Every month, mouthpieces of Saudi Crown Prince Mohamed bin Salman (MBS) announce new, multimillion-dollar projects to boost the Kingdom’s tourism industry and expand entertainment festivals. It appears as though nations cannot invest in any other economic sectors. But even in this domain, MBS has fallen short. All that is happening is a pathetic attempt to boost MBS’s international standing.
The final project in question is the “Speed Track” project in the city of Qiddiya. Naturally, this project will end up on the list of unsuccessful initiatives that lack a clear vision. The project is set to house a new motorsports racing track, as previously announced. Its primary goal is to strengthen Saudi Arabia’s standing in the motorsports industry, with the ultimate goal of the Kingdom hosting the world’s most prestigious races.
About the project, it will likely host the most prestigious international motorsports events and has a number of features, cutting-edge technologies, and exceptional automotive experiences.
It should be noted that MBS announced the “Speed Track” project just a few weeks after announcing the opening of the Qiddiya city’s gaming and electronic sports area. It was also preceded by the announcement of Prince Mohammed bin Salman Stadium, which is anticipated to be among the biggest, most advanced sports clubs at the world level, in an attempt to boost MBS’ international image, so that people can forget the stigma of Khashoggi’s murder.
Economic experts view MBS’s actions as a huge risk with unpredictable results because the man is throwing billions of dollars into the Saudi desert, where they could be swept away by failure, inexperience, and one-man rule.
The Damour-McKim Business School’s Professor Iveko Kaldnecker described MBS’s actions as risky ventures and businesses that touch on geopolitical, regional competitive, domestic political, and public relations issues; however, he fails to consider all of this because he is not reviewed.
According to university professor Ravi Ramamurti, an expert in international business administration, although the population of Saudi Arabia is increasing, the majority of the work done by foreign workers—who currently make up 40% of the country’s workforce. As a result, Saudi citizens have lost their skills because they now view themselves as owners and presidents rather than as hardworking citizens who support their country. Even MBS’s motto of diversifying the economy has become irrelevant.
According to the Global website, Saudi Arabia has spent $3 trillion over the course of 15 years in an effort to diversify its economy; this amount is roughly three times the country’s yearly gross domestic product. However, all of the prior billions that were spent had no revenue. Not only does it increase the Kingdom’s budget, but it also exposes the corruption of Vision 2030 and the tourism industry’s misguided attempt to diversify its economy.
This and other factors lead us to wonder: What would happen if the Kingdom invested those billions in industry, education, or agriculture? Was not it better for the nation’s and its people’s future?
