Saudi Arabia Reassesses Neom Development Spending
The General Transport Authority reported that more than 45 million passengers were transported via the Kingdom's aviation sector during the first quarter of this year. Saudi Arabia has massively scaled back the planned desert city of Neom. Construction of a 50 billion skyscraper over Riyadh was also suspended in January. Cook of the Council on Foreign Relations discussed these developments regarding Saudi Arabian spending. These developments follow discussions regarding the kingdom's financial capacity, according to the BBC World Service. The kingdom must fund major upcoming events including the World Expo and the World Cup. The source noted that the country cannot print money to meet these obligations and is currently prioritizing projects. This reassessment follows the Crown Prince's previous commitment to these large-scale developments.
Topics
Developing
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Sources · 7 independent
“كشفت الهيئة العامة للنقل عن نقل أكثر من 45 مليون راكب لكطارات المملكة خلال الرغع الأولي من العام الجاري”
“خلال الرغع الأولي من العام الجاري واشرت الهيئة أن كطاع النقل السكك”
“It's reckoned it put something like $5 billion into trying to set up a global Go. competition live golf but it's now pulling out of that and it's doing the same in other sports.”
“It may be entertaining to the Saudi public, but it's lost a huge amount of money. Absolutely. And it's a tricky one.”
“said, they plan on fully focusing more on domestic projects, whether they're... that's bringing professional wrestling to Saudi Arabia, bringing F1 races to Saudi Arabia.”
“they are delaying the timelines for the completion of mega projects. I think it gives some people an opportunity to say, we told you so. Am I right in thinking that they are now running government deficits?”
“they are building up debt, yeah, not to a huge level, but the percentage of debt they've got to GDP is increasing.”
“The planned city in the desert, Neon, has been massively scaled back. In January, Saudi Arabia also suspended construction of a colossal 50 billion skyscraper over Riyadh.”
“they are looking at potentially more economic headwinds and therefore they are reassessing their spending. They have a lot of obligations coming up. They have World Expo and of course the World Cup coming up.”
“they are looking at potentially more economic headwinds, And therefore, they are risks. this futuristic city in Neome, this new development in the northwestern part of Saudi Arabia and say, okay, my dreams for this are not gonna come true, so let's reassess and reevaluate what we're doing.”
“they are delaying or the timelines for the completion of mega projects. I think it gives some people an opportunity to say we told you so.”
“they are delaying or the timelines for the completion of mega projects.”
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