Saudi Arabia asks wealthy families to invest domestically as mega-projects stall: Report

Saudi Arabia's Public Investment Fund (PIF) is reportedly asking the country's wealthiest families to increase their investments in domestic projects. This request comes as the kingdom reassesses, scales down, or cancels several of its ambitious mega-projects, including the Neom megacity and the Mukaab structure. The government is shifting its focus to more feasible sectors where it has a competitive advantage, such as artificial intelligence, data centers, mining, and tourism. This strategic pivot remains part of Crown Prince Mohammed bin Salman's Vision 2030 plan to diversify the Saudi economy away from its reliance on oil revenue.