Saudi Arabia: A “knowledge” economy in its future?

 

When I was a sophomore attending Central Michigan University, I had the opportunity to study in Seville, Spain for a semester.  It was my first opportunity to travel abroad and I vividly recall the feelings of both excitement and nervousness as I boarded the plane in New York City bound for Madrid, Spain.  As I approached Madrid, I anxiously peered out the window as the early morning sun brought forth my first day in the country that would serve as my home for the next six months.

 

As the years passed by along with hundreds of thousands of miles of air travel to many different destinations around the globe, those anxious feelings became buried deep below the surface and outside of my conscious thought.  That is, until recently when I was invited to attend the first annual knowledge economy conference in Jeddah, Saudi Arabia by members of the Saudi royal family and the Saudi chapter of The Entrepreneurs’ Organization.   As I flew over the coast line of Saudi Arabia, I once again peered anxiously out the window and those feelings from two decades ago bubbled up to the surface as I welcomed the opportunity to explore Saudi Arabia over the subsequent seven days.  Without doubt, the seven days highlighted a culture proud of its history while looking toward a future filled with great promise and opportunity.

 

From my short time there, I came away with three key observations for entrepreneurs wherever they may be located.

 

First, Saudi Arabia, which possesses about one-quarter of the world’s known oil reserves and is the world’s leading oil producer and exporter with oil prices over $100 per barrel is not being complacent about the future of its economy.  Rather, as evidenced by the first annual knowledge and economy conference, Saudi Arabia is boldly looking to build an economy based upon multiple “knowledge” industries from a current position of financial strength from its number one industry, oil.

 

Second, a rising class of talented, North America-trained and educated Saudi entrepreneurs from the EO Saudi chapter are seizing and creating new economic opportunities in Saudi Arabia.  Not only that, they have a vision of re-shaping the economic and social landscape of the country in the coming years and changing the perspective of Saudi for the rest of the world.  Their first step in the process was to expose Western business leaders to a first-hand experience of the culture and country to help overcome the oftentimes negative media portrayal of life in Saudi Arabia.

 

Third, my entrepreneurial mind couldn’t help but wonder about the endless opportunities for a robust, religious-based tourism sector given the rising, global Muslim population and Saudi Arabia being the home to the holy cities of Meccah and Madinah.

 

My trip to Saudi Arabia reinforced my belief that the world economic landscape is rapidly changing.   Any assumption about a country, region or economy based solely upon media portrayals or information greater than three years old must be challenged and updated to be anywhere near reality.