Saudi Arabia’s Development Slowdown Impacts Architecture Firms
The Architectural Journal (AJ) examines the consequences of the recent slowdown in Saudi Arabia’s previously unstoppable, cash-heavy development projects.
The Boom That Was
Only 18 months ago, AJ questioned, “Should you work in Saudi Arabia?” At that time, nearly every major UK architectural firm was either establishing a presence or heavily involved in planning massive projects in the kingdom. A few firms even admitted to deliberately avoiding commissions there.
Government Efforts and Economic Shifts
In October, Chancellor Rachel Reeves traveled to Riyadh to promote UK business interests, continuing a tradition set by her Conservative predecessors who supported stronger economic ties with Saudi Arabia. However, the combination of falling oil prices and rapid spending on grand projects has caused notable delays and scaled-back plans.
Project Adjustments and Financial Reviews
Several enormous developments, including the multiple regions within Neom, are reportedly slowing. The AJ has learned of projects being scaled back, timelines being pushed, and some undergoing financial and strategic reassessments.
A recent Financial Times headline declared: “The Glory Days are Over,” highlighting a downturn in consultant hires tied to Saudi projects. The article attributed this to stalling mega projects within the country.
Summary
What once seemed like an unstoppable architectural boom in Saudi Arabia is slowing, prompting firms and governments to reassess their strategies amid economic and project uncertainties.
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