This refers to the news report “Tourism could replace oil as main source of revenue.” (Oct. 1)
Some industrial experts rightly suggest that tourism in the Kingdom has potential to replace crude oil as the primary source of revenue for Saudi Arabia.
Though I appreciate the idea, this would require the Saudi government to undergo a paradigm shift in its policy.
A conservative society, Saudi Arabia will have to take initiatives to open up for international tourists.
Even if the policy targets the pilgrims, who come to the Kingdom in millions all through the year, the policy will have to be changed in case of issuing visa to pilgrims that restrict them to move around in cities of Makkah and Madinah.
They will have to be allowed to go freely to any part of the country they wish to visit even if they come for Umrah or Haj. And believe me if this happens it will bring in huge monetary benefits to the country.
By 2020, it is expected that there will be 20 million pilgrims (both the annual Haj and regular Umrah pilgrims) coming to Saudi Arabia every year. A mere 10 percent of them spending a few more days visiting Saudi archaeological sites and tourist resorts would be a huge monetary gain for the country.
Secondly, Riyadh will need to sell the Saudi Arabia brand while showcasing its prized possessions in the form of historical places. This is important because there is misconception about the Kingdom that it has very few places of attractions.
The Kingdom has of late shown signs of noticeable changes in its approach to economic policy, which is good.
The country is already making huge investments to tap its unexplored solar energy potential. Undersea and overland power transmission cables can take this energy to energy-hungry Europe, South Asia and so on.
Having said that I personally think that oil cannot be so easily substituted by any other sector when it comes to earning revenues. Needless to say that the world runs on oil.
Oiling the economy wheels
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