Oil is being dethroned in Saudi Arabia by this new shiny thing

Description

Once hailed as the beacon of the world’s oil industry, Saudi Arabia is rapidly pivoting to an unlikely successor to its liquid gold throne – international sports. With deep pockets and a burning ambition, the Saudi leaders have set their sights on the glamour and allure of the world’s most beloved games to revolutionize their … Read more

Once hailed as the beacon of the world’s oil industry, Saudi Arabia is rapidly pivoting to an unlikely successor to its liquid gold throne – international sports.

With deep pockets and a burning ambition, the Saudi leaders have set their sights on the glamour and allure of the world’s most beloved games to revolutionize their national image and economy.

A Soccer Revolution in the Desert Kingdom

Yes, the oily sheen of Saudi’s wealth is making waves in the football world. Forget the quiet pilgrim trails of Mecca and Medina for a moment; the spotlight now also dances on the football pitches where international legends like Christiano Ronaldo and Neymar Junior now play.

The staggering transfers of these athletes to Saudi football clubs like Al Nassr and Al Hilal are not just about the sport; they’re symbolic of a nation’s intent to diversify and redefine.

But it’s not just Ronaldo and Neymar. A tide of talent is flowing towards Saudi Arabia. Karim Benzema, with his exceptional footwork, now weaves magic for Al Ittihad. These aren’t mere transfers; they’re statements.

When nations want to make their mark, they leave no stone unturned, and certainly, no wallet unopened. With these signings, Saudi isn’t just aiming for goals on the pitch; they’re eyeing a whole new economic and cultural frontier.

Beyond the Field: The 2030 Vision

Yet, the transition is far more profound than the transfer market’s buzz. This aggressive venture into sports isn’t some random spree; it’s a calculated move, many believe, architected by the dynamic Crown Prince, Mohammed bin Salman.

His blueprint, the “Saudi 2030 Vision,” is not merely about bringing world-renowned athletes to the Saudi dunes. It’s an emblem of a broader agenda, which involves shedding the single-tag image of an oil giant and emerging as a multifaceted modern economy.

However, as with any massive transformation, there are critics. Some argue that this newfound love for international sports is a smokescreen, a clever distraction from the more uncomfortable conversations about Saudi’s human rights track record. Is the soccer ball being used to divert eyes from issues that matter? It’s a question that lingers, casting a long shadow over the dazzling stadiums.

Oil, for decades, flowed as Saudi’s lifeline, fueling its economy and global stature. While it continues to be the bedrock of their wealth, the Saudi leaders seem to be reading the writing on the wall. In a world grappling with environmental concerns, where renewable energy is gaining ground, it’s no longer prudent to have all your eggs in the oil basket.

However, if Saudi’s bet on sports is to be seen purely as an economic diversification strategy, it may be an oversimplification. It’s also about prestige, influence, and a seat at the table of cultural soft power. By making a foray into the world of sports, Saudi is not only inviting tourists but also challenging global perceptions.

Bottomline is while oil wells and rigs define Saudi’s past and present, football pitches, athletes, and roaring stadiums might very well shape its future. The realm of international sports, with its glitz and global appeal, is Saudi’s latest ambition. Whether this shift is purely strategic, a cloak for deeper issues, or a genuine passion remains a topic for heated debates. One thing is clear, though: the game is on, and Saudi is playing to win.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Oil is being dethroned in Saudi Arabia by this new shiny thing

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月13日 00:35
Next 2023年9月13日 01:37

Related articles

  • Dogecoin records 2 million transactions surpassing Bitcoin and Ethereum in 24 hours

    TL;DR Breakdown Dogecoin’s transaction activity has soared, hitting over 2 million daily transactions on May 27, 2023, outperforming Bitcoin and Ethereum. The value of new DRC20 tokens, or “Doginals,” is hard to determine due to reliance on OTC trades and a lack of indexed structure. Dogecoin’s hashrate has also surged by over 38%, indicating increased network strength and security Dogecoin has registered an unexpected transaction activity surge, with analysts and investors scrambling for explanations. After introducing DRC20 tokens, the digital currency has been witnessing a stunning leap in its daily transactions, shaking the foundations of the crypto world. On May 27, 2023, this blockchain underdog exceeded all previous records, boasting an astonishing 2 million-plus transactions within 24 hours. This significant rise in activity dwarfs those of crypto giants Bitcoin and Ethereum, 400,000-532,000 and a million transactions, respectively. An event that has certainly turned heads in a sector dominated by more well-established coins. Dubbed “Doginals,” these DRC20 tokens are reminiscent of Bitcoin’s BRC20 tokens and have catalyzed Dogecoin’s transaction growth. Due to a lack of an indexed structure akin to BRC20…

    Article 2023年5月31日
  • How this crypto turmoil showcases its true potential

    TL;DR Breakdown The crypto industry has faced significant challenges, notably the FTX collapse and regulatory scrutiny on major players like Binance and Coinbase. Despite these setbacks, blockchain technology, especially tokenisation, is still showing promise in the finance sector. AI advancements in finance could complement, not compete with, blockchain’s security strengths. Description Cryptocurrency is an industry that’s had its ups and downs, particularly recently. But rather than write it off entirely, we need to examine how these challenges only underscore the genuine potential of the technology. Crypto Faces a Watershed Moment The crypto landscape has seen better days. A domino effect of setbacks started with the collapse … Read more Cryptocurrency is an industry that’s had its ups and downs, particularly recently. But rather than write it off entirely, we need to examine how these challenges only underscore the genuine potential of the technology. Crypto Faces a Watershed Moment The crypto landscape has seen better days. A domino effect of setbacks started with the collapse of FTX in November 2022, highlighting a challenging year riddled with declining prices and scandalous events…

    Article 2023年9月19日
  • Gemini expands into UAE, pursuing crypto license amid positive regulator engagement

    TL;DR Breakdown Gemini has made an exciting announcement regarding its expansion plans into the United Arab Emirates (UAE). The decision to enter the UAE market was also influenced by the perceived challenges and lack of clarity surrounding cryptocurrency regulations in the United States.  While the specific location for its headquarters in the UAE has yet to be determined, the Winklevoss twins hinted at the possibility of establishing a presence in both Abu Dhabi and Dubai. Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has made an exciting announcement regarding its expansion plans into the United Arab Emirates (UAE). In a blog post released on May 31, Gemini highlighted the increasing enthusiasm for cryptocurrencies among UAE citizens and the favorable conversations they have had with regulators in the country. These factors have motivated the exchange to seek a crypto service license, indicating their commitment to operating within a regulated framework. The decision to enter the UAE market was also influenced by the perceived challenges and lack of clarity surrounding cryptocurrency regulations in the United States. Gemini co-CEO Tyler Winklevoss expressed…

    Article 2023年6月5日
  • US Department of Justice seeks return of FTX-linked political donations

    TL;DR Breakdown The Department of Justice (DOJ) has called for lawmakers to return political donations linked to FTX, a directive several congressional campaigns have followed. The move comes amid legal scrutiny around FTX’s bankruptcy and its founder Sam Bankman-Fried, prompting lawmakers to redistribute FTX-derived contributions. A new ripple in the political fundraising landscape has emerged as the Department of Justice (DOJ) urges lawmakers who received campaign contributions linked to the cryptocurrency exchange FTX to return the donations. Several Congressional campaigns, including Rep. Bob Latta, R-Ohio, and Lori Chavez-DeRemer, R-Ohio, have reportedly complied with the DOJ’s request. The move comes after substantial donations by Ryan Salame, former chief executive of FTX Global Markets, who contributed close to $23 million to candidates during the 2022 midterm election cycle. These funds were largely directed towards Republican candidates, with Bob Latta’s campaign receiving a hefty $2,900. In an unexpected move, these funds have now been voluntarily surrendered, intending to offer compensation for those defrauded, according to a spokesperson from Lori Chavez-DeRemer’s campaign. Reps. Marc Molinaro, R-N.Y., Elise Stefanik, R-N.Y., and Brian Fitzpatrick, R-Penn., have…

    Article 2023年5月19日
  • Financial disaster alert: Putin sounds alarm for Russia’s economy

    TL;DR Breakdown Russian President Vladimir Putin warns about a possible global financial crisis due to uncontrolled debt accumulation by developed nations. Putin decries the anti-Russian sanctions as a form of ‘hybrid war’, aimed at stifling Russia’s growth. He alleges external forces are creating a hostile state in Ukraine, further destabilizing the region. Description Financial storm clouds are gathering over the global economy, according to Russia’s President, Vladimir Putin. His recent comments underscore his deep-seated concerns about the potential for an impending global economic crisis. The backbone of his apprehension is rooted in the unregulated debt accumulation by developed countries, which, he posits, is setting the stage for a … Read more Financial storm clouds are gathering over the global economy, according to Russia’s President, Vladimir Putin. His recent comments underscore his deep-seated concerns about the potential for an impending global economic crisis. The backbone of his apprehension is rooted in the unregulated debt accumulation by developed countries, which, he posits, is setting the stage for a significant downturn. Russia’s impending financial crisis: A consequence of uncontrolled debt? The debt of…

    Article 2023年7月8日
TOP