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by Mohammed Abdul Mannan (Author)
Saudi Arabia is in the midst of a massive socio-economic and infrastructural transformation. The Arabian Peninsula's largest country became a US$1 trillion economy in 2022 for the first time in its history. The Kingdom has achieved a significant economic milestone by surpassing a Gross Domestic Product (GDP) of SR4.155 trillion (US$1 trillion) for the first time, ahead of its 2025 target. As it rides a new wave of socio-economic growth, the oil-rich Kingdom has become a head-turner. As it pursues an ambitious aviation and tourism agenda, it has launched two new state-owned airlines which are scheduled to start flying from 2024/2025. One of the three airlines in operation, national carrier SAUDIA is weighing options including a debut bond sale to fund new aircraft orders, as it prepares to almost double its fleet by 2030. The Kingdom plans to boost international arrivals to 70 million. A whopping US $100 billion has been dedicated to airports and the air transport sector to handle 330 million passengers and 4.5 million tons of air cargo by 2030. It is working towards 250-plus destinations connectivity from across its 29 airports. The country is constructing the world's largest airport by size - spread across 776 square kilometres. Construction is on in Jeddah for a skyscraper expected to become the world's tallest building, reaching a height of 1,000 metres, taller than Burj Khalifa in Dubai. If the Kingdom gets the rights to host the Expo 2030, the five-month exhibition will welcome over 120 million visitors to Riyadh and 40 million to the massive site. The mega event will be a "unique opportunity for international visitors to experience its impressive transformation, rich cultural heritage and extraordinary hospitality." The Kingdom has started planning a bid to host the football World Cup in 2034 after abandoning its plans to co-host it in 2030 with Egypt and Greece. The country had already won the right to host the 2029 Winter Games. Its US$7 trillion investment is turbocharging its drive to be a prime destination in the 21st century, with six UNESCO World Heritage Sites adoring its landscape as it rains on average six times a year. Its growth and prosperity in the coming time will for sure make the world astonished. It is right now like a camel on wings.
