Lower oil revenue and growing international borrowing have turned Saudi Arabia into a net importer of capital and triggered a review of megaprojects like NEOM, raising broader questions about the kingdom’s economic transformation.
At a Council on Foreign Relations panel, former US Ambassador Michael Ratney said: “People seem to use the length of The Line — this 100-mile glass city in the desert — as the metric of Vision 2030,” when it’s actually marginal, especially as the project was conceived with the assumption of higher oil prices.
The goal of Vision 2030 is building a viable post-oil economy and advancing social development, particularly for women. The latter has already exceeded expectations, while success in sectors like manufacturing, tech, and tourism could take decades, Ratney said.