Vast development sites around Riyadh trumpet images of a shiny new future for Saudi Arabia—part of Crown Prince Mohammed bin Salman’s grandiose Vision 2030 agenda to turn the petrostate into an international hub of trade, technology and culture.
However, those extraordinary plans are slamming into reality. Over the past year, the world’s largest oil exporter began pulling back on many of its promised projects and investments, met with budget shortfalls and unrealistic designs.
The U.S. and Israeli war with Iran has plunged Prince Mohammed’s sweeping vision deeper into jeopardy.
Nearly every mega-project unveiled as part of Vision 2030 is now under review, a process that predates the war.
Officials are also reconsidering the size of U.S. investments pledged last year.
The war has already cost Saudi Arabia more than $10 billion in lost revenues and expenses.
The stakes are high. Saudi Arabia is the Arab world’s largest economy and a source of global capital and investment.
