"After a decade of big spending, Saudi Arabia is scaling back some massive Vision 2030 "gigaprojects" due to falling oil prices and budget constraints. What does this mean for the nation's big cultural projects and investments? Plus, all eyes are on the Gulf this week as the first edition of Art Basel Qatar gets underway. Plus, the NFT platform Nifty will shut down this month."
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Saudi Arabia is reducing spending on several Vision 2030 megaprojects as oil revenues fall and budget constraints tighten. The scaling back will slow or pause major cultural projects, museums, entertainment districts, and public infrastructure tied to the gigaprojects. Timelines and financing for domestic and foreign investments will be revised, prompting potential delays, project redesigns, or private-sector takeovers. The Gulf art scene gains attention with the inaugural Art Basel Qatar, attracting regional and international collectors and institutions. The NFT platform Nifty will shut down this month, underscoring consolidation and ongoing challenges in the NFT and digital-arts markets.
Read at Artnet News
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