{"id":87846,"date":"2024-07-15T00:00:00","date_gmt":"2024-07-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/15\/the-latest-from-bloomberg-on-the-recalibration-of-gigaprojects-china-will-never-match-us-security-pledges\/"},"modified":"2024-07-15T00:00:00","modified_gmt":"2024-07-15T00:00:00","slug":"the-latest-from-bloomberg-on-the-recalibration-of-gigaprojects-china-will-never-match-us-security-pledges","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/15\/the-latest-from-bloomberg-on-the-recalibration-of-gigaprojects-china-will-never-match-us-security-pledges\/","title":{"rendered":"The latest from Bloomberg on the recalibration of gigaprojects + China will never match US security pledges"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> <\/strong><strong>The government\u2019s \u201cnewfound caution\u201d is once again making the round<\/strong><strong>s<\/strong>, with <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-14\/saudi-arabia-crown-prince-s-makeover-gets-reality-check-stretches-petrowealth\" style=\"\" rel=\"noopener\">Bloomberg<\/a> highlighting the six stress points that it says are testing the economy. It argues that cutbacks in domestic spending are in the cards amid declining oil revenues on the back of Opec+ production cuts as the diversification drive contributes to budget deficits and rising debt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s all about oil:<\/strong> \u201cThe biggest obstacle facing Saudi Arabia continues to be its unwaning reliance on oil. Although the kingdom has tried to lift prices through Oopec+, supply coming from elsewhere hindered that effort. Authorities need to spend to keep the economy ticking and the population happy, but maintain enough restraint to contain the budget deficit,\u201d Bloomberg Economic\u2019s chief emerging-markets economist Ziad Daoud said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>A Bloomberg piece <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/c9cd5ef0-b152-4d03-b4bc-150d17bc68d0\" style=\"\" rel=\"noopener\">last week<\/a> suggested that a government committee led by Crown Prince and Prime Minister Mohammed bin Salman is wrapping up a review of mega projects such as Neom, which could see budgets trimmed. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This isn\u2019t unexpected: <\/strong>While the government has been saying since last fall that it would run modest deficits to push ahead with gigaprojects, it has also signaled that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/90373716-a067-4b54-bad2-897195c8cd1f\" style=\"\" rel=\"noopener\">some of the projects are \u201cmodular\u201d<\/a> and could be <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/63cece36-2173-462e-b416-e07d99393408\" style=\"\" rel=\"noopener\">paced-out beyond 2030<\/a>. What\u2019s clear is that officials aren\u2019t backing away from the diversification drive and its emphasis on large-scale projects \u2014 instead, they\u2019re likely to pick which will push full-steam ahead, and which will build out at a slower pace.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- <\/strong><strong>Warming Saudi-Chinese ties are also turning heads: <\/strong>European online magazine <a target=\"_blank\" href=\"https:\/\/moderndiplomacy.eu\/2024\/07\/14\/chinas-impossible-balance-in-the-middle-east\/\" style=\"\" rel=\"noopener\">Modern Diplomacy<\/a> has taken note of China\u2019s growing influence in the region and what it could mean to the US. It says that Washington should work on reassuring its regional allies, including Riyadh, on security assurances that Beijing will never be able to fulfill. This comes as officials in Beijing <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/24ca9eb1-d862-47fb-99c6-c3fedd4f60d0\" style=\"\" rel=\"noopener\">discussed last week<\/a> ramping up trade and investment with Saudi in a sign of a growing interest in the region \u2014 and as we wait here for word of what\u2019s next on an expected <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4f8c0a4d-68ec-47a3-b22d-411374abe3a6\" style=\"\" rel=\"noopener\">security, nuclear, and technology cooperation pact with the US<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Another day, another Esports story:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2024-07-13\/women-at-the-esports-world-cup-are-being-cheated\" style=\"\" rel=\"noopener\">Bloomberg<\/a> has rolled out an opinion piece on gender pay disparity in Esports on the sidelines of the inaugural Esports World Cup. The columnist claims that the event's record-breaking USD 60 mn purse is not equally distributed between male and female players. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>We\u2019re still waiting for news of a security, nuclear, and technology pact with Washington\u2026<\/p>\n","protected":false},"author":1,"featured_media":87847,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2561],"tags":[213,2772,10,1273,2687,514,229],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-saudi-in-the-news","tag-china","tag-crown-prince","tag-enterpriseam-ksa","tag-esports","tag-oil","tag-opec-2","tag-saudi-in-the-news","wpautop","entry"],"acf":{"mongo_id":"003e8287-c398-4984-8dec-227edf5c6638","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/190.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The latest from Bloomberg on the recalibration of gigaprojects + China will never match US security pledges","related_issue":[87833],"teaser":"We\u2019re still waiting for news of a security, nuclear, and technology pact with Washington\u2026","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.e4583160-e483-489f-b16a-11604a6a4254.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The latest from Bloomberg on the recalibration of gigaprojects + China will never match US security pledges - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/ksa\/2024\/07\/15\/the-latest-from-bloomberg-on-the-recalibration-of-gigaprojects-china-will-never-match-us-security-pledges\/\" \/>\n<meta property=\"og:locale\" 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