BUSINESSFORTUNE
Saudi economy redraws ambitions—‘going local’ is the new buzz phrase
The IMF revised Saudi Arabia's 2024 GDP forecast down to 2% due to fiscal pressures, while the Public Investment Fund (PIF) is replacing foreign CEOs with local hires and scaling back high-profile projects like Neom. Saudi officials confirmed a strategic shift toward domestic spending and cost-cutting, including terminating long-term contracts for Neom, amid projected deficits exceeding $44 billion by 2026.
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