RIYADH: Saudi Arabia’s sovereign wealth Public Investment Fund will unveil its new 2026-2030 strategy this week, two people with direct knowledge of the matter told Reuters on Monday.
The PIF soft-launched its new five-year strategy with key investors and strategic partners on the sidelines of a Riyadh conference earlier on Monday, the two people and another familiar with the matter said.
The revised roadmap for the $925 billion fund will emphasize developing industry, minerals and artificial intelligence, as well as tourism, while scaling back and in some cases reconfiguring expensive real-estate mega projects such as The Line – a futuristic mirrored city – the three people said.
One of the people said the new blueprint will place greater emphasis on attracting capital to the kingdom from major global asset managers, reflecting mounting fiscal pressures as oil prices remain well below levels needed to fund the ambitious transformation agenda.
All three sources declined to be named because they were not authorised to speak publicly about the matter.
The shift marks the most significant recalibration yet of Vision 2030, Crown Prince Mohammed bin Salman’s economic transformation plan, which for nearly a decade has prominently featured mega futuristic developments.
Many of those projects, including The Line, a futuristic city between mirrored walls extending 170 km (106 miles) into the desert, and the planned Trojena winter sports hub, have faced delays and ballooning costs. The latest of those projects to be suspended was a massive cube-shaped skyscraper in Riyadh.
The kingdom is currently conducting a comprehensive review of several Vision 2030 mega projects.
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