"Within 20 years, we will be an economy or state that doesn't depend mainly on oil."
-His Royal Highness Crown Prince Mohammed bin Salman.
Knowledge consists of ideas and concepts that shape effective behavior. In the twenty-first century, companies compete for knowledge. After capital, labor, and land were the sources of production in the old economy, the modern economy is now focusing on the innovative mind. This is known as the knowledge economy, which is concerned with production. This form of economy aims to take a one-way ticket to the future and leave behind the past and the present by relying on the potential of thinkers and their ability to innovate, create and work tirelessly in fields like space, computers, etc. There is an interest in the five sectors concerned with the development of science and knowledge, such as education, research, and development, communication, machinery, and information services. Therefore, we can confidently state that today's economy relies significantly on thoughts, so what is the role of knowledge in the economy?
The importance of knowledge in this day and age lies in its ability to measure the progress of state economies as it is based on an inexhaustible resource and a permanent investment over the long term. Innovative and creative data and products are the result of the knowledge gained through research institutions, thus giving birth to intellectual minds and generating financial wealth depending on the availability of modern information and technologies. We will not forget the top of the pyramid, which consists of the highly skilled human resources capable of connecting innovation and technology, a goal set by Saudi Vision 2030.
His Highness Crown Prince Mohammed bin Salman explained that he wants to build a state that does not mainly rely on oil. He wishes to decrease the use of natural resources by depending on other means and trying to find advanced and sustainable alternatives. Knowledge economy is one alternative that may be described as sustainable since this Earth will never run out of creative minds. Moreover, the economy's impact, which derives value from science and knowledge, does not only seek to enrich the State, but also to spread knowledge among society members in to create a solid and stable environment that overflows with creativity and innovation.
The Kingdom shifted towards a knowledge economy and started investing in knowledge as a serious option leading towards sustainable development by relying on technology and creativity. Many ministries, as well as private and public entities, adopted plans and strategies to achieve the knowledge transformation. The government has exerted tremendous efforts to realize this transformation, as it required building basic foundations for the economy by providing the necessary infrastructure to meet the needs of information and communication, in addition to providing economic incentives, education and training to ensure the presence of qualified human resources and adopting innovation that supports scientific research.
With these foundations, the authorities were able to achieve their transformation goals. As for the Ministry of Education, the percentage of enrollment in kindergartens increased and 300,000 beneficiaries were recorded, 33,588 scientific papers were published, and 84% of the Kingdom’s research was focused on the COVID-19 pandemic, according to Web of Science, with nearly 915 scientific papers about the virus in 2020. The Kingdom established several science and knowledge programs, such as the Track of Excellence, which aims at improving the scientific qualification of students by sending them to universities abroad, in addition to launching the Entertainment Pioneers program and 14 digital innovation laboratories. Furthermore, the Saudi Central Bank "SAMA" adopted specialized research training programs targeting fresh graduates to train and develop promising national talents in fields such as cybersecurity and vocational education. As for the Capital Markets Authority, it provided support to boost the financial sector and offered to train university students. We cannot forget SABIC, one of the Kingdom's most crucial pillars of technology and innovation, with 19 research centers established all around the world and 4 centers in the Kingdom, in addition to the inauguration of the Flight Academy which aims at training 450 pilots and 1,200 technicians annually, as well as forming sports and finance academies and the Industrial Development Fund. The list goes on for many ministries, such as the ministries of Commerce and Culture, as well as other entities concerned in space, communication, and other private institutions. The question remains: What role do individuals play to access knowledge with innovation and creativity?
Public and private institutions have supported knowledge transformation in various ways. In this case, we may ponder upon the individual's role to access a high level of knowledge and innovation to achieve the Kingdom's Vision and improve the environment and the community. Every individual must feel the weight of social responsibility and work hard to strengthen their mental abilities through continuous learning and by solving the problems of the present and predicting those of the future. True knowledge requires quality, credibility and insightfulness. Finding a goal and an inspiration motivates us to reach the peak of creativity.
With the rise of the digital world and the abundance of information and modern technologies, no excuse could justify the inability of young people, who can leverage the possibilities provided by the Kingdom from education and training facilities in all scientific and practical fields, to become innovative creators who passionately embrace Vision 2030. It is the citizens’ duty towards their homeland and themselves to work hard and achieve the Kingdom's goals. His Highness Crown Prince Mohammed bin Salman said: "Our ambition is building a more prosperous nation where all citizens can find everything they need. Together, we can build the future of our homeland."
