Saudi Arabia's Public Investment Fund (PIF) is planning to decrease budgets for local projects for the second year in a row, despite an overall increase in spending.

Some portfolio companies have been instructed to reduce their proposed budgets by up to 20%, indicating a change in the kingdom's economic priorities as part of its extensive trillion-dollar overhaul plan.

Alongside budget cuts, the PIF is also speeding up certain developments and reviewing budgets for undisclosed projects.

This adjustment reflects the fund's evolving focus as it tackles the challenges of its ambitious economic transformation agenda.