Germany to help transform Saudi Arabia’s economy

Oil-exports-dependent Saudi Arabia is pushing to diversify its economy.

With German Chancellor Angela Merkel’s visit to the country, Saudi Arabia has let it be known that it wants to partner German companies, including, Siemens and SAP, to further the kingdom’s “digital transformation”.

The top executives of the German engineering conglomerate and from the business software company have travelled with Merkel to Saudi Arabia. They have disclosed that the Kingdom has signed declarations of intent to work with them.

Saudi Arabia is making efforts to diversify its economy and reduce its dependence on the export of oil. It is in this context that it is trying to attract more investments and partnering with Europe to improve the lives of its citizens and transform its economy.

Siemens signed a framework agreement with the Saudi National Industrial Clusters Development Program (NICDP) which it said could lead to infrastructure projects worth at least a billion euros. It also wants to provide vocational training in Saudi Arabia.

As for SAP, it has agreed to cooperate with the Saudi Ministry of Planning on the country’s digitization efforts, said company officials.

The business delegates travelling with Merkel on her visit to the Gulf includes the chief executives of the industrial services group Bilfinger, Lufthansa and Germany’s national railway operator Deutsche Bahn.


Categories: Creativity, Economy & Finance, Entrepreneurship, Geopolitics, HR & Organization, Regulations & Legal, Strategy, Sustainability

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