Saudi is switching from oil to solar of having a $500 billion plan for a drifting Silicon Valley in the desert

Saudi Arabia's crown prince Mohammed bin Salman has a grand plan for the country's economic future.

In April, Mohammed bin Salman will hold a meeting in New York in an attempt to woo Wall Street to finance Neom, a massive, $500 billion floating Silicon Valley in the desert.

The high-tech hub would be as big as the country of Belgium, and includes a ski resort and three artificial cities.

The plan to turn the northwest Red Sea coast into a high-tech hub was initially announced in 2017 by the Crown Prince. Nadhmi Al-Nasr, Neom's chief executive, and Layth Al-Shaiban, the finance sector head, will attend the meeting next month. 

If successful, the tech hub would loosen restrictions, boost investments, and be filled with robots. It could also help restore the kingdom's reputation abroad after government critic Jamal Khasoggi was murdered by Saudi agents in Istanbul. However, it could also pose major questions for the UAE.

The event is expected to be repeated around multiple American cities as the Saudis try to get U.S. investors for their grand plan.

As Russian money flocks in, the UAE faces a dilemma

Dubai is currently the financial capital of the Middle East. The city, however, has been under scrutiny since Putin's invasion of Ukraine last month.

As Europe and the U.S. continue to pressure Putin with sanctions, wealthy Russians who previously preferred investing in the U.K., the Cayman Islands, and Switzerland are pouring money into Dubai.

As tensions between Russia and Ukraine escalate, Bloomberg reports that the UAE is experiencing an overflow of Russian money through crypto wallets and cash transfers.

The UAE now faces two challenges. They can either join the U.S. and Europe and seize Russian assets that could cut the money flow coming into the country or choose to turn a blind eye and become the new safe haven for Russian oligarchs, upsetting countries like the U.S.

Oil plays into the plan for Neom

As world is moving toward the electric power, Saudi is also trying to make a grand position in the first line to face future economic challenges. Budget for crude oil extraction will now decline as compare to the budget for solar plans and other advance technologies. Although people are calling Neom city of Saudi Arabia Dajjal city but many businesses of various countries are trying how to invest in Neom Saudi Arabia.

Sanctions in Russia have led to a world oil crisis which gives President Biden no choice but to embrace the Saudis. If the president can't convince the Crown Prince to pump more oil, the future price of crude would skyrocket to unprecedented levels, such as $150 or $200 for a barrel.

It is important to note that Saudi Aramco oil and gas company is helping Saudi Arabia strengthen ties with China by agreeing to build a refining and chemicals project. The country is also looking to buy large amounts of diesel. 

After world powers suspended efforts to bring back the 2015 nuclear accord, Israel and the UAE started lobbying the U.S. to build a security strategy for the Middle East.

Binance Holdings is also rumored to be in talks with Dubai for a license to operate. This would increase its presence in the region, putting Dubai as a desired destination for Crypto firms.