Saudi Arabia’s Public Investment Fund (PIF), which manages assets worth about $925 billion, is set to unveil a new five-year strategy this week, marking the most significant overhaul yet of Crown Prince Mohammed bin Salman’s economic transformation agenda.
The move represents a key adjustment within Vision 2030, which has long relied on large-scale, futuristic developments © Mena Today
Saudi Arabia’s Public Investment Fund (PIF), which manages assets worth about $925 billion, is set to unveil a new five-year strategy this week, marking the most significant overhaul yet of Crown Prince Mohammed bin Salman’s economic transformation agenda.
According to sources familiar with the matter, the PIF presented its 2026–2030 strategy to investors and strategic partners on Monday, on the sidelines of a conference in Riyadh. The new roadmap shifts focus toward industry, mining, artificial intelligence and tourism, while scaling back or reshaping some costly mega-projects, including elements of The Line, the futuristic mirrored city within NEOM.
The revised strategy also aims to attract more foreign capital, particularly from major global asset managers, as fiscal pressures mount and oil prices remain below levels needed to fund the kingdom’s most ambitious plans.
The move represents a key adjustment within Vision 2030, which has long relied on large-scale, futuristic developments. Several flagship projects have faced delays and cost overruns, prompting a reassessment of priorities.
Under the new approach, NEOM, the PIF’s flagship initiative, will pivot away from high-profile urban and tourism concepts toward renewable energy and industrial development. Green hydrogen, solar and wind power, as well as energy-intensive data centers benefiting from coastal cooling, will take center stage.
At a private-sector forum on Monday, The Line was notably absent, while NEOM presentations emphasized energy and industrial capacity rather than iconic real estate. The shift confirms earlier reports of a broader refocus on logistics, mining and advanced manufacturing, while maintaining selective investments in clean energy and religious tourism.
Saudi Arabia began oil output cuts, becoming the latest Gulf producer impacted by the U.S. and Israeli war on Iran that has halted ship traffic in the region, sending crude prices up nearly 30% on Monday to $119 a barrel and prompting G7 countries to consider releasing emergency oil stocks.
Two people were killed and 12 injured after a projectile fell on a residential location in Saudi Arabia's Al-Kharj city on Sunday, the Saudi Civil Defense said.
Saudi Arabia has told Tehran that while it favours a diplomatic settlement to Iran's conflict with the United States, continued attacks on the kingdom and its energy sector could push Riyadh to respond in kind, four sources familiar with the matter told Reuters.
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