Saudi Arabia has embarked on a grand experiment—a Middle East version of “if you build it, they will come.”
Facing an existential threat to oil, the country’s lifeblood, Saudi Arabia is spending more than $3.2 trillion to transform its economy by 2030. While oil remains essential, the country is trying to fashion itself as a high-tech hub and destination for global business and leisure, preparing for the end of the fossil fuel era.
Lurking in the background are the combustible politics and instability of the Middle East. The Israel-Hamas war has cast a pall over the region and frozen a much-anticipated peace deal between Riyadh and Jerusalem. Iran and its proxy militias in Lebanon and Yemen—the latter attacking ships in the Red Sea—remain a source of regional conflict.
But the instability doesn’t seem to be affecting Saudi Arabia’s investment outlook or its stock market: An exchange-traded fund tracking the Saudi market is up 11% in the past year, almost doubling the return of emerging markets broadly. More gains could come as the economic transformation takes hold. Non-Saudi companies like Boeing, Oracle, and Hilton Worldwide Holdings could get a boost to sales, along with Wall Street banks trying to tap into the action from a revitalized Saudi Arabia.
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Inside Saudi Arabia's $3 Trillion Plan to Move Past Oil - Barron's
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