Saudi Arabia Borrows Billions to Fund Ambitious Projects As Oil Money Dwindles

• Saudi Arabia borrowing to fund $500B Neom megacity and other ambitious Vision 2030 projects as oil revenues decline • Saudi sovereign wealth fund depleted to $15B, lowest since 2020, so turning to debt • Estimated need to raise additional $270B by 2030 likely requiring more borrowing and tapping currency reserves • Lavish projects like $62B Diryah development, $23.6B Red Sea resort, $5B oil rig adventure park • Funding issues may force Saudis to scale back or stall some Vision 2030 initiatives if costs keep rising