Saudi Arabia diversify away from oil to tourism

Published on : Monday, August 14, 2017

away from oil to tourismSaudi Arabia is now turning to desert after exploiting oil to stimulate its financial system for over a half century. Thousands of square kilometers of sand will be transformed into new cities as the kingdom is looking for diversification away from crude, create new job opportunity and enhance investment.

Two major developments, one bigger than Belgium and second one of the size of Moscow have been announced by the world’s biggest oil exporter last month.  These remains as top plans to build a series of economic cities like special zones in logistics, tourism, industry and finance, an entertainment city and a $10 billion financial district.

“The overall progress with the economic cities has been very slow, even before the collapse of the oil price,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank PJSC. “Since then, the pace of development has moderated even further with a number of projects being placed on hold.”

Few ambitious projects of Saudi Arabia include:

The Red Sea: Last week the Kingdom declared the plans to convert 50 islands and 34000 sq kilometers of land along the Red Sea into a tourism spot of global repute.

Al Faisalyah: Last month the name of this project was announced. Situated in west Mecca, there will be residential units, airports, sea ports and entertainment facilities.

The names of other ambitious projects include entertainment city, King Abdullah economic city, King Abdullah financial district, knowledge economic city and Prince Abdullah Bin Mousaed Economic City,

Tags: ,

Leave a Reply

Your email address will not be published.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


You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

arrow2Follow TTW
facebook-logo  twitter-logo  LinkedIn_logo  stumbleupon-logo   rss_logo 
ttw_blogger_logo  ttw_blogger_logo  ttw_blogger_logo


  • 02 WTM Latin America 2018
  • 03 IMEX 2018
  • 03 wtm-africa18
  • 05 itb-china 2018
  • 05 KITF 2018
  • 06 jharkhandtravelmart 2018
  • 07 Digital-Travel-2018
  • 08 ShanghaiWTF 18
  • 09 The hotel shows audiarabia 18
  • 10 hotelfair 2018
  • 11 Digital Travel 2018
  • 11 Hotelex-Shanghai 18
  • 13 aitf 2018
  • 30 PATA


Get our toolbar!
Review on