Neom omitted from Saudi pre-budget statement
20 October 2025
Commentary
Colin Foreman
Editor
The pre-budget statement issued by Saudi Arabia’s Ministry of Finance on 30 September provided valuable insight into how the economy will develop in 2026.
The headline figures show that expenditure is set at SR1.313tn ($349bn) in 2026, compared to revenues of SR1.147tn, resulting in a deficit of approximately SR166bn, or around 3.3% of GDP.
For the gigaprojects programme, a key detail was which projects were mentioned in the statement, as this implies that these are considered strategic and will continue to receive backing during a period many expect to be defined by reprioritisation.
Four of the official gigaprojects – Roshn, Red Sea Global, Diriyah and Qiddiya – are mentioned multiple times throughout the document. Neom, however, is not mentioned. All five were referenced in the 2025 pre-budget statement.
Neom’s omission from the pre-budget statement comes at a pivotal time for projects in Saudi Arabia. While project priorities have not been officially communicated, it is widely believed within the construction sector that event-driven projects – including Expo 2030 Riyadh and the Fifa World Cup 2034 – will be prioritised.
Although the Asian Winter Games is scheduled to be held at Neom’s mountain resort, Trojena, in 2029 – and had previously been assumed to be a priority – reports over the summer suggested the event may be postponed to 2033, with South Korea or China potentially stepping in to host the 2029 edition.
Other priority projects are expected to include transport and social infrastructure, as well as developments in and around Riyadh, including Diriyah, Qiddiya and projects led by Roshn.
MEED’s October 2025 special report on Saudi Arabia includes:
> COMMENT: Riyadh strives for sustainable growth
> GOVERNMENT: Riyadh confronts rising regional chaos
> ECONOMY: Riyadh looks to adjust investment approach
> BANKING: New funding sources solve Saudi liquidity challenge
> OIL & GAS: Aramco turns attention to strategic projects
> GAS: Saudi Arabia and Kuwait accelerate Dorra gas field development
> POWER: Saudi Arabia accelerates power transformation
> WATER: Transmission projects drive Saudi water sector growth
> CONSTRUCTION: Saudi construction pivots from gigaprojects to events
> TRANSPORT: Infrastructure takes centre stage in Saudi strategy
> DATABANK: Saudi Arabia maintains growth momentum
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