Steven A. Cook
Already grappling with economic pressures, the Saudis have been forced to cut spending and extend timelines for major projects that were supposed to be physical manifestations of the kingdom’s transformation. The Public Investment Fund will now focus its attention on alternative energy, advanced manufacturing, logistics, water and renewables, tourism, and Neom, the futuristic city the Saudis are constructing along the country’s northwestern coast. Also, in what should be a surprise to no one in light of the current conflict, Riyadh will continue to invest in its own defense industrial base and diversify its weapons procurement. Saudi authorities are planning to pull the plug on Crown Prince Mohammed bin Salman’s upstart golf league and have already sold off 70 percent of the country’s prized Al Hilal soccer club.
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