Saudi Arabia is preparing to redirect its $925 billion sovereign wealth fund away from the massive real estate gigaprojects that have defined its development agenda for the past decade, according to a source familiar with the plan.

Crown Prince Mohammed bin Salman, the de facto ruler of Saudi Arabia , known as MbS, introduced his Vision 2030 plan in 2016 to transform the economy with a focus on large real estate projects.

The sovereign fund, Public Investment Fund (PIF), has been the driving force for financing the plan.

The original strategy included developments such as NEOM, a futuristic city in the desert by the Red Sea, and a plan to host international winter sports in the kingdom’s northern mountains, with ski slopes largely using manmade snow.

NEOM, with a projected populati

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