This.
I swear there have been like a hundred of these projects/ventures announced over the last 2 decades in the Gulf.
Especially in Saudi. I lived there temporarily and I heard about new cities that were supposed to be built in the North, New cities being built on the coast of the red sea, New "districts" in Jeddah, and Hot ass Riyadh, Revamping Mecca and Medina, etc..
Bottom line is, new buildings and infrastructure does get built, but it's always waaaaaay behind schedule, the Saudi bureaucracy moves at snails pace so that slows things down further, meanwhile the western developers are collecting checks