Post-oil era begins in Saudi Arabia

Baku. 24 January. REPORT.AZ/ Saudi Arabia is embarking on the post-oil era and believes that the future of the megapolis, which begins construction, will ensure the development and diversification of the country's economy.

Report informs, managing director and Group CEO of King Abdullah Economic City (KAEC) Fahd Al-Rasheed has said.

"We are now in the business of building cities," he said. "We are talking now about moving to a service economy post oil, and I think the economic driver in the future in Saudi Arabia is going to be these mega-cities."

Notably, the KAEC project envisages increasing trade turnover between Saudi Arabia and the world countries. A new city was established in the Red Sea coast in 2006 with the name of the project. KAEC is located 100 km distance from Jeddah. Riyadh believes that this region can play an important role as a driver of world trade.

Notably, Vision 2030, adopted in April 2016 in Saudi Arabia, predicts the kingdom's rescue from oil dependence for 15 years. To this end, the construction of the “Neom” will be an innovative city on the Red Sea coast. $ 500 bln is planned to allocate at the initial stage of the project.