I got this in my news feed at work and I will add my $.02 opinion.
The powers that be running Saudi Arabia are hoping to attract the foreign investors like "Dubai" of the UAE, that has and Dubai has and is working on setting on setting themselves up as a center of tourism, Finance,commerce and Luxury because they know that oil is important, but they want to be more than a "one Trick Pony" so they are trying to branch out and use the Petrodollars to buy and establish as much infrastructure as possible to take advantage of the coming boom of luxury and tourism that they will hope will establish themselves as so to be much more in case the oil runs out, they will still be viable so Saudi Arabia is trying to do the same and Saudi Arabia has more real estate to do more than the UAE, but the Kingdom has a different problem, Namely the Mullahs. The UAE is very laid back as far as a Muslim country goes..Well Saudi Arabia is much more strict,they are the home of 2 of the holiest sites of the Muslim World, Mecca and Medina, so the the Religious Police are particularly feared, they look for "nonbelievers" and they do the behead people there and stone the alphabet people pkus other transgressions. For Saudi Arabia to encourage the Tourism and Finance industry, the Saudi's have to get the Religious Police and the Hard Core sect of Islam the "Wahhabism" Sunni part of Islam to back off and I really don't see them doing that so it will be interesting to see if Saudi Arabia will be successful or will this be another Boondoggle. I hope they are successful, I think well of my time over in Saudi Arabia, the people were friendly although different culturally, I enjoyed the experience of a different culture that wasn't Western based while I was stationed there in 1990 and 1991.