How Saudi Arabia's spending spree reached the end of the line
Key takeaways
- Sebastian Usher Global affairs correspondent BBCAutocratic monarchs once left an echo of their glory in the ruins of the megaprojects they commanded at the peak of their unchallenged power.
- A decade ago, the Crown Prince of Saudi Arabia Mohammed bin Salman – or MBS as he is widely known – decreed a revisioning of his country that leapt from the realm of science fiction.
- Those ideas were made manifest in lavish PR material conjuring up fantastical landscapes that attracted reams of coverage that mingled awe and derision.
Why this matters: a developing story that could shape the day's news cycle.
Sebastian Usher Global affairs correspondent BBCAutocratic monarchs once left an echo of their glory in the ruins of the megaprojects they commanded at the peak of their unchallenged power. Those monumental physical traces are to be found in the fertile plains, mountainsides and deserts of the Middle East. But one of their most prominent modern counterparts may only have a digital footprint to leave behind for some of his most ambitious concepts.
A decade ago, the Crown Prince of Saudi Arabia Mohammed bin Salman – or MBS as he is widely known – decreed a revisioning of his country that leapt from the realm of science fiction. It was called Vision 2030. Extraordinary monolithic structures were to help bring forth new technological marvels not just for the Kingdom but for the world.
Those ideas were made manifest in lavish PR material conjuring up fantastical landscapes that attracted reams of coverage that mingled awe and derision. It was made possible by the near $1trn (£744bn) sovereign wealth fund of Saudi Arabia (PIF) whose riches, so dependent on oil, were to be used to create the foundation for a future without oil.