Riyadh aims to create a $500 billion mega city possibly funded by the IPO of the nation’s oil giant Saudi Aramco. The project is part of the kingdom’s ‘Vision 2030’ initiative to make the country less reliant on crude exports.
RT correspondent Alex Mihailovich told Boom Bust it’s an ambitious and massive project. Saudi Crown Prince Mohammed bin Salman “has made it very clear that he wants to see Saudi Arabia change, move away from oil to high tech,” he says. The city will be fuelled completely by renewables (wind and solar) and has already attracted international interest.
“The process is very progressive and could possibly bring Saudi Arabia into a new day where it could be a progressive leader, something that we haven’t seen in the past for that country…,” Mihailovich explained.
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Source : RT Business News
Progressive Saudi Arabia… vision or mirage? RT’s Boom Bust will tell you more
Progressive Saudi Arabia… vision or mirage? RT’s Boom Bust will tell you more
