Saudi Arabia’s sweeping portfolio of giga-projects, the centrepiece of Crown Prince Mohammed bin Salman’s Vision 2030 programme, is facing a widespread reckoning as falling oil revenues and soaring construction costs force the kingdom to fundamentally recalibrate its ambitions. The scale of the problem is somewhat visible now.

The Public Investment Fund recorded an $8 billion write-down on its giga-projects, with an internal audit revealing projected costs of $8.8 trillion and a completion timeline stretching as far as 2080. The PIF has since introduced spending reductions of close to 20% across parts of its portfolio, with deeper cuts applied to the most troubled schemes.

Among all the giga projects, Qiddiya and Diriyah seem to be the ones inching towards completion.

Read the full story and list at MEP Middle East