RIYADH: Saudi Arabia’s $925 billion Public Investment Fund (PIF) plans to unveil a new five-year strategy this week, two people with direct knowledge of the matter said, in the biggest reset yet of Crown Prince Mohammed bin Salman’s economic transformation plan.
Saudi Arabia’s sovereign wealth fund soft-launched its new 2026-2030 strategy with key investors and strategic partners on the sidelines of a conference in Riyadh on Monday, the pair and another person told Reuters.
The new blueprint will focus on sectors such as industry, minerals, artificial intelligence and tourism, while scaling back and possibly reconfiguring expensive megaprojects such as the future mirror city of The Line, the people said.
All three sources declined to be named because they were not authorized to speak publicly on the matter.
One official said the new roadmap would focus on attracting funding from the world’s biggest asset managers, reflecting increasing fiscal pressures as oil prices remain well below the levels needed to fund Saudi Arabia’s ambitious transformation plans.
The changes mark the most significant recalibration to date of Mr. Bin Salman’s Vision 2030, which has featured prominently ultra-futuristic developments for nearly a decade. The kingdom is currently considering several mega-projects.
Many of these facilities, including The Line, which stretches 170 kilometers (106 miles) into the desert, and the planned winter sports hub of Troyena, are facing delays and mounting costs. The last stop was at a cube-shaped skyscraper in Riyadh.
Last month, Saudi Economy Minister Faisal al-Ibrahim told Reuters, without mentioning specific projects, “We are being very transparent. We will not hesitate to say this project needs to be modified, postponed, rescoped.”
Under the new strategy, NEOM will pivot from its previous focus on tourism and futuristic urban design to renewable energy and industrial development, including green hydrogen, solar and wind projects, and data centers that benefit from proximity to the ocean for cooling, officials said.
Although no lines were on display at the private sector forum’s first day on Monday, NEOM’s video exhibit highlighted its new direction, focusing on energy and industrial initiatives rather than the high-profile real estate and tourism concepts once touted as its core.
PIF’s latest focus mirrors details previously reported by Reuters, including a broader shift to logistics, mining, advanced manufacturing, clean energy and religious tourism. (Reporting by Timur Azhari; Editing by Peter Graf, Emelia Sithole-Matarise, Alexander Smith)
