Saudi Arabia Cuts Vision 2030 Spending and New Tourism CEO Inherits a Mess

JSBy Joan SanzCurated by Joan Sanz. · September 2, 2026 · Follow on LinkedIn

Voice reading · ~1 min

Saudi Arabia is changing drivers mid-turbulence. According to Skift, Ageel Alshaibani now leads the tourism authority with the goal of attracting 150 million tourists a year. The catch: the sovereign wealth fund, the PIF, is turning off the tap for the giga projects that were supposed to lure those visitors.

That is no small detail. Those pharaonic schemes (Neom, the Red Sea, Qiddiya) were the visual promise of Vision 2030, the plan to diversify the economy. If money slows, opening dates stretch and marketing loses firepower. Alshaibani is not arriving at a party, he is arriving at a half-built construction site.

My take: this is not a funeral, it is an adjustment. The PIF has reprioritized and tourism gets a CEO who will have to sell humility, not luxury. The opportunity lies in repositioning the offer: fewer megaprojects, more real experiences. Hoteliers and operators that adapt to a leaner Saudi, pushing niche or business travel, will fish in less crowded waters. Read the new map well and you win. Patience and flexibility.

Quick questions

Who is the new CEO of Saudi tourism?

Ageel Alshaibani, per Skift. He steps up to lead the tourism authority and meet the target of 150 million yearly tourists.

Why is Saudi Arabia cutting Vision 2030 spending?

The PIF fund is slowing investment in giga projects to prioritize other sectors, says Skift. It is a pullback, not a cancellation.

What is the new CEO's tourist goal?

To attract 150 million visitors a year, although he inherits that figure with less money for the mega projects behind it.

What happens to mega projects like Neom or the Red Sea?

The PIF is delaying or reducing their funding, according to Skift. They remain on the table but with longer timelines and less immediate impact.

What does this mean for travel professionals?

A window opens: reposition the offer towards niche and business travel, not just pharaonic luxury. Those who adapt will win.

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