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Please spend responsibly: Gigaprojects in the Kingdom are now shifting to a more “prudent” approach to spending as the government “tightens its belt” on the spending frenzy, the Financial Times says in its Big Read. The belt-tightening — which isn’t “even remotely close to an austerity program” — requires that these gigaprojects and those who run them maintain “no margin of error” on their deliverables and KPIs, says Jerry Inzerillo, CEO of the USD 65 bn Diriyah Gate gigaproject. “We have to spend the kingdom’s money responsibly,” Inzerillo said.
REMEMBER- A government committee led by Crown Prince and Prime Minister Mohammed bin Salman is reportedly wrapping up a review of gigaprojects with a view to trimming spending at some. Project timelines are being adjusted to avoid straining the economy.
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