Make hay while the sun shines

نيسان ـ

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ALA ALGHAMDI

arabnews

Off the shores of Dubai, as the whole world knows, lie archipelagos of artificial islands — in the form of a palm, in the form of the entire world. The azure seas lap against wonders, and for a time, I am told, Hollywood celebrities competed for a chance to buy up a continent.

The considerable expense and technical challenges involved in their construction may indeed pay off — at least, one hopes they will. The Dubai archipelagos are the most poetic solution I have yet heard of for our common dilemma — transitioning out of the oil economy.

By the way, I do not advocate such a solution for Saudi Arabia. For one thing, I doubt we could build enough islands to attract enough celebrities and other tourists to support our nation in the long term, particularly now that the novelty of the idea has somewhat worn off. But I do admire the initiative taken by Sheikh Mohammad bin Rashed. Knowing that the day would come when the oil reserves, which support his country’s economy, would falter and diminish, he resolved to increase the coastline in order to build and sustain tourism.

For Dubai, tourism is perhaps the best hope for a sustainable economy. For Saudi Arabia, other possibilities do exist, and we must be equally pro-active in making them a reality.

We have a young, well-educated workforce, ample land and huge markets. We must build the infrastructure necessary to maximize our industrial output, and what is more, we must do it now, while we still have the benefit of oil revenues. I often think that being blessed with an abundant natural resources — much like the student who is so gifted he does not really “need” to study in order to excel — is a double edged sword, so to speak. On the one hand, natural resources, such as our oil reserves, provide sustenance for our country and people. But on the other hand, the danger is that we will become too dependent on this non-renewable resource that will, inevitably, one day run out. History is full of cautionary tales of this nature, countries whose economies collapsed when a key resource, or the market for it, suddenly failed.

We do not need to be a cautionary tale. But now is the time to ensure that we do not become one. I consider our country’s current investment in education, including the scholarship program, which supports international study for our students, to be an excellent start.

We are building human capital as well as our relationship with other countries. But in and of itself, human capital is not quite enough. The countries of the world, which sustain their economic power, are almost invariably those, which industrialize, producing hard and soft consumer goods for their own people and for world markets.

It is up to us to decide what our own version of the “palm” and “world” archipelago will be. It may not be anything so poetic, but it can be original. I put special faith in our young people currently finishing their education in fields such as engineering and digital technology — they are the ones with the potential and the tools to create our future world. Let us give them the support they will need, and turn our current God-given resources into the infrastructure that will sustain their future, as well as our own.