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Saudi Arabia is cutting back on large-scale tourism projects including Neom and the Red Sea Destination, the Kingdom has announced.
In a press conference on Wednesday, Yasir Al-Rumayyan, governor of the Public Investment Fund (PIF), explained during an update to the Kingdom’s PIF 2026-2030 strategy, that “some priorities have been reshuffled and investment objectives repositioned with greater focus on AI infrastructure and investments in AI companies.”
The Vision 2030 program, announced in 2016, was the Kingdom’s plan to diversify the Saudi economy away from oil dependence, and Neom was a core pillar.
Announced in 2017, the $500bn development was slated to be built from scratch in the desert and be powered entirely by renewables. It includes the super-luxury yachting island Sindalah, ski destination Trojena, and the 170-kilometer glass-clad linear city The Line, due to open in 2024, 2027 and 2045, respectively. It was all due to be fu
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