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“Industry 4.0” and “Vanity Projects” as Means to Diversify an Economy: The Case of Saudi Arabia’s NEOM

Author

Listed:
  • Nedelcu Mihai Răzvan

    (Academia de Studii Economice din Bucureşti)

Abstract

This paper’s aim is to analyse the economic prospects of adopting certain Industry 4.0 elements in the economies of the Gulf States, focusing on Saudi Arabia and its megaproject entitled “NEOM”, part of the country’s “Vision 2030”. Due to the volatility in oil prices around the world, the Gulf States are actively promoting ways to diversify their economies and to become less reliant on the natural resources.

Suggested Citation

  • Nedelcu Mihai Răzvan, 2022. "“Industry 4.0” and “Vanity Projects” as Means to Diversify an Economy: The Case of Saudi Arabia’s NEOM," Revista OEconomica, Romanian Society for Economic Science, Revista OEconomica, issue 03-4.
    • Handle: RePEc:oen:econom:y:2022:i:03-4:id:620
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    More about this item

    Keywords

    Fourth Industrial Revolution; economic development; sectoral diversification; culture; sustainability; automation; connectivity;
    All these keywords.

    JEL classification:

    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics
    • Z18 - Other Special Topics - - Cultural Economics - - - Public Policy

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