Reported about 7 hours ago
Saudi Arabia's Public Investment Fund (PIF) is poised to reduce budgets for certain local projects by up to 20% while maintaining overall spending levels. This comes as the kingdom adjusts its focus within its trillion-dollar Vision 2030 initiative amid lower oil prices and slow foreign investment. Although the PIF assures that all previously announced projects will receive funding, the need to recalibrate spending has arisen particularly in light of Saudi hosting major global events, leading to potential delays and cutbacks in ambitious developments such as Neom and New Murabba.
Source: YAHOO