Saudi Arabia Economic Reform: 2030 beyond oil
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To Saudi Arabia now — a country rocked into recession by low oil prices last year. But pushing ahead with an ambitious economic reform program: primarily aimed at weening itself off its most valuable resource, and staving off rising youth unemployment. For the second in a five-part series — CGTN's Guy Henderson reports from Riyadh.
A world, beyond oil: that's what's capturing the imagination of the House of Saud in this most conservative of nations. So, 40 kilometres outside Riyadh: what is now a barren landscape soon to be transformed by royal decree into an entertainment metropolis almost the size of Las Vegas. This is the tightly choreographed ground-breaking ceremony. There'll be theme parks, sports arenas, even safaris here. It's all a dramatic break with the past.
MICHAEL REININGER, CEO QIDDIYA "Qiddiya will enhance the Kingdom's competitiveness to attract international investment and result in benefits to the Saudi economy and ultimately, to its people."
The ambition of Vision 2030 is immense: a complete restructuring of the Saudi economy. Riyadh's half-built financial district has reportedly just become the latest project to come under the "2030" umbrella. Whole new sectors of the economy are being created; with them, it's hoped, will come hundreds of thousands of private sector jobs. And fun's being put front and center. Last month, public movie screenings returned in spectacular fashion after 35 years. It's a giant leap for an industry that once worked mostly underground. And it's bringing new opportunities. We joined a company called 8iess Productions as they shot this World Cup football music video for a major sponsor. 8iess was founded four years ago on a shoestring budget, when scenes like this just didn't exist.
GUY HENDERSON SAUDI ARABIA "The Arabian desert sands have long been known for their huge oil reserves. Less so, perhaps, for their ability to entertain. 8iess rise has tracked significant changes taking place across the Kingdom. We're talking big budgets, 50 man crews, high end equipment."
The CEO says the entertainment sector is being transformed.
ABDULLAH BADR AL BADR, CEO 8IESS STUDIOS "There was no one with the relevant skills or equipment to do the job in Saudi Arabia before. So any work there was, was done by non Saudis. We weren't taught this trade, we had to learn it ourselves. This will all change now."
Beneath the old guard is a generation pushing new limits. High on optimism, high on expectation. GH, CGTN, RIYADH.