Saudi Arabia Postpones The NEOM City Project And Disastrous Secrets About It

Bloomberg reported that the ambitious NEOM project in Saudi Arabia – which was originally envisioned as a transformative endeavor within Vision 2030 – is undergoing a major re-evaluation. The agency noted that the project – which was initially announced to be a future city preparing to accommodate 1.5 million residents by 2030 – has undergone recent developments that indicate a significant decline in ambitions. Projections now indicate that fewer than 300,000 people may live in the expected city in the same time frame, according to the agency. In the heart of NEOM, the “The Line” project is located, an “imaginative urban” concept that aims to extend 170 kilometers along the Red Sea coast. However, Bloomberg explains, recent revisions paint a very different picture, with projections indicating that only a portion – just 2.4 kilometers – will be completed by 2030. This significant downsizing has reverberated throughout the project, prompting at least one contractor to… Now to start laying off the workers he employs on the site, according to Bloomberg. Delays are looming in many projects related to NEOM, prompting Finance Minister Mohammed Al-Jadaan to hint that a longer period is needed “to build factories and build sufficient human resources,” stressing that “delaying some projects – or rather extending them – will serve the economy.” Bloomberg quoted – from sources familiar with the matter – that the reduction of “The Line” comes at a time when the Kingdom’s sovereign wealth fund has not yet approved NEOM’s 2024 budget. Bloomberg confirms that in the midst of recalibrating expectations, NEOM’s comprehensive vision for economic transformation and technological innovation stands At a crossroads. While the “The Line” project witnessed delays from what was planned, officials maintained their general goals for the project, according to what people familiar with the matter told Bloomberg. However, other aspects of NEOM continue to advance, as Sindalah, a luxury tourist destination located on an island in the Red Sea, is preparing to open its doors this year. However, the ambitions raise questions about NEOM’s ability to achieve its goals within the expected timeline. Saudi Crown Prince Mohammed bin Salman’s vision for “The Line” project captured the global imagination, with stunning displays depicting the cityscape inside towering mirrored skyscrapers. However, NEOM’s most notable success story so far lies in the field of renewable energy. An ambitious $8 billion initiative is underway to create solar and wind farms dedicated to producing green hydrogen. This confirms Saudi Arabia’s ambition to emerge as a leading country in sustainable energy production, in line with broader global efforts towards environmental stewardship and carbon abandonment.