Qamar Bashir
Saudi Arabia, long recognized as the world’s largest exporter of oil, is now dramatically transforming itself into a multifaceted global power. Driven by ambitious leadership, vast economic resources, and visionary strategic projects, the kingdom is poised to reshape not just its own future but also impact the international community significantly. Central to this transformation is Crown Prince Mohammed bin Salman (MBS), who represents a new era of modernity, economic diversification, and cultural openness.
The modern story of Saudi Arabia began in earnest in the 18th century, with the alliance between Muhammad bin Saud and the religious scholar Muhammad ibn Abd al-Wahhab. This partnership unified tribes across the Arabian Peninsula, forming the basis of the contemporary Saudi state. Fast forward to the early 20th century, the discovery of massive oil reserves catapulted the kingdom from a modest regional entity into an economic powerhouse.
The House of Saud, now consisting of more than 25,000 members, is the world’s wealthiest royal family, amassing an estimated fortune exceeding $1.4 trillion. Their wealth far surpasses that of other global powerhouses, including tech giants like Elon Musk and Jeff Bezos combined. This immense wealth largely stems from Saudi Aramco, the state-owned oil company that, in 2019, had a capitalization of over $1 trillion, surpassing even major American corporations.
King Salman, who ascended to the throne in 2015, quickly made bold moves to expand Saudi Arabia’s economic presence globally. Two years into his reign, he established the Al Saud Company, a strategic investment entity designed to make multi-billion-dollar acquisitions internationally. Yet the most critical move of his reign was appointing his son, Mohammed bin Salman, as Crown Prince in 2017. At just 39 years old, MBS had a revolutionary vision not merely to manage the kingdom but to fundamentally transform its societal and economic landscape.
MBS introduced Vision 2030, an ambitious national development plan to diversify Saudi Arabia’s economy, reducing its reliance on oil and emphasizing technology, tourism, entertainment, and renewable energy. His reforms have significantly reshaped Saudi Arabia’s societal norms, opening avenues previously unimaginable in the deeply conservative kingdom. Allowing women to drive, reopening cinemas, and permitting concerts and cultural events were groundbreaking changes that attracted international attention and energized younger Saudis.
While his modernization drive has been transformative, MBS’s reign has not been without controversy. His rigorous anti-corruption campaign, aimed at recapturing over $100 billion for the state, has faced scrutiny and criticism domestically and internationally. Yet, despite criticisms, MBS’s approach demonstrates a decisive push towards transparency and economic efficiency.
Saudi Arabia’s economic diversification strategy centers around the Public Investment Fund (PIF), which manages a staggering $500 billion in assets. The fund has facilitated significant global acquisitions, including Newcastle United Football Club and stakes in major corporations like Uber, Microsoft, and Lucid Motors. These strategic investments underline Saudi Arabia’s ambition to become a leading global financial and technological hub.
The centerpiece of Saudi Arabia’s ambition is undoubtedly NEOM, a futuristic megacity project valued at $500 billion. NEOM aims to house nine million people across a car-free environment facilitated by innovative transport solutions like high-speed rail and flying taxis. It represents Saudi Arabia’s commitment to sustainability, featuring the world’s largest floating industrial complex, a year-round ski resort, and wellness-focused mountain destinations. This ambitious urban development initiative positions Saudi Arabia at the forefront of global innovation and sustainable living.
The immense wealth of the Saudi royal family manifests in their luxurious lifestyles, showcasing the scale of their global influence. Their residences, such as the iconic Murabba Palace built in the 1930s, have evolved into opulent estates like the Al-Yamama Palace in Riyadh, which boasts hundreds of rooms, marble floors, and gold-plated interiors. Internationally, their property acquisitions, such as the Chateau Louis XIV near Paris, purchased by MBS for $300 million, underscore the magnitude of their luxury spending.
The Saudi royals’ luxurious lifestyle extends far beyond palaces and properties. Their unparalleled collection of luxury vehicles, including MBS’s Pagani Zonda Riviera, valued at $5.5 million, and other supercars like Bugatti and Ferrari, demonstrate an unmatched taste for opulence. Their wealth also translates into extravagant private yachts, most notably MBS’s Serene, a $500 million vessel featuring Leonardo da Vinci’s Salvator Mundi painting, valued at $450 million.
Despite their lavish spending, the royal family is also deeply involved in philanthropy. Prince Alwaleed bin Talal, one of the family’s most prominent members, pledged his entire $16 billion fortune to charitable causes, highlighting a commitment to social impact and humanitarian work. Their philanthropic efforts extend globally, often intersecting with strategic international diplomacy.
Saudi Arabia’s growing influence on global sports, culture, and entertainment further solidifies its emerging status as a world power. Their creation of LIV Golf, funded by the PIF, aims to challenge established tournaments like the PGA Tour, signifying Saudi ambitions beyond economic influence.
Moreover, Saudi Arabia is actively leading regional megaprojects aimed at redefining urban living and sustainability. Projects such as the floating “Vertical City Dubai,” the “Al Mahara Floating Theater,” and the eco-friendly Jubail Island in Abu Dhabi are designed to showcase the Kingdom’s vision for innovation, luxury, and environmental consciousness. These groundbreaking initiatives demonstrate Saudi Arabia’s aspiration to set new global standards for future cities.
Saudi Arabia’s increasing global investments extend into the realm of artificial intelligence, with a $100 billion initiative designed to position the Kingdom as a leading AI nation by 2030. Through strategic partnerships with global tech leaders and investments in AI research and development, Saudi Arabia is set to become a critical player in the future of global technology, further cementing its role as a multifaceted global power.
As Saudi Arabia continues its rapid transformation under MBS’s leadership, the kingdom stands poised as a multifaceted global power, impacting everything from global finance and technology to culture and international relations. Its blend of strategic economic planning, ambitious infrastructure projects, and bold societal reforms underscore Saudi Arabia’s potential to redefine global geopolitics profoundly. The House of Saud’s evolving legacy demonstrates a remarkable shift from oil-dependent prosperity to becoming a dynamic and influential world power.
