What the End of Saudi Arabia’s Big-Spending Era Means for the Kingdom and Beyond
The New York Times • • world
Key Points:
- Saudi Arabia, under Crown Prince Mohammed bin Salman, launched ambitious projects over the past decade to diversify its economy and transform its global image beyond oil dependence.
- The kingdom's $1 trillion sovereign wealth fund recently announced it will cease funding LIV Golf, a multibillion-dollar sports venture that disrupted traditional golf and symbolized Saudi ambitions in global sports.
- LIV Golf, launched in 2022, attracted top players and high-profile figures but also led to costly legal challenges and political scrutiny.
- The Public Investment Fund's new five-year strategy emphasizes domestic investment, with big-time sports notably excluded from its priorities amid financial pressures and lower oil revenues.
- Many of Prince Mohammed’s grand plans in sports, entertainment, and futuristic city projects have been scaled back or put on hold due to commercial viability concerns and the kingdom’s strained finances.
