The Middle Eastern Transformation
Saudi Arabia has been undergoing sea changes over the past decade. Neom, a sustainable, technologically marvellous city being built by the Kingdom is a crown on top of these changes. Neom is taking shape in Saudi Arabia’s far northwest, stretching from the sun-scorched Red Sea coast into craggy mountain badlands. In truth, the changes are visible all around. For instance, American actress and singer Jennifer Lopez recently did a stunning performance at Elie Saab's 45th-anniversary runway show in Riyadh, Saudi Arabia—a feat no one would have believed a decade ago. Mohammed bin Salman Al Saud (MBS), the Crown Prince and Prime Minister of Saudi Arabia, is leading this transformation. He has a broad vision for the entire Middle East. The emerging technology realm and diversification of its oil-based economy can be seen across the country.
One of the significant challenges holding up the full economic potential of Middle Eastern countries is the ongoing unrest in the region, particularly due to the Israel-Palestine conflict, which intensified following the Hamas attack in Israel on October 7th last year. In response to the Gaza conflict, Arab nations such as Saudi Arabia, the UAE, Egypt, and Qatar have adopted a less aggressive stance compared to previous years. This shift can be seen as an effort to align with the future envisioned by the Abraham Accords. The Abraham Accords is a series of joint normalization agreements between Israel and several Arab nations, including the United Arab Emirates and Bahrain. These historic agreements, brokered by the United States, were announced after months of negotiations in 2020. It is quite clear that the Arabian Peninsula is looking at the future and Saudi Arabia is on top of it. This special issue of CEO Insights is dedicated to the business leaders leading this transformation in the Kingdom.
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