The Saudi authorities are scaling back on some of the ultra-ambitious projects as it constructs trillion-dollar futuristic cities in the desert.
High ranking Saudi government official has told the BBC that the Kingdom might scale down certain projects due to lack of funds.
Saudi Facing Fund Issue
The Saudi de-facto ruler Muhammad Bin Salman started ambitious mega projects worth trillions of dollars in 2017.
The prince did so to transition his country’s economy from oil to tourism, technology, Industry and port cities.
But the project has faced significant challenges since day one, with concerns over his efficacy and practicality.
The Saudi government’s sovereign wealth fund or the Public Investment Fund has just over $15 billion as of September, currently facing an extremely challenging situation.
Tim Callen, the former IMF chief to Saudi Arabia, told the BBC that it’ll be really difficult to persuade investors for projects they view as overly ambitious like NEOM.
