The end of the Saudi mirage
Saudi Arabia's Vision 2030, Crown Prince Mohammed bin Salman's plan to transform the kingdom into a post-oil economic hub, faces significant setbacks due to regional conflict, economic strain, and stalled megaprojects. Once-thriving construction sites around Riyadh have slowed or halted following Iranian attacks, the closure of the Strait of Hormuz, and a deepening fiscal crisis. The original vision of aligning with the West and modernizing Saudi society is being replaced by strategic realignments with autocratic powers and a retreat from earlier reform momentum.
- ▪Vision 2030, launched a decade ago by Crown Prince Mohammed bin Salman, aimed to diversify Saudi Arabia’s economy beyond oil through massive infrastructure and social reforms.
- ▪Megaprojects such as The Line, a futuristic 170-kilometre indoor city, and a planned ski resort have been cancelled due to financial and geopolitical pressures.
- ▪Iranian attacks in early 2024 targeted Saudi oil infrastructure and coincided with a U.S.-Israeli conflict, disrupting energy production and regional stability.
- ▪The closure of the Strait of Hormuz and damage to military defenses have triggered an economic crisis, undermining investor confidence in Saudi megaprojects.
- ▪Saudi Arabia is shifting its foreign policy toward alliances with autocratic states like China and Pakistan, moving away from its prior Western-oriented strategy.
Opening excerpt (first ~120 words) tap to expand
The view from atop the high-rises that form Riyadh’s central glass canyon along King Fahd Road has long been a beige panorama of low residential districts descending into the sands of the Arabian Desert. These days, that view is interrupted by thick forests of tall cranes bristling around the Saudi Arabian capital’s horizon – each cluster a multibillion-dollar megaproject intended to transform the nature and purpose of the kingdom.They include eight major stadiums, holding as many as 92,000 people, being completed around the city for the 2034 World Cup; six million square metres of pavilions, ecosystems, model cities and theme parks for Expo 2030; sprawling artificial-intelligence research and processing complexes; a cubic skyscraper almost half a kilometre on a side, set to be the…
Excerpt limited to ~120 words for fair-use compliance. The full article is at The Globe and Mail.
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