focal projects. It will consist of smart cities and towns, ports, business districts, research facilities, sports and entertainment venues, and tourism attractions. However, the plans also provide for a network of airports, one of which would be international. The first, located in Sharma’s northern region and known as Neom Bay Airport, began offering regular flights for NEOM personnel and investors last year. Therefore, in keeping with the Kingdom’s 2030 strategy, the NEOM project aims to diversify the Saudi economy.
Egypt
Let’s not forget Egypt’s energy diversification plan known as the 2035 Integrated Sustainable Energy Strategy which is in with the country’s vision for 2030. Yes, it’s sustainability that’s the main focus, and that’s why no wonder Egypt was chosen to host COP27. There are two projects that are definitely worth mentioning; the first one is the “National program for converting street lighting to LED energy-saving lighting systems,” and the second is the “Cairo Bike Project.” The Cairo bike project aims to be a signature project added to the mix of solutions to diversify transport options in Cairo. The concept of bike-sharing, which primarily targets youth, is to provide a network of publicly available bicycles that can be safely used between stations using an app and with reasonable pricing and various subscription packages. On the other hand, the National Program for converting street lighting to LED energy-saving lighting systems aims to reduce climate change by implementing energy-efficient LED-based street lighting and reducing energy consumption in lighting which helps the Public Electricity Company to manage peak demand.
