After exhausting oil resources, Saudi Arabia has now turned to its deserts and other natural resources of the country to make money.
For about half a century, Saudi Arabia had a flourishing economy based on its vast oil resources. Earlier this month, Riyadh announced its ambition to turn the vast expanses of deserts and Red Sea into cities and tourist destinations.
The Red Sea coastline will soon be turned into a luxury resort, equivalent to the size of Belgium. The Red Sea project will build luxury hotels, residential units and transport infrastructure on 50 islands of the sea. The state agency mentioned,
Construction will begin in the third quarter of 2019 with a first phase that includes expanding a domestic airport and developing luxury hotels and housing, expected to be completed by the third quarter of 2022.
The project is expected to create 35,000 jobs and $4 billion annually.
— مشروع البحر الأحمر (@TheRedSeaSA) August 1, 2017
Apart from this, the country is also building massive cities in the barren desert landscape. Cities like Al-Faisaliah, Entertainment City, King Abdullah Economic City, King Abdullah Financial District etc. will be made to create jobs and investment in the nation.
Al-Faisaliah will be constructed near Mecca which will have an international airport, harbor and entertainment facilities.
Entertainment City will be built in Al-Kidiyah and upon completion will be the largest entertainment center in the country.
King Abdullah Economic City will be the first free-hold financial city in the kingdom.
King Abdullah Financial District is being constructed to provide stiff competition to the Financial District in Dubai.
The Kingdom has an objective to diversify its oil-based economy and increase family expenditure on entertainment. Several new centers shall be launched by 2020.