Investment, economic and development experts: “Oxagon” will be the locomotive for the localization of industry in the Arab world


A number of investment, economic and sustainable development experts confirmed that the NEOM Industrial City “Oxagon”, as well as achieving many of the Kingdom’s development goals in its Vision 2030, will serve as a locomotive for the localization of industry in the Arab world, where it is very closely aligned with the visions of joint Arab development.

They saw the experience of the Kingdom of Saudi Arabia in developing industrial cities based on the blue economy, by relying on the seas to achieve sustainable development in the region, and net zero emissions would contribute to supporting global trade flows in the region and creating good tributaries that flow into the arteries of the Saudi economy.

Medhat Nafeh, a member of the Advisory Board of the Council of Arab Economic Unity of the League of Arab States, said in an exclusive statement to the Saudi Press Agency “SPA” that the city is a regional center and a huge industrial gathering, which is a very good thing, especially since for the first time in many years we are talking about Arab industrial production. And not only my service, which is what our Arab region needs to settle and develop industry, and we have seen this with the recent crisis of the Corona pandemic, so all efforts must be combined to make “Oxagon” a success and for the city to be the locomotive for an Arab economic unit.

He added that NEOM Industrial City is a large and multiple project and its location has many advantages. In addition to being a floating industrial city that achieves sustainable development goals, especially net zero emissions, it is also located near the most important corridor of global trade, where the Suez Canal passes through which 13% of world trade volume as it lies in the path of China’s Belt and Road Initiative.

For his part, the Secretary-General of the Union of Arab Investors, Ambassador Jamal Bayoumi, said in a statement similar to WAAS, that the city’s welcome to industrialists, investors and business owners at the beginning of 2022 indicates the Kingdom’s intention to diversify its economy so that it does not depend only on oil, and this is a translation of the Kingdom’s 2030 development vision, which is going At a steady and fast pace.

Bayoumi stressed that the city is the focus of attention for Arab and international investors and businessmen, as it is one of the most advanced logistics centers in the world from a technical point of view.

Regarding the city’s reliance on renewable energy, Bayoumi said that this indicates the intelligence of the Saudi planner, as it works with advanced calculations of what the world will be like after 50 years, and the Kingdom’s contribution to creating a clean environment for industrial cities without others in the major industrial countries that harm the environment and the global climate, which is What makes “Oxagon” a magnet for international investment.

In turn, the head of the Egyptian Federation of Investors Associations, Dr. Moharram Helal, stressed that the city of “Oxagon” will be a complement to the economic zone in the Suez Canal and not a competitor to it, and we must encourage investment in NEOM because it will benefit Egypt and all Arab countries.

Helal noted that the Neom Industrial City will increase the value of the Suez Canal revenues globally, as it is the closest and safest carrier for the exports produced by the industrial city and the raw materials it needs.

For his part, the Secretary-General of the Arab Union for Sustainable Development and Environment, Dr. Ashraf Abdulaziz, said that the Kingdom’s inauguration of the city “Oxagon” as an environmentally friendly industrial city confirms the Kingdom’s commitment to its vision towards achieving zero carbon emissions, with a ceiling set in 2060, in addition to its scientific research by other Arab countries. In the areas of decarbonization of fossil energy and a pioneering attempt to establish new cities as a model for clean solar energy.

He continued: No one denies the role played by the Kingdom of Saudi Arabia in the development of the global economy during the past decades, its role in maintaining the balance and growth of the global economy, and its current role in expanding the availability of green technology and assisting in environmentally friendly manufacturing through the city of “Oxagon”.

And he indicated that the Saudi experience in creating industrial cities based on the blue economy by relying on the seas to achieve sustainable development in the region will contribute to supporting global trade flows in the region and creating growth opportunities that flow into the arteries of the Saudi economy.

He added that the Arab world is looking forward to the completion of “Oxagon”, which will become the economic and industrial engine for the city of NEOM, as it will lead innovation in industry and technology, in addition to the exceptional living that its residents will enjoy.

For his part, the Egyptian economic expert and head of the Egyptian Forum for Economic and Strategic Studies, Dr. Rashad Abdo, considered the “Oxagon” project as a civilizational and human leap, pointing out that the industrial city will serve the Kingdom’s economy as a giant project, and provides opportunities for entrepreneurs through an emerging environment, and pumping large investments. and varied.

In a similar statement to SPA, Abdo praised the global competencies and expertise, giant companies and advisory centers that the Kingdom has used to serve development and economic plans, and to set visions and plans so that they are feasible, in the context of the Kingdom’s non-reliance on oil, and diversification of sources of income.

The Egyptian economic expert and head of the Egyptian Forum for Economic and Strategic Studies stressed that the industrial city will be a catalyst for economic growth and diversification in order to achieve the goals of the “2030” vision and support the Kingdom in the field of regional trade in the region and the world, stressing the importance of artificial intelligence techniques that the city will rely on in its factories because the world during In the coming years, he will not talk about traditional activities and industries, but rather that there are many jobs that will be eliminated from the map.

He said that the Kingdom has invested the resources it has to serve development today and tomorrow, as artificial intelligence is the theme of the future and the cultural shift for current and future generations, and therefore it is a wonderful idea because it serves the Saudi economy and is part of the progress of the Arab region.

On the other hand, Professor of Economics at Ain Shams University, Dr. Youmna Al-Hamaky, said that the NEOM Industrial City “Oxagon”, which was announced by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Chairman of the NEOM Board of Directors, is one of the plans that the Kingdom relies on to diversify its economic structures. Which enables it not to depend mainly on oil, and helps in the integration of the Kingdom into the global economy as a striking economic power that achieves integration between it and the tourist city of NEOM.

In a statement to the Saudi Press Agency “SPA”, she indicated that there are a number of factors that will help achieve the goals of the modern industrial city that will be linked to the countries of the world, including transforming the Kingdom into digitizing the economy, developing the education system, and developing human resources, indicating that “Oxagon” will reduce the import process and increase From export operations, and creating job opportunities for youth and women that await promising areas in the development process in accordance with the program for women’s economic empowerment within the Kingdom’s vision “2030”.

About the author

Leave a Reply

Your email address will not be published. Required fields are marked *