Saudi Arabia’s $925 billion Public Investment Fund (PIF) is set to unveil a new five-year strategy this week, according to two sources with direct knowledge of the plans, marking a major recalibration of Crown Prince Mohammed bin Salman’s economic transformation programme.
The sovereign wealth fund informally introduced its 2026–2030 strategy to key investors and strategic partners on Monday during a conference in Riyadh, the sources said.
The updated plan will prioritise sectors such as industry, mining, artificial intelligence, and tourism, whilst reducing or restructuring several high-cost mega projects, including The Line, a futuristic mirrored city.
The sources, who requested anonymity as they were not authorised to speak publicly, said the new strategy will also place stronger focus on attracting investment from leading global asset managers, reflecting increasing fiscal pressures as oil prices remain below levels required to fully support the kingdom’s ambitious reform plans.
The shift represents one of the most significant adjustments to Vision 2030, which has largely focused on large-scale futuristic developments over the past decade. Saudi Arabia is currently reviewing several of these projects.
Some initiatives, including The Line—planned to stretch 170 kilometres into the desert—and the Trojena winter sports project, have encountered delays and escalating costs. More recently, plans for a cube-shaped skyscraper in Riyadh were also put on hold.
Saudi Economy Minister Faisal al-Ibrahim previously acknowledged that certain projects would need to be adjusted, delayed, or restructured as part of ongoing reviews.
Under the revised strategy, NEOM is expected to pivot from its earlier focus on tourism and futuristic urban development towards renewable energy and industrial growth. This includes investments in green hydrogen, solar and wind power, as well as data centres that benefit from coastal cooling advantages.
At Monday’s private sector forum, The Line was notably absent from displays, whilst NEOM presentations instead highlighted energy and industrial initiatives, signalling the shift away from high-profile real estate and tourism developments.
The PIF’s revised direction also aligns with its broader push into logistics, mining, advanced manufacturing, clean energy, and religious tourism.
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