Summary of MBS Wants Saudi Arabia Fund to Reach $2 Trillion in Assets

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MBS Wants Saudi Arabia Fund to Reach $2 Trillion in Assets summary

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To wean itself from its oil dependency, the Saudi kingdom has big plans to become a tourist and expatriate destination. Crown Prince Mohammed bin Salman is using the state oil giant Saudi Aramco to bankroll his aspirations, but coming up with the money to fund multiple projects of unprecedented design while a global pandemic continues to rage may well prove a challenge. Financial journalist Randy Diamond takes a close look at what Saudi Arabia is planning in this eye-opening article.

About the Author

Randy Diamond writes for Chief Investment Officer magazine.

Summary

Crown Prince Mohammed bin Salman (MBS) has grand ambitions for his country.

The Saudi leader aims to lessen his country’s economic dependence on oil by turning Saudi Arabia into a vacation and residential destination. The most challenging design on MBS’s drawing board is a planned metropolis along the Red Sea coast that would be 33 times as big as New York City. Part of the country’s program to develop its tourism industry envisions a luxury resort region on Saudi Arabia’s west coast, encompassing 1,300 residences, 50 hotels with 8,000 rooms and an international airport.

Another endeavor would entail the construction...


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