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Saudi Arabia Wealth Fund Set to Announce Strategy Revamp, Sources Say

A billboard at the site of New Murabba shows The Mukaab, in Riyadh, Saudi Arabia, Jan. 26, 2026. Photo: REUTERS/Mohammed Benmansour

Saudi Arabia‘s $925 billion Public Investment Fund (PIF) plans to announce a new five-year strategy this week, two people with direct knowledge of the matter said, in the biggest reset yet of Crown Prince Mohammed bin Salman’s economic transformation plan.

The Saudi sovereign wealth fund soft-launched its new 2026-2030 strategy with key investors and strategic partners on Monday on the sidelines of a conference in Riyadh, the two people and another familiar with the matter told Reuters.

The new blueprint will emphasize sectors including industry, minerals, artificial intelligence, and tourism, while scaling back and in some cases reconfiguring expensive mega projects such as The Line, a futuristic mirrored city, the sources said.

All three sources declined to be named because they were not authorized to speak publicly about the matter.

One said the new roadmap will place greater emphasis on attracting capital from major global asset managers, reflecting mounting fiscal pressures as oil prices remain well below levels needed to fund the kingdom’s ambitious transformation agenda.

The shift marks the most significant recalibration to date of bin Salman’s Vision 2030, which for nearly a decade has prominently featured mega futuristic developments. The kingdom is currently reviewing several of the mega projects.

Many of these, including The Line, which extends 170 km (106 miles) into the desert, and the planned Trojena winter sports hub, have faced delays and ballooning costs. The latest to be suspended was a cube-shaped skyscraper in Riyadh.

Last month, Saudi Economy Minister Faisal al-Ibrahim told Reuters: “We’re very transparent. We’re not going to shy away from saying we had to shift this project, delay it, re-scope it,” without mentioning specific projects.

Under the new strategy, NEOM will shift away from its earlier emphasis on tourism and futuristic urban design toward renewable energy and industrial development, including green hydrogen, solar and wind projects, and data centers that benefit from their proximity to the sea for cooling, the people said.

The Line was not on display in the venue at Monday’s opening day of the private sector forum, while NEOM’s video displays underscored the new direction, focusing on energy and industrial initiatives rather than the high‑profile real estate and tourism concepts once billed as being at its core.

PIF’s updated focus echoes details previously reported by Reuters, including a broader shift toward logistics, mining, and advanced manufacturing, as well as clean energy and religious tourism.

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Netanyahu: ‘Our Forces Are Striking the Heart of Tehran With Increasing Strength’

Israeli Prime Minister Benjamin Netanyahu participates in the state memorial ceremony for the fallen of the Iron Swords War on Mount Herzl, in Jerusalem, Oct. 16, 2025. Photo: Alex Kolomoisky/Pool via REUTERS

i24 NewsIsraeli Prime Minister Benjamin Netanyahu stated that Israeli forces had “eliminated the dictator Ali Khamenei” along with dozens of senior officials of Iran’s regime during a statement delivered from the roof of the Kirya, Israel’s defense headquarters.

“Yesterday, we eliminated the dictator Khamenei. Along with him, dozens of senior officials from the oppressive regime were eliminated,” Netanyahu said after a meeting with the Minister of Defense, the Chief of Staff, and the Director of Mossad. He added that he had issued instructions to continue the offensive.

According to Netanyahu, Israeli forces are “now striking at the heart of Tehran with increasing intensity,” a campaign he said will “increase further in the days to come.”

The Prime Minister also acknowledged the toll of the conflict on Israel, calling recent days “painful” and offering condolences to the families of victims in Tel Aviv and Beit Shemesh, while wishing a speedy recovery to those injured.

Netanyahu emphasized that the operation mobilizes “the full power of the Israel Defense Forces, like never before,” in order to “guarantee our existence and our future.” He also highlighted US support, noting “the assistance of my friend, the President of the United States, Donald Trump, and of the American military.”

“This combination of forces allows us to do what I have hoped to accomplish for 40 years: strike the terrorist regime right in the face,” Netanyahu concluded. “I promised it — and we will keep our word.”

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Trump Says Iran Military Operations Are ‘Ahead of Schedule,’ CNBC Reports

U.S. President Donald Trump speaks with White House Chief of Staff Susie Wiles and Secretary of State Marco Rubio during military operations in Iran, at Trump’s Mar-a-Lago resort in Palm Beach, Florida, U.S. February 28, 2026. The White House/Social Media/Handout via REUTERS

US President Donald Trump told CNBC on Sunday that US military operations against Iran are “ahead of schedule.”

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Iranian Missile Strike on Beit Shemesh in Israel Kills 9

Emergency personnel work at the site of an Iranian strike, after Iran launched missile barrages following attacks by the US and Israel on Saturday, in Beit Shemesh, Israel, March 1, 2026. Photo: REUTERS/Ammar Awad

An Iranian missile strike hit the Israeli city of Beit Shemesh on Sunday, killing nine people and wounding dozens, in what authorities described as a direct impact on a public bomb shelter. 

A ballistic missile leveled the bomb shelter, leaving a large crater in its wake. Most, if not all, of those killed had been taking cover inside the shelter when it hit, Jerusalem Police Deputy Commissioner Avshalom Peled said at the impact scene.

Those in critical condition were airlifted to Shaare Zedek Medical Center, a spokesperson for the Israel Defense Forces (IDF) said. 

At least 20 people were still missing late on Sunday afternoon local time. 

Several buildings surrounding the shelter in Beit Shemesh, which is west of Jerusalem, were also damaged in the attack, with two collapsing entirely. A synagogue was also destroyed. 

Emergency crews from Magen David Adom, ZAKA, and United Hatzalah joined fire and rescue units at the site, combing damaged buildings and debris for possible survivors. Many people were trapped under rubble or inside apartments, first responders said. 

Chaim Wingarten, deputy director of operations at rescue organization ZAKA, described the scenes as “very difficult.”

“When I arrived, it was a huge chaos, with wounded people everywhere,” he said. 

The strike was part of a larger volley that triggered air-raid sirens across the country. A man in his fifties was wounded by shrapnel elsewhere in central Israel.   

IDF foreign media spokesman Lt. Col. Nadav Shoshani charged Iran with deliberately firing at civilians. “We know this is their strategy,” he said, adding that Israel would do “everything in our power to remove these capabilities from this bloodthirsty terrorist regime.”

The Beit Shemesh hit marked the highest single-incident death toll inside Israel since the confrontation with Iran began a day earlier. The previous peak came during the 12-day war in June 2025, when a missile slammed into an apartment block in Bat Yam and killed nine people.

The Beit Shemesh strike came a day after US and Israeli forces struck a compound in Tehran killing senior Iranian officials, including Supreme Leader Ayatollah Ali Khamenei, whose death was later announced on Iranian state television.

In an interview with Fox News on Sunday, Trump said 48 Iranian leaders were killed in the strikes. “Nobody can believe the success we’re having; 48 leaders are gone in one shot. And it’s moving along rapidly,” he said.

Separately, the American president told CNBC that the US operation was “ahead of schedule.”

Thousands of Iranians braved the strikes and took to the streets to celebrate Khamenei’s death on Saturday evening. Many people stood on balconies and at windows chanting “freedom, freedom,” The New York Times reported. People in the Iranian city of Shiraz were “abandoning their cars for an impromptu dance party, whistling, cheering, clapping, and screaming with joy. In many videos, celebrants joined together in a cheer that is typically reserved for weddings, symbolizing pure joy,” the report said. 

Iran retaliated by firing repeated waves of missiles and drones, with launches aimed not only at Israel but also at US bases in the Middle East, including Qatar, Kuwait, the United Arab Emirates, and Bahrain. Iran on Sunday morning also launched two missiles at Cyprus, where thousands of British military personnel are stationed, which fell short. 

Later in the afternoon, the US acknowledged its first losses with US Central Command, saying three American service members were killed and five were seriously wounded during the operations in Iran.

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