Posted 4/9/2024, 5:52:16 AM
Saudi Arabia Scales Back Ambitions for Futuristic NEOM Megacity Due to Financial Constraints
- Saudi Arabia scaling back ambitions for NEOM project and The Line due to financial concerns, with fewer expected residents and less completion by 2030
- Hoped for 1.5 million residents in The Line by 2030, now only expect to complete 2.4 km instead of 170 km by then
- Work continues on other parts of NEOM but The Line's 2024 budget not yet approved, suggesting financial realities setting in
- Saudi sovereign wealth fund PIF evaluating options to raise cash, including accelerating debt sales and lining up equity offerings
- Early footage showed construction underway but some initially dubbed The Line "almost impossible" and "utterly ridiculous"
