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| Saudi Arabia will cut economic budget | Photo: Symbolic Image |
Saudi Arabia is working to become one of the best tourist destinations in the world by 2030. The country is implementing various projects very quickly. But no matter how fast the activities go, they have to keep up with the times. And Saudi Arabia is spending hundreds of billions of dollars in this campaign.
Saudi Arabia's plan is very ambitious. New things are now being added to it. And because of this, Saudi Arabia has for the first time admitted that several projects cannot be completed by the 2030 deadline. These projects are being implemented with the aim of radically changing the country's economy.
According to a report by LuxariLanches, the finance minister of the country is happy because of this slowness in the implementation of the project. He thinks that delaying the implementation of some projects will be good for the economy. Against this background, Saudi Arabia has started preparing for budget cuts in 2026.
This strategy will help in reducing inflation. Finance Minister Mohammad Al Zadan, however, did not specify which projects would be delayed as a result. "More time is needed to build factories and create the necessary human resources," he said in the capital, Riyadh.
While the implementation of some projects will be delayed, some projects will be completed quickly. These are the projects whose construction is almost completed. Projects that are still in the planning stages or projects that have yet to be announced will get more time as a result. Al Zadan said some projects have been postponed, while some projects will be allocated money after 2030.
Saudi Crown Prince Mohammed bin Salman's ambitious project is known as 'Vision 2030'. Its aim is to reduce dependence on oil. Saudi Arabia's economy is heavily dependent on oil. Yuvraj also wants to bring more foreign investment into the country.
New projects announced include Epicon, entertainment center Utamo, Neom Leza, Kidia, Siranna, and a luxury hotel at Hexagon. Mohammad Al Zadan said, that by changing the spending plan, the Saudi government has already saved 22,500 million riyals, equivalent to 6,000 million dollars.
Mohammad Al Zadan said that the change in spending plan is not only about reducing costs. One of its objectives is the effective utilization of resources for maximum profit.
Crown Prince Mohammed bin Salman has already shown the world what magnificent changes are coming to his country. He wants to do something new. And many of them are quite surprising. He wants to give the people of Saudi Arabia a new way of living. He has a lot of money. He controls one of the largest sovereign wealth funds in the world, whose size is 77 thousand 8 billion dollars.
50 thousand crores of dollars are being spent for the city which is being built called Neom City. Slowly this city is getting its shape. Mohammed bin Salman has shown that his actions match his visionary plans. Critics of the project were sometimes stunned by its enormity, and sometimes skeptical. But that does not stop the work of this huge project.