Saudi Arabia's dazzling vision was crashing into reality even before the Iran war broke out
Saudi Crown Prince Mohammed bin Salman's Vision 2030 is facing challenges due to the ongoing conflict in the Middle East, which is affecting the kingdom's ability to attract foreign investment. The war has disrupted global shipping routes and impacted Saudi Arabia's oil infrastructure, highlighting the need to diversify its economy.
Saudi Arabia's Vision 2030, a plan to transform the country into an international investment, technology, tourism, sport, and cultural hub, is facing significant challenges due to the ongoing conflict in the Middle East. The war has disrupted global shipping routes and impacted the kingdom's oil infrastructure, including the critical East-West oil pipeline. The conflict has also affected Saudi Arabia's ability to attract foreign direct investment, a key component of Vision 2030. The country's oil industry, which still accounts for more than half of its annual revenue, has been hit by Iranian attacks. The Public Investment Fund (PIF), worth over $1.5 trillion, is steering much of the work on Vision 2030, including massive city developments like NEOM. The project's centerpiece, The Line, has been scaled back due to its eye-watering initial price tag of $2.2 trillion.
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