Not oil, but tourism, increased from 8 to 30 million arrivals along with the three pillars: Arab and Islamic division, Saudi investment capabilities, and the use of the country’s strategic location. This is the vision revealed by Saudi’s Deputy Crown Prince, Mohammad Bin Salman, on Monday. The Kingdom will be able to live without oil by 2020.
The comments were made during his announcement of Saudi’s new economic plan, called “Saudi Vision 2030.”
The vision will be adopted regardless of oil price and is not related to low oil prices currently hurting oil dependent economies.
Saudi Arabia is planning to boost its revenues from Haj and Umrah tourism (smaller pilgrimage) and plans to increasing the number of Muslims arriving in Saudi Arabia for Umrah from 8 million a year to 15 million in 2020.
That number could increase to 30 million a year in 2030.