For over 50 years, Saudi Arabia has relied on oil as its main resource for prosperity. Now, as some people wonder whether the age of oil might be coming to an end, the world’s leading crude exporter is planning ahead, trying to create new resources for jobs and potential wealth.
Interestingly enough, the answer might be in desert. The kingdom is now building huge cities in the sand. One of the new projects will cover an area larger than Belgium. Then there are ‘economic cities’ which will essentially be specific areas for industry, finance and tourism. There’s also a planned financial district as well as an entertainment city. What will the entertainment city include? It’s designed to become a center for sports, culture and various amusements including a theme park and a safari.
According to some reports, the progress of the cities is rather slow, and there are clearly some tensions between traditional Saudi Arabia values and the adjustments needed to entice modern tourists. The government though seems committed to the change and many investors are clearly onboard.
Will Saudi Arabia manage to reinvent itself and what will happen to crude oil price? The future of the energy market now seems less certain than ever and for investors these are very interesting times, possibly bringing new, interesting opportunities.