According to the minister, the authorities intend to convey the updated strategy to the public, which focuses on competitive sectors. An important direction has become the field of artificial intelligence. Thus, the technology company Humain, managed by the Sovereign Fund of the Kingdom, received its first batch of modern chips from Nvidia in December.
The Kingdom has effectively moved away from its initial intentions to diversify the economy and reduce dependence on oil revenues. Many large projects related to "Vision 2030" have been either scaled back or canceled. For example, the Neom project on the Red Sea coast has been redesigned and significantly reduced in scale, while the construction of the large cubic complex Mukab in the center of Riyadh has been suspended. Additionally, a decision was made to reduce the Trojena ski resort, which will no longer host the 2029 Winter Asian Games.
According to information from the Financial Times, the Neom project has faced serious financial and organizational problems. The Saudi authorities were forced to reduce the scale of construction due to dwindling financial reserves and to revise the parameters of the project, which was initially estimated at $1.5 trillion; the total budget has been reduced to $500 billion.
