Saudi Arabia is likely to cut billions of dollars from some of its biggest development projects and put other plans on hold as the kingdom grapples with the scale of its massive economic transformation.
A government commission headed by Saudi Arabia’s de facto leader, Crown Prince Mohammed Bin Salman, is about to complete a thorough investigation into megaprojects, including the sprawling Neom desert development, according to people familiar with the matter, who asked not to be named because the information is private.
Neom, which is being developed on the Red Sea coast, is expected to be allocated 20% less than its budget target for this year, the sources said. Plans to launch a new airline for the area are on hold, the sources said.
