The Decibel Saudi Arabia’s vision for its future is crumbling
May 7, 2026
Doug Saunders, international affairs columnist at The Globe and Mail, offers a compact view of Saudi Arabia's shifting ambitions. He paints Riyadh’s construction boom and canceled mega-projects. He outlines financial strains, consequences of Strait of Hormuz disruptions, and new security ties reshaping Vision 2030’s trajectory.
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Riyadh's Trillion Dollar Construction Boom
- Riyadh transformed into massive construction hubs with dozens of giant cranes and eight stadiums being built for the 2034 World Cup.
- Doug Saunders describes trillion-dollar urban projects including Expo 2030 pavilions and a proposed half-kilometer cube now stalled in a huge pit.
Vision 2030's Ambitious Post Oil Plan
- Vision 2030 aimed to remake Saudi from an oil state into a global hub for finance, tourism, tech, and sports under Mohammed bin Salman.
- It included social shifts like allowing women to drive, loosening Wahhabi enforcement, and courting foreign corporate headquarters.
Vision 2030 Hit By Fiscal Reality
- Vision 2030's mega-project spending collided with fiscal limits as oil prices fell below Saudi's break-even of ~$90–98 per barrel.
- Projects ballooned in cost, exemplified by The Line's estimate exceeding $8 trillion, far above Saudi's economy.