Published on : Monday, August 14, 2017
Saudi 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,