Saudi Arabia goes big in Davos as it looks to become a top AI tech hub for the Middle East

DAVOS, Switzerland — For years, the United Arab Emirates has been the Middle East's go-to tech hub, thanks partly to its lack of personal income tax, flexible visa policies, and competitive incentives for international businesses and workers.

But Saudi Arabia is keen to capture some of the limelight, and talent, from its neighbor on the Arabian Peninsula — an ambition laid bare on the Davos Promenade this year.

The Saudi delegation staged a splashy presence on the city's main street, including an expansive storefront dedicated to promoting Neom,a new urban development in northwestern Saudi Arabia; a space dedicated to the AlUla project, an initiative that's part of the kingdom's push to make the heritage city a global destination for tourists; a pop-up for the Saudi crown prince's Foundation, MiSK, and its youth ambassadors called "majlis"— as well as two more Saudi chalets. It's all part of the country's Vision 2030 strategy of economic diversification.

The Neom showcase, which is one of this year's most prominent on the promenade, seeks to show off the development's prospects as a destination not only for tourism and luxury living but also innovation.

A Neom spokesperson told CNBC that the purpose of the amped up presence was to educate the investment community on the development and indicate that it is "open for business."

It was a sentiment echoed by the country's finance minister on Monday. Mohammed al-Jadaan told CNBC on the sidelines of the World Economic Forum that oil, as a percentage of gross domestic product, has plunged from 70%, to the range of 30% to 35%.

"That is significant," said al-Jadaan, adding that the country has diversified into multiple other sectors, including tourism, technology and logistics.

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