As it enters the final phase of its Vision 2030 economic transformation program, Saudi Arabia is increasingly likely to continue to scale back less viable megaprojects while focusing on successful reforms that have strengthened its diversification away from oil, though higher oil prices and improved regional security conditions could bring back an appetite for some of these aspirational projects. With the finish line for Vision 2030 just five years away, Saudi Arabia is paring back its ambitious vision for its economic transformation program. According to multiple recent media outlets, including The Wall Street Journal and Bloomberg, the kingdom has already begun to reduce its ambitions for the megacity Neom in northwestern Saudi Arabia, a project that once aimed to house millions but is increasingly likely only to accommodate a few thousand by 2030. Other projects, like building expansive resorts intended to contribute to making its Red Sea coastline a tourism...
