Saudi Arabia will launch some of the region’s largest technology initiatives for programmers and entrepreneurs next week as it looks to broaden its digital economic base.
The kingdom’s Ministry of Communications and Information Technology will present the technology initiatives at a ceremony it is hosting next Wednesday, according to a state-run Saudi Press Agency report.
The Saudi Federation for Cyber Security, Programming and Drones will also join the ministry’s initiative, along with several local public and private entities, as well as international companies.
Participants will be able to “seize opportunities of the digital economy and serve the technology communities in Saudi Arabia, the Middle East and North Africa region”, the ministry said.
Saudi Arabia, Opec’s top oil exporter, is trying to develop its technology sector and boost its digital economy. The kingdom regards digital transformation to be among the central pillars of its Vision 2030 agenda that aims to cut its dependence on oil.
The kingdom is investing heavily in big projects such as the $500-billion futuristic city, Neom. It is also building the Red Sea, Qidiya and Waad Al Shamal developments, which are all tech-first projects with smart city infrastructure.
Riyadh has boosted spending on the digitisation of government services and has opened up its technology sector to foreign investors as part of its economic diversification agenda.
The country's communications ministry said the initiatives being unveiled next week will “contribute to strengthening the kingdom's role as a regional technology hub embracing innovators, programmers and entrepreneurs from various technology sectors”.
Saudi Arabia, the biggest Arab economy, is competing with other regional technology centres such as the UAE, which offers long-term visas to technology entrepreneurs and professionals from around the globe.
The UAE recently signed a deal with a host of technology companies such as Google and Amazon to train 100,000 programmers and coders within the next five years and create 1,000 digital companies to boost its economy.
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
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