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Fortune

Christiaan Hetzner

Oil-rich Saudi Arabia is shelling out for the world’s top sports, but can Mohammed bin Salman buy himself an auto industry?

bin Salman Mohammed bin Salman Saudi Arabia Pirelli Saudi Hyundai Lucid PIF Aramco Economy

Saudi crown prince Mohammed bin Salman (Credit: Royal Court of Saudi Arabia—Anadolu Agency via Getty Images)

Mohammed bin Salman’s campaign to modernize Saudi Arabia and diversify its economy celebrated its latest success three weeks ago after his bid to host the FIFA World Cup in 2034 remained unopposed.

Only five years ago, western tourists couldn’t even get a visa to travel to the Gulf monarchy. Now the crown prince, who took power in 2017, wants to follow Qatar in welcoming football fans the world over to the Persian Gulf a century after his grandfather founded the state.

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