The Great Saudi Dream
Saudi Arabia’s iconic future-city project and an underline to the legacy that Mohammed bin Salman Al Saud (MBS), the Crown Prince and Prime Minister of Saudi Arabia, wants to leave, Neom is nothing short of a wonder. The city is taking shape in Saudi Arabia’s far northwest, stretching from the sun-scorched Red Sea coast into craggy mountain badlands. We are talking about the epitome of desserts with summer temperatures over 100F and almost no fresh water. It is soon set to be home to millions of people who’ll live amidst a serene environment, relying on desalination plants and a fully renewable electric grid.
Neom symbolizes the new aspirations and capabilities of Saudi Arabia and its reformation curve under the aegis of MBS. It’s not only that Saudi Arabia has announced disruptive changes in its political and cultural approach, but the country has even decided to move on from the oil-based economy and diversify its economic structure, building a more sustainable financial ecosystem within the country.
The iconic ‘Saudi Vision 2030’, a strategic framework to reduce Saudi Arabia’s dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation, and tourism, is the epitome of this change. According to the latest IMF review, “Saudi Arabia’s progress has been most notably reflected in non-oil growth, which has accelerated since 2021, averaging 4.8 percent in 2022. Despite lower overall growth reflecting additional oil production cuts, non-oil growth will remain close to 5 percent in 2023, spurred by strong domestic demand.” Clearly, Saudi is on a new path with abundant opportunities for entrepreneurs and business leaders.