How is Saudi Arabia transforming its economy?

Saudi Arabia is working to transform its oil-dependent economy by developing new industries and economies, some of which they aim to invent themselves. This historically closed kingdom has now opened its borders, welcoming international tourists for the first time as part of this economic diversification strategy. The transformation includes massive projects like Neom, a futuristic development with an estimated budget of $1.5 trillion, which aims to create sustainable, technology-driven urban spaces and luxury resorts along the coast. This ambitious initiative represents Saudi Arabia's vision to harness its oil wealth to create a new economic future based on tourism and innovation.