Saudi Arabia set to redraw economic road map as megaprojects scale down

Almost a decade after launching the Vision 2030 programme to diversify its oil-dependent economy, Saudi Arabia is redirecting its spending away from attention-grabbing futuristic urban projects into sectors that hold more promise to deliver results. Since last year, the programme has undergone a review following a US$8 billion writedown at the end of 2024. The kingdom’s Public Investment Fund (PIF) has scaled down glitzy projects significantly, such as the US$500 billion 170km (105 mile) long...