Saudi Arabia has slowed its ambitious $2 trln Vision 2030 strategy, citing lower oil prices and overspending. The plan, launched in 2016, aims to diversify the economy away from oil towards tourism, technology and entertainment.
Gigaprojects Hit by Financial Reality
Riyadh invested hundreds of billions into mega-developments, including The Line, a proposed 110-mile-long futuristic city. Vision 2030 assumed oil would remain above $100 a barrel, but prices are currently around $60, creating financial strain.
Jerry Inzerillo, an adviser to Crown Prince Mohammed bin Salman, described the adjustments as a “course correction,” noting the kingdom must now spend more...