Saudi Arabia's Gigaprojects Drive Budget Deficit Prediction

Saudi Arabia is predicting a budget deficit as it continues to funnel money into gigaprojects aimed at diversifying its economy. The country has been investing heavily in projects such as NEOM, a $500 billion futuristic city, and the Red Sea Development, a luxury tourism destination. While these projects are part of Saudi Arabia's Vision 2030 plan to reduce its dependence on oil, they have contributed to a widening budget deficit. The government is now looking to cut spending and increase non-oil revenues to address the deficit.