• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 hours Reality catching up with EV forecasts
  • 11 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 5 hours Famous author Michael Crichton talks about the "Climate Change Religion" aka Feudalism 2.0
  • 5 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 10 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
Russian Oil Exports Plunged By 820,000 Bpd Last Week

Russian Oil Exports Plunged By 820,000 Bpd Last Week

Russia’s crude oil exports plunged…

Oil Prices Inch Lower After EIA Confirms Crude Build

Oil Prices Inch Lower After EIA Confirms Crude Build

WTI crude prices fell slightly…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Is This The Cure To Saudi Arabia’s Oil Curse?

Saudi Arabia plans to start issuing tourist visas soon in a bid to boost its tourism and diversify its economy that is heavily dependent on oil revenues.

“Tourist visas will be introduced soon,” The Times quoted Prince Sultan bin Salman bin Abdulaziz, the head of the Saudi tourism authority, as saying.

Currently, Saudi Arabia is issuing visas for Muslims who want to make the trip to Mecca—Islam’s holiest site—for the Hajj, but other entry permits for foreigners are expensive and difficult to secure. According to The Times, the starting price for a single-entry visitor’s visa to Saudi Arabia is the equivalent of 400 British pounds, or US$530.

ADVERTISEMENT

The country hopes to double the number of tourists by 2020 from the 8 million expected this year, most of whom are Muslims on pilgrimage.

Non-Muslims are denied access to Mecca, and this restriction will probably stay in place, The Times says.

ADVERTISEMENT

Saudi Crown Prince Mohammed bin Salman initiated the idea to boost tourism in the Vision 2030 program that aims to overhaul the economy and reduce its dependence on crude oil.

According to The Times, the crown prince would be open to tourism “on a selected basis”. Related: Trump’s China Trip To Reap Billions In Energy Deals

Bin Salman also pledged last week to return Saudi Arabia to “moderate Islam”, to the times before 1979, when the religious militants occupied the Grand Mosque of Mecca to demand the overthrow of the royal House of Saud family. That event resulted in Saudi rulers giving powers to conservative religious clerics to impose restrictions on mingling of men and women, and ban cinemas and concerts. Last month, Saudi Arabia moved to lift a ban on women driving, the only country in the world that had such ban.  

Now with the proposed issue of tourist visas, it appears that Saudi Arabia is on the path to social moderation and, as a result, economic diversification away from oil. Analysts will have to wait and see if tourism can be the cure of Saudi Arabia’s oil curse.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage


ADVERTISEMENT


ADVERTISEMENT



Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News