RIYADH — PIF Governor Yasir Al-Rumayyan said no projects have been cancelled in NEOM, stressing that the development is undergoing a natural reassessment of spending priorities.In an interview with Al Arabiya Business, Al-Rumayyan said the project company has been directed to reorganize expenditure, noting that the process is part of ongoing strategic adjustments.He said there is a “misconception” that The Line represents the entirety of NEOM, emphasizing that it is just one component of the broader development.Al-Rumayyan highlighted the importance of distinguishing between what adds value to NEOM and what constitutes a core element of the project, pointing to Oxagon as a key pillar due to its scale and overall impact. “Is having The Line by 2030 important? I don’t think so. It would be good to have, but it’s not a must. What we must have is Oxagon,” he said.He added that the next phase of NEOM and other mega-projects will aim to achieve targets with reduced direct funding from the Public Investment Fund, as projects move toward more sustainable financing models.“The reassessment of our investments is continuous and natural,” he said, citing artificial intelligence as an example of shifting priorities in response to emerging opportunities.Al-Rumayyan noted that PIF has already laid the infrastructure foundation for major projects, attracting growing foreign interest while enabling greater participation from the private sector, both locally and internationally.He stressed that PIF-backed companies are now expected to manage project financing more efficiently.The remarks come as the PIF board, chaired by Crown Prince Mohammed bin Salman, approved the fund’s 2026–2030 strategy, which focuses on building competitive domestic ecosystems, maximizing asset value, and driving long-term economic transformation.Under the strategy, PIF has structured its investments into three portfolios — Vision, Strategic, and Financial — aimed at strengthening integration across sectors and enhancing returns.The Vision Portfolio will deliver six key ecosystems: tourism and entertainment; urban development and livability; advanced manufacturing and innovation; industrials and logistics; clean energy, water and renewables infrastructure; and NEOM.The Strategic Portfolio will manage key assets to maximize financial returns and global competitiveness, while the Financial Portfolio will focus on diversified global investments to strengthen national wealth.
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