Saudi Arabia’s economy flourishes beyond oil!
Recommended for Secondary Grades
Saudi Arabia’s economy is growing at the fastest rate of any country in the G20. This is happening at a time when most of the world is worried about a recession and inflation.
Experts feel that the economic situation is a cause of concern because of Russia’s war in Ukraine.
All of the nearly 300 apartments in a housing complex in Riyadh, the capital of Saudi Arabia, sell in just one month. Also, the company doesn’t even have to promote the new housing development.
The real estate market thinks that the changes in society and the economy are making the Saudi kingdom look different.
Key facts!
- This growth is sped up by the crown prince’s positive attitude and programmes to help with development.
- Saudis also like to live in a way that is open and full of beautiful creativity.
- Analysts say that Mohammed bin Salman has consolidated power and made it harder for people to speak out politically.
- But he has also ended or loosened rules about entertainment and how men and women can interact, and he is trying to reduce the country’s reliance on oil.
- Today, more women than ever before are joining the workforce.
- Women make most of the investment decisions, and most of them own their own homes.
- This is a trend that is likely to keep going for a while.
- Billions of dollars are also going to the Saudi government.
- The money seems to be being used by the government to make more investments in both the public and private sectors.
- The kingdom has started building a lot of things, like malls and parks, as well as big plans for a brand-new city and a high-end tourist area on the Red Sea.
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Watch a video
THE LINE in Saudi Arabia rethinks urban living. Check out the following video shared by “NEOM”.
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