Saudi Arabia's dreams of the future are facing the realities of the present, exemplified by the abrupt step-down of Neom's CEO after six years, highlighting serious concerns about the Kingdom's ambitious Vision 2030 plan to diversify its economy.
Estimates for Neom have surged to as much as $1.5 trillion. Even with $1.3 trillion already invested in the broader Vision 2030 project, the foreign investments didn't meet expectations, prompting Saudi Arabia to seek financial aid from China.
The dissonance between Neom's high-profile vision and its reality has led to mockery online, as influencers described parts of the unfinished city as giving off 'low security prison vibes', revealing an embarrassing gap in expectations.
Saudi Arabia aims to become a tech leader, investing billions in AI, reflected in the recent announcement of a $40 billion fund dedicated to AI, all part of a strategy to modernize and diversify the economy.
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