Good news for the Saudi economy, no doubt. Now, all the Saudis will have to do is modernize their mediæval mindset to go with these ultra-modern developments and cities! - ©Mark
BBC: King Abdullah of Saudi Arabia has a vision which if successful could soon transform the Kingdom's economy and society.
Six major developments will be built across the Kingdom over the next 15 years, the centrepiece being King Abdullah Economic City, 100km (62 miles) north of Jeddah.
The new city is rising from the sands of the Arabian Desert and when complete it will stretch over 150 sq miles (388 sq km).
The developers say that by 2020 more than one million jobs will have been created, in a city that will be home to two million people.
"This is on a scale unheard of before in the world," said Fahd al-Rasheed the CEO of Emaar, The Economic City, which is developing the site.
"[The King Abdullah Economic City] includes one of the largest ports in the world, an education zone, a resort zone etc. It is the size of Washington DC and is being built in 15 years".
Diversification
With the price of oil showing no sign of weakening, the government of Saudi Arabia is planning for a future when the commodity will eventually run out.
The revenues that are being generated are enormous - every day more than 11 million barrels of oil are pumped. At current market prices that is worth well over $1bn (£510m) daily.
During the last oil boom, vast sums of money were spent by the government on projects that failed - Saudi Arabia famously tried to "make the desert bloom" with water-intensive agriculture schemes.
Now the Kingdom is trying to invest more sensibly in the future to solve several challenges:
• Diversification of the economy
• A booming population (40% of Saudis are under 15)
• Growing unemployment
• Improving skills and education amongst Saudis
New Cities Rise from Saudi Desert >>> By Crispin Thorold, King Abdullah Economic City, Saudi Arabia | June 11, 2008
BBC:
Saudi Arabia’s Dual Identity >>> By Crispin Thorold | June 19, 2008
Cross-posted at The Shrewd Economist >>>
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