Saudi Arabia puts giant solar project on hold

Saudi man talking on his cell phone at a solar plant
A Saudi man talks on his mobile under the shade of solar panel. Photo: Fayez Nureldine/AFP via Getty Images

Saudi Arabia has put its $200 billion plan to build the world's largest solar project on hold, according to the Wall Street Journal, which cites Saudi government officials as sources.

Why it matters: The news signals the struggles and challenges the Saudis face in implementing ambitious plans to diversify their crude-reliant economy.

The big picture: Saudi officials are instead "working up a broader, more practical strategy to boost renewable energy," per WSJ. Its Japanese partner, SoftBank Group, declined to comment to WSJ and to Axios' request shortly before deadline.

  • Recall that the kingdom also appears to have shelved plans for the IPO of state oil giant Aramco, which was designed to raise tens of billions of dollars to help seed the kingdom's modernization vision.