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Inside Saudi Arabia's $3 Trillion Plan to Move Past Oil - Barron's

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.

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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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