Saudi Arabia scales back on NEOM plans to prioritise sports as costs rise

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Saudi Arabia scales back on NEOM plans to prioritise sports as costs rise - Business Standard

Quick Summary:

NEOM, a Red Sea urban and industrial development nearly the size of Belgium that is due to house nearly nine million people, is central to the prince's Vision 2030 plan to create new engines of economic growth beyond oil.

But the world's top oil exporter has had to rein in some of its ambitious plans over the past year as low oil prices and production continue to hit an economy still heavily reliant on hydrocarbon revenues."We're already at that stage where projects are being prioritized.

She added that a more focused and targeted approach might be welcomed by investors."This includes focusing on more viable projects or those linked to key events such as the Asian Games or the stadium.