Why Saudi Arabia is building a new city in the desert

The Indicator from Planet Money

NPR

Business

4.7 • 9.5K Ratings

🗓️ 8 February 2024

⏱️ 11 minutes

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Summary

For decades, Saudi Arabia's economy has been defined by its abundant oil reserves. Its ability to influence global oil supply propelled Saudi Arabia to one of the richest countries in the world. The Saudi royal family became important players on the world stage. However, waning dominance in the oil market is forcing the Saudi government to think differently about its reliance on the commodity.

Today on the show, we explain Saudi Arabia's fantastical vision for its future and how the government is using its present influence in the oil market to fund it.

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Transcript

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0:00.0	NPR. This week Senators grilled executives from consulting companies like McKinsey and Boston Consulting Group.
0:18.0	The executives are facing questions about one of their clients, Saudi Arabia's Public Investment Fund.
0:24.3	Yeah, and in this hearing, Senator Richard Blumenthal is kind of angry.
0:28.9	We began this inquiry last summer because of our concerns that Saudi Arabia, a country with an abhorrent human rights record, was trying to take over American golf and use that institution to sports wash its own public image.
0:44.0	You know, you have Saudi Arabia out here trying to buy not just the PGA golf tour, but soccer
0:49.6	teams, a cricket league, a tennis tournament. And it's happening on such a scale that they wouldn't even
0:55.0	bother denying that they're trying to sports wash. Crown Prince Mohammed bin
0:59.8	Salma in an interview with Fox News last year talked about sports washing and his country's GDP.
1:04.8	Well if a sport washing gonna increase my GDP by 1% then I will continue doing sport washing.
1:10.4	No mince and words there. Yes and now that the Senate inquiry is going much broader than just golf,
1:16.0	it's going to be looking into the entire 60 billion dollars worth of investment that Saudi Arabia's fund has made in the US since 2017.
1:26.1	This wave of purchases are all part of an effort by Mohammed bin Salman to transform
1:31.6	Saudi Arabia's oil-dependent economy.
1:35.0	This is the indicator from planet money.
1:36.6	I'm Darien Woods.
1:37.8	And I'm Adrian Ma.
1:39.0	Saudi Arabia is getting into trouble with US politicians
1:41.9	as it tries to pivot its economy.
1:45.0	So today on the show we explain Saudi Arabia's fantastical vision for its future and
1:50.0	how it's trying to manipulate the oil market to fund it.
1:53.3	That's after the break.
1:59.8	This message comes from NPR sponsor SAP concur.
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