The Wall Street Journal

Megaprojects in the desert sap Saudi Arabia’s cash

Megaprojects in the desert sap Saudi Arabia’s cash
Crown Prince Mohammed bin Salman, the de facto ruler, has expansive ambitions for the kingdom. (Image: AP)
The Wall Street Journal
By Eliot Brown, with assistance from Summer Said and Ben Dummett Saudi Arabia has been a conveyor belt of flashy spending plans over the past year: a US$48 billion (NZ$77b) property development anchored by a quarter-mile-tall cube; a global airline to rival aviation giants; a merger with the PGA Tour; a $100b investment in chips and electronics.It is all getting rather expensive.The country’s sovereign-wealth fund, which is tasked with these initiatives, last month said its cash levels as of September had fallen by roughly three-quar...

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