Saudi Arabia will no longer have oil as the basis of the economy

The plans of Riad cover to replace the oil as the basis of its economy and with this goal the country launched several projects, informed the issue CNBC quoting officials from high-ranking Saudis. According to the media, the economy of Saudi Arabia is entering a pós-petroleira time when the megalopolises of the kingdom, some of which are still being built, will provide the country with all the necessary resources. 

Fahd Rasheed, director of the Economic City of King Abdullah (KAEC, acronym in English) – The world's first city in chip in the stock market – was interviewed on this subject in an interview with CBNC under the Davos World Economic Forum. "At the moment, our business is building cities," he pointed out.

FAHD Rasheed is responsible for the creation of KAEC, a port city and manufacturing in the Red Sea, which is expected to help improve the trade relations of the Kingdom with the rest of the world. The city was founded in 2006, by then King Abdullah of Saudi Arabia.

It's worth noting, that this is not the only megaproject of the kind Saudi Arabia plans to build. At the end of 2017, the government announced about the beginning of the construction of a megacity with the total value of US $500 billion (R $1,618 trillion) in order to diversify its economy. The project has acquired the name of NEOM and will work with energy 100% renewed. The project will be funded by the country's government and private investors.  Source: Sputnik Brazil

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