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Apr 12 - Saudis Scale Back Ambition for $1.5 Trillion Desert Project Neom by 98.6%


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 1 month ago '22        #1
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HERMES  topics gone triple plat - Number 1 spot x32
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icon Apr 12 - Saudis Scale Back Ambition for $1.5 Trillion Desert Project Neom by 98.6%
 

 
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In Neom, The Line was expected to house 1.5 million by 2030
Now, fewer than 300,000 are expected to live there by then

Saudi Arabia has scaled back its medium-term ambitions for the desert development of Neom, the biggest project within Crown Prince Mohammed bin Salman’s plans for diversifying the oil-dependent economy, according to people familiar with the matter.

By 2030, the government at one point hoped to have 1.5 million residents living in The Line, a sprawling, futuristic city it plans to contain within a pair of mirror-clad skyscrapers. Now, officials expect the development will house fewer than 300,000 residents by that time, according to a person familiar with the matter.

Officials have long said The Line would be built in stages and they expect it to ultimately cover a 170-kilometer stretch of desert along the coast. With the latest pullback, though, officials expect to have just 2.4 kilometers of the project completed by 2030, the person familiar with the matter said, who asked not to be named discussing non-public information.

As a result, at least one contractor has started to dismiss a portion of the workers it employs on the site, according to a document seen by Bloomberg.

Representatives for Neom and the kingdom’s Public Investment Fund, the main entity that owns and is funding the project, declined to comment.

Crown Prince Mohammed intends for Neom, a $1.5 trillion development on the Red Sea coast, to be a showpiece that will tr@nsform his country’s economy and serve as a testbed for technologies that could revolutionize daily life. Along with The Line, Neom’s plans include an industrial city, ports and tourism developments. It’s also set to host the Asian Winter Games in 2029 at a mountain resort called Trojena.

To be sure, work is continuing on other parts of the broader Neom project and officials have maintained their overall objectives for The Line, people familiar with the matter said. For instance, another development within Neom that is turning an island in the Red Sea into a luxury tourist destination known as Sindalah is due to open this year.

The pullback on The Line comes as the kingdom’s sovereign wealth fund has yet to approve Neom’s budget for 2024, the people familiar with the matter said. It shows that the financial realities of the trillions of dollars of investment are starting to cause concern at the highest levels of the Saudi government as it tries to fulfill its ambitious Vision 2030 program, the overarching initiative tasked with diversifying the kingdom’s economy.

Already, officials have said that some of the projects outlined in that program will be delayed past 2030.

A longer period is needed to “build factories, build even sufficient human resources,” Finance Minister Mohammed Al Jadaan said in December. “The delay or rather the extension of some projects will serve the economy.”

Sprawling Metropolis
MBS’s ambitions for The Line have captured the attention of city planners and architects from around the world. Renderings have shown he’s conceived of a city that’s longer than the distance between New York and Philadelphia and is all contained within mirrored structures that would be taller than the Empire State Building. At one point, officials had hoped The Line would welcome its first residents this year.

But instead Neom’s main success so far has been the development of a more than $8 billion project to build solar and wind farms that will be used to create so-called green hydrogen. The kingdom hopes that it can become one of the world’s biggest producers of such fuel as it looks to reduce its reliance on oil sales.

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The latest efforts to scale back the reach of the project come as the Public Investment Fund is evaluating a range of options to raise cash — including accelerating debt sales and lining up equity offerings in its portfolio companies, Bloomberg News has reported. The sovereign wealth fund’s cash reserves dropped to $15 billion as of September — the lowest level since 2020, the earliest year for which data is available.

In 2022, Crown Prince Mohammed said the first phase of Neom was expected to cost 1.2 trillion riyals ($320 billion) by 2030. Half of that is expected to come from the PIF, which the defacto ruler chairs.

 https://www.bloomberg.com .. t-project-neom
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12 comments

 1 month ago '04        #2
kalico17  topics gone triple plat - Number 1 spot x1
Props total: 6614 6 K  Slaps total: 833 833
I don’t understand why anyone would want to live in the desert lol
+16   

 1 month ago '24        #3
Logician 
Props total: 182 182  Slaps total: 56 56
What a waste of money and human resources. fu#k the Saudis. Hope they burn in hell
+15   

 1 month ago '09        #4
Flyboy88 
Props total: 2438 2 K  Slaps total: 1943 1 K
always was a dumb idea
+16   

 1 month ago '13        #5
3nl1ght3ned  topics gone triple plat - Number 1 spot x2
Props total: 20519 20 K  Slaps total: 12807 12 K
 Logician said 🔗
What a waste of money and human resources. fu#k the Saudis. Hope they burn in hell
emoji
+16   

 1 month ago '13        #6
boobalo1  topics gone triple plat - Number 1 spot x1
Props total: 29196 29 K  Slaps total: 3238 3 K
Seen a few conflicting issues. Some pushing what this post is stating and others saying it’s just the 1st phase..
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 1 month ago '16        #7
00010111  topics gone triple plat - Number 1 spot x24
Props total: 99900 99 K  Slaps total: 8964 8 K
 kalico17 said 🔗
I don’t understand why anyone would want to live in the desert lol
Tell that to everyone in Nevada, Arizona and New Mexico.
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 1 month ago '16        #8
00010111  topics gone triple plat - Number 1 spot x24
Props total: 99900 99 K  Slaps total: 8964 8 K
🔗

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 1 month ago '04        #9
ddash 
Props total: 134955 134 K  Slaps total: 9526 9 K
I was very curious about this project and if it is going to be built.sh1t is Wild!!
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 1 month ago '11        #10
Silencer  topics gone triple plat - Number 1 spot x1
Props total: 69318 69 K  Slaps total: 2919 2 K
I always thought it was an odd build to pull off but I wanted to see the end result at the same time.

Might as well make a regular scale smart city imo
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 1 month ago '06        #11
realgunta  topics gone triple plat - Number 1 spot x5
Props total: 140525 140 K  Slaps total: 5952 5 K
the amount of money they have is insane when you think about it

after a certain point, people become bored and start thinking up very wild things, vivid imaginations........and then u already got all the money in the world so you go out there an build it

i find it stupid af, but if they really want to, yeah it can be built.

 1 month ago '04        #12
jholla31  topics gone triple plat - Number 1 spot x3
Props total: 18845 18 K  Slaps total: 2510 2 K
tower of babel.....


but horizontally

God said I nah, I dont care if you go vertical or horizontal...ish not happening




 1 month ago '04        #13
milan 
Props total: 2832 2 K  Slaps total: 795 795
 Flyboy88 said 🔗
always was a dumb idea
For anyone who knows anything about construction, engineering and procurement

This snake oil sh1t was never going to do anything and instead has just allowed a sh1t load of Anglo snake oil consultants to pad their pockets until they call it off, sh1t like this puts a black eye on an actual industry that brings value to society it’s pathetic
+1   

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