Saudi Arabia to revise Vision 2030 plan as PIF courts foreign capital
Saudi Arabia is getting ready to unveil an updated blueprint for Crown Prince Mohammed bin Salman’s Vision 2030 overhaul of the kingdom’s finances.
Finance Minister Mohammed Al-Jadaan said on Sunday that discussions on the government’s new five-year plan are underway at this week’s economic conference in AlUla that takes into account Saudi Arabia’s declining oil revenues and resulting budget shortfalls.
“We continue really to reprioritize, rework our policies, making sure that we enhance as we go to ensure that we enable the private sector to lead the economy,” Al-Jadaan told Bloomberg.
The government is recalibrating some of its most ambitious projects, including suspending construction of the giant cube-shaped Mukaab in Riyadh’s $50 billion New Murabba development and scaling back the $1 trillion Neom development’s futuristic city called The Line.
Saudi officials have also postponed the 2029 Asian Winter Games at Neom’s Trojena resort and reduced the original scope of Neom’s sprawling development to focus on what are projected to be the most promising sectors, such as tourism, logistics and technology.
Saudi Arabia’s Public Investment Fund, meanwhile, will be testing the appetite of foreign investors to put their money in the kingdom, including in the sovereign wealth fund’s 120 portfolio companies, at this week’s PIF Private Sector Forum, Arabian Gulf Business Insight reports.