Saudi Crown Prince MBS, who openly dismissed critics of his ambitious megaprojects, is now facing a harsh reality check. For the first time, the mighty oil-rich kingdom is discussing budget cuts, threatening to put brakes on many of the over-the-top developments planned for Vision 2030.

The 170 kms long Neom, The Line smart city.

Saudi Arabia is rapidly advancing towards becoming one of the world’s most iconic tourist destinations by 2030. Despite their best efforts, the multi-billion-dollar projects are in a race against time. Moreover, they continue to add more features to an already ambitious agenda. For the first time, the Kingdom has acknowledged that some projects, launched as part of its economic transformation plan, may not meet their completion deadlines by 2030. This delay is seen as beneficial by the Finance Minister, who believes extending some projects will benefit the economy. The government is preparing for annual budget cuts through to 2026.

The futuristic ski resort of Trojena. Yet to be built it is scheduled to host the 2029 Asian Winter Games.

This strategy will significantly contribute to building capacity and mitigating inflationary pressures. With widespread development, pacing the plan will help alleviate supply bottlenecks. Finance Minister Mohammed Al Jadaan did not specify which projects would be impacted. ‘A longer period is needed to build factories and develop sufficient human resources,’ Al Jadaan stated in Riyadh.

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Sindalah, which is to be built in the Red Sea, will be a luxury island for yacht and boat owners.

While some megaprojects will slow down, others nearing completion will be expedited. Those still in the planning stages or awaiting announcement will have extended timelines. ‘Some strategies have been postponed, and others will be financed after 2030,’ said Al Jadaan.

Siranna a structure accessible only by sea will have apartments and a ultra luxury hotel.

Vision 2030, Crown Prince Mohammed’s highly ambitious initiative, aims to diversify the oil-dependent economy and attract foreign investment. Recent project announcements include Epicon, entertainment center Utamo, Neom Leyja, Qiddiya, Siranna, a hexagonally-pillared luxury hotel, and many others. By revising spending plans, the Saudi government has already saved around 225 billion riyals ($60 billion), according to Al Jadaan. ‘Optimizing spending is not just about reducing expenses,’ he noted. ‘It’s about using resources in the most effective way to achieve optimal returns.

Also read -  Saudi Arabia’s Crown Prince MBS is just getting started with the $500 billion Neom City, the visionary ruler may have many unique multi-billion dollar projects underway that could leave critics open-mouthed in awe.

The Epicon resort, to be built in the Gulf of Aqaba, will feature a pair of jagged skyscrapers.

Prince MBS, with his pioneering and aspirational approach, has already offered the world a glimpse of the marvels unfolding in the Kingdom. His efforts, nothing short of miraculous, have kick-started a new way of living and experiencing his nation. Luxurylaunches also reported that this Middle Eastern royal, wielding one of the world’s most affluent sovereign wealth funds ($778 billion), is just beginning.

The Neom Oxagon will be an eight-sided industrial city that floats on water.

The $500 billion Neom City project is taking spectacular shape, exemplifying that his actions are as remarkable as his visionary plans. These unique multi-billion dollar projects have left critics sometimes awestruck and sometimes skeptical. However, such criticism has never hindered the realization of greatness.

As ambitious as it may be, this image shows work progressing at full swing at The Line in October 2023.
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With over 15 years of experience in luxury journalism, Neha Tandon Sharma is a notable senior writer at Luxurylaunches. Her expertise spans luxury yachts, high-end fashion, and celebrity culture. Beyond writing, her passion for fantasy series is evident. Beginning with articles on women-centric gadgets, she's now a leading voice in luxury, with a fondness for opulent superyachts. To date, her portfolio boasts more than 2 million words, often penned alongside a cappuccino.