Sports Might Replace Oil For Saudi Arabia

Saudi Arabia is the second-largest oil-producing country in the world. However, of late, the nation has rebranded itself as a global force in international sports. In a move to reduce its overdependence on oil, the country has spent billions of dollars on high-profile sports deals. One such major deal was that of international football superstar Christiano Ronaldo joining Saudi Arabia’s Al Nassr Football Club.

Apart from its massive oil reserves, Saudi Arabia is also a major pilgrimage destination for people of the Islamic faith. Mecca and Medina attract thousands of pilgrims every year who visit for the Hajj and Umrah. Now, the country wants to step into the realm of international sports to further diversify its economy. Furthermore, it aims to increase tourism in the country.

Also Read: BRICS: What Happens if Saudi Arabia Stops Accepting US Dollar for Oil?

Apart from Ronaldo, Brazilian footballer Neymar Junior has also joined the Al Hilal Saudi Football Club. French player Karim Benzema, on the other hand, has joined Al Ittihad, another Saudi football club, among many others. All of these players have signed multi-million dollar deals with their respective clubs, proving that money is no object for the nation when it comes to changing its goals.

Is Saudi Arabia moving away from oil?

Extended BRICS Saudi Arabia Oil Gas Commodity GDP
Source: oilandgasmiddleeast.com / ShutterStock

The modern world is still heavily dependent on oil. Oil still plays a major role in the global economy, and also is a major contributor to the Saudi treasury. Nonetheless, it has not stopped the country from moving into other ventures as well. Many speculate that the move into international sports is the brainchild of the Saudi Crown Prince, Mohammed bin Salman, popularly known as MBS. The Crown Prince has unveiled the “Saudi 2030 Vision” which aims to transform the country into a modern economy and regional power.

Also read: BRICS: Saudi Arabia Will Become the Next Europe, Says MBS

However, many have also criticized the Saudi government for using international sports to divert focus from its poor human rights record.

  • Saudi Arabia

Comments

Post a Comment

Popular posts from this blog

STX Hits 52-Week High! Ascending Channel Points to Bullish Trajectory

Image
Stacks (STX) soars 8.74% in 24 hours, hitting a 52-week high at $2.06, riding the crypto wave. STX’s rise is attributed to Bitcoin optimism and its role as a layer 2 solution. Technical analysis points to a bullish trend, aiming for $2.6, but watch out for potential corrections at $1.6. Stacks (STX) has continued its upward trajectory, with its price recently reaching a 52-week high of $2.06, marking an 8.74% increase in just 24 hours. This surge is part of a broader trend that has seen the cryptocurrency gain 749% over the past year. Market analysts attribute this impressive performance partly to the growing optimism surrounding the potential approval of a spot Bitcoin ETF, which could further galvanize the cryptocurrency sector. STX/USD 24-hour price chart (source: CoinStats ) During the bull rally, STX’s market capitalization and 24-hour trading volume surged 9.45% and 24.95%, to $2,852,664,529 and $715,025,179, respectively.  Stacks as a Bitc
Read more

XAI tanks by 20% after airdrop and Binance listing

Image
The layer-3 gaming token fell by more than 20% after an airdrop and Binance listing on Jan. 9. According to CoinGecko, the layer-3 gaming token Xai has fallen by more than 22% in 24 hour trading. The current price of the token is $0.5231. X rate fell sharply just a day after reaching an all-time high on Jan. 9, in which the price of the coin was $0.7734. Source: CoinGecko The token price collapse occurred shortly after Xai held its first major gaming token airdrop in 2024. According to the Xai Foundation, it offered 125 million XAI tokens (or 5% of the total token supply) to eligible users, including holders of certain Xai NFTs and those operating gatekeeper nodes or validators that help support the network. Dear Xai Community, As we approach the XAI token claim, it's crucial to stay vigilant against potential scams. Please carefully read and follow these guidelines: Official Contract CLAIM Address: The ONLY legitimate $XAI airdrop claim contract address is… — XAI (@X
Read more

Bitcoin Price Prediction: MicroStrategy Boosts BTC Ownership To 1% Of Supply As This Eco-Friendly Alternative Soars Towards $7 Million

Image
The Bitcoin price gained slightly in the last 24 hours to trade at $63,857.08 as of 9:05 a.m. EST as investors tentatively accumulate the crypto. During BTC’s 12% correction over the past 7 days, MicroStrategy bought another 9,245 bitcoins for $623 million in cash between Mar. 11 and Mar. 18, according to a Mar. 19 statement . Following this latest purchase, the company’s total BTC holdings stand at 214,246 BTC, which is more than 1% of the crypto’s total supply of 21 million coins. The Bitcoin Price Bounces Off Of A Key Support 4-hour chart for BTC/USDT (Source: TradingView ) The Bitcoin price rebounded off of the $61,481.65 support level in the last 12 hours. Should bulls continue to push the market leader’s price higher, it may attempt to reclaim a position above $65,847.29 in the coming 48 hours. A 4-hour candle close higher than this significant price point could then give BTC the foundation needed to keep climbing. In this more bullish scenario, the crypto may try to fli
Read more