Saudi Prince’s Trillion-Dollar Makeover Faces Funding Cutbacks
- Projects like Neom said to get lower-than-requested funding
- Saudi Arabia has forecast budget deficits until at least 2026
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Saudi Arabia is likely to cut billions of dollars in spending on some of its biggest development projects, and place other plans on hold, as the kingdom grapples with the scale of its vast economic makeover.
A government committee led by the de facto Saudi ruler, Crown Prince Mohammed Bin Salman, is close to completing a sweeping review of mega projects including the sprawling desert development known as Neom, people familiar with the matter said, asking not to be identified as the information is private.