Saudi's 'Oxagon' Advances With Dredging Works, Despite Vision 2030 Setbacks
Houthi attacks threaten the delayed megaproject.
Saudi crown prince Mohammad bin salman has launched phase 2 of “Oxagon”, described as a “highly industrial city” on the Red Sea coast. In its second phase, the project transitions from dry soil levelling to dredging carried out by Belgian company DEME, a stage initially slated for 2023 but now rescheduled for this August. The delayed development reflects a wider pattern of Saudi megaprojects’ much-criticised record of delays and setbacks, which most recently culminated in an $8 billion writedown in 2024. The continuation of phase 2 represents a continued commitment to an increasingly precarious Vision 2030, amid Riyadh’s growing activity in the Red Sea.
