Saudi Arabia is turning to its wealthiest families to help finance the next phase of its Vision 2030 economic transformation as pressure mounts on public finances. According to a Bloomberg report, the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF), recently held discussions with prominent Saudi families to explore greater private-sector participation in domestic investment projects.

The outreach reflects growing challenges in funding large-scale development plans amid weaker oil revenues, heavy government spending and tighter global lending conditions. Officials are increasingly encouraging cooperation between local family offices and international investors to attract fresh capital into the country.

At the same time, Saudi Arabia is scaling back or delaying several flagship projects linked to Vision 2030, including parts of the Neom megacity and the Trojena ski resort, while postponing the 2029 Asian Winter Games. Authorities are now prioritising sectors where the kingdom holds competitive advantages, particularly technology, mining and tourism.

Despite recent cutbacks, non-oil activities account for more than 55% of Saudi Arabia’s real GDP, and the International Monetary Fund has raised its 2026 growth forecast. However, oil continues to dominate government revenue, underscoring the delicate balance Riyadh faces as it pushes economic reform while safeguarding financial stability.