Saudi Arabia’s ambitious plans to drive economic growth and tourism show no signs of slowing down.
The ambitious Gulf Kingdom, which has invested billions to develop its tourism industry and economic hubs, is in the process of creating its most impressive yet.
King Abdullah Economic City (KAEC), a colossal new super-city in the Saudi Arabian desert, will be completed by 2035. 50,000 residents are expected to move in within the next five years.
The build is expected to cost an eye-watering £75 billion but is hoped to ease the country away from its reliance on oil and gas by generating more jobs and kickstarting the country’s economy.
The city will feature hospitals, schools, golf courses, a port capable of handling 20 million containers annually, an industrial complex, a financial island, beach facilities, and residential neighbourhoods.
The project also includes high-speed train links to Jeddah and the holy cities of Mecca and Medina, positioning KAEC as a significant travel and tourism hub.
Planning for the project began a decade ago and is currently only 15% completed.
Setting his vision for rapid progress in the years ahead, Fahd al-Rasheed, Group CEO of Emaar Economic City, explained: “Putting that first phase together is the most difficult point.
“Once you figure it out, the sky is the limit, so we are in that phase now.”
KAEC is designed with the country’s youthful population in mind. With 65% of Saudis under 30 and nearly 200,000 studying abroad, the city aims to attract a new generation eager to bring their experiences and skills back home.
Diversifying the nation’s economy has long been a strategic focus and was a priority for the late monarch, King Abdullah bin Abdulaziz Al Saud, who sought a way to protect his country’s finances once oil reserves diminished.
Significant development and reform have occurred under Saudi Crown Prince Mohammed bin Salman in recent years.
The Public Investment Fund, which has about $930bn worth of Saudi assets, has looked to diversify by buying foreign assets, developing the nation’s tourism industry, and investing in the domestic economy.
