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Big Saudi plans to reduce dependence on oil revenue

Big Saudi plans to reduce dependence on oil revenue

AMMAN: Facing a depressing prospect on oil revenue front, Saudi Arabia has drawn up ambitious plans to diversify its economy away from crude.

In the last month alone, the kingdom has announced two major developments — one covering an area bigger than Belgium and another that will include an airport and shipping port.

These are in addition to its plans to build a series of economies cities– special zones in logistics, tourism, industry and finance, an entertainment city and a $10 billion financial district.