According to Saudi Arabia's National Debt Management Center, the kingdom's total debt stood at some $308.7 billion at the end of September.
A month ago, Saudi Arabia raised $3 billion from a fresh bond sale via its state oil major Aramco—the second for the kingdom since July—in response to lower oil prices . That latest bond has pushed Saudi’s total bond issuance this year to some $50 billion; Vision 2030 is a costly diversification project. Bloomberg reported on the total size of Saudi Arabia ’s exposure to bond markets via its sovereign wealth fund this week.
It appears that the Saudi leadership is determined to make the Vision 2030 plan work even if it had to endure certain adjustments, and some projects got canceled because they did not make economic sense. Back in 2018, for instance, the Saudis scrapped a $200-billion solar power project that Riyadh was set to build jointly with Japan’s SoftBank. The project was supposed to be the biggest ever, but that did not guarantee its profitability, hence the change of plans.
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