SAUDI ARABIA Cash Crisis: Neom Development & The Line Look Doomed as Oil Revenue Crashes & GDP Falls

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Saudi Arabia, a nation with the second-largest oil reserves in the world, is facing economic challenges despite its vast wealth. The country’s ambitious plan, Vision 2030, aims to transform the economy by creating a futuristic city, NEOM, which will attract millions of people and become a global hub. The city will feature a 100-mile-long, three-story high structure with mirrored walls, generating its own power and providing unlimited water and air conditioning. However, the project’s high cost and Saudi Arabia’s dependence on oil exports for revenue have created a problem. The country has had to reduce oil production, which has led to a decrease in revenue and ultimately a decline in its gross domestic product. The Saudi government has announced delays in some Vision 2030 projects, including the development of NEOM. The country’s economy is also heavily dependent on oil, and the fluctuating global oil prices have affected its finances. With a forecasted budget deficit each year until 2026, Saudi Arabia’s future remains uncertain. The country’s plans to reduce oil production to control prices may not be successful, as the market is driven by supply and demand, and a reduction in production may lead to a decrease in revenue.

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