Saudi Arabia started a huge development program aimed @ turning 50 islands and other locations on the Red Sea into luxury resorts, as part of attempts to diversify the kingdom’s economy, as oil prices drop.
Construction of the project is set to begin in 2019. The fist phase will include the construction of a new airport plus several luxury hotels and residences at some 200 km’s of Saudi Arabia western coastline.
The project is part of the so-called Vision 2030 plan which is spearheaded by Saudi Crown Prince Mohammed bin Salman who claims it will be capable of transforming the country economically by 2030.
Prince Salman says the project is aimed at ending Saudi’s addiction to oil, and it envisaged raising non-oil revenues from $43.6 billion in 2015 to $267 billion by 2030.
Riyadh is currently dealing with economic struggles bought up by a budget deficit of nearly $100 billion in 2015, caused by dumping its oil on the oil markets, as part of a American plan to drop oil prices, in to economically drain its political enemies like Russia, Venezuela and Iraq.
The sharp slump in oil prices also forced the Saudi’s to sell their most important religious sites, Mecca and Medina to the Jews, as well as Riyadh’s rising military expenditure to support its hostile military campaign against Yemen.
The international war campaign supported by France, Britain and the USA , which lacks any international mandate has faced increasing criticism, claiming the lives of 12.000 people.
When Yemen started to fire missiles back at the Saudi capital, bio-warfare was introduced which caused millions of Yemeni’s to be contracted with a deadly Cholera epidemic, killing thousands of Yemeni citizens.
Saudi Arabia has gone almost bankrupt because of this useless war that pushed 50% of Yemen’s citizens to drop under the poverty line, being the poorest Arab nation in the Arab League.
Reuters / AA Magnum Analyst-Blog News News 2017.