Saudi Arabia’s PIF writes $8bn off value of flagship megaprojects
Developments such as futuristic Neom hit by budget overruns and lower oil prices
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Saudi Arabia to scale back Neom megaproject
Review expected to propose a significant redesign after years of delays and overruns
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Governor says near-$1tn PIF will focus on efficiency without retreating from global deals
Saudi Arabia cancels building contracts for desert ski resort
Futuristic facility was part of kingdom’s $500bn Neom mega-project
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Vast state spending is driving development, but some regions say the fast-growing capital is getting too much of the money
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Decision set to weigh on oil prices as global demand remains weak
Saudi Arabia touts new use for Neom port after Iran war
With the Strait of Hormuz choked off, Riyadh focuses on Red Sea infrastructure