Diversification of the Kingdom's sources of income and widening its scope of investments is the most important factor in sustaining a strong economy. This, of course, should be based on studying risk-free opportunities that give rewarding returns. The Saudi Vision 2030 has underscored this importance, saying that diversifying the economy is vital for a sustained growth. Although oil and gas are essential pillars of the economy, the Kingdom has begun expanding its investments into other sectors. The present and future economic scenario is one that is more globalized with profitable cross-border investments. The Public Investment Fund (PIF) is currently spearheading this drive, aimed at increasing its asset value from SR 600 billion to more than 7 trillion by the year 2030. Although the Saudi economy ranks among the strongest 20 economies in the world, its global investments do not reflect the Kingdom's true value and significance as a key economic decision-maker on the international arena. There are diverse investment opportunities available in many regions, notably in countries that believe in a globalized economy, such as Japan. It has established the Softbank Group for investments in the technological sector and has launched a specialist fund for global investments in this field. The Fund is aimed at being one of the largest investment funds of its kind in the world, especially after the PIF has injected SR 45 billion in it. Knowledge-based economy is a system followed by countries for the transfer of technology and investing in it. It is an economy based on knowledge-intensive activities, creativity, innovation, and information technology know-how. When the Softbank Vision Fund proves its capability of dealing with such investments, we will recognize the importance of the PIF participation in it. Apple has already announced its entry as an investor in the Fund. Oracle Larry Ellison will join the Fund before the end of January, to be side-by-side with Apple, Qualcomm and Foxconn. Though the slowdown in the global economy persists, the knowledge-based economy, particularly the technological aspects that go with it, are in the constant path of growth. This is supported by the global trend of moving towards technological transformation whereby management, operations, education and job nationalization are transferred to electronic environments. Young Saudis must recognize that the upcoming transformation phase, within and outside Saudi Arabia, is a phase of technological transformation. They must be prepared to assume key roles within this technological phase through education and specialist studies, and of course, hard work. Young Saudis working for the World Bank and other such entities are examples of successful participants in this process. They have also distinguished themselves in government positions as well as in leadership roles in the private sector. We need more such distinguished performers among the young generation, with a strong focus on specializing in such areas that would contribute to boosting the Kingdom's knowledge-based economic foundation.
