Saudi Arabia’s Major Projects in ‘Uneven’ Progress, Moody’s Says

Saudi Arabia is making “uneven” progress on its most ambitious infrastructure projects due to challenges including engineering constraints, a shortfall in private investment and lower oil prices, according to Moody’s Investors Service.

While the Gulf kingdom is still expected to implement Crown Prince Mohammed bin Salman’s economic transformation plan, known as Vision 2030, fiscal trade-offs indicate the government will continue to post budget shortfalls in years to come, Moody’s analysts including Ashraf Madani wrote in a note Tuesday.