Neom is a 50-plus-year plan. If anyone is thinking Neom in its grand size is going to be built and operated and making money in five years, that's foolish. We are not foolish. We are wise people. Some projects within Neom will make returns in the short to medium term, but this is a very long-term program.
Neom, a futuristic development in Saudi's north, has become the centerpiece of its Vision 2030 plans to transform the oil-dependent economy. Some aspects of Neom, such as The Line, have been scaled back this year amid lower oil revenues and other issues.
Saudi Arabia forecast a $26.8 billion deficit for 2025, or about 2.3% of GDP, in its Budget statement on Tuesday. Total expenditure in 2025 is forecast to be 1.285 trillion riyals, while total revenue is expected to be 1.184 trillion riyals.
Saudi Arabia's strategy for economic transformation has captured global attention but relies on hundreds of billions of dollars in investment in areas such as tourism, entertainment, and infrastructure.
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