Saudi investment official says Neom projects delayed, not cancelled

A leading Saudi investment official said in a speech on Wednesday that infrastructure projects that were part of the futuristic desert city of Neom would likely suffer delays but had not been cancelled.

Neom, the $500 billion flagship for oil-reliant Saudi Arabia's Vision 2030 diversification programme, has reportedly been plagued by a variety of issues, including personnel changes and design rethinks. Neom is best known for The Line, twin mirror-encased 170-kilometre-long skyscrapers meant to extend inland from the coast.

The comments came as Public Investment Fund announced its 2026-2030 strategy that will reorganise the fund's investments into three distinct portfolios as it seeks to maximise returns.